Krakow-based VC firm Innovation Nest has invested close to EUR 500,000 in iTraff, the mobile applications developer that gave the world SaveUp, an image recognition app. Co-investors in this second round of funding were angel investors Rafal Han, CEO and co-founder of educational games developer HanBright, and Stephane Senkowski. The current estimated value of the target company is EUR 1.5 mln.
iTraff is a Polish mobile applications development company that is well known in the region for its award-winning image recognition mobile phone app. SaveUp, its flagship offering, is an item comparison tool that uses image recognition to pull up similar items for sale on the internet. The Polish Ministry of Economy has already awarded the company in the category of best commercial application. iTraff was founded by four entrepreneurs in February 2011 with SaveUp as their first product. Other companies such as eBay and Amazon also offer similar applications, but with key differences in how items are identified. SaveUp is available for download for iOS, and will soon be ready for Android phones as well.
Innovation Nest (www.innovationnest.pl)
Innovation Nest was founded by Piotr Wilam and Marek Kapturkiewicz, and currently oversees an in-house fund of PLN 40 mln. Apart from funding, the company also monitors and conducts strategic sessions with the management of the target companies, and provides the coaching necessary for the company to compete effectively in the marketplace. For venture investments, Innovative Nest provides up to PLN 1 mln, while in the growth sector, that investment might go up to PLN 5 mln per company.