Fund #F22
#active #b2b #seed #USD50k #preSeriesA #USD100k
1) How many deals do you plan to make?
About 15 deals per year.
2) How many projects do you review?
Last year we reviewed around 700 projects.
3) What is the average check?
$50–200k initial check
Follow-ons: 40% of the fund is reserved for follow-ons.
4) What stage of projects?
Seed – $50k check, main focus on team and technology.
Pre-Series A – $100–200k check, key criteria: Product-Market Fit, which may include:
- Regular revenue (up to $1m ARR)
- Contracts with notable clients
- Other signals of market demand
5) What industries and geography?
Mainly USA/Canada, Europe, Israel (#developed)
Tech-heavy software/infrastructure: #AI, #Bigdata, #Cloud, #Devtools, #OpenSource, etc. (#Software)
6) Are you ready to be a lead investor?
No, usually we join competitive rounds as value-added investors, e.g., helping projects hire talented engineers.
7) Where did the projects you invested in come from?
Large community of 200+ heavy tech engineers in IT corporations – most projects come through this network.
Also from friendly funds that consult us for technical expertise.
8) What % of investments are in projects that came through cold messages/emails?
None so far, but cold emails are read, as exceptions may occur.
9) What accelerators, rankings, or startup conferences do you follow?
No systematic tracking. Members of our community attend most events and inform us about interesting projects.
10) What should be in the presentation to pass your screening?
- Team expertise – primary focus
- Technology application: market size, competition, market trends, team vision
- Investors: who else has invested in the current or prior rounds
11) What return on investment do you expect?
Ideally 30–40x, but in some cases 10x is sufficient.
12) How important is the number of founders (1 or 2) and whether it is their first project?
No formal requirements.
13) What “unfair competitive advantage” are you looking for in projects?
Rare expertise within the team, e.g., founders who are world-renowned scientists.
#active #b2b #seed #USD50k #preSeriesA #USD100k
1) How many deals do you plan to make?
About 15 deals per year.
2) How many projects do you review?
Last year we reviewed around 700 projects.
3) What is the average check?
$50–200k initial check
Follow-ons: 40% of the fund is reserved for follow-ons.
4) What stage of projects?
Seed – $50k check, main focus on team and technology.
Pre-Series A – $100–200k check, key criteria: Product-Market Fit, which may include:
- Regular revenue (up to $1m ARR)
- Contracts with notable clients
- Other signals of market demand
5) What industries and geography?
Mainly USA/Canada, Europe, Israel (#developed)
Tech-heavy software/infrastructure: #AI, #Bigdata, #Cloud, #Devtools, #OpenSource, etc. (#Software)
6) Are you ready to be a lead investor?
No, usually we join competitive rounds as value-added investors, e.g., helping projects hire talented engineers.
7) Where did the projects you invested in come from?
Large community of 200+ heavy tech engineers in IT corporations – most projects come through this network.
Also from friendly funds that consult us for technical expertise.
8) What % of investments are in projects that came through cold messages/emails?
None so far, but cold emails are read, as exceptions may occur.
9) What accelerators, rankings, or startup conferences do you follow?
No systematic tracking. Members of our community attend most events and inform us about interesting projects.
10) What should be in the presentation to pass your screening?
- Team expertise – primary focus
- Technology application: market size, competition, market trends, team vision
- Investors: who else has invested in the current or prior rounds
11) What return on investment do you expect?
Ideally 30–40x, but in some cases 10x is sufficient.
12) How important is the number of founders (1 or 2) and whether it is their first project?
No formal requirements.
13) What “unfair competitive advantage” are you looking for in projects?
Rare expertise within the team, e.g., founders who are world-renowned scientists.
Fund #F23
#active #b2b #seed #SeriesA #USD2m #USD5m
1) How many deals do you plan to make?
About 10 deals per year.
2) Out of 100 decks how many projects do you invest in?
We prefer to go deeper on every deal we consider, thus we do not process thousands of decks.
3) What is the average check size?
EUR 2-8m, up to 15m with follow on.
4) Which stages are you looking at?
Late Seed / Series A
Projects should have some revenue, $1M ARR is a perfect case, but could be lower.
5) What industries, geography?
#B2B #Software: #FinTech, #InsurTech, #RegTech, #Cyber Security, #ClimateTech & other in Europe (#developed).
We are not bound by those industries only (#agnostic), but only invest in #B2B projects anyway.
6) Are you ready to be a lead investor?
We lead in pretty much all the cases.
7) Where did the projects you invested in come from?
Outbound (10-20%) + network (80-90%), but we are going to increase the share of outbound in the future.
8) What percentage of investments are in projects that came through cold messages/emails?
We look at all inflow — we've had at least one very deep discussion from cold outreach, but have not invested so far.
9) What accelerators or startup conferences do you follow/attend?
We typically invest at a later stage, when startups have already left accelerators. But going through one of the leading ones (YC, Techstars, EWOR, Xpreneurs, Plug & Play, Antler) is a plus. As for the conferences, we attend most popular ones across Europe.
10) What should be in the presentation to pass initial review?
A lot of things that can catch interest independently:
- business model (we have conviction about some of them)
- strong team
- strong traction
11) What return on investment do you expect from the projects?
We are mostly seeking for fund returners (30-40x).
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
We have some usual "nice to haves", but not strict requirements.
13) What "unfair advantage" in projects are you looking for?
It is not something we strictly require, but rather nice to have.
#active #b2b #seed #SeriesA #USD2m #USD5m
1) How many deals do you plan to make?
About 10 deals per year.
2) Out of 100 decks how many projects do you invest in?
We prefer to go deeper on every deal we consider, thus we do not process thousands of decks.
3) What is the average check size?
EUR 2-8m, up to 15m with follow on.
4) Which stages are you looking at?
Late Seed / Series A
Projects should have some revenue, $1M ARR is a perfect case, but could be lower.
5) What industries, geography?
#B2B #Software: #FinTech, #InsurTech, #RegTech, #Cyber Security, #ClimateTech & other in Europe (#developed).
We are not bound by those industries only (#agnostic), but only invest in #B2B projects anyway.
6) Are you ready to be a lead investor?
We lead in pretty much all the cases.
7) Where did the projects you invested in come from?
Outbound (10-20%) + network (80-90%), but we are going to increase the share of outbound in the future.
8) What percentage of investments are in projects that came through cold messages/emails?
We look at all inflow — we've had at least one very deep discussion from cold outreach, but have not invested so far.
9) What accelerators or startup conferences do you follow/attend?
We typically invest at a later stage, when startups have already left accelerators. But going through one of the leading ones (YC, Techstars, EWOR, Xpreneurs, Plug & Play, Antler) is a plus. As for the conferences, we attend most popular ones across Europe.
10) What should be in the presentation to pass initial review?
A lot of things that can catch interest independently:
- business model (we have conviction about some of them)
- strong team
- strong traction
11) What return on investment do you expect from the projects?
We are mostly seeking for fund returners (30-40x).
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
We have some usual "nice to haves", but not strict requirements.
13) What "unfair advantage" in projects are you looking for?
It is not something we strictly require, but rather nice to have.
👍3❤1
Fund #F24
#active #b2c #b2b #seed #USD100k #USD250k
1) How many deals do you plan to make?
We are an early-stage fund and ramping up, but we will definitely make 2–5 deals per year.
2) How many projects do you review?
A very large number, with conversion depending on the source.
Profiled venture conferences: highest conversion.
Everything else: lower conversion.
3) What is the average check?
From 10 million RUB (~$120k–$150k depending on FX).
4) What stage of projects?
Early-stage with a working MVP and some initial revenue.
Projects at the idea stage are not suitable.
5) What industries and geography?
Interested in Russian startups (#Rus).
We position ourselves in #Deeptech, so when a Russian project launches in deeptech, it first thinks of us.
Focus areas: AI, Robotics, Geometallurgy, Batteries, Modeling & Optimization, Communication Technologies (#AI, #Robotics, #Energy, etc.).
Primarily B2B, B2C also possible.
6) Are you ready to be a lead investor?
Yes, we are.
7) Where did the projects you invested in come from?
Mainly from attending events and receiving projects from partner funds and accelerators.
8) What % of investments are in projects that came through cold messages/emails?
We currently don’t have a website.
Once we do, this channel will exist, and we will review it, but we expect the quality to be low.
9) What accelerators, rankings, or startup conferences do you follow?
- Skolkovo residents, Sber500 alumni
- Russian Venture Conference
- Profile conferences on AI and deeptech
10) What should be in the presentation to pass your screening?
- Large market potential
- Technology uniqueness
- Initial revenue and its growth dynamics
11) What return on investment do you expect?
At least 10x.
12) How important is the number of founders (1 or 2) and whether it is their first project?
Not important.
Focus on management skills and strategic vision:
- How the founder builds the team and whether they are willing to hire people stronger than themselves
- The project should be strategic, not just commercial, ensuring long-term motivation
13) What “unfair competitive advantage” are you looking for in projects?
We don’t use this term. In deeptech, the main competitive advantage is technology, and we are ready to help projects strengthen their technological capabilities via our partners.
#active #b2c #b2b #seed #USD100k #USD250k
1) How many deals do you plan to make?
We are an early-stage fund and ramping up, but we will definitely make 2–5 deals per year.
2) How many projects do you review?
A very large number, with conversion depending on the source.
Profiled venture conferences: highest conversion.
Everything else: lower conversion.
