Walk15 is the first in Lithuania to attract investment from “EIT Urban Mobility”
“Walk15”, a sustainable walking platform, ends the year by attracting 600,000 euro investment. At the last stage of the investment round, the European Institute of Innovation and Technology, which implements the “EIT Urban Mobility” initiative, joined other investors. This is the first investment of one of Europe’s largest urban mobility funds in Lithuania.
The decision in just a few weeks
“Walk15” is a sustainable walking platform that offers a smart steps challenge solution for companies. At the end of the year, “Walk15” was reached by the news that the platform attracted the first investment of “EIT Urban Mobility Impact Venture”, probably the largest European sustainable mobility fund, to Lithuania. This investment also became the first foreign capital attracted by “Walk15”.
“We met the representative of the “EIT Urban Mobility” in Lisbon, at the Lithuanian stand set up at the “Web Summit” event. We were invited to present our decision to the initiative’s internal and external jury. After just a few days, we received a positive response! “Walk15” ends the year with great motivation and enthusiasm. Among the main goals for next year is the completion of the self-service platform for creating step challenges and entering the German market. That’s where the attracted investment will be allocated to. In the near future we will seek to attract new ones to fully complete these goals”, says Vlada Musvydaitė-Vilčiauskė, founder and CEO of the startup “Walk15”.
As Roberta Rudokienė, the head of Startup Lithuania, emphasizes, this investment confirms that Lithuania’s startup ecosystem is making itself visible worldwide. “It was the first time we organized the national stand at the “Web Summit” event. The goal was to give a space for innovative Lithuanian businesses to meet and connect with other participants. I am glad that we see the first results so quickly. It shows Lithuania is creating truly global solutions”, says R. Rudokienė.
Stood out among other candidates
The decision of “EIT Urban Mobility to allocate investment to this startup was made after a rigorous two-stage process, in competition with a large number of other strong competitors. The entire process was evaluated by an internal and external jury of experts.
“Our goal is to become the first non-local investor in emerging startup ecosystems, and “Walk15” sets an example on how “EIT Urban Mobility’s” impact footprint is gaining momentum all across Europe”, says Pablo Garrido, “EIT Urban Mobility Impact Fund” Investment Manager.
According to an investment analyst at “EIT Urban Mobility Impact Fund”, “Walk15” was selected because of several complex factors.
“Walk15 unquestionably fits our Investment Thesis, both in terms of the stage and financial metrics, as well as the addressed sector. At the same time, the solution addresses active mobility and thus, supports (or even nudges) people in the introduction of positive mobility patterns into their daily activities. The startup has clear unique selling points framed in a defensible business model, both towards the public and private sector, making the company not only an advocate of a healthy lifestyle but also a self-sustainable business. Finally, one of the most important things, is a strong and competent team with sector expertise, demonstrating strong engagement and dedication to the project since our very first interaction”, says Mateusz Kałuża, Investment Analyst at “EIT Urban Mobility Impact Fund”.
Speaking about the potential of the startup in the future, the representative of “EIT Urban Mobility Impact Fund” singled out another strength of “Walk15” – timeless relevance.
“Startup addresses an infinite market or better said – a habit that should be adopted by everyone. Whatever technology we will be using, no matter how advanced humanity will be in 5, 10 or 20 years, one must move to keep his body healthy and to contribute to sustainable, walkable cities”, says M. Kałuża.
Investing for the second time
The decision to invest in “Walk15” was also made by the “70V” fund operating in Lithuania. This is the fund’s second investment in a walking platform.
Back in November, the Lithuanian business angels and the “Business Angels Fund II” also invested in “Walk15”. Several of them – for the second time. Together with “EIT Urban Mobility” fund, the investment amount reaches 600,000 euros.
“The main goal for the next year is to attract 1,000,000 euros for establishing in the German market“, says V. Musvydaite-Vilciauske.
The walking platform “Walk15”, which offers a smart step challenge solution for companies, calculates that since July 2019, more than a thousand companies in Lithuania, Latvia, Denmark, Germany, and other European countries have used the solution.
The startup was recognized as the best solution in Europe at the “European Young Innovators” awards and won the Public’s favorite title in the “Vilnius TechFusion Startup Awards”.