Guitar pedal created in Latvia causes sensation at LatBAN Investment Session

Submitted by latban.aivis.pavlovs on Thu, 12/01/2016 - 10:32

The monthly Investment Session of the Latvian Business Angel Network (LatBAN) was held at the Riga Business School on Wednesday, November 23, where developers of six new projects met with Latvian business angels, hoping to win support for their business ideas.

The following projects participated in the November Investment Session:

  • Sportlex (presented by Pāvels Griškovs) – a uniform pass allowing the holder to go to any gym, sports club, pool or yoga studio
  • LENNEWARD Rabbitry (presented by Ieva Igaune) – the largest rabbit farm in the Baltics where rabbits are kept outdoors, producing premium-quality meat
  • Peerfectoo (presented by Anatolijs Čalijs) – a new peer-to-peer lending platform that combines the best features of “quick” loans with the cost of consumer loans issued by banks
  • Treinio (presented by Gints Bērziņš) – a unique solution for keeping track of the user’s progress in the gym and keeping in touch with personal coaches
  • Tooth Fairy’s Tool (presented by Kristīne Belova) – an innovative dentistry solution: unique saliva ejector with a mirror, a patent is pending
  • PLUS Pedal (presented by Iļja Krūmiņš) – an innovative effects unit with the sustainfunction that can be used with all kinds of guitars and other melodic instruments

According to LatBAN Managing Director Aiga Kalbjonoka, investors said after the November session that four of these had the potential to attract investment.

Yet it was PLUS Pedal, an innovative effects unit for guitars and other melodic instruments, that appeared to be the most interesting to investors. During the informal part of the Investment Session, PLUS Pedal was used to give a little performance for LatBAN investors and guests of the session.

The second most-favorite project this month is Tooth Fairy's Tools, which aims to make a million innovative saliva ejectors for dentists every day.

The next business angels’ Investment Session will be on December 15, dedicated to presentations from the Startup Wise Guys startup accelerator’s Demo Day.

So far LatBAN has received more than 400 project applications, over 150 projects have participated in the Investment Sessions, and 20 projects in different industries have received investment. The total amount of investment is over EUR 1.6 million.

The Latvian Business Angel Network association was established on April 29, 2014 with the goal of expanding and developing the network of business angels in Latvia, as well as to support new, promising projects. Currently 60 investors are members of the association.

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