3) What is the average check?
From 10 million RUB (~$120k–$150k depending on FX).
4) What stage of projects?
Early-stage with a working MVP and some initial revenue.
Projects at the idea stage are not suitable.
5) What industries and geography?
Interested in Russian startups (#Rus).
We position ourselves in #Deeptech, so when a Russian project launches in deeptech, it first thinks of us.
Focus areas: AI, Robotics, Geometallurgy, Batteries, Modeling & Optimization, Communication Technologies (#AI, #Robotics, #Energy, etc.).
Primarily B2B, B2C also possible.
6) Are you ready to be a lead investor?
Yes, we are.
7) Where did the projects you invested in come from?
Mainly from attending events and receiving projects from partner funds and accelerators.
8) What % of investments are in projects that came through cold messages/emails?
We currently don’t have a website.
Once we do, this channel will exist, and we will review it, but we expect the quality to be low.
9) What accelerators, rankings, or startup conferences do you follow?
- Skolkovo residents, Sber500 alumni
- Russian Venture Conference
- Profile conferences on AI and deeptech
10) What should be in the presentation to pass your screening?
- Large market potential
- Technology uniqueness
- Initial revenue and its growth dynamics
11) What return on investment do you expect?
At least 10x.
12) How important is the number of founders (1 or 2) and whether it is their first project?
Not important.
Focus on management skills and strategic vision:
- How the founder builds the team and whether they are willing to hire people stronger than themselves
- The project should be strategic, not just commercial, ensuring long-term motivation
13) What “unfair competitive advantage” are you looking for in projects?
We don’t use this term. In deeptech, the main competitive advantage is technology, and we are ready to help projects strengthen their technological capabilities via our partners.
👍1👾1
Accelerator #F25
#active #Gamedev #preseed #USD250k
1) How many deals do you plan to make?
Around 2–3 deals per year.
2) How many projects do you review?
Approximately 500 projects per year.
3) What is the average check?
$100-300k in form of project financing.
4) What stage of projects?
Early stage, with different requirements:
If the team has no prior achievements, the game must have a demo or prototype.
If the team/founders have experience, we can invest at the idea stage.
5) What industries and geography?
We are currently focusing only on PC and console games (#Gamedev), mainly in Eastern (#emerging) and Western Europe (#developed). Other regions are a lower priority.
6) Are you ready to be a lead investor?
Yes, we help early-stage games survive the “valley of death” and then assist in finding a lead for the next round.
7) Where did the projects you invested in come from?
From partners in game studios, publishers, funds, and agencies.
8) What % of investments are in projects that came through cold messages/emails?
We haven’t invested through website submissions yet.
We do read them and follow promising projects.
Ideal scenario: a VC recommends a project that may interest them but is too early-stage for them.
9) What accelerators, rankings, or startup conferences do you follow?
Actively participate in major events:
- Game Developers Conference (GDC)
- Gamescom
- Digital Dragons
- Reboot Develop
Demo days of other accelerators or agencies
10) What should be in the presentation to pass your screening?
Detailed guide: https://80.lv/articles/pitch-perfect-how-to-prepare-your-game-for-investors-and-publishers/
11) What return on investment do you expect from the projects?
2–3x for project financing.
12) How important is the number of founders (1 or 2) and whether it is their first project?
Prefer 2–3 founders (developer, creative, marketer).
Ideally, they have at least one jointly completed game, even if it wasn’t successful.
13) What “unfair competitive advantage” are you looking for in projects?
Strong teams capable of creating engaging games (story and retention).
Our role: help turn it into a business — team hiring, opening accounts, relocation, networking, preparing a data room for investors, etc.
#active #Gamedev #preseed #USD250k
1) How many deals do you plan to make?
Around 2–3 deals per year.
2) How many projects do you review?
Approximately 500 projects per year.
3) What is the average check?
$100-300k in form of project financing.
4) What stage of projects?
Early stage, with different requirements:
If the team has no prior achievements, the game must have a demo or prototype.
If the team/founders have experience, we can invest at the idea stage.
5) What industries and geography?
We are currently focusing only on PC and console games (#Gamedev), mainly in Eastern (#emerging) and Western Europe (#developed). Other regions are a lower priority.
6) Are you ready to be a lead investor?
Yes, we help early-stage games survive the “valley of death” and then assist in finding a lead for the next round.
7) Where did the projects you invested in come from?
From partners in game studios, publishers, funds, and agencies.
8) What % of investments are in projects that came through cold messages/emails?
We haven’t invested through website submissions yet.
We do read them and follow promising projects.
Ideal scenario: a VC recommends a project that may interest them but is too early-stage for them.
9) What accelerators, rankings, or startup conferences do you follow?
Actively participate in major events:
- Game Developers Conference (GDC)
- Gamescom
- Digital Dragons
- Reboot Develop
Demo days of other accelerators or agencies
10) What should be in the presentation to pass your screening?
Detailed guide: https://80.lv/articles/pitch-perfect-how-to-prepare-your-game-for-investors-and-publishers/
11) What return on investment do you expect from the projects?
2–3x for project financing.
12) How important is the number of founders (1 or 2) and whether it is their first project?
Prefer 2–3 founders (developer, creative, marketer).
Ideally, they have at least one jointly completed game, even if it wasn’t successful.
13) What “unfair competitive advantage” are you looking for in projects?
Strong teams capable of creating engaging games (story and retention).
Our role: help turn it into a business — team hiring, opening accounts, relocation, networking, preparing a data room for investors, etc.
👍2
Fund #F26
#active #b2c #b2b #preseed #seed #seriesA #USD100k #USD250k
1) How many deals do you plan to make?
We actively invest — around 30–40 deals per year.
2) How many projects do you review?
We don’t really count — thousands.
3) What is the average check?
$50–250k initially, with potential follow-ons.
4) What stage of projects?
Pre-seed, Seed, Series A.
5) What industries and geography?
95% USA (#developed).
Industries: broad focus on #Software projects (#agnostic). Examples: #AI, #ML, #Infrastructure, #Healthcare, #Robotics, #Devtools.
6) Are you ready to be a lead investor?
No, usually we join competitive rounds.
7) Where did the projects you invested in come from?
95% from the community, 5% from our own search.
8) What % of investments are in projects that came through cold messages/emails?
We read cold emails just to avoid missing anything interesting, but we haven’t invested via this channel yet.
If we can help with advice, we respond and support, but investments so far came from referrals or community channels.
9) What accelerators, rankings, or startup conferences do you follow?
Accelerators: YC, Hacker Fellowship Zero (HF0).
Conferences: mainly our own events, e.g., AI Rabbit Hole, but also large events like Tech Week.
10) What should be in the presentation to pass your screening?
We invest in competitive rounds, so presentations are less important.
For decks we do review, we extract information automatically via vcmate.ai.
Key points: team, market, our potential contribution, project origin, and any commentary.
11) What return on investment do you expect from the projects?
Each project should return the fund; expected ROI ~30x.
12) How important is the number of founders (1 or 2) and whether it is their first project?
We invest only in repeat founders; whether solo or not is not important.
13) What “unfair competitive advantage” are you looking for in projects?
Interesting technologies and teams that can move fast, know how to raise capital, and have exit experience.
#active #b2c #b2b #preseed #seed #seriesA #USD100k #USD250k
1) How many deals do you plan to make?
We actively invest — around 30–40 deals per year.
2) How many projects do you review?
We don’t really count — thousands.
3) What is the average check?
$50–250k initially, with potential follow-ons.
4) What stage of projects?
Pre-seed, Seed, Series A.
5) What industries and geography?
95% USA (#developed).
Industries: broad focus on #Software projects (#agnostic). Examples: #AI, #ML, #Infrastructure, #Healthcare, #Robotics, #Devtools.
6) Are you ready to be a lead investor?
No, usually we join competitive rounds.
7) Where did the projects you invested in come from?
95% from the community, 5% from our own search.
8) What % of investments are in projects that came through cold messages/emails?
We read cold emails just to avoid missing anything interesting, but we haven’t invested via this channel yet.
If we can help with advice, we respond and support, but investments so far came from referrals or community channels.
9) What accelerators, rankings, or startup conferences do you follow?
Accelerators: YC, Hacker Fellowship Zero (HF0).
Conferences: mainly our own events, e.g., AI Rabbit Hole, but also large events like Tech Week.
10) What should be in the presentation to pass your screening?
We invest in competitive rounds, so presentations are less important.
For decks we do review, we extract information automatically via vcmate.ai.
Key points: team, market, our potential contribution, project origin, and any commentary.
11) What return on investment do you expect from the projects?
Each project should return the fund; expected ROI ~30x.
12) How important is the number of founders (1 or 2) and whether it is their first project?
We invest only in repeat founders; whether solo or not is not important.
13) What “unfair competitive advantage” are you looking for in projects?
Interesting technologies and teams that can move fast, know how to raise capital, and have exit experience.
❤1👍1
Fund #F27
#active #b2c #b2b #preseed #seed #USD250k #USD500k
1) How many deals do you plan to make?
We recently raised our second fund and plan to deploy it across 50–60 investments.
2) Out of 100 decks, how many projects do you invest in?
We are selective, like any VC fund.
3) What is the average check size?
$250–800k.
4) Which stages are you looking at?
We like to start at the idea stage and be among the first investors.
5) What industries and geography?
