Saldo Apps (Netpeak Group) raises up to $700,000 from hi5 Ventures (updated)

The Ukrainian startup from the Netpeak Group’s ecosystem — Saldo Apps — has raised a Pre-Seed round from a group of investors led by hi5 Ventures. The company does not disclose the amount of the financing. However, according to Forbes’ information with reference to the company’s representatives, the Pre-Seed rounds are usually up to $700,000.

Updated 09/25: Forbes has made changes to its text, updating the amount of funds raised, as well as information about the startup. AIN.Capital also updated the publication.

• Saldo Apps has raised a Pre-Seed round from a group of investors led by hi5 Ventures. The amount of the round is not disclosed (Pre-Seed is usually up to $700,000). Investments are made on the terms of SAFE (Simple Agreement for Future Equity — traditional terms of the Pre-Seed round), which do not involve valuation of the startup.
• This is the first external investment round. Until now, the startup has been developing with the money of the founder Radomyr Novkovych and founding investors (Artem Borodatiuk and Oleksiy Borshch from Netpeak Group)

“The Saldo Apps team has a detailed plan to grow from $1 million to $10 million in revenue over the next few years and a growth strategy until 2027,”

Leonid Podobedov, hi5 Ventures general partner and pre-seed round investor, says.

• Saldo Apps was founded in 2019 by Radomyr Novkovych. Mykhailo Popchuk founded another startup, ORTY, and in 2021, these two companies merged. In 2022, Mykhailo Popchuk left the business in May 2022.
• Novkovych told Forbes that the startup reached the mark of $1 million in revenue last year. He does not disclose this year’s company figures.
• Saldo Apps will use the raised funds to improve the product and build a unified ecosystem. Currently, Saldo Apps is a single product that includes four available apps: Invoice Maker, Mileage Tracker, Receipt Scanner, and Saldo Finance. Additionally, the team has additional applications in development to meet all your accounting needs.