Ukrainian startup Effa that develops green products, has raised a $500,000 round from an angel investor. Effa’s valuation was $3.5 million. The startup will spend the investment on its product line, team growth, and brand development.
Effa produces disposable eco-friendly products for everyday use. The first such product was a fully recyclable paper toothbrush. The main clients of the startup are hotels and airlines. As Effa says, mass production has already started, and it will start to deliver the first batches of products in April.
The Effa team consists of CEO Daria Kichuk, CMO Ilya Kichuk, and CPO Konstantin Scherbina. Ilya and Konstantin are industrial designers. They previously founded the Kich hardware design bureau, which develops products for Effa and other startups. Currently, the team is also looking for a COO, CFO, and R&D Manager.
This is not the first funding in Effa. In 2018, the team participated in the Starta Accelerator program, spent six months studying in the United States, and raised a small round from a local angel there. Currently, the team is participating in an accelerator program at Startup Wise Guys. Also, it received a €55,000 investment there a few months ago. The startup was setting up production and sales in 2021. According to the company itself, Effa ended up signing sales contracts worth a total of $2 million.