We are a highly focused fund and invest exclusively in #HealthTech, #Longevity, and #Wellness primarily in the UK/EU and opportunistically across the rest of the world. #developed
6) Are you ready to be a lead investor?
In around 20% of cases.
7) Where did the projects you invested in come from?
Our best projects came from founders we invested in previously and fellow VCs. The vast majority of projects are inbound.
8) What percentage of investments are in projects that came through cold messages/emails?
We read them, but have invested only once so far. It was a success, nevertheless.
9) What accelerators or startup conferences do you follow or attend?
YC, Entrepreneurs First, and European university accelerators.
We mainly attend conferences focused on health.
10) What should be in the presentation to pass the initial review?
We usually ask ourselves the following questions:
- Is there a fit with our thesis (healthtech, pre-seed, seed)?
- Is it an exciting and big problem?
- Is it monetizable?
- Is the team strong?
11) What return on investment do you expect from the projects?
10x+
12) How important is the number of founders (1 or 2) or whether it is their first project?
No strict criteria.
13) What “unfair advantage” are you looking for in projects?
Ideally, founders should have 20 years of experience in the sector.
#active #b2c #b2b #preseed #seed #USD250k #USD500k
1) How many deals do you plan to make?
We recently raised our second fund and plan to deploy it across 50–60 investments.
2) Out of 100 decks, how many projects do you invest in?
We are selective, like any VC fund.
3) What is the average check size?
$250–800k.
4) Which stages are you looking at?
We like to start at the idea stage and be among the first investors.
5) What industries and geography?
We are a highly focused fund and invest exclusively in #HealthTech, #Longevity, and #Wellness primarily in the UK/EU and opportunistically across the rest of the world. #developed
6) Are you ready to be a lead investor?
In around 20% of cases.
7) Where did the projects you invested in come from?
Our best projects came from founders we invested in previously and fellow VCs. The vast majority of projects are inbound.
8) What percentage of investments are in projects that came through cold messages/emails?
We read them, but have invested only once so far. It was a success, nevertheless.
9) What accelerators or startup conferences do you follow or attend?
YC, Entrepreneurs First, and European university accelerators.
We mainly attend conferences focused on health.
10) What should be in the presentation to pass the initial review?
We usually ask ourselves the following questions:
- Is there a fit with our thesis (healthtech, pre-seed, seed)?
- Is it an exciting and big problem?
- Is it monetizable?
- Is the team strong?
11) What return on investment do you expect from the projects?
10x+
12) How important is the number of founders (1 or 2) or whether it is their first project?
No strict criteria.
13) What “unfair advantage” are you looking for in projects?
Ideally, founders should have 20 years of experience in the sector.
👍5
Fund #F28
#active #b2b #seriesA #USD3m
1) How many deals do you plan to make?
About 3–4 deals per year.
2) How many projects do you review?
1 investment per 300 calls — low conversion, as the fund’s portfolio is quite concentrated.
3) What is the average check?
$2–4m on entry, follow-on $7–12m.
4) What stage of projects?
Late-seed to late Series A with minimum revenue $1–3m.
5) What industries and geography?
We look for founders from Israel (50%) and Central & Eastern Europe (50%) building businesses in developed markets (#developed).
Focus: #B2B #Software in verticals: #RealEstate, #Devtools, #Hospitality & #Travel, B2B #Fintech, #Healthcare, #Climate software.
We view AI as a tool, not a sector, and don’t invest in AI infrastructure.
6) Are you ready to be a lead investor?
Yes, we always lead rounds.
We prefer projects where investor competition is not too high.
7) Where did the projects you invested in come from?
70% outbound (we find them ourselves), 30% inbound (from investor/founder network).
8) What % of investments are in projects that came through cold messages/emails?
One case so far, open to repeat. We read cold emails regularly but respond only to targeted messages that match our fund criteria.
9) What accelerators, rankings, or startup conferences do you follow?
We rely on Crunchbase or Dealroom databases for discovery.
Conferences are mostly for VC networking. Rankings are not indicative for us.
10) What should be in the presentation to pass your screening?
- Team and their relevant industry experience
- Market size ≥ $1B
- Revenue growth 100%+ per year
11) What return on investment do you expect from the projects?
10x on the first check. Company should have potential to reach $1B valuation.
12) How important is the number of founders (1 or 2+) and whether it is their first project?
Ideally 2+ co-founders.
Key skills/experience:
- Sales energy – ability to sell B2B software effectively
- Founder-market fit – either deep experience in the industry before starting, or personal experience with the problem as a client
13) What “unfair competitive advantage” are you looking for in projects?
At this stage, we focus more on project characteristics: traction + TAM + founder-market fit.
#active #b2b #seriesA #USD3m
1) How many deals do you plan to make?
About 3–4 deals per year.
2) How many projects do you review?
1 investment per 300 calls — low conversion, as the fund’s portfolio is quite concentrated.
3) What is the average check?
$2–4m on entry, follow-on $7–12m.
4) What stage of projects?
Late-seed to late Series A with minimum revenue $1–3m.
5) What industries and geography?
We look for founders from Israel (50%) and Central & Eastern Europe (50%) building businesses in developed markets (#developed).
Focus: #B2B #Software in verticals: #RealEstate, #Devtools, #Hospitality & #Travel, B2B #Fintech, #Healthcare, #Climate software.
We view AI as a tool, not a sector, and don’t invest in AI infrastructure.
6) Are you ready to be a lead investor?
Yes, we always lead rounds.
We prefer projects where investor competition is not too high.
7) Where did the projects you invested in come from?
70% outbound (we find them ourselves), 30% inbound (from investor/founder network).
8) What % of investments are in projects that came through cold messages/emails?
One case so far, open to repeat. We read cold emails regularly but respond only to targeted messages that match our fund criteria.
9) What accelerators, rankings, or startup conferences do you follow?
We rely on Crunchbase or Dealroom databases for discovery.
Conferences are mostly for VC networking. Rankings are not indicative for us.
10) What should be in the presentation to pass your screening?
- Team and their relevant industry experience
- Market size ≥ $1B
- Revenue growth 100%+ per year
11) What return on investment do you expect from the projects?
10x on the first check. Company should have potential to reach $1B valuation.
12) How important is the number of founders (1 or 2+) and whether it is their first project?
Ideally 2+ co-founders.
Key skills/experience:
- Sales energy – ability to sell B2B software effectively
- Founder-market fit – either deep experience in the industry before starting, or personal experience with the problem as a client
13) What “unfair competitive advantage” are you looking for in projects?
At this stage, we focus more on project characteristics: traction + TAM + founder-market fit.
👍5
Fund #F29
#active #b2c #b2b #seed #USD100k #USD500k
1) How many deals do you plan to make?
We make on average 1 deal per month.
2) How many projects do you review?
We invest in roughly 1 out of 60 companies that we review in detail.
3) What is the average check?
$100–700k on entry, up to $2m including follow-on investments.
4) What stage of projects?
Pre-seed, Seed.
First revenue is not required — we are ready to invest early.
5) What industries and geography?
We invest in US-based (#developed) companies founded by immigrants.
We are generalists (#agnostic). Recent examples: #AI, #Robotics, #Marketplaces. No strict limitations, except for web3 projects, which are not in our focus.
6) Are you ready to be a lead investor?
No, but we are ready to invest via SAFE outside the round if the project is interesting.
7) Where did the projects you invested in come from?
Mostly through references, from other funds or founders we know.
We have many portfolio companies, so founders can reach out to us via referrals.
8) What % of investments are in projects that came through cold messages/emails?
None so far, but we do read them because we know strong companies have occasionally reached us cold.
9) What accelerators, rankings, or startup conferences do you follow?
We regularly attend WebSummit and Slush.
In the US, colleagues attend local events.
We rarely engage with startups at conferences; referrals or reaching out through our bot is a better route.
10) What should be in the presentation to pass your screening?
- Concise and well-designed deck (very important)
- Strong team
- Clear logic showing the problem and the solution
11) What return on investment do you expect from the projects?
50–100x
12) How important is the number of founders (1 or 2) and whether it is their first project?
No strict requirements. Important that founders are immigrants.
13) What “unfair competitive advantage” are you looking for in projects?
We do not specifically look for it.
#active #b2c #b2b #seed #USD100k #USD500k
1) How many deals do you plan to make?
We make on average 1 deal per month.
2) How many projects do you review?
We invest in roughly 1 out of 60 companies that we review in detail.
3) What is the average check?
$100–700k on entry, up to $2m including follow-on investments.
4) What stage of projects?
Pre-seed, Seed.
First revenue is not required — we are ready to invest early.
5) What industries and geography?
We invest in US-based (#developed) companies founded by immigrants.
We are generalists (#agnostic). Recent examples: #AI, #Robotics, #Marketplaces. No strict limitations, except for web3 projects, which are not in our focus.
6) Are you ready to be a lead investor?
No, but we are ready to invest via SAFE outside the round if the project is interesting.
7) Where did the projects you invested in come from?
Mostly through references, from other funds or founders we know.
We have many portfolio companies, so founders can reach out to us via referrals.
8) What % of investments are in projects that came through cold messages/emails?
None so far, but we do read them because we know strong companies have occasionally reached us cold.
9) What accelerators, rankings, or startup conferences do you follow?
We regularly attend WebSummit and Slush.
In the US, colleagues attend local events.
We rarely engage with startups at conferences; referrals or reaching out through our bot is a better route.
10) What should be in the presentation to pass your screening?
