Sorry Mr. Putin, but a race is on for Russian and Eastern European founders. And now, in the corrupt West, they are starting to outshine the dreaded bourgeois opposition! But seriously … Only the other day a $100 million fund aimed at Russian-speaking entrepreneurs appeared, and others are growing.
Now, London-based Untitled Ventures plans to join its fray with €100 million/$118M for it. Second Fund to invest in “ambitious deep tech startups with Eastern European founders”.
Untitled says it is targeting entrepreneurs who want to relocate their business or are already headquartered in Western Europe and the United States. It is as with all other current Western VCs that – in my experience – are always ready and willing to listen to Russian and Eastern European founders, often known for their technical prowess.
Untitled is targeting B2B, AI, agritech, medtech, robotics, and data management startups with proven traction already established in the Baltics, CEE, and CIS, or Western Europe.
LPs in the fund include Vladimir Vedinev, founder of Global Network Management>. Untitled claims to have Google, Telegram Messenger, Facebook, Twitch, DigitalOcean, IP-only, CenturyLinks, Vodafone and TelecomItaly as partners.
Oskar Stachowiak, Managing Partner, Untitled Ventures, said: “With over 10 unicorns, €1Bn venture funding in 2020 alone, and success stories such as Veeam, SEMrush and Wrike, startups emerging from fast-growing sectors are the best choices. An early-stage investment for us. Thanks to a strong STEM focus in the education system and nearly one million highly-skilled developers, we have ample opportunity to find and support rising stars in this sector .
Konstantin Sinushin, Untitled Ventures MP, said: “We believe in economic efficiency and at the same time we fulfill a social mission of bringing technological projects with a large scientific component from the economically unstable countries of the former USSR, such as That, first of all, Belarus, Russia and Ukraine, but not only in terms of bringing sales to the world market and not only to help them headquarter in Europe so that they can get the next round of investment.
He continued: “We have accumulated a great deal of experience in the First Fund’s first portfolio, structuring business not only in such European countries as, for example, Luxembourg, Germany, Great Britain, Portugal, Cyprus and Latvia, but also physically Also relocating startup teams so that they can be considered fully resident already in Europe and globally.”
To be fair, building large startups from Eastern Europe is still harder than it needs to be, mainly because local capital is often very little. However, that is changing, with the recent launch of CEE funds such as Vitosha Venture Partners and Launchb Ventures, and the breakout hit from Romania was UiPath.
Untitled Ventures Team:
• Konstantin Sinushin, a serial tech entrepreneur
• Oscar Stachovi, veteran fund manager
• Marie Glazkova, PR and COMs veteran
• Anton Antich, early-stage investor and former vice president of Veeam, a Swiss cloud data management company
$5bln by Insight Venture Partners . acquisition in
• Yulia Druzhnikova, experienced in taking tech companies internationally
• Mark Cowley, who has worked on private and listed investments within CEE/Russia for over 20 years
Untitled Ventures Portfolio Highlights – Fund I
• Size: AI-powered shape prediction engine based in Germany
• Pure App – Intuitive and impersonal dating app based in Portugal
• Fixer Global – Efficient Drones for Business Use Cases, based in Latvia
• E-Content – Based in Poland
• SuitApp – AI based mix-and-match suggestions for fashion retail based in Singapore
• AI-powered accreditation based in Sarafan.tech, USA
• Hello Baby – Parent’s Assistant, based in USA
• Voximplant – Voice, video and messaging cloud communications platform based in the United States (outside)