By Konstantin Sinyushin, managing partner of the Untitled Ventures fund
I received a residence permit for investors in Latvia a year ago and now I spend most of my time in Riga. Here I meet more and more business immigrants from Russia, Ukraine, Belarus and Kazakhstan, representing the IT sector. The trend is also confirmed by the data of the Ministry of Economy of Latvia, according to which only in the last three weeks 12 Belarusian companies, including those from the IT sector, decided to move their activities to this country, and more than a hundred are considering this possibility.
If you do not delve into the political background of the issue, it is not interesting where these companies are leaving, but where they are going. In the European Innovation Results Scoreboard 2020, which is published by the European Commission, Latvia ranks 23rd and is considered a country with “moderate” innovative development, but shows one of the highest growth rates. …
This is the Untitled Newsletter, a monthly newsletter highlighting what our fund and portfolio companies are up to. We are Konstantin Sinushin, Oskar Stachowiak, Igor Lutz, and Co. You can find out more about us here https://www.theuntitled.vc
The Untitled Venture News
An op-ed by Oskar Stachowiak, managing partner and cofounder of the Untitled Ventures VC firm
Venture investors often overlook eastern Europe, despite its potential and track record of success stories. While private equity investment in the central and eastern Europe (CEE) region reached €2.95bn in 2019, funding an all-time record of 464 companies, that still represents only 3.1% of the European total.
Why has venture capital been historically slow to expand into the region? Based on our experience, western VCs cite a few challenges when working with startups from eastern Europe:
The Untitled Ventured cofounder and partner Igor Lutz talked to Adrien Henni (Co-founder & Editor @ EWDN). Read his interview to find out how the Untitled Ventures will bridge Eastern European startups with Western Europe.
The Untitled, a venture fund established in 2013, is raising a new vehicle to invest across Eastern Europe with a focus on the former Soviet Union. With a €50 million target, the new fund will seek to invest at the seed and pre-Series A stages in such segments as B2B software, robotics, artificial intelligence, agritech, medtech, and data management.
“Russia and neighboring countries feature world-class programmers and high quality startups,” The Untitled co-founder Igor Lutz said in an exchange with East-West Digital News. “Our new fund will take them to new markets, facilitating the creation or development of a Western legal entity, helping them attract Western investors, and supporting their business development.” …