- Concise and well-designed deck (very important)
- Strong team
- Clear logic showing the problem and the solution
11) What return on investment do you expect from the projects?
50–100x
12) How important is the number of founders (1 or 2) and whether it is their first project?
No strict requirements. Important that founders are immigrants.
13) What “unfair competitive advantage” are you looking for in projects?
We do not specifically look for it.
Fund #F30
#active #b2c #b2b #seed #seriesA #USD50k #USD100k
1) How many deals do you plan to make?
On average, we do about 5 deals per year, but there is no strict schedule. For example, last year we made only one deal.
2) How many projects do you review?
30–50 projects per month.
3) What is the average check?
Our own check is usually $100k. We often bring co-investors with checks of $50k–$100k. We expect the average check to grow in the future.
4) What stage of projects?
Focus on Seed+ and Series A. We don’t consider Pre-Seed projects — the startup should have at least minimal revenue.
5) What industries and geography?
We have offices in UAE, Germany, Kazakhstan, and the US (opening soon) (#global). We consider projects from different industries if they have potential (#agnostic).
6) Are you ready to be a lead investor?
Yes, if we see high potential in the project.
7) Where did the projects you invested in come from?
Most projects come through recommendations from our network.
8) What % of investments are in projects that came through cold messages/emails?
During active investment periods, we may proactively reach out to promising projects. So the % of closed deals from cold outreach can vary from 5% to 20%.
9) What accelerators, rankings, or startup conferences do you follow?
We have a scoring system through which we monitor almost all Russian and many international accelerators, funds, etc.
However, most of the best projects come from recommendations by VIP investors or personal contacts of the founder.
10) What should be in the presentation to pass your screening?
- What problem the project solves
- Revenue and profit over the last three years (if data is available)
- Market size and competitors
- Team
- Average check, LTV, CAC, burn rate
- Justification of technology and uniqueness
11) What return on investment do you expect from the projects?
Expected return for venture projects — at least 30% per year.
12) How important is the number of founders (1 or 2) and whether it is their first project?
Number of founders does not matter, but previous successful cases are important. Founders should focus on a single project and not spread themselves across several projects at the same time. Usually, projects have 1 strong leader and several specialists with defined responsibilities.
13) What “unfair competitive advantage” are you looking for in projects?
We focus on strong founders with breakthrough technologies in promising markets. We also evaluate the project’s readiness for scaling and the ambitions of the founders/team.
#active #b2c #b2b #seed #seriesA #USD50k #USD100k
1) How many deals do you plan to make?
On average, we do about 5 deals per year, but there is no strict schedule. For example, last year we made only one deal.
2) How many projects do you review?
30–50 projects per month.
3) What is the average check?
Our own check is usually $100k. We often bring co-investors with checks of $50k–$100k. We expect the average check to grow in the future.
4) What stage of projects?
Focus on Seed+ and Series A. We don’t consider Pre-Seed projects — the startup should have at least minimal revenue.
5) What industries and geography?
We have offices in UAE, Germany, Kazakhstan, and the US (opening soon) (#global). We consider projects from different industries if they have potential (#agnostic).
6) Are you ready to be a lead investor?
Yes, if we see high potential in the project.
7) Where did the projects you invested in come from?
Most projects come through recommendations from our network.
8) What % of investments are in projects that came through cold messages/emails?
During active investment periods, we may proactively reach out to promising projects. So the % of closed deals from cold outreach can vary from 5% to 20%.
9) What accelerators, rankings, or startup conferences do you follow?
We have a scoring system through which we monitor almost all Russian and many international accelerators, funds, etc.
However, most of the best projects come from recommendations by VIP investors or personal contacts of the founder.
10) What should be in the presentation to pass your screening?
- What problem the project solves
- Revenue and profit over the last three years (if data is available)
- Market size and competitors
- Team
- Average check, LTV, CAC, burn rate
- Justification of technology and uniqueness
11) What return on investment do you expect from the projects?
Expected return for venture projects — at least 30% per year.
12) How important is the number of founders (1 or 2) and whether it is their first project?
Number of founders does not matter, but previous successful cases are important. Founders should focus on a single project and not spread themselves across several projects at the same time. Usually, projects have 1 strong leader and several specialists with defined responsibilities.
13) What “unfair competitive advantage” are you looking for in projects?
We focus on strong founders with breakthrough technologies in promising markets. We also evaluate the project’s readiness for scaling and the ambitions of the founders/team.
👍1
Fund #F31
#active #b2c #b2b #seriesA #USD1m #USD5m
1) How many deals do you plan to make?
3–4 Series A–B deals per year.
2) How many projects do you review?
Average conversion from decks to investment is about 3%, but it strongly depends on the channel the project comes from. If we source it ourselves, the conversion is higher; if it comes from outside, the conversion is lower.
3/4) What is the average check and stage?
Series A — $1–5m.
5) What industries and geography?
80% in the US and India. We also look at projects from other countries, but less frequently and usually not from Europe (#global).
Industries: we understand #Fintech best, otherwise #agnostic.
6) Are you ready to be a lead investor?
In Fintech we are ready; in other sectors we prefer to be a second or third investor.
7) Where did the projects you invested in come from?
In descending order of importance:
- From funds where we are LPs
- From scouts (angel investors and founders we know)
- From the network in general
- Self-sourced projects
We plan to mainly source projects ourselves in the future.
8) What percentage of investments are in projects that came through cold messages/emails?
There was one case, but it’s an exception; cold emails are not a priority, especially long ones.
9) What accelerators, rankings, or startup conferences do you follow?
We don’t track accelerators except YC.
Conferences are not very effective for reaching us.
Our main two working databases are Crunchbase and Pitchbook. If a startup is not listed there, the chance it reaches us is close to zero.
10) What should be in the presentation to pass your screening?
- A clear slide explaining what the company does (surprisingly rare)
- Team (with detailed explanation of how their experience is relevant to the current project)
- Market (logic for TAM calculation is as important as the TAM size itself)
11) What return on investment do you expect from the projects?
For Series A — 10x.
12) How important is the number of founders (1 or 2) or whether it is their first project?
Priority is on repeat founders, but it’s not strict. Solo or not — not important.
13) What “unfair competitive advantage” are you looking for in projects?
We always look for it, usually of two types:
- Unique access to an effective customer acquisition channel
- Unique access to resources/data that can create a competitive advantage for the technology
#active #b2c #b2b #seriesA #USD1m #USD5m
1) How many deals do you plan to make?
3–4 Series A–B deals per year.
2) How many projects do you review?
Average conversion from decks to investment is about 3%, but it strongly depends on the channel the project comes from. If we source it ourselves, the conversion is higher; if it comes from outside, the conversion is lower.
3/4) What is the average check and stage?
Series A — $1–5m.
5) What industries and geography?
80% in the US and India. We also look at projects from other countries, but less frequently and usually not from Europe (#global).
Industries: we understand #Fintech best, otherwise #agnostic.
6) Are you ready to be a lead investor?
In Fintech we are ready; in other sectors we prefer to be a second or third investor.
7) Where did the projects you invested in come from?
In descending order of importance:
- From funds where we are LPs
- From scouts (angel investors and founders we know)
- From the network in general
- Self-sourced projects
We plan to mainly source projects ourselves in the future.
8) What percentage of investments are in projects that came through cold messages/emails?
There was one case, but it’s an exception; cold emails are not a priority, especially long ones.
9) What accelerators, rankings, or startup conferences do you follow?
We don’t track accelerators except YC.
Conferences are not very effective for reaching us.
Our main two working databases are Crunchbase and Pitchbook. If a startup is not listed there, the chance it reaches us is close to zero.
10) What should be in the presentation to pass your screening?
- A clear slide explaining what the company does (surprisingly rare)
- Team (with detailed explanation of how their experience is relevant to the current project)
- Market (logic for TAM calculation is as important as the TAM size itself)
11) What return on investment do you expect from the projects?
For Series A — 10x.
12) How important is the number of founders (1 or 2) or whether it is their first project?
Priority is on repeat founders, but it’s not strict. Solo or not — not important.
13) What “unfair competitive advantage” are you looking for in projects?
We always look for it, usually of two types:
- Unique access to an effective customer acquisition channel
- Unique access to resources/data that can create a competitive advantage for the technology
👍2
Fund #F32
#active #b2c #b2b #seriesB #USD5m
1) How many deals do you plan to make?
We are very selective when choosing deals, as we usually get deeply involved in the operations of our portfolio companies. On average, we make 2–3 deals per year.
2) How many projects do you review?
Out of several thousand applications, we closely review a few hundred and conduct due diligence on 10–15 companies per year.
3) What is the average check size?
On average, $5m.
4) Which stages are you looking at?
Late stages.
5) What industries and geography?
We are industry-agnostic (#agnostic), but typically look for Russian-speaking founders outside of Russia (#global).
6) Are you ready to be a lead investor?
We prefer to be not only the lead investor but, where possible, the sole and active investor.
7) Where did the projects you invested in come from?
We mostly source them ourselves.
8) What percentage of investments are in projects that came through cold messages/emails?
Very few. We usually find the best deals ourselves.
9) What accelerators, rankings, or startup conferences do you follow?
We follow YC and Plug&Play accelerators, although valuations there are often inflated.
We read Sifted and VC.ru.
We regularly attend Web Summit, TechChill, EMERGE, and Slush conferences.
10) What should be in the presentation to pass your initial screening?
