Category: Estonia

Magnusson, working with Loyens & Loeff, Reed Smith, and Kirkland & Ellis, has advised Intel 471 on its acquisition of SpiderFoot. TGS Baltic, working with Walder Wyss, advised SpiderFoot’s selling founder.

Intel 471 is a provider of cyber threat intelligence for intelligence, security, and fraud teams. SpiderFoot is a provider of open-source intelligence, attack surface management, and digital investigations. 

According to Magnusson, “available as open source on GitHub and as a commercial SaaS, SpiderFoot has been developed for over a decade, enabling threat intelligence and security teams to identify vulnerabilities and threats posed to their organizations. The acquisition of SpiderFoot further bolsters Intel 471’s suite of threat intelligence solutions and provides a new level of insight for the company’s portfolio of global clients.”

“As part of the acquisition, SpiderFoot Founder Steve Micallef joins Intel 471 as Vice President of Attack Surface Technology,” Walder Wyss informed.

Magnusson’s team included Managing Partner Jaanus Magi, Partner Elvira Tulvik, Managing Associates Linda Merileid Tilk and Ketlin Peterson, Senior Associate Sille Eerik, and Associate Lev Goffert.

TGS Baltic’s team included Partners Kadri Kallas and Helmut Pikmets and Senior Associates Mirko Kikkamagi, Silvia Urgas, Mari-Liis Orav, and Sergei Jegorov.

Cobalt has advised Levinum on the establishment of the fine wine investment fund WineFortune.

According to Cobalt, the fund will enable retail investors to invest in the wine asset class.

“Fine wines are an alternative asset class that offers stable value growth,” the firm informed. “According to Forbes, the Liv-ex Fine Wine 100 index has risen 270.7% in two decades, surpassing the S&P 500 index by 8% over the same period. Wines are often used to protect investment portfolios against market fluctuations and inflation.”

The Cobalt team included Partner Kristel Raidla-Talur, Specialist Counsel Greete-Kristiine Kuru, Associate Johanna Lumiste, and Assistant Lawyer Marit Raatma.

Sorainen has advised Estonian energy research start-up Efenco on raising EUR 1 million to develop a carbon-neutral combustion solution for fossil fuels.

According to Sorainen, Efenco, whose solution would “help use fossil fuels much more efficiently … is looking to raise a further EUR 10 million in the next months.”

“The impact is global,” the firm reported. “If the Efenco system were applied to all usage of gas, it would save more energy than produced in total by solar and wind energy. Similarly, the world’s nuclear plants produce less energy in total than would potentially be saved in gas burners with Efenco’s technology.”

Sorainen’s team included Counsel Lauri Liivat, Associate Kristi Tammiku, and Assistant Lawyer Eva Lennuk.

Sorainen did not respond to our inquiry on the matter.

Sorainen has provided pro bono advice to circular economy start-up FudLoop on the administrative law and compliance aspects of its daily operations. 

According to Sorainen, FudLoop manages a food locker in the Tallinn Central Market and is dedicated to reducing food waste. “FudLoop’s operations are based on a unique format: people register as users of the food locker and can thereafter take food out of the locker, or share excess food with others … FudLoop aims to expand the network of food lockers both in Tallinn and, in the longer perspective, also abroad.”

Sorainen’s team included Senior Associate Kirsi Johanna Koistinen and Associates Vladislav Leiri and Liisa Maria Kuuskmaa.

Cobalt has advised Northzone on its investment in technology start-up Katana. New investors Northzone and Lightrock and existing investors Atomico and 42CAP participated in the USD 35 million series B round.

Northzone is an early-stage venture capital fund, founded in 1996, that is active in Europe and the US.

Katana is a technology start-up that develops business software for small and medium-sized manufacturing companies. The company currently has more than 1,300 customers in 80 countries.

Cobalt’s team included Partner Kristel Raidla-Talur, Senior Associate Madis Reppo, and Assistant Lawyer Ken Saksniit.

Editor’s Note: After this article was published, Cobalt announced that it had also advised Lightrock on its investment. The firm used a different team that included Partner Peeter Kutman, Managing Associate Ott Aava, and Junior Associate Elis Toim.

