• The Polish Inovo VC announced its third fund worth 100 million euros and more than 50% of the capital already committed
• The third fund will provide seed funding, with an initial ticket ranging from €500,000 to €4 million.
• Inovo plans to invest in a total of 20-30 companies from Poland and CEE countries
Inovo’s third fund will continue the company’s mission to identify and nurture exceptional technology company founders from Central and Eastern Europe and support them in conquering international markets.
The fund aims to invest in a total of 20-30 companies, with a single investment ticket ranging from €500,000 to €4 million, from pre-seed to Series B rounds.
The first fund, in its exit phase, has already recorded a return of 3 times the allocated capital, while the second fund is still active, but only participates in subsequent financing rounds of its existing investments, Capital said -risk in a press release. .
The partner-led team Tomasz Swieboda, Michael RokoszAnd Maciej Małysz has already supported more than 30 companies, six of which already have a valuation greater than €100 million.
Inovo VC has already participated in investment rounds led by notable funds, such as a16z, Google’s Gradient Ventures, Insight Partners, Point Nine or Tiger Global Management.
“We look for companies that are conquering global markets and can reach $100 million in revenue in just a few years. We have managed to become a fund of choice for Polish founders and we want to replicate this in other Central and Eastern European countries, as we already see that we can be as useful to these founders as to those in Poland,” Michał Rokosz, partner. at Inovo VC said in a statement.
What interests Inovo for CEE startups?
Sixty percent of Inovo’s capital will be invested in Polish technology startups and the remaining forty percent in companies from other countries in the CEE region. With this, Inovo VC seeks to play an important role in the development of the Polish startup ecosystem.
Polish venture capital investments grew 22.6x between 2018 and 2021, reaching a total value of €792 million last year. The total value of venture capital investments in the first six months of 2022 in Poland amounts to €448 million, with 93 deals involving 111 funds, according to PFR Ventures reports.
“Over the past 7 years, we have seen the region grow at an exceptional pace, resulting in an increase in the number of funding rounds and an even faster rise in startup valuations at every stage of their development. We are sure that the CEE region will breed at least ten new unicorns in the next 5 years. With our new fund we want to help achieve this,” says Tomasz Swieboda, partner at Inovo VC.
The fund also wishes to invest in startups Western Balkans country, Inovo VC tells The Recursive.
“We have a geographic focus, investing in startups all over Central and Eastern Europe, and in founders from this region who are building startups all over the world. The CEE region includes the following countries: Ukraine, Poland, Romania, Czech Republic, Hungary, Serbia, Bulgaria, Slovakia, Croatia, Bosnia and Herzegovina, Albania, Lithuania, North Macedonia, Slovenia, Latvia, Kosovo, Estonia, Montenegro. Inovo. underlines VC.
There is also growing interest from international investors in companies founded in the CEE countries, Maciej Małysz added.
“Two-thirds of our portfolio companies have successfully raised subsequent funding rounds from leading international venture capital firms. We want to further strengthen the ties between the CEE region and the global venture capital ecosystem. So far, we have co-invested with more than 70 international funds and we are confident that this number will increase at a rapid pace,” said Małysz.
Inovo VC’s current portfolio includes companies such as All together –a takeaway or eat-in food market operating on the American market, Archbee – a developer collaboration tool, Delivery – a SaaS marketplace for beauty services, Infermedica – AI-based technology for preliminary medical diagnosis and triage, Packhelp – a producer of custom packaging, Pre-response – a global language learning marketplace, connecting tutors and students, Space Elevator – a Terraform compatible CI/CD platform for infra-as-code, Tidio – live chat, chatbot and mailing solutions for VSEs, and Zowie – a self-learning AI chatbot automating customer service for business clients.