There are three key points:
- It should be clear what the business idea is (the headline and first slide should contain a simple and concise explanation of the concept, ideally in one sentence and without buzzwords)
- Company metrics (this is the most important part for us — we need tangible, verifiable numbers and results)
- A clear fundraising ask (how much is being raised, in what format, for what purpose, and at what valuation)
11) What return on investment do you expect from the projects?
We usually do not chase unicorns; 4–5x cash-on-cash over a 4–5 year horizon is sufficient for us.
12) How important is the number of founders (1, 2, or more) or whether it is their first project?
Not important, but it should be clear who among the founders is the operational leader.
13) What “unfair competitive advantage” are you looking for in projects?
We look for companies that create a new business model or drive transformational change within an existing industry.
#active #b2c #b2b #seriesB #USD5m
1) How many deals do you plan to make?
We are very selective when choosing deals, as we usually get deeply involved in the operations of our portfolio companies. On average, we make 2–3 deals per year.
2) How many projects do you review?
Out of several thousand applications, we closely review a few hundred and conduct due diligence on 10–15 companies per year.
3) What is the average check size?
On average, $5m.
4) Which stages are you looking at?
Late stages.
5) What industries and geography?
We are industry-agnostic (#agnostic), but typically look for Russian-speaking founders outside of Russia (#global).
6) Are you ready to be a lead investor?
We prefer to be not only the lead investor but, where possible, the sole and active investor.
7) Where did the projects you invested in come from?
We mostly source them ourselves.
8) What percentage of investments are in projects that came through cold messages/emails?
Very few. We usually find the best deals ourselves.
9) What accelerators, rankings, or startup conferences do you follow?
We follow YC and Plug&Play accelerators, although valuations there are often inflated.
We read Sifted and VC.ru.
We regularly attend Web Summit, TechChill, EMERGE, and Slush conferences.
10) What should be in the presentation to pass your initial screening?
There are three key points:
- It should be clear what the business idea is (the headline and first slide should contain a simple and concise explanation of the concept, ideally in one sentence and without buzzwords)
- Company metrics (this is the most important part for us — we need tangible, verifiable numbers and results)
- A clear fundraising ask (how much is being raised, in what format, for what purpose, and at what valuation)
11) What return on investment do you expect from the projects?
We usually do not chase unicorns; 4–5x cash-on-cash over a 4–5 year horizon is sufficient for us.
12) How important is the number of founders (1, 2, or more) or whether it is their first project?
Not important, but it should be clear who among the founders is the operational leader.
13) What “unfair competitive advantage” are you looking for in projects?
We look for companies that create a new business model or drive transformational change within an existing industry.
👍2❤1
Fund #F33
#active #b2b #seed #seriesA #seriesB #USD300k #USD1m
1) How many deals do you plan to make?
5–7 per year.
2) Out of 100 decks, how many projects do you invest in?
We invest in approximately 1 project out of 300 decks reviewed.
3) What is the average check size?
RUB 50-500 million.
4) Which stages are you looking at?
From Series A with revenue starting at RUB 100 million.
5) What industries and geography?
We invest in profitable, fast-growing B2B #Software companies in Russia #Rus, with a particular focus on B2B #SaaS.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
So far, the most effective channel is investment communities and our network. At the same time, we actively participate in startup ecosystems, accelerators, and conferences.
8) What percentage of investments are in projects that came through cold messages/emails?
We review all inbound cold emails, but in most cases founders manage to reach us through warm introductions (or we proactively approach founders we find interesting).
9) What accelerators or startup conferences do you follow/attend?
We participate in all major Russian startup events — Kazan Venture Forum, Startup Village, and others. We are partners of the Moscow Innovation Cluster, Skolkovo, Innopolis, IT Park Kazan, etc.
We also actively collaborate with more than 20 accelerators, including those run by Sber, Skolkovo, Gazprom Neft, and others.
10) What should be in the presentation to pass initial review?
- High revenue growth over the past few years and strong future growth potential, with current profitability
- A reasonable valuation relative to current financials and post-2022 capital market realities
- A clear description of the product, its market positioning, and competitive advantages (it is important for us to see that the founder understands the current industry landscape)
11) What return on investment do you expect from the projects?
Around 3–5x over 3–4 years, but no less than 30–35% annually.
12) How important is the number of founders (1 or 2) or whether it's their first project?
Not very important.
13) What "unfair advantage" in projects are you looking for?
Ideally, we look for founders with deep industry experience, strong networking capabilities, an understanding of future strategic buyers, and a highly margin-efficient business model.
#active #b2b #seed #seriesA #seriesB #USD300k #USD1m
1) How many deals do you plan to make?
5–7 per year.
2) Out of 100 decks, how many projects do you invest in?
We invest in approximately 1 project out of 300 decks reviewed.
3) What is the average check size?
RUB 50-500 million.
4) Which stages are you looking at?
From Series A with revenue starting at RUB 100 million.
5) What industries and geography?
We invest in profitable, fast-growing B2B #Software companies in Russia #Rus, with a particular focus on B2B #SaaS.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
So far, the most effective channel is investment communities and our network. At the same time, we actively participate in startup ecosystems, accelerators, and conferences.
8) What percentage of investments are in projects that came through cold messages/emails?
We review all inbound cold emails, but in most cases founders manage to reach us through warm introductions (or we proactively approach founders we find interesting).
9) What accelerators or startup conferences do you follow/attend?
We participate in all major Russian startup events — Kazan Venture Forum, Startup Village, and others. We are partners of the Moscow Innovation Cluster, Skolkovo, Innopolis, IT Park Kazan, etc.
We also actively collaborate with more than 20 accelerators, including those run by Sber, Skolkovo, Gazprom Neft, and others.
10) What should be in the presentation to pass initial review?
- High revenue growth over the past few years and strong future growth potential, with current profitability
- A reasonable valuation relative to current financials and post-2022 capital market realities
- A clear description of the product, its market positioning, and competitive advantages (it is important for us to see that the founder understands the current industry landscape)
11) What return on investment do you expect from the projects?
Around 3–5x over 3–4 years, but no less than 30–35% annually.
12) How important is the number of founders (1 or 2) or whether it's their first project?
Not very important.
13) What "unfair advantage" in projects are you looking for?
Ideally, we look for founders with deep industry experience, strong networking capabilities, an understanding of future strategic buyers, and a highly margin-efficient business model.
👍3
Fund #F34
#active #b2b #seed #seriesA #USD100k #USD3m
1) How many deals do you plan to make?
We move slowly — we spend 4–6 months analyzing each project, so we make around 3–4 deals per year.
2) How many projects do you review per one investment?
We have very strict selection criteria, so most projects do not qualify. Among those that meet our formal criteria, we invest in about 1 out of 50.
3) What is your average check size?
$100k – $3m.
4) What stage do you invest in?
Late pre-seed to early Series A.
Revenue is mandatory, preferably already close to breakeven.
5) Which industries and geographies?
Only #B2B, specifically #Software, #DevTools, #Engineering, #Manufacturing tools — products built by engineers for engineers.
We like European companies expanding into the US, and at the time of investment the company should already generate at least 30% of its revenue from the US. #developed
6) Are you ready to be a lead investor?
Yes, primarily in early rounds.
7) Where did the projects you invested in come from?
Mostly referrals from our network (friendly funds), plus our own proactive sourcing.
8) What percentage of investments came from cold messages/emails?
None so far, but we carefully read all inbound cold outreach — it is a viable channel for us.
9) Which accelerators/startup rankings/conferences do you follow?
We source projects via databases (PitchBook), GitHub, and conferences (such as VivaTech). We pay less attention to accelerators.
10) What should a pitch deck contain to pass screening?
Strong metrics above all.
We also try to understand how the product differentiates itself from alternatives on the market.
11) What returns do you expect from investments?
At least 4–5x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not particularly important.
13) What kind of “unfair advantage” do you look for in projects?
Having one is a strong plus. It can be different in every case, but its absence does not automatically mean the project is a no-go.
#active #b2b #seed #seriesA #USD100k #USD3m
1) How many deals do you plan to make?
We move slowly — we spend 4–6 months analyzing each project, so we make around 3–4 deals per year.
2) How many projects do you review per one investment?
We have very strict selection criteria, so most projects do not qualify. Among those that meet our formal criteria, we invest in about 1 out of 50.
3) What is your average check size?
$100k – $3m.
4) What stage do you invest in?
Late pre-seed to early Series A.
Revenue is mandatory, preferably already close to breakeven.
5) Which industries and geographies?
Only #B2B, specifically #Software, #DevTools, #Engineering, #Manufacturing tools — products built by engineers for engineers.
We like European companies expanding into the US, and at the time of investment the company should already generate at least 30% of its revenue from the US. #developed
6) Are you ready to be a lead investor?
Yes, primarily in early rounds.
7) Where did the projects you invested in come from?
Mostly referrals from our network (friendly funds), plus our own proactive sourcing.
8) What percentage of investments came from cold messages/emails?
None so far, but we carefully read all inbound cold outreach — it is a viable channel for us.
9) Which accelerators/startup rankings/conferences do you follow?
We source projects via databases (PitchBook), GitHub, and conferences (such as VivaTech). We pay less attention to accelerators.
10) What should a pitch deck contain to pass screening?
Strong metrics above all.
We also try to understand how the product differentiates itself from alternatives on the market.
11) What returns do you expect from investments?
At least 4–5x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not particularly important.
