Untitled Ventures joins the scramble for Russian & Eastern European startups with a $118M warchest

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)

#artificial-intelligence, #baltics, #belarus, #corporate-finance, #cyprus, #eastern-europe, #economy, #entrepreneurship, #europe, #facebook, #finance, #founder, #germany, #google, #insight-venture-partners, #latvia, #launchub-ventures, #london, #luxembourg, #managing-partner, #money, #poland, #portugal, #private-equity, #putin, #republicans, #russia, #singapore, #startup-company, #tc, #ukraine, #united-kingdom, #united-states, #veeam, #venture-capital, #vitosha-venture-partners, #vodafone, #vp, #wrike

Orbiit raises Seed funding to automate the interactions within an online community

Orbiit, a startup that automates the interactions within an online community, has raised a $2.7 million round led by Bread and Butter Ventures with participation from new investors High Alpha Capital, LAUNCHub Ventures and Company Ventures. Existing investors Founders Fund, which led Orbiit’s $1M pre-seed round, Acceleprise and other angels also participated. The capital will be used to build out the Orbiit product and engineering team.

Orbiit says its platform handles the communications, matching, scheduling, feedback collection, and analytics for people connecting with each other in an online community. The idea is that the communities therefore learn and network better, engage more, and share more knowledge.

CEO and Co-Founder Bilyana Freye said: “Tailored 1:1 connections allow members to discuss difficult topics, be vulnerable and share learnings with one another. Those 1:1 connections are the hardest to execute, but when you start investing in them, with the help of Orbiit, you see engagement feeding into all other initiatives and a vibrant, active community that truly delivers on the promise to its members.”

Bread and Butter Ventures Managing Partner Mary Grove added: “This age-old question of how to leverage technology at scale to drive meaningful connections across communities both internal to an organization and across the globe is a problem we’ve been actively seeking a solution to for a decade. Orbiit brings the perfect blend of tech-enabled software with human curation to create strong connections and provide insights back to community managers.”

The platform is being used by startup communities at True Ventures, GGV, and Lerer Hippeau; private networking groups such as Dreamers & Doers; and customer communities, like the CFO community run by fintech leader Spendesk.

Founders Fund Principal Delian Asparouhov said: “We see Orbiit as a key platform for peer learning within companies and communities, unlocking untapped knowledge through curated matchmaking.”

LAUNCHub Ventures participated in the round, following the recent first close of its new $70 million fund.

#cfo, #delian-asparouhov, #entrepreneurship, #europe, #founders-fund, #ggv, #high-alpha-capital, #launchub-ventures, #lerer-hippeau, #managing-partner, #mary-grove, #online-community, #private-equity, #spendesk, #startup-company, #tc, #true-ventures

LAUNCHub Ventures heading towards a $85M fund for South Eastern European startups

LAUNCHub Ventures, an early-stage European VC which concentrates mainly on Central Eastern (CEE) and South-Eastern Europe (SEE), has completed the first closing of its new fund at €44 million ($53.5M), with an aspiration to reach a target size of €70 million. A final close is expected by Q2 2021.

Its principal backer is the European Investment Fund, corporates and a number of Bulgarian tech founders and investors.

With this new fund, LAUNCHub aims to invest in 25 startups in the next 4 years. The initial investment range will be between €500K and €2M in verticals such as B2B SaaS, Fintech, Proptech, Big Data, AI, Marketplaces, Digital Health. The fund will also actively invest in the Web 3.0 / Blockchain space, as it has done so since 2014.

LAUNCHub has also achieved a 50:50 gender split in its team, with Irina Dimitrova being promoted to operating partner while Raya Yunakova who joins as an Investor, previously working for PiLabs in London and Mirela Yordanova joins as an Associate, previously leading the startup community at Google for Startups Campus in London.

