Sorry Mr. Putin, but there’s a race on forfounders. 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 aimed at Russian-speaking entrepreneurs appeared, and others are increasing. London-based Untitled Ventures plans to join their fray with €100 million / $118M for its in “ambitious deep tech startups with eastern European founders.” Untitled says it aims at entrepreneurs looking to relocate their business or have already HQ’ed in 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 will aim at B2B, AI, agritech, MedTech, robotics, and data managementfrom 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, CenturyLink, Vodafone, and TelecomItaly as partners. Oskar Stachowiak, Untitled , said: “With over ten 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 thein 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.” It is still more complicated than itfrom Eastern Europe, mainly because there is often little local capital. However, that is changing with the such as Vitosha Venture Partners and Launchub Ventures and the breakout hit from Romania, UIPath.
The Untitled Ventures team:
• Konstantin Siniushin, a serial tech entrepreneur
• Oskar Stachowiak, experienced
• Mary Glazkova, PR & Comms veteran
• Anton Antich, early-stage investor and an ex-VP of Veeam, a Swiss management company
acquired by Insight Venture Partners for $5bln
• Yulia Druzhnikova, experienced in taking international
• Mark Cowley, who has worked on private and listed