13) What kind of “unfair advantage” do you look for in projects?
Having one is a strong plus. It can be different in every case, but its absence does not automatically mean the project is a no-go.
👍5
Fund #F35
#active #b2c #b2b #seed #USD200k #USD500k
1) How many deals do you plan to make?
We invest actively — around 15–25 deals per year.
2) How many projects do you review?
Among projects that meet our formal criteria, we invest in roughly 1 out of every 30.
3) What is your average check size?
$200–500k, with potential follow-on investments of $1–1.5m.
4) What stage do you invest in?
Early stages; revenue is not mandatory, but a working MVP is required.
5) Which industries and geographies?
We look at projects in Europe and LatAm (#global), founded by immigrant founders.
Industries: #AI, #Fintech, #Ecommerce, #Sustainability, #Mobility.
We invest in both B2C and B2B startups.
6) Are you ready to be a lead investor?
No.
7) Where did the projects you invested in come from?
Mostly through fund communities where funds share deal flow with each other.
8) What percentage of investments came from cold messages/emails?
We read everything, but strongly prefer projects coming via warm intros.
Our pipeline is already quite large, and cold outreach usually brings lower-quality projects, as strong founders tend to raise capital without cold emails.
9) Which accelerators/startup conferences do you follow?
We attend Plug&Play events, WebSummit, and track Y Combinator alumni.
10) What should a pitch deck contain to pass initial screening?
We want to understand what makes the product unique.
Before diving into details, there should be a clear explanation of the customer pain point and how the startup solves it.
If we understand through concrete examples why a specific customer is willing to pay, that is enough to spark interest.
11) What returns do you expect from investments?
Targeted returns should be in the range of 30–40x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Solo and first-time founders are a red flag, but there are no formal restrictions.
13) What kind of “unfair advantage” do you look for in projects?
We rather use the term defensibility — it’s important to understand how the startup differs from competitors and how it can defend itself from being copied.
#active #b2c #b2b #seed #USD200k #USD500k
1) How many deals do you plan to make?
We invest actively — around 15–25 deals per year.
2) How many projects do you review?
Among projects that meet our formal criteria, we invest in roughly 1 out of every 30.
3) What is your average check size?
$200–500k, with potential follow-on investments of $1–1.5m.
4) What stage do you invest in?
Early stages; revenue is not mandatory, but a working MVP is required.
5) Which industries and geographies?
We look at projects in Europe and LatAm (#global), founded by immigrant founders.
Industries: #AI, #Fintech, #Ecommerce, #Sustainability, #Mobility.
We invest in both B2C and B2B startups.
6) Are you ready to be a lead investor?
No.
7) Where did the projects you invested in come from?
Mostly through fund communities where funds share deal flow with each other.
8) What percentage of investments came from cold messages/emails?
We read everything, but strongly prefer projects coming via warm intros.
Our pipeline is already quite large, and cold outreach usually brings lower-quality projects, as strong founders tend to raise capital without cold emails.
9) Which accelerators/startup conferences do you follow?
We attend Plug&Play events, WebSummit, and track Y Combinator alumni.
10) What should a pitch deck contain to pass initial screening?
We want to understand what makes the product unique.
Before diving into details, there should be a clear explanation of the customer pain point and how the startup solves it.
If we understand through concrete examples why a specific customer is willing to pay, that is enough to spark interest.
11) What returns do you expect from investments?
Targeted returns should be in the range of 30–40x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Solo and first-time founders are a red flag, but there are no formal restrictions.
13) What kind of “unfair advantage” do you look for in projects?
We rather use the term defensibility — it’s important to understand how the startup differs from competitors and how it can defend itself from being copied.
👍1
Фонд #F36
#active #b2b #preseed #seed #USD250k #USD1m
1) How many deals do you plan to make?
4-6 per year.
2) Out of 100 decks how many projects do you invest in?
At most 1 of 100.
3) What is the average check size?
$250k - $1m.
4) Which stages are you looking at?
pre-seed (pre revenue, pre MVP sometimes, <$2m round, <$10m valuation) and seed (early revenue, $3-5m round, $20m post money valuation on average).
5) What industries, geography?
#B2B #Software #agnostic in US, Canada, Europe (#developed).
6) Are you ready to be a lead investor?
Yes, but not always.
7) Where did the projects you invested in come from?
1 - other investors (co-invested before)
2 - founders
3 - eco-system relationships (accelerators)
4 - own fellowship program (scouts)
5 - cold messages
8) What % of investments are in projects that came through cold messages/emails?
2 out of 30.
9) What accelerators or startup conferences do you follow/attend?
We mostly follow accelerators (entrepreneurs roundtable, techstars, universities (MIT)).
10) What should be in the presentation to pass initial review?
- clarity and specificity of problem and customer segment;
- founders and core team have a right background.
11) What return on investment do you expect from the projects?
It depends on the ownership stake, but usually 15-50x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No explicit criteria.
13) What "unfair advantage" in projects are you looking for?
We do not use this term regularly, we rather talk about a competitive moat. But we see that sometimes a unique go to market strategy or customer perspective (due to the team's background) could be such an unfair advantage.
#active #b2b #preseed #seed #USD250k #USD1m
1) How many deals do you plan to make?
4-6 per year.
2) Out of 100 decks how many projects do you invest in?
At most 1 of 100.
3) What is the average check size?
$250k - $1m.
4) Which stages are you looking at?
pre-seed (pre revenue, pre MVP sometimes, <$2m round, <$10m valuation) and seed (early revenue, $3-5m round, $20m post money valuation on average).
5) What industries, geography?
#B2B #Software #agnostic in US, Canada, Europe (#developed).
6) Are you ready to be a lead investor?
Yes, but not always.
7) Where did the projects you invested in come from?
1 - other investors (co-invested before)
2 - founders
3 - eco-system relationships (accelerators)
4 - own fellowship program (scouts)
5 - cold messages
8) What % of investments are in projects that came through cold messages/emails?
2 out of 30.
9) What accelerators or startup conferences do you follow/attend?
We mostly follow accelerators (entrepreneurs roundtable, techstars, universities (MIT)).
10) What should be in the presentation to pass initial review?
- clarity and specificity of problem and customer segment;
- founders and core team have a right background.
11) What return on investment do you expect from the projects?
It depends on the ownership stake, but usually 15-50x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No explicit criteria.
13) What "unfair advantage" in projects are you looking for?
We do not use this term regularly, we rather talk about a competitive moat. But we see that sometimes a unique go to market strategy or customer perspective (due to the team's background) could be such an unfair advantage.
👍2
Фонд #F37
#active #b2c #b2b #seed #seriesA #USD250k #USD1m
1) How many deals do you plan to make?
7-8 per year.
2) Out of 100 decks how many projects do you invest in?
I believe about one in ten startups that come into the funnel end up interesting enough to be added to our deal flow form. And of almost 500 items on our deal flow, we've done 20 deals, so it's about a 1 in 25 on the targetted dealflow list and 0,4% of the initial funnel.
3) What is the average check size?
With Fund I, we were placing $100K-$150K per first check. With Fund II, it's larger checks - $250K-$1M.
4) Which stages are you looking at?
Seed stage with 50k+ MRR, through Series A. We're not opposed to being a first check though. Every situation is different and we're opportunistic.
5) What industries, geography?
Looking for projects globally. #global
Initially specialized on projects which have #Media angle, and have extended the scope to #AI, #Blockchain, #VR, #Robotics, #Social and #Gamification.
6) Are you ready to be a lead investor?
Given the right situation, yes.
7) Where did the projects you invested in come from?
From network in the media industry, accelerators, incubators, other VCs.
8) What percentage of investments are in projects that came through cold messages/emails?
It only happened once. We read cold emails regularly in order not to miss something interesting, but their priority is super lower.
9) What accelerators or startup conferences do you follow/attend?
Examples of accelerators: Techstars Music, Gener8tor, Abbey Road Red, Create-X.
We do not usually attend broad industry or startup conferences. We like participating in online demo-days to scout for new opportunities.
10) What should be in the presentation to pass initial review?
a) Clear communication of the business model and the value proposition for customers.
b) Financials and metrics - real numbers, not weird percentages.
c) PMF description. Ideally we would like to see detailed description of use cases with first clients in order to "sense" the PMF.
d) Basic SWOT analysis.
11) What return on investment do you expect from the projects?
10x or more, thus not only potential unicorns are of interest.
We expect founders to show pragmatism about their market sector. Given the right pricing, founders and investors can make sizable returns without hitting unicorn status.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules - FB and Amazon are examples of 1st time solo founders - we do not want to miss the next big thing. Yet clearly being a serial founder is a strong competitive edge in the market.
13) What "unfair advantage" in projects are you looking for?
It should be something defensible - patent, unique dataset, technology, business model which is hard to copy. If there is a little barrier to entry, a business is hard to defend, and any idea worthwhile pursuing will see large competition come in. So having a "moat" to win with is important - technical or operational.
#active #b2c #b2b #seed #seriesA #USD250k #USD1m
1) How many deals do you plan to make?
7-8 per year.
2) Out of 100 decks how many projects do you invest in?
I believe about one in ten startups that come into the funnel end up interesting enough to be added to our deal flow form. And of almost 500 items on our deal flow, we've done 20 deals, so it's about a 1 in 25 on the targetted dealflow list and 0,4% of the initial funnel.
3) What is the average check size?
