Estonia builds startup fund for another Skype

By VCPOST Staff Reporter

Nov 08, 2013 02:34 PM EST

Estonia announced its plan to build a new fund of EUR60 million (USD81 million) to build another Skype in the country. The Baltic country sought to improve its venture capital industry to accelerate the development of startup tech firms. This was according to a report published by Bloomberg on its website.

According to Andrus Treier, head of government agency KredEx, the planned fund would compose of the EUR60 million from the European Union and another EUR20 million from private investors. The said fund would be created next year to replace financing services from state company Eesti Arengufond, the report stated.

Estonia was severely hit by the recession after Lehman Brothers Holdings Inc went down in 2008. The country aimed to build on another Skype technolgy as one of the ways to revive its capital market. Skype was founded in Estonia 10 years ago with venture capitalists  Janus Friis and Niklas Zennstrom, Bloomberg reported.

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