The Untitled Ventures raises EUR50 million for second CEE fund
The Untitled Ventures, a seed and pre-seed stage VC investor that focuses on breakthrough technologies from Eastern Europe, is raising a new fund which will invest in early growth stage tech companies in the CEE region.
The firm has offices in London, Moscow and Riga, acting as a venture capital bridge between Eastern and Western Europe.
Untitled Ventures has invested into 26 companies to date. Its portfolio includes Portuguese dating app Pure, Sizolution, and Fixar, which was granted a license to operate in Canadian skies just a few days ago. In 15 percent of those, women are among the founders of the companies, such as Sarafan.tech, SuitApp, and E-Contenta. The firm has exited 3 of these (DPI 1.6x).
Now The Untitled Ventures is raising EUR50 million for a fund that will focus on B2B AI, robotics, agritech, medtech, and data management. The new fund will be backed by European institutions and will take advantage of exceptional deal flow with revenues of EUR400k-EUR1 million, according to the firm.
“We target Eastern European talents for a reason. Given that Silicon Valley is filled with them, we are looking in the right place,” said Oskar Stachowiak, founder of Untitled Ventures.
“The education system still has a strong focus on STEM and it is not a coincidence that Belarusian, Russian and Ukrainian university teams consistently win global programming competitions. Additionally, to companies that are still located in Russia, Belarus, and Ukraine, we target those companies that came to the West but have not yet developed a true presence in the market. We suspect the number of companies under this description is large,” he added.
The Untitled Ventures is a member of the International Venture Club, a collaborative platform of independent venture capital, corporate, governmental and institutional investors.