The investor is mining a rich view of highly skilled developers in the CEE countries where there are approximately 1.3 developers for every 100 people in the workforce. “Central and Eastern Europe’s rapid economic growth has caught the attention of Western investors searching for the next unicorn. The region has huge and still untapped potential with more and more local success stories, paving the way for the next generation of CEE tech founders.” said Todor Breshkov, Founding Partner at LAUNCHub Ventures .

LAUNCHub Ventures competes with other investors like Earlybird in the region, but they tend to invest at a later stage and is more typically a co-investor with LAUNCHub. Nearby Greece also features Greek funds such as Venture Friends and Marathon, but these tend to focus on their core country and diaspora entrepreneurs. Others include Speedinvest (usually focused on DACH) and Credo Ventures, more focused on the Czech Republic and CEE.

LAUNCHub partner and cofounder Stefan Grantchev told me: “Our strategy is to be regional, not to focus specifically on Bulgaria – but to look at all the opportunities in the region of South-Eastern Europe.”

LAUNCHub Ventures has backed companies including:

  • Giraffe360 (Robotic camera for real estate listing automation, co-investment with Hoxton Ventures and HCVC)

  • Fite (Premium direct to consumer digital live streaming for sports, followed-on by Earlybird)

  • GTMHub (The world’s leading and most intuitive OKR software, followed-on by CRV)

  • FintechOS (Banking and Insurance middleware for automation and digital innovation acceleration, followed-on by Earlybird and OTB)

  • Cleanshelf (Enterprise SaaS management and optimization platform, followed-on by Dawn Capital)

  • Office RnD (Co-working and flexible office space management, followed-on by Flashpoint Ventures)

  • Ferryhopper (Ferry ticketing platform for Southern Europe, co-investment with Metavallon)

#almaz-capital, #bulgaria, #business-incubators, #central-europe, #cofounder, #corporate-finance, #credo-ventures, #czech-republic, #eastern-europe, #economy, #entrepreneurship, #europe, #european-investment-fund, #google, #greece, #hoxton-ventures, #launchub-ventures, #london, #partner, #private-equity, #seedcamp, #startup-company, #tc, #venture-capital

Giraffe360, a robotic camera for real estate, raises $4.5M from LAUNCHub and Hoxton Ventures

Giraffe360 has a robotic camera, combined with a subscription service, which enables real estate agents and brokers to generate high-resolution photos of properties, floor plans and virtual tours easily. It’s now raised $4.5M in a funding round led by LAUNCHub Ventures and Hoxton Ventures. Also participating is HCVC (Hardware Club), alongside existing investor Change Ventures.

The startup is leaning into the opportunity of 2020 qs property viewings have migrated from physical to virtual, in large part because of the pandemic.

Giraffe360 uses a high-specification sensor, LIDAR laser technology and robotics. The camera is sold as a service for £399 per month to real estate agents and brokers. It was founded in 2016 in Riga, Latvia by two brothers Mikus Opelts and Madars Opelts and is headquartered in London, UK.

The competition is obviously the older model of hiring a professional photographer or the agent taking their own pictures. The 3D rendering or virtual tour also usually requires professional help.

In the US, a similar company, Matterport, has raised $114M to date.

Mikus Opelts, founder and CEO of Giraffe360 said in a statement: “Our growth numbers speak for themselves. Subscriptions grew 800% in 2019 and will be even higher in 2020. More than ever this year, our clients and prospective buyers and tenants have started to see virtual viewing as the default way to look at a property.”

Todor Breshkov, partner at LAUNCHub Ventures said: “We’re always keeping an eye on proptech trends and we’re impressed with the potential their product has to modernize the real estate industry.”

Hussein Kanji, partner at Hoxton Ventures: “Giraffe360 has global potential with customers in 26 countries, including industry-leading brands such as RE/MAX, CBRE, and BNP Paribas Real Estate.”

#bnp-paribas, #cbre, #ceo, #estate-agent, #europe, #hardware-club, #hoxton, #hoxton-ventures, #hussein-kanji, #launchub-ventures, #london, #matterport, #partner, #tc, #united-kingdom, #united-states