Millo smart smoothie maker attracted nearly EUR 500,000 investment
Summary
A group of business angels and the Co-Investment Fund have invested in the development of the product which is promising a revolution in the kitchen.I am pleased that we managed to secure the required amount from a large pool of investors with extremely useful experience who will contribute not only to financing but also with their knowledge. We will use the bulk of the funds for preparing the product for mass production, communicating in foreign markets, and strengthening our team, says Ruslanas Trakelis, the founder of the Millo Appliances startup.In the second stage, Millo Appliances received investments from Andrius and Tomas limas, who are the founders of Oberlo, one of Lithuanias most successful startups, as well as from businessman Vladas Jurkeviius, businessman, and investor Per Moller, the SBA Group, and other business angels.We appreciate the opportunity to contribute to the startup ecosystem, which is crucial for the formation of small and medium-sized businesses in Lithuania. Control functionality is also enhanced by Millos mobile app, which makes it easy for users to find new recipes or share their own.We believe that we succeeded in creating a product with an exceptional design. says Mr. Trakelis.Millo Appliances has been joined by Lina Ginkut, who spent five years working on an automotive design for Lamborghini, as well as Audrius Branas, who was one of the first members on the team that created the Deeper sonar. Benjaminas ulcas and Tomas Tamoaitis, who have more than 15 years of experience in electronic engineering, have also been on the team since the very beginning of the project.We plan to adapt the magnetic drive technology that we have created and patented to other products as well.