November 5, 2019
The daily brief: 5 November 2019
Ultimate.ai hits the ground running with rapid growth and fresh funding.
All the daily Finnish business news that works: Neste, Alma Media and Ultimate.ai make headlines.
Neste finds a sales partner for its low-sulphur marine fuel in Germany, Ultimate.ai raises fresh coin, and Alma Media acquires full ownership of Kolektiv.
Finnish company Neste has signed a distribution and sales agreement for its new low-sulphur marine fuel with BMT Bunker und Mineralöltransport in Germany. The fuel contains a maximum of 0.5 per cent of sulphur and is therefore compliant with the new sulphur cap on marine fuels to be adopted by the International Maritime Organization (IMO) in 2020. BMT is a German bunkering services company active along the North Sea coast of Germany, where Neste’s new marine fuel is now available for shipping companies operating via Bremenhaven.
Finnish startup Ultimate.ai has raised 6.5 million US dollars (approx. 5.8 million euros) in a funding round led by existing investors HV Holtzbrinck Ventures and Maki.vc. In addition, the EU has granted the three-year-old startup research funding as part of the Horizon 2020 programme. Providing multilingual customer service automation to businesses, Ultimate.ai has seen its revenue grow tenfold in the 12 months since its seed funding round in September 2018.
Finnish media company Alma Media Corporation has acquired the remaining share capital of Kolektiv, the leading online recruitment service in Bosnia and Herzegovina. Alma first became a shareholder in Kolektiv in 2012, when it acquired a 30 per cent stake in the company. In 2018, Kolektiv’s revenue amounted to 1.8 million euros and staff consisted of 40 employees. Alma’s growth strategy is to find opportunities in digital services and internationalisation.
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