COBALT specialists advised Estonian Development Fund on investment into Massi Miliano, a company developing robot mannequins for international leading online retail clothing stores. The service is promoted under the brand fits.me and the developers of the unique invention hope the project will stimulate growth of the online clothing sales business. The investment amounted to approx EEK 10 mio.
Partner Aivar Taro and his team assisted in structuring of the transaction and drafting the documentation as well as valuing and assessing the IP portfolio and drafting provisions for protecting intellectual property assets. As a result of the transaction, Estonian Development Fund became a minority shareholder in Massi Miliano. Other investors include leading IT solutions provider Webmedia, and angel investors.
This summer will see the first tests with the innovative robot mannequin which Massi Miliano develops in co-operation with local scientists from Tartu University and Tallinn University of Technology.