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Friday, 22.11.2024, 14:03
Latvia's Sonarworks IT company raises EUR 5 mln from international investors
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The company’s representatives said that Sonarworks received EUR 5 mln in series A financing in exchanged
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 and
Helmuts 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%.
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