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Smart blender Millo attracted nearly 500 000 Eur investment

The startup Millo Appliances, that created and patented a smart, particularly silent and easy-to-clean food blender, attracted the investment of 453 000 Eur. A group of angel investors, a venture capital fund and JSC Antrasis koinvestavimo fondas decided to invest in the development of the revolutionary product.ag

“I’m glad that we attracted the necessary sum from a number of investors with extremely useful experiences. They will support us not only financially but with their knowledge, too. Most of the funds will be used for preparation for mass production, communication in foreign markets and for team strengthening”, says Ruslanas Traškelis, the founder of Millo Appliances.

The second stage of investments in Millo Appliances attracted Andrius and Tomas Šlimas, founders of a successful Lithuanian startup Oberlo, entrepreneur Vladas Jurkevičius, entrepreneur and investor Per Moller, the SBA group and other angel funders.

“We appreciate the opportunity to contribute to the startup ecosystem, which is highly important to the formation of small and medium-sized business in Lithuania. It is not yet common for big Lithuanian companies to be active in the area of venture capital funds, but the global trends show the connection between large organisations and startups is growing and offering more synergy opportunities”, said Paulius Nevinskas, business development director at SBA group, when asked about the decision to invest in the startup.

In the most active stage, Millo startup attracted investments from four angel funders – Vladas Lašas, Domas Dargis, Vytenis Benetis and Vigantas Vėbra.