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Untitled Ventures joins the scramble for Russian and Eastern European startups with $ 118 million warchest – TechCrunch


Sorry Mr Putin, but there is a race for Russian and Eastern European founders. And right now, these horrible capitalists of the corrupt West are starting to outdo the opposition! But seriously … only the other day a $ 100 million fund for Russian-speaking entrepreneurs appeared, and more are mushrooming.

Now London-based Untitled Ventures plan to join their fray with € 100m / $ 118m for its second funds to invest in “ambitious deep tech startups with founders from Eastern Europe”.

Untitled says it is for entrepreneurs looking to relocate their business or who already have a headquarters in Western Europe and the United States. This is alongside all the other Western VCs out there who are – in my experience – always ready and willing to listen to the Russian and Eastern European founders, who are often known for their technical prowess.

Untitled will target B2B, AI, agritech, medtech, robotics and data management startups with proven traction emerging from the Baltic States, EEC and CIS, or those already established in Western Europe.

The fund’s LPs include Vladimir Vedeenev, one of the founders 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, Managing Partner of Untitled Ventures, said: “With over 10 unicorns, € 1 billion in venture capital funding in 2020 alone, and success stories like Veeam, Semrush and Wrike, startups emerging from the regions fast growing are the best choice to focus on. initial investment for us. With the emphasis on STEM in the education system and around one million highly skilled developers, we have ample opportunity to find and support the rising stars in the region.

Konstantin Siniushin, the deputy of Untitled Ventures said: “We believe in economic efficiency and at the same time we fulfill a social mission of bringing technological projects with a strong scientific component to the economically unstable countries of the former USSR, such as that, first of all, Belarus, Russia and Ukraine, but not only in terms of sales in the world market and not just helping them get to the headquarters in Europe so that they can get the next series of investments.

He added: “We have a lot of experience accumulated earlier in the first portfolio of the first fund, not only structuring activities in European countries like, for example, Luxembourg, Germany, Great Britain, Portugal , Cyprus and Latvia, but also by physically relocating startup teams so that they are already perceived as fully resident in Europe and around the world.

To be fair, building large Eastern European startups is even harder than it should be, mainly because there is often very little local capital. However, that is changing, with the recent launch of EEC funds such as Vitosha Venture Partners and Launchub Ventures, and the Romanian success story of UIPath.

The Untitled Ventures team:
• Konstantin Siniushin, a serial tech entrepreneur
• Oskar Stachowiak, experienced fund manager
• Mary Glazkova, veteran of public relations and communications
• Anton Antich, start-up investor and former vice president of Veeam, a Swiss cloud data management company
acquired by Insight Venture Partners for $ 5 billion
• Yulia Druzhnikova, experienced in the internationalization of technology companies
• Mark Cowley, who has worked on private and listed investments in EEC / Russia for over 20 years

Highlights of the Untitled Ventures – Fund I portfolio
• Sizolution: AI-based size prediction engine, based in Germany
• Application Pure – spontaneous and impersonal dating application, based in Portugal
• Fixar Global – efficient drones for commercial use cases, based in Latvia,
• E-contenta – based in Poland
• SuitApp – Singapore-based fashion retail AI-based mix-and-match suggestions
• Sarafan.tech, AI-based recognition, based in the United States
• Hello, baby – parental assistant, based in the USA
• Voximplant – voice, video and messaging cloud communication platform, based in the United States (release)



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