With Fund I, we were placing $100K-$150K per first check. With Fund II, it's larger checks - $250K-$1M.
4) Which stages are you looking at?
Seed stage with 50k+ MRR, through Series A. We're not opposed to being a first check though. Every situation is different and we're opportunistic.
5) What industries, geography?
Looking for projects globally. #global
Initially specialized on projects which have #Media angle, and have extended the scope to #AI, #Blockchain, #VR, #Robotics, #Social and #Gamification.
6) Are you ready to be a lead investor?
Given the right situation, yes.
7) Where did the projects you invested in come from?
From network in the media industry, accelerators, incubators, other VCs.
8) What percentage of investments are in projects that came through cold messages/emails?
It only happened once. We read cold emails regularly in order not to miss something interesting, but their priority is super lower.
9) What accelerators or startup conferences do you follow/attend?
Examples of accelerators: Techstars Music, Gener8tor, Abbey Road Red, Create-X.
We do not usually attend broad industry or startup conferences. We like participating in online demo-days to scout for new opportunities.
10) What should be in the presentation to pass initial review?
a) Clear communication of the business model and the value proposition for customers.
b) Financials and metrics - real numbers, not weird percentages.
c) PMF description. Ideally we would like to see detailed description of use cases with first clients in order to "sense" the PMF.
d) Basic SWOT analysis.
11) What return on investment do you expect from the projects?
10x or more, thus not only potential unicorns are of interest.
We expect founders to show pragmatism about their market sector. Given the right pricing, founders and investors can make sizable returns without hitting unicorn status.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules - FB and Amazon are examples of 1st time solo founders - we do not want to miss the next big thing. Yet clearly being a serial founder is a strong competitive edge in the market.
13) What "unfair advantage" in projects are you looking for?
It should be something defensible - patent, unique dataset, technology, business model which is hard to copy. If there is a little barrier to entry, a business is hard to defend, and any idea worthwhile pursuing will see large competition come in. So having a "moat" to win with is important - technical or operational.
👍1
Fund #F38
#active #b2c #b2b #seed #seriesA #USD1m #USD10m
1) How many deals do you plan to make?
Our target is about 10 deals per year.
2) Out of 100 decks how many projects do you invest in?
We do not count; it depends on the manager's strategy. Some managers prefer to have wide funnels, while others prefer a more concentrated approach.
3) What is the average check size?
We would like to have at least 10% ownership in a company. We are ready to invest up to $10m during the first round and support the project in subsequent rounds.
4) Which stages are you looking at?
Seed (post-revenue, strong indication of PMF, ideally $50–100k MRR), Series A (strong traction).
5) What industries, geography?
We are #agnostic in terms of industries. Most often, we look at #FinTech, #SaaS, and #AI (mostly infrastructure), but we can consider #B2C projects as well.
Exceptions: we do not invest in defense, biotech, or some niche deeptech projects where we do not have expertise.
Geographically, we are looking at founders from Europe and Israel with global ambitions. #developed
6) Are you ready to be a lead investor?
Yes, we lead in the majority of cases and prefer to be active participants in a startup’s life. We take a board seat and help companies with go-to-market, hiring, and fundraising.
7) Where did the projects you invested in come from?
Mostly from our partners' network (other funds and founders). Currently, we mostly reach out to projects ourselves using an outbound approach.
8) What percentage of investments are in projects that came through cold messages/emails?
We have not had such cases. We read cold emails, but the quality of projects is usually low.
9) What accelerators or startup conferences do you follow/attend?
We do not usually follow accelerators, since the competition is too high. At conferences, we mostly interact with other VC funds.
10) What should be in the presentation to pass initial review?
We are primarily looking for strong signals of early PMF. If we tick that box, we then look at the usual factors, such as market size, team, and revenue growth rate.
11) What return on investment do you expect from the projects?
We would like each project to have the potential to become a unicorn so that our 10% stake could be valued at $100m. If we invest at a $15–20m valuation, this implies a target return of 50–60x on our first check.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules.
13) What "unfair advantage" in projects are you looking for?
It is always beneficial if a project has some moats, but we are not specifically looking for future monopolies. Sometimes a market can be so large that several unicorns can easily coexist.
#active #b2c #b2b #seed #seriesA #USD1m #USD10m
1) How many deals do you plan to make?
Our target is about 10 deals per year.
2) Out of 100 decks how many projects do you invest in?
We do not count; it depends on the manager's strategy. Some managers prefer to have wide funnels, while others prefer a more concentrated approach.
3) What is the average check size?
We would like to have at least 10% ownership in a company. We are ready to invest up to $10m during the first round and support the project in subsequent rounds.
4) Which stages are you looking at?
Seed (post-revenue, strong indication of PMF, ideally $50–100k MRR), Series A (strong traction).
5) What industries, geography?
We are #agnostic in terms of industries. Most often, we look at #FinTech, #SaaS, and #AI (mostly infrastructure), but we can consider #B2C projects as well.
Exceptions: we do not invest in defense, biotech, or some niche deeptech projects where we do not have expertise.
Geographically, we are looking at founders from Europe and Israel with global ambitions. #developed
6) Are you ready to be a lead investor?
Yes, we lead in the majority of cases and prefer to be active participants in a startup’s life. We take a board seat and help companies with go-to-market, hiring, and fundraising.
7) Where did the projects you invested in come from?
Mostly from our partners' network (other funds and founders). Currently, we mostly reach out to projects ourselves using an outbound approach.
8) What percentage of investments are in projects that came through cold messages/emails?
We have not had such cases. We read cold emails, but the quality of projects is usually low.
9) What accelerators or startup conferences do you follow/attend?
We do not usually follow accelerators, since the competition is too high. At conferences, we mostly interact with other VC funds.
10) What should be in the presentation to pass initial review?
We are primarily looking for strong signals of early PMF. If we tick that box, we then look at the usual factors, such as market size, team, and revenue growth rate.
11) What return on investment do you expect from the projects?
We would like each project to have the potential to become a unicorn so that our 10% stake could be valued at $100m. If we invest at a $15–20m valuation, this implies a target return of 50–60x on our first check.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules.
13) What "unfair advantage" in projects are you looking for?
It is always beneficial if a project has some moats, but we are not specifically looking for future monopolies. Sometimes a market can be so large that several unicorns can easily coexist.
👍2
Fund #F39
#active #b2c #b2b #seriesA #USD300k #USD500k
1) How many deals do you plan to make?
6–7 per year.
2) How many projects do you review?
Carefully review about 10 decks per month that meet our formal criteria.
3) What is your average check size?
$300–500k.
4) What stage do you invest in?
Pre-seed / Seed, sometimes at the idea stage.
5) Which industries and geographies?
IT projects in global markets (#global), in complementary sectors: #Dating, #B2C, #AI, #Entertainment.
Examples: AI content, text-to-speech, virtual assistants.
6) Are you ready to be a lead investor?
Possibly.
7) Where did the projects you invested in come from?
Mainly through other funds or personal networks.
8) What percentage of investments came from cold messages/emails?
Cold messages are read, and sometimes such projects are considered, but we have never invested this way because the quality is usually lower.
9) Which accelerators/startup conferences do you follow?
Actively participate in conferences: TechCrunch, WebSummit, Slush.
Accelerators are mostly not followed by us, as there are few projects in our focus industries. Exception: "What if Ventures" accelerator for mental health startups.
10) What should a pitch deck contain to pass initial screening?
- Product (how well it fits our focus)
- Market (significant niche size in which the project operates)
- Background of founders
11) What returns do you expect from investments?
10x+.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Founders should have prior exits; 1 or 2 founders is not critical.
13) What kind of “unfair advantage” do you look for in projects?
Focus on competitive advantages, looking for projects that show strong organic growth for some reason.
#active #b2c #b2b #seriesA #USD300k #USD500k
1) How many deals do you plan to make?
6–7 per year.
2) How many projects do you review?
Carefully review about 10 decks per month that meet our formal criteria.
3) What is your average check size?
$300–500k.
4) What stage do you invest in?
Pre-seed / Seed, sometimes at the idea stage.
5) Which industries and geographies?
IT projects in global markets (#global), in complementary sectors: #Dating, #B2C, #AI, #Entertainment.
Examples: AI content, text-to-speech, virtual assistants.
6) Are you ready to be a lead investor?
Possibly.
7) Where did the projects you invested in come from?
Mainly through other funds or personal networks.
8) What percentage of investments came from cold messages/emails?
Cold messages are read, and sometimes such projects are considered, but we have never invested this way because the quality is usually lower.
9) Which accelerators/startup conferences do you follow?
Actively participate in conferences: TechCrunch, WebSummit, Slush.
Accelerators are mostly not followed by us, as there are few projects in our focus industries. Exception: "What if Ventures" accelerator for mental health startups.
10) What should a pitch deck contain to pass initial screening?
- Product (how well it fits our focus)
- Market (significant niche size in which the project operates)
- Background of founders
11) What returns do you expect from investments?
10x+.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Founders should have prior exits; 1 or 2 founders is not critical.
13) What kind of “unfair advantage” do you look for in projects?
Focus on competitive advantages, looking for projects that show strong organic growth for some reason.
👍3
Fund #F40
#active #b2c #b2b #seed #USD2m
1) How many deals do you plan to make?
Around 5 per year.
2) Out of 100 decks, how many projects do you invest in?
