Investment & Fund Management
which was backed by the European Investment
Full Credential Description
Gustav, a company based in Estonia, specializes in producing patisserie using fresh and local ingredients, which are sold in their cafés and to external retailers. The founders, Rivo Sisas and Joel, initially faced significant challenges after the 2008 financial crisis, which impacted their business negatively. To adapt, they shifted their focus to high-demand products, specifically cakes and desserts. They also brought in a third partner, Siim Liivamägi, who became the CEO and played a crucial role in managing the business.
As Gustav grew, they encountered difficulties in managing their expansion, particularly in scaling their production line to meet increasing demand, including interest from the Finnish market. To address these challenges, they sought an EU-guaranteed loan from Swedbank, which was backed by the European Investment Fund (EIF) under the Investment Plan for Europe. This financing enabled them to purchase necessary equipment and secure additional workspace, allowing them to maintain their commitment to a 22-hour freshness policy for their products.
The successful acquisition of funding has positioned Gustav to further expand its production and retail presence across Estonia and into other European markets. Their objective is to continue growing their business while ensuring the quality and freshness of their offerings.