SBA invests in startup Millo Appliances

26.06.2018

Sorainen advised SBA, one of the largest business groups in Lithuania, on investing in startup Millo Appliances, creator of a smart blender. This was the group’s first investment in the startup sector.

Along with SBA, Co-investment Fund II also invested in Millo Appliances. The fund was established by Investicijų ir Verslo Garantijos (Investment and Business Guarantees) (INVEGA) – an institution founded by the Lithuanian Government. This was the fund’s second investment. Among other investors are Andrius and Tomas Šlimas – creators of the start-up Oberlo, which was successfully sold last year, entrepreneur Vladas Jurkevičius, entrepreneur and investor Per Moller and other angel investors. Total investment amounts to EUR 453,000.

A little over a year ago the start-up received the first business angel investment amounting to EUR 80,000. The angel investors were Vladas Lašas, Domas Dargis, Vytenis Benetis and Vigantas Vėbra.Along with SBA, Co-investment Fund II also invested in Millo Appliances. The fund was established by Investicijų ir Verslo Garantijos (Investment and Business Guarantees) (INVEGA) – an institution founded by the Lithuanian Government. This was the fund’s second investment. Among other investors are Andrius and Tomas Šlimas – creators of the start-up Oberlo, which was successfully sold last year, entrepreneur Vladas Jurkevičius, entrepreneur and investor Per Moller and other angel investors. Total investment amounts to EUR 453,000.

The creators of Millo have patented its working principle internationally. A patent has been granted for an innovative magnetic clutch solution in a blade cover, which can be screwed directly on the cup. The European Union Intellectual Property Office allowed patenting of the product design as well. The company is currently creating a blender prototype and is preparing for mass production.

The Sorainen team led by partner Mantas Petkevičius with associate Vytautas Sabalys advised SBA on all investment-related issues.

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