Since their country invaded Ukraine, Russian tech workers have left by the thousands. They appear intent on rebuilding their lives and businesses in other countries.
The Baltics, wedged between Russia and Belarus, have been likened to a modern-day West Berlin. Many here worry that if Ukraine falls, they might be next.
The consumer activism that makes a vodka C.E.O. say: ‘Do you know we’re Latvian?’
Brussels is proud to be providing military aid, but Moscow may see it as a dangerous intervention and could move to disrupt the flow of arms through Poland.
“This law cannot bring back a destroyed community or a destroyed synagogue,” said a chairman of a group backing the effort. “But what it can do is recognize what happened.”
Western leaders have accused President Aleksandr G. Lukashenko of Belarus of using migrants as weapons in an effort to pressure the European Union.
Austria took the hardest line yet on Monday, beginning a lockdown aimed exclusively at those who are not inoculated, part of a pattern to make life harder for resisters.
Iraqi Kurds and other migrants said they were fleeing despair at home, but Belarus encouraged them, offering visas and helping them get to the border.
Faced with the weaponization of migrants from Belarus, the European Union is defending Poland’s hard line even as it withholds funds over rule of law violations.
An anti-vaccine clarion call by leading religious figures, echoed by prominent politicians and social media, helps explain why Romania now has the world’s highest Covid death rate.
Meduza, a leading independent news site, fights back with jokes and a stunning donation campaign. But can it stand up to the Russian state?
Sorry Mr. Putin, but there’s a race on for Russian and Eastern European founders. And right now, those awful capitalists in the corrupt West are starting to out-gun the opposition! But seriously… only the other day a $100 million fund aimed at Russian speaking entrepreneurs appeared, and others are proliferating.
Now, London-based Untitled Ventures plans to join their fray with a €100 million / $118M for its second fund to invest in “ambitious deep tech startups with eastern European founders.”
Untitled says it is aiming at entrepreneurs who are looking to relocate their business or have already HQ’ed in Western Europe and the USA. That’s alongside all the other existing Western VCs who are – in my experience – always ready and willing to listen to Russian and Eastern European founders, who are often known for their technical prowess.
Untitled is going to be aiming at B2B, AI, agritech, medtech, robotics, and data management startups with proven traction emerging from the Baltics, CEE, and CIS, or those already established in Western Europe
LPs in the fund include Vladimir Vedeenev, a founder of Global Network Management>. Untitled also claims to have Google, Telegram Messenger, Facebook, Twitch, DigitalOcean, IP-Only, CenturyLinks, Vodafone and TelecomItaly as partners.
Oskar Stachowiak, Untitled Ventures Managing Partner, said: “With over 10 unicorns, €1Bn venture funding in 2020 alone, and success stories like Veeam, Semrush, and Wrike, startups emerging from the fast-growing regions are the best choice to focus on early-stage investment for us. Thanks to the strong STEM focus in the education system and about one million high-skilled developers, we have an ample opportunity to find and support the rising stars in the region.”
Konstantin Siniushin, the 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, first of all, Belarus, Russia and Ukraine, but not only in terms of bringing sales to the world market and not only helping them to HQ in Europe so they can get next rounds of investments.”
He added: “We have a great experience accumulated earlier in the first portfolio of the first fund, not just structuring business in such European countries as, for example, Luxembourg, Germany, Great Britain, Portugal, Cyprus and Latvia, but also physically relocating startup teams so that they are perceived already as fully resident in Europe and globally.”
To be fair, it is still harder than it needs to be to create large startups from Eastern Europe, mainly because there is often very little local capital. However, that is changing, with the launch recently of CEE funds such as Vitosha Venture Partners and Launchub Ventures, and the breakout hit from Romania that was UIPath.
The Untitled Ventures team:
• Konstantin Siniushin, a serial tech entrepreneur
• Oskar Stachowiak, experienced fund manager
• Mary Glazkova, PR & Comms veteran
• Anton Antich, early stage investor and an ex VP of Veeam, a Swiss cloud data management company
acquired by Insight Venture Partners for $5bln
• Yulia Druzhnikova, experienced in taking tech companies international
• Mark Cowley, who has worked on private and listed investments within CEE/Russia for over 20 years
Untitled Ventures portfolio highlights – Fund I
• Sizolution: AI-driven size prediction engine, based in Germany
• Pure app – spontaneous and impersonal dating app, based in Portugal
• Fixar Global – efficient drones for commercial use-cases, based in Latvia,
• E-contenta – based in Poland
• SuitApp – AI based mix-and-match suggestions for fashion retail, based in Singapore
• Sarafan.tech, AI-driven recognition, based in the USA
• Hello, baby – parental assistant, based in the USA
• Voximplant – voice, video and messaging cloud communication platform, based in the USA (exited)
Matiss Kivlenieks, who played for the Columbus Blue Jackets, died in an accident in Novi, Mich., on Sunday, the police said.