Cobalt has advised the Nordic Secondary Fund II on investing in Estonian start-up Eurora Solutions.

According to Cobalt, Eurora Solutions offers an Al-based platform that “modernizes e-commerce processes by automating VAT and customs administration and declaration submissions in EU member states.”

The Nordic Secondary Fund is the first and only fund in the Nordics to invest exclusively in secondaries, according to the firm.

Cobalt’s team included Partner Kristel Raidla-Talur, Specialist Counsel Greete-Kristiine Kuru, and Associate Johanna Lumiste.

Cobalt has advised venture capital fund Change Ventures on leading a EUR 2 million seed round into Estonia-based green tech start-up Cloud Factory.

The round included Superhero Capital and angel investors.

Change Ventures is a Baltic venture capital fund that specializes in early-stage investments.

According to Cobalt, “Cloud Factory was founded in 2018 and uses only natural and sustainable materials and 100% recycled precious metals in the process of making 3D-printed jewelry. The company will use the investment to increase its manufacturing capacities and further develop its online platform for product creation and effortless order management integrations, in order to meet the demand and needs of the new era of celebrities and brands.”

Cobalt’s team included Partner Kristel Raidla-Talur, Specialist Counsel Greete-Kristiine Kuru, and Associate Johanna Lumiste.

Cobalt has advised the BaltCap Private Equity Fund III on the acquisition of Rahva Raamat. Ellex advised Rahva Raamat.

The transaction remains contingent on regulatory approval.

According to Cobalt, “BPEF III invests in innovative companies in the Baltics and Nordic countries following a buy-and-build strategy. Rahva Raamat is a book business with long-standing traditions that has 12 stores in eight different cities. In addition, Rahva Raamat supplies the largest retail chains, libraries, and other books stores.”

According to Ellex, “Rahva Raamat is a strategic addition to BaltCap’s recent acquisition of Lithuania’s leading publisher Alma Littera and bookstore chain Pegasas. Following the acquisition, Rahva Raamat will continue to be managed by its current management team.”

Cobalt’s team included Partner Peeter Kutman, Managing Associate Ott Aava, and Junior Associate Elis Toim.

Ellex’s team was led by Partner Ermo Kosk.

Sorainen, working with the UK’s Lee & Thompson, has advised Head Gear Films on the financing of the Burial movie in Estonia, including securing eligibility for the local film cash-rebate scheme.

According to Sorainen, “set in the last days of World War II, the movie tells the fictional story of a small band of Russian soldiers tasked with trafficking the remains of Hitler back to Stalin in Russia. Head Gear Films is widely recognized as one of the most prolific providers of production services and debt finance to independent media projects, with an ever-expanding portfolio of over 300 films, TV shows, and video games.”

Sorainen’s team included Counsel Jane Eespold and Associates Mirjam Metsik and Oliver Kuusk.

Sorainen did not respond to our inquiry on the matter.

Sorainen, working with lead counsel Clifford Chance, has advised joint lead managers Citibank, Goldman Sachs, and Societe Generale on the EUR 1 billion issuance of ten-year government bonds by the Republic of Estonia. Ellex and, reportedly, Freshfields Bruckhaus Deringer advised the Republic of Estonia.

According to Sorainen, “investor interest in the issuing of government bonds proved to be significant, given the recent nervous state of the market. A total of 93 international investors sought to subscribe to the bonds in excess of EUR 1.8 billion. The final volume of the long-term bond issue was EUR 1 billion, and the coupon interest rate was 4% per annum. The bonds are listed on the Dublin Stock Exchange.”

Sorainen’s team included Partners Katlin Krisak and Kaido Kunnapas, Counsel Jane Eespold, Senior Associate Verner Silm, and Associate Oliver Amarik.

The Ellex team in Estonia included Partners Gerli Kivisoo and Raino Paron, Senior Associates Kadi Sink, Maria Teder, and Dmitri Rozenblat, and Lawyer Anastassia Ostrovskaya.