STEMI: Croatian Startup Raises First Million Kuna in Less Than One Hour

Lauren Simmonds

As Poslovni Dnevnik/Bernard Ivezic writes on the 28th of November, 2019, in less than an hour, the amazing Croatian startup STEMI raised over one million in capital (154,000 euros) to expand its operations in the USA and Germany.

The group investment campaign at Funderbeam SEE for the Rijeka-based educational and technological (edtech) startup STEMI, which celebrated with the first Croatian educational robot Hexapod, has now set a new investment record in Croatia with its incredible acheivement. So far, nobody on the entire platform, jointly run by the Estonian Funderbeam and the Zagreb Stock Exchange, has managed to reach their first million so quickly.

In addition, STEMI has set a modest monthly target of 2.25 million kuna (300,000 euros) and has exceeded half of the minimum capital required to successfully complete this funding round. Marin Trošelj, co-founder and director of STEMI, says that in case of higher demand, the campaign will increase. “We offer 6.25 to 10 percent shares in STEMI for a stake of 300-500 thousand euros,” Trošelj stated.

In his presentation at the Zagreb Stock Exchange, he revealed several facts that could explain the significant investor interest STEMI can boast of. In addition to being a new key product with which to expand, licenses for STEM education as a service, which has already been successfully tested over in the United States, the startup’s founder stated that its market in the US and EU is as high as 360,000 schools. It already has a partner in a new niche in the US and is just about to sign a contract with another partner closer to home in Germany.

Furthermore, in its presentation to investors in Rijeka, STEMI’s rapid growth of income and profitability was also mentioned. In 2020, STEMI expects 1.6 million kuna in revenue, a year later it expects 13.5 million kuna, and in 2022, with expected revenue of 39.9 million kuna, it expects to make a profit for the very first time.

A year later, revenue should jump up to above 90 million kuna, to an incredible 203.6 million kuna in 2024.

“In high school education, we’re better positioned than Lego, we offer more, and we have a successful pilot and demand,” Trošelj stated.

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