KOOS, new startup founded by Taavi Kotka, has raised 4 million euros and is actively onboarding new customers to KOOS.io platform. Kotka says that the investment allows them to move into a new league and they have set their sights on UK.
“It’s easy to work at your home country as we know all the customers and our name gets enough recognition. A proof point for us would be to gain traction outside of Estonia as fast as possible. We are growing fast and are looking to expand the team in all areas, focusing mostly on development and marketing,” says Kotka.
The investment round was led by the Taavet + Sten fund and included other well known investors like Markus Villig, Kaarel Kotkas, Triin Hertmann, Jevgeni Kabanov. Alongside Estonian VC funds Superangel, United Angels and Lemonade Stand the seed round was joined by legendary LocalGlobe from UK.
Kotka confirms that KOOS already has paying customers and the interest is high. “It’s a new concept for the whole world, how to engage your customer base or partners by sharing future profit with them. Giving the feeling of ownership and sharing benefits that come with this status is the most motivating way to get people to contribute to the success of your business,” he adds.
KOOS raised the first funds already in the autumn of last year and as a result were able to launch an MVP. Kotka added, that the results of MVP were promising, and this is what encouraged them to raise a new round of seed money.
“We modeled out the business plan for next 18-24 months, investors liked and gave us a mandate to push forward. Start-up by the book,” concluded Kotka.
The company was registered last summer as Programmable Equity, but today they operate under the KOOS brand.
KOOS.io has created a way to integrate various stakeholders into the growth and development of the company and share future profits with them without making them actual shareholders.
Typically, only founders, investors and employees are rewarded when a business is successful, but most businesses more people contributing to their success. The best way to grow a company and create a community around it, is to create the feeling of ownership and, once successful, share the results with your community.
Originally published on Geenius on 26.04.2022 (in Estonian)