Eneba, a market for avid gamers that sells video games and different merchandise, has raised an $8 million spherical of investment from Practica Capital and InReach Ventures. The investment is described as a “aggregate” of a seed and Collection A spherical. Additionally collaborating within the investment for the Lithuanian startup was once FJ Labs and a gaggle of angel buyers, together with Mantas Mikuckas, COO of Vinted. The funding highlights as soon as once more the energy of the Baltics area as a tech ecosystem, after Lithuania produced its first Unicorn within the form of Vinted, and Estonia added Pipedrive to its unicorns listing.
With the higher shift to virtual leisure all the way through the pandemic, the startup has controlled to garner a lot more U.S. visitors. Introduced in 2018 through two Lithuanian faculty buddies, Vytis Uogintas and Žygimantas Mikšta, Eneba says it has attracted 26 million distinctive customers as a result of its safety features, “one-click to shop for” gamer revel in and fingerprinting era. The web page additionally optimizes its localized gaming reviews to turn in the neighborhood trending gaming merchandise. Eneba’s platform is designed to cut back dangerous transactions, simplify the refunding procedure and care for fraud threats.
Co-founder and CMO Žygimantas Mikšta mentioned: “We had numerous new customers coming to Eneba all the way through those unsure instances. Whilst it was once extraordinarily pleasurable to peer our numbers expanding tenfold, there was once a problem to fulfill the call for. To raised replicate our person numbers, we needed to briefly extend our workforce to 130.”
Safety has risen up the schedule in on-line gaming as digital items and services and products attached to video games may also be extremely vulnerable to fraud or robbery. Even if it competes with retailers like Amazon, eBay and outlets like GameStop and Sport.co.united kingdom, Eneba thinks it has discovered a greater, adapted on-line pre/post-buying revel in for avid gamers, whilst addressing the chance issues for dealers and consumers within the gaming global.
Donatas Keras, spouse at Practica Capital mentioned: “We’re extremely joyful to be backing Vytis and Žygimantas. We’ve been inspired through their talent to execute at such pace as their corporate briefly scales, and to power an out of this world product with a singular price proposition for avid gamers.”
Co-founder of InReach Ventures, Roberto Bonanzinga, mentioned: “In Europe we now have a convention of establishing a hit firms within the gaming area. We’re very excited to have came upon Eneba because of our AI platform when the corporate was once unknown and beneath the radar. We’ve got been extraordinarily inspired through what the founders were ready to construct in this kind of quick period of time.”