Ukrainian Fintellect raises $50k from ZAS Ventures
Ukrainian Fintellect, which develops a financial application for businesses, has raised $50,000 from venture capital firm ZAS Ventures. The current round is still but will be used to strengthen the team and support the infrastructure, Fintellect informed AIN.Capital about this.
About Fintellect:
- Fintellect was co-founded by Yegor Walowski and Danylo Golota, developing a financial tool for web studios, IT companies, digital agencies, and other types of companies from the creative and technology industries. The company claims its solution helps to avoid cash gaps, calculate the profitability of each project, control the cost of hourly rates, and integrate with time trackers, CRM, and HRM.
“Our goal is to build the ultimate tool for managing the money of service businesses, which is built on the specific use cases of this business model and takes into account the tasks and problems that systematically arise for founders and managers of B2B companies.”
Fintellect added.
- Currently, the team consists of six people. In 2023, Fintellect came out of the closed beta stage and is in the stage of active development, establishing sales and customer base.
ZAS Ventures and the deal details:
- ZAS Ventures was co-founded by Ukrainians Andriy Zinchuk and Artem Volkhonskyi. The official launch took place in September 2023. The venture firm is incorporated in the USA with offices in San Francisco and Kyiv.
- ZAS Ventures plans to invest in 30 Ukrainian startups with a check of up to $100,000 at the pre-seed stage and hopefully help them raise a seed round in a year. ZAS Ventures will recommend its portfolio companies to more than 20 other partner funds in the USA and Europe, and is also ready to make additional investments on its own.
In addition to strengthening the engineering team and growing traction, the team’s goal for the first quarter of 2024 is to attract additional investments, develop marketing and sales, and grow to €25,000 in regular monthly project revenue.