# UP Catalyst funding: rounds and investors

> UP Catalyst has raised $20M across 2 rounds since 2025. Investors include European Investment Bank and EIC Accelerator. Every round with its source.

Source: https://millionrounds.com/company/up-catalyst (Millionrounds; every figure on the page links to its filing or article)

Estonia · [Venture startup](https://millionrounds.com/companies)

# Who invested in *UP Catalyst*

2 rounds we have observed, with the 2 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Climate Tech Energy Engineering

Raised 8 months ago

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Funding summary Updated 15 Nov 2026

**$20M** raised across 2 rounds since 2025, from 2 sources

- **Latest round:** Venture Apr 2026
- **Biggest round:** $20M Debt · Apr 2025
- **Investors:** 2

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2026

**$20M** Debt

**?** Venture

- **First round:** Debt, $20M
- **Biggest round:** $20M
- **Between rounds:** 12 months

## The rounds

- **Apr 2026** Venture **Amount undisclosed** *1 new* *1 returning* [EIC Accelerator](https://millionrounds.com/fund/eic-accelerator) [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) Source recorded
- **Apr 2025** Debt **$20M** *1 new* [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) Reported by TechStartups

## Founders and team

From UP Catalyst's own website: 1 founder, 5 on the team.

**Dr. Gary Urb** Co-founder of UP Catalyst

- **Rait Maasikas** CEO/CFO
- **Sebastian Pohlmann** CTO
- **Teele Niidas** COO
- **Ann Laheäär** Head of Product Applications & Grants
- **Einar Karu** VP of Technology

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Debt** 2025 **Venture** 2026 [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) [EIC Accelerator](https://millionrounds.com/fund/eic-accelerator)

## Everyone who backed them

[European Investment Bank](https://millionrounds.com/fund/european-investment-bank) Government **2** rounds

[EIC Accelerator](https://millionrounds.com/fund/eic-accelerator) Government **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=up-catalyst).

## Also claim to have backed them

These 2 firms list UP Catalyst as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

[SmartCap](https://millionrounds.com/fund/smartcap) VC firm Per its own site

[Little Green Fund](https://millionrounds.com/fund/little-green-fund) VC firm Per its own site

## Quick answers about UP Catalyst

### Who invested in UP Catalyst?

UP Catalyst's investors include European Investment Bank and EIC Accelerator.

### How much has UP Catalyst raised?

UP Catalyst has raised $20M across 2 rounds since 2025. One round did not disclose an amount, so the total is a floor.

### When did UP Catalyst last raise?

UP Catalyst's most recent round was a Venture in Apr 2026.

### What was UP Catalyst's biggest round?

UP Catalyst's largest round on record is $20M (Debt), in Apr 2025.

### Who backed UP Catalyst first?

UP Catalyst's first round on record, in Apr 2025, was backed by European Investment Bank.

### What stage is UP Catalyst at?

UP Catalyst's latest named round is a Venture, in Apr 2026.

### Where is UP Catalyst based?

UP Catalyst is based in Estonia.

## Companies like UP Catalyst

In the same sector, and raised in the last eighteen months.

[**Skeleton Technologies** $274M · Oct 2026](https://millionrounds.com/company/skeleton-technologies)[**Stargate Hydrogen** $24M · Sept 2026](https://millionrounds.com/company/stargate-hydrogen)[**Aampere** $6.6M · Jul 2026](https://millionrounds.com/company/aampere)[**DCR Technologies** May 2026](https://millionrounds.com/company/dcr-technologies)[**Gren** $1.3B · May 2026](https://millionrounds.com/company/gren)[**Spacedrip** Jan 2026](https://millionrounds.com/company/spacedrip)

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