Eneba, an online marketplace catering to the gaming community with a wide selection of games and related items, has secured $8 million in funding led by Practica Capital and InReach Ventures. This financial injection is characterized as a combined seed and Series A investment. The funding round also included participation from FJ Labs and a collective of angel investors, notably Mantas Mikuckas, who serves as the COO of Vinted. This investment further emphasizes the growing prominence of the Baltic region as a thriving technology hub, following Lithuania’s emergence of Vinted as its first Unicorn and Estonia’s addition of Pipedrive to the Unicorn list.

The company has experienced a significant increase in traffic from the United States, coinciding with the broader trend towards digital entertainment accelerated by the pandemic. Established in 2018 by Lithuanian childhood friends, Vytis Uogintas and Žygimantas Mikšta, Eneba reports having attracted 26 million distinct users through its robust security measures, streamlined “one-click” purchasing process for gamers, and advanced fingerprinting technology. The platform also customizes the gaming experience by showcasing popular products within specific geographic regions. Eneba’s system is engineered to minimize the potential for unsafe transactions, streamline the refund procedure, and combat fraudulent activities.

Žygimantas Mikšta, co-founder and CMO, stated: “During the recent period of uncertainty, Eneba saw a substantial influx of new users. While the tenfold growth in our user base was incredibly encouraging, it also presented the challenge of meeting the increased demand. To accurately reflect our user numbers, we rapidly expanded our team to a headcount of 130.”

As security concerns escalate within the online gaming sphere, with virtual goods and in-game services being vulnerable to fraud and theft, Eneba positions itself as a distinct alternative. While it operates in a competitive landscape alongside platforms such as Amazon, eBay, and retailers like GameStop and Game.co.uk, Eneba believes it delivers a superior, specialized online experience for both pre- and post-purchase gaming needs, while simultaneously mitigating risks for both buyers and sellers.

Donatas Keras, a partner at Practica Capital, commented: “We are delighted to support Vytis and Žygimantas. We have been highly impressed by their rapid execution and ability to scale their company quickly, alongside their development of an exceptional product offering a unique benefit to gamers.”

Roberto Bonanzinga, co-founder of InReach Ventures, added: “Europe has a strong history of fostering successful gaming companies. We are very pleased to have identified Eneba through our AI platform when the company was relatively unknown. We have been extremely impressed by the founders’ accomplishments in a short timeframe.”