According to the World Bank, more than one billion people in South and East Asia lack access to a bank account. For many, this makes it is difficult to secure loans and other services because they don’t have traditional financial records like a credit score. Jeff’s loan brokerage platform was created to make it easier for financial service providers to integrate alternative data scoring, allowing them reach more potential borrowers.
The startup, which launched its app in Vietnam last year, announced today it has raised $1 million, led by the Estonian Business Angels Network (EstBAN). The funding will be used to enter other Southeast Asian markets, including Indonesia and the Philippines, and introduce new products, like free credit score and insurance offers, digital discount coupons and mobile wallet cashbacks. Other participants in the round included Startup Wise Guys; Taavi Tamkivi, the founder of Salv who formerly held lead roles at TransferWise and Skype; and angel investors from European on-demand ride platform Bolt.
Jeff currently claims more than 300,000 users in Vietnam. Though it is based in Latvia, Jeff will continue focusing on unbanked people in South and Southeast Asia, said founder and chief executive officer Toms Niparts. Its goal is to build a “super app” that combines personalized loan comparisons with other services like e-commerce, mobile top-ups and online discounts, Niparts told TechCrunch in an email.
Before starting Jeff, Niparts was CEO of Spain for Digital Finance International, a fintech company that is part of the Finstar Financial Group, which has investments in more than 30 countries. This gave Niparts the chance to “learn about the similarities and differences of financial services from the inside in different markets,” he said.
In particular, he saw that in Southeast Asian countries, most loan applicants “were rejected not because of bad credit history, low income or other similar reasons, but because there was not enough data about them.” While some lending companies have developed pilot projects for alternative data scoring, the process is often time-consuming, complicated and expensive.
“This is a massive problem in a big part of the world, and it makes absolute sense to build it as a centralised solution,” Niparts said.
In Vietnam, Jeff currently has between 12 to 15 active partners at a time (the number changes because lenders occasionally turn off demand, a standard industry practice), and is adding another eight to 10. In total, the company now has about 80 to 100 potential partners in its Vietnam pipeline, and part of its new funding will be used to expand its team to speed up the onboarding process.
In Indonesia, Jeff has identified about 40 potential partners, “but so far we have only been scratching the surface,” said Niparts. “The Indonesian market is considerably larger than what we have seen in Vietnam, and the forecast is we will grow the pipeline to 150-200 banks and partners in 2021.”
The company’s selling point hinges on its ability to accurately measure creditworthiness based on alternative data. For lenders, this means more pre-qualified leads and access to a larger customer segment.
“Building a credit score is a never-ending process, and we are at the very early stages of it. What we have right now is mainly around publicly accessible information and client-consented data,” Niparts said. This includes behavioral analytics, smart devices meta data, data from social media and other sources that have open APIs.
As Jeff grows, it also plans to make partnerships with mobile wallets, telecom companies and consumer apps. It is developing a lender toolkit that includes bank portal and lender API to reduce the amount of time needed to integrate with the app.
Borrowers sign up for Jeff with the app’s chatbot and can start getting offers once they enter basic information like their name, contact information, the amount they want to borrow and the purpose of the loan. But adding more details and data sources to their profiles, which are screened by multiple lenders at once, increases their chances of approval, and unlocks more offers. This may include uploading documents, connecting social media accounts or consenting to share their smart device metadata.
“As we evolve, new integrations and compatible accounts from other service providers—such as utilities, food delivery, and more—will be regularly added,” said Niparts.
Jeff’s partners currently offer near-prime, peer-to-peer and digital lending services that include unsecured consumer loans, installment loans and motorbike financing. It plans to add more loan products, and is also working on its first insurance collaborations, credit cards and other bank-grade products.
“Our ambition for Jeff is to become a super app, where people can not only get access to financial services that were previously unavailable to them, but also tap in other benefits and discounts,” Niparts said. “This is also a great way to learn more about creditworthiness and what’s on demand. Every new interactions gives us more data and insights to further evolve the accuracy and value added of Jeff’s credit score.”
The number of fintech startups focused on financial inclusion is on the rise across Southeast Asia. Jeff’s competitors fall into two main categories. The first are comparison portals like TopBank, TheBank and GoBear (which recently announced it is closing), that allow users to compare financial providers and banks, but don’t focus on enabling them to access services. The second are companies like CredoLab, Seon and Kalap that provide third-party services like single data-source insights and fraud prevention, but “do not have control over the customer journey,” Nipsart said.
Jeff’s goal is to “be a one-stop shop for both,” he added. “We provide both clients, as well as deeper insights about them for banks and other partners using our platform. At the same time, we are the main point of interaction for the users, which not only solves the main need of comparing financial services and accessing them, but also offers an increasing range of other discounts and benefits.”
Our election systems were not built for the modern era. Looking abroad might help.
Some government agencies that use the software said they were surprised that Google may pick up the locations of certain app users. Others said they had unsuccessfully pushed Google to make a change.