Specialist VC led the €1.7 million seed round to VOOL

Ellex in Estonia advised Specialist VC on investment in VOOL, a start-up developing a complete electric car charging solution. The investment round attracted impactful angel investors, including the former President of Estonia, Kersti Kaljulaid.

VOOL’s technology uses the existing grid three times more efficiently without causing an overload, providing reliable and cost-efficient charging for both business and private customers.

The investment will be used to expand the team, start mass production of chargers in a local factory and expand into foreign markets to become the preferred charging solution for electric cars in Europe.

Ellex In Estonia Partner Antti Perli and Counsel Rudy Rimal, Senior Associates Merlin Liis-Toomela, and Hanna Pahk advised Specialist VC on the investment.

Specialist VC, a venture capital fund, invests in Estonian, Latvian, Lithuanian, and Finnish start-ups and combines a traditional investment fund with secondary market investments.

Fund invests in promising tech startups from pre-seed to A-rounds. Their main focuses are on B2B, SaaS, fintech, and marketplaces. One-third of the fund is reserved for after-market investments in start-ups that have progressed from A-stage.