Exciting news from the Estonian startup scene – Adact, the innovative startup founded by Kalev Kärpuk, has just announced its successful exit. The company has been acquired by Optimove, a US-based global leader in Positionless Marketing.
The deal marks a new chapter for Adact, which will now establish its development center in Tallinn, expand its team, and continue its mission of delivering game-based marketing campaigns. A huge high five to Kalev and the entire team for this remarkable achievement!
What’s EstBAN’s role in this success?
In 2020, during the Latitude59 startup pitching competition, EstBAN investors stepped in with a €200,000 syndicate investment, providing the capital Adact needed to develop its product and attract customers. EstBAN syndicate was led by Kristjan Raude, former angel investor network’s president, an active angel investor and serial entrepreneur. And, this week – less than five years later, the investors can count Adact investment as a successful exit – a great testament to the power of angel investing and strategic support. According to Kristjan Raude, Adact’s exit was the result of years of close collaboration. ‘We weren’t just passive investors; I checked in monthly, exchanged insights, and ensured we were there for the long haul – not just when money was needed,’ he explains.
Angel investing is more than just capital
The lead investor emphasizes that EstBAN investors played a key role in Adact’s early growth as the Latitude59 syndicate was their first significant investment, providing the necessary capital for product development and customer acquisition. ‘Beyond money, it sent a strong message to the team – someone believed in them enough to invest their personal capital,’ he adds.
‘We also can’t forget the role of Latitude59. Their pitching competition created the perfect platform for companies like Adact to gain visibility and attract the right investors. Interestingly, during the same time, we also invested in ATOM Mobility, which is also thriving. It seems that 2020 was a great year for planting seeds!’, says Kristjan Raude.
Even though the contribution of angel investors is invaluable, it appears that even more important is fostering a strong two-way relationship between investors and founders. Angels have built successful careers, accumulated capital, and bring valuable networks and experience. Adact’s success proves once again that early-stage investments – when backed by active investor engagement – can yield incredible results. As we celebrate this win, we’re already looking ahead to the next wave of game-changing startups and the investors who will help them succeed.
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