Ukrainian startup eTOLLs EU raises €450k investment, valued at €3M

Ukrainian startup eTOLLs EU, which operates in the European markets, has raised €450,000 investment from Imperia Holding, a distributor of FMCG goods on the Ukrainian market. It is a project from the owners of “Штрафи UA“, a Ukrainian service for checking and paying fines for traffic violations. AIN.Capital shares the details of the deal.

What does the startup do?

The eTOLLs EU service, whose developers is “Штрафи UA“, allows users to collect operational information about toll roads and avoid fines in the EU countries. Users can also buy electronic vignettes for toll roads in eight EU countries: Austria, Germany, the Czech Republic, Hungary, Slovakia, Slovenia, Romania, and Switzerland.

Denys Dmytrov, co-owner of eTOLLs EU. Image provided by the company

“After struggling with the bureaucracy and inconvenience of obtaining paper vignettes at various gas stations for traveling in Europe, a team of Ukrainian developers decided to digitize this process. So, in February 2023, a team led by Denys Dmytrov (co-founder of “Штрафи UA” — editor.) launched the eTOLLs EU service for everyone traveling in EU countries,”

the company told AIN.Capital.
Image: eTOLLs EU website

So far, eTOLLs EU is already working with 80,000 drivers across Europe. In six months, over 10,000 transactions were conducted through the service. The company says that the average number of purchases and the average check are growing every quarter.

The company’s offices are located in Ukraine, Germany, and the Czech Republic. A distributed team in Berlin, Prague, Lisbon, Kyiv, and other European cities is working on the development of the service. The startup plans to expand teams both in Germany and the Czech Republic. Right now, both Ukrainians and Germans work in Berlin.

Currently, 50% of sales in eTOLLs EU are made by drivers from Ukraine. It is followed by Germany — 12%, Poland — 4%, and Denmark, Lithuania, Sweden, Czech Republic, and Latvia — 3%.

The deal’s details

Negotiations with Imperia Holding lasted for about three months. According to the terms of the agreement, an exit to round A is foreseen within the next six months.

“We have been following the project team for a long time and noted that since 2016, “Штрафи UA” have professionally provided a convenient and efficient service for 2.5 million drivers. Together with the team, we tested the hypotheses, and they showed unexpected results, according to which we made the decision to invest,”

Hayk Tovmasyan, co-owner and CEO of Imperia Holding, says.

The raised €450,000 raised the startup’s valuation to €3 million. The investment will help the team further develop the product as well as attract customers. eTOLLs EU is currently looking for large fleet businesses to develop cooperation, as well as a partner to launch a joint pilot for freight vehicle toll integration.