Photo: Stebby's CEO Kestutis Mackelis
Stebby (formerly known as SportID), a health and sports tech startup active in the field of sports payment intermediation, announced an exit from Funderbeam platform via management buyout and investment by private equity fund and EstVCA member Livonia Partners.
According to Funderbeam
, the company's management and Livonia Partners have also bought out all the units of SportID International OÜ traded on Funderbeam. Although Stebby's parties do not wish to disclose the total amount of the transaction, the price of the units traded on Funderbeam alone was several times higher than the initial issue price.
According to Stebby's CEO Kestutis Mackelis
, the new ownership structure provides an opportunity to strengthen its position in the Baltic countries and get additional resources for both product development and expanding its geographical reach.
“During the four years I worked at Stebby, I have realized the growing demand for more modern and convenient health services. That is why I am very happy that we have found a financial partner who shares a common vision with us, ”said Mackelis.
Long-term consultants and co-investors Erik Oja, Egon Orav and Kristjan Novitski will join Stebby's Management Board and circle of owners to help the company grow in new markets and directions.
**Image credit: Stebby; https://unsplash.com/@rogfog