Latvia’s Sonarworks IT company has raised EUR 5 mln for development from Estonian investors Karma Ventures and SuperAngel, Lithuanian investors Practica Capital, Latvian investors ProksCapital and Imprimature, as well as Turkish investor Revo Capital.
The company’s representatives said that Sonarworks received EUR 5 mln in series A financing in exchange for handing over a part of the company’s shares to the investors.
Estonia’s former President Hendrik Toomas Ilves is one of the business angels providing financing to Sonarworks through Karma Ventures.
Sonarworks representatives said that the foreign investment will help the company speed up the development of new technologies and solutions, expand licensing options and achieve its goal to create a unique sound experience in every device, combining the authentic studio sound with the user’s sound personalization.
In 2018, Sonarworks turned over EUR 2.201 mln, which is an increase of 50% against a year before, while the company’s loss expanded several times to EUR 785,226, according to information available at Firmas.lv.
A 30.66% stake in Sonarworks belongs to Imprimatur Capital Technology Venture Fund, Martins Popelis andHelmuts Bems each own a 17.35%, Proks Capital 14.3%, KS AIF Imprimatur Capital Seed Fund 8.78%, FlyCap Investment Fund 5.23%, VVMV owns 5.23%, Janis Sprogis 0.79%, Aleksis Orlovs 0.39%, Reinis Grants 0.2% and Rudolfs Bundulis 0.1%.
