Axel – Georgian Business Angel Network has announced its first syndicated investment in Georgian tech startup Theneo.
The investment happened as a result of Axel’s international business angel summit organized in collaboration with Tbilisi City Hall and with support from Bank of Georgia, Visa, and Grant Thornton Georgia, where Theneo was one of the 10 startups that pitched.
Founded by Ana Robakidze and Maria Doliashvili, Theneo works to automate the content creation process for developers so they can quickly generate high-quality API (application programming interface) documentation. Earlier this week, Theneo announced that it is backed by Y Combinator as part of the 2022 Winter Batch.
“We are excited to announce that we were able to give our members the opportunity to invest in an amazing API documentation tool that is making developers’ and even non-technical team members’ work much easier. Moreover, we strongly believe in wonderful Georgian founders Ana and Maria that are working hard to make Theneo a big success on a global scale,” – says Tatuli Okriashvili, Managing Director at Axel.
“We are grateful to Axel for collaborating with Cartooli and supporting Theneo in a collaborative effort. Axel, like Theneo, is still in its early stages, and we are excited to see what kind of community we can build together,” says Ana Robakidze, Co-founder and CEO at Theneo.
Axel’s members and partners have already made a number of individual investments in other Georgian tech startups since June 2021, however the investment in Theneo is the first deal when the check is written by a syndicate — a group of angel investors. This is an important milestone not only for Axel, but also for angel investing in Georgia — and for the country’s tech startup ecosystem.
Axel, the Georgian Business Angel Network, already unites over 50 local and international angel investors.
Established in June 2021, the Network aims to accelerate the development of Georgia’s tech startup ecosystem by facilitating Smart Money investments in the most promising Georgian entrepreneurs.