We have a mix of outbound and inbound deal flow. Although only 30% of our top-of-funnel opportunities come through inbound referrals, they account for around 90% of the deals we ultimately invest in. Overall, we review hundreds of opportunities each year, but the conversion rate for referred deals is significantly higher.
3) What is the average check size?
$2m.
4) Which stages are you looking at?
Pre-Seed and Seed.
5) What industries, geography?
We are generally an #agnostic fund, but prefer to invest in #AI #B2B #Infrastructure (rather than the application layer) in uncapped markets (i.e. markets that are not limited to a specific country or niche), primarily in Europe (#developed). We may also invest in consumer social or subscription businesses, although these are more of a wildcard. We do not invest in Web3 or deeptech projects.
6) Are you ready to be a lead investor?
Yes. We lead around 90% of our investments.
7) Where did the projects you invested in come from?
70% outbound sourcing and 30% inbound referrals (of which roughly 70% come from funds and 30% from founders).
8) What percentage of investments are in projects that came through cold messages/emails?
We do not read them.
9) What accelerators or startup conferences do you follow/attend?
We follow several accelerators, including Entrepreneurs First, YC, Fr8 (Helsinki), and the Thiel Fellowship.
10) What should be in the presentation to pass initial review?
- Founder profile (80%)
- Why now?
- How big if true? (uncapped market)
- Is it a contrarian or consensus opportunity?
11) What return on investment do you expect from the projects?
We look for potential fund returners (30–40x).
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
We only invest in young founders (18–25) with strong technical backgrounds (coding experience) and exceptional founder–market fit. We want to understand their motivation, and we are not afraid of outliers who are passionate about solving major problems and building something truly massive.
13) What "unfair advantage" in projects are you looking for?
At the Pre-Seed and Seed stages, we care more about the founder's profile.
#active #b2c #b2b #seed #USD2m
1) How many deals do you plan to make?
Around 5 per year.
2) Out of 100 decks, how many projects do you invest in?
We have a mix of outbound and inbound deal flow. Although only 30% of our top-of-funnel opportunities come through inbound referrals, they account for around 90% of the deals we ultimately invest in. Overall, we review hundreds of opportunities each year, but the conversion rate for referred deals is significantly higher.
3) What is the average check size?
$2m.
4) Which stages are you looking at?
Pre-Seed and Seed.
5) What industries, geography?
We are generally an #agnostic fund, but prefer to invest in #AI #B2B #Infrastructure (rather than the application layer) in uncapped markets (i.e. markets that are not limited to a specific country or niche), primarily in Europe (#developed). We may also invest in consumer social or subscription businesses, although these are more of a wildcard. We do not invest in Web3 or deeptech projects.
6) Are you ready to be a lead investor?
Yes. We lead around 90% of our investments.
7) Where did the projects you invested in come from?
70% outbound sourcing and 30% inbound referrals (of which roughly 70% come from funds and 30% from founders).
8) What percentage of investments are in projects that came through cold messages/emails?
We do not read them.
9) What accelerators or startup conferences do you follow/attend?
We follow several accelerators, including Entrepreneurs First, YC, Fr8 (Helsinki), and the Thiel Fellowship.
10) What should be in the presentation to pass initial review?
- Founder profile (80%)
- Why now?
- How big if true? (uncapped market)
- Is it a contrarian or consensus opportunity?
11) What return on investment do you expect from the projects?
We look for potential fund returners (30–40x).
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
We only invest in young founders (18–25) with strong technical backgrounds (coding experience) and exceptional founder–market fit. We want to understand their motivation, and we are not afraid of outliers who are passionate about solving major problems and building something truly massive.
13) What "unfair advantage" in projects are you looking for?
At the Pre-Seed and Seed stages, we care more about the founder's profile.
👍1
Fund #F41
#active #b2b #seed #USD300k
1) How many deals do you plan to make?
5–7 per year.
2) How many projects do you review?
To make 1 investment, we review roughly 20–30 pitch decks.
3) What is your average check size?
$300k.
4) What stage do you invest in?
Early stage, but there must already be a working product and initial traction with customers. We like to invest before specialized funds enter, but it’s preferable if they have already started negotiations.
5) Which industries and geographies?
Geographies: US, Israel, Asia, Europe, Africa, MENA (#global)
Industries: mostly #B2B, #agnostic except Fintech. Most interesting: #Foodtech, #Medtech, #Pharmtech, #AI, #Deeptech, #SaaS, #Software, #Climate, #Mobility, #Construction.
6) Are you ready to be a lead investor?
Usually we join existing rounds, but leading is not excluded.
7) Where did the projects you invested in come from?
Through fund networks, investment intermediaries, other founders, and business school communities.
8) What percentage of investments came from cold messages/emails?
We’ve reviewed such projects but never invested in them due to low quality. Cold emails are read, but have very low priority.
9) Which accelerators/startup conferences do you follow?
We don’t track accelerators directly. We work mostly with funds that follow accelerators and provide projects. We attend conferences occasionally, mainly in Israel.
10) What should a pitch deck contain to pass initial screening?
- Clear description of the business model, how value is created and protected
- Evidence of traction and sales, and how these correspond to the valuation
11) What returns do you expect from investments?
Minimum 5x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
The founder must have prior successful business experience.
Solo founders are fine if they have a strong supporting team.
13) What kind of “unfair advantage” do you look for in projects?
We don’t usually use this term. We focus more on the project’s ability to create and capture value.
#active #b2b #seed #USD300k
1) How many deals do you plan to make?
5–7 per year.
2) How many projects do you review?
To make 1 investment, we review roughly 20–30 pitch decks.
3) What is your average check size?
$300k.
4) What stage do you invest in?
Early stage, but there must already be a working product and initial traction with customers. We like to invest before specialized funds enter, but it’s preferable if they have already started negotiations.
5) Which industries and geographies?
Geographies: US, Israel, Asia, Europe, Africa, MENA (#global)
Industries: mostly #B2B, #agnostic except Fintech. Most interesting: #Foodtech, #Medtech, #Pharmtech, #AI, #Deeptech, #SaaS, #Software, #Climate, #Mobility, #Construction.
6) Are you ready to be a lead investor?
Usually we join existing rounds, but leading is not excluded.
7) Where did the projects you invested in come from?
Through fund networks, investment intermediaries, other founders, and business school communities.
8) What percentage of investments came from cold messages/emails?
We’ve reviewed such projects but never invested in them due to low quality. Cold emails are read, but have very low priority.
9) Which accelerators/startup conferences do you follow?
We don’t track accelerators directly. We work mostly with funds that follow accelerators and provide projects. We attend conferences occasionally, mainly in Israel.
10) What should a pitch deck contain to pass initial screening?
- Clear description of the business model, how value is created and protected
- Evidence of traction and sales, and how these correspond to the valuation
11) What returns do you expect from investments?
Minimum 5x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
The founder must have prior successful business experience.
Solo founders are fine if they have a strong supporting team.
13) What kind of “unfair advantage” do you look for in projects?
We don’t usually use this term. We focus more on the project’s ability to create and capture value.
👍2
Fund #F42
#active #b2b #seed #seriesA #USD250k #USD500k
1) How many deals do you plan to make?
10–20 per year.
2) How many projects do you review?
Approximately 1 investment per 100–200 pitch decks received.
3) What is your average check size?
$250–500k.
4) What stage do you invest in?
Seed stage (MRR $30–50k) and Series A.
5) Which industries and geographies?
Geography: US (#developed)
Industries: #B2B #SaaS — mainly solutions for specific verticals, including AI-enabled services.
6) Are you ready to be a lead investor?
In 90% of cases we do not lead.
7) Where did the projects you invested in come from?
Mostly through our network of funds and accelerators, less often via proactive sourcing, and occasionally through cold outreach.
8) What percentage of investments came from cold messages/emails?
Occasionally. We regularly read cold emails and LinkedIn messages, but these projects are usually weaker, so they are not our main priority.
We are considering automating the processing of incoming projects.
9) Which accelerators/startup conferences do you follow?
We monitor all major accelerators: Techstars, YC, 500Global, Alchemist, Berkeley SkyDeck, and others as relevant.
At conferences, we mostly network with startups, though our attendance is infrequent.
10) What should a pitch deck contain to pass screening?
- Clear description of what the startup does
- Financial results (whether they exist, growth rate, and time period)
- Competitive analysis
- Team and LinkedIn profiles (links in the deck are mandatory to save time)
11) What returns do you expect from investments?
At least 10x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
No strict requirements. More important are prior experience, industry understanding, overall charisma, and persuasiveness.
13) What kind of “unfair advantage” do you look for in projects?
Also called secret sauce or competitive moat. It’s important.
The higher the barrier to entry, the closer the startup is to monopoly and the higher its future margin.
In our niche, it’s usually hard for startups to build an unfair advantage through technology alone, so we focus on unique access to something — clients, industry experience, or datasets for training models.
#active #b2b #seed #seriesA #USD250k #USD500k
1) How many deals do you plan to make?
10–20 per year.
2) How many projects do you review?
Approximately 1 investment per 100–200 pitch decks received.
3) What is your average check size?
$250–500k.
4) What stage do you invest in?
Seed stage (MRR $30–50k) and Series A.
5) Which industries and geographies?
Geography: US (#developed)
Industries: #B2B #SaaS — mainly solutions for specific verticals, including AI-enabled services.
6) Are you ready to be a lead investor?
In 90% of cases we do not lead.
7) Where did the projects you invested in come from?
Mostly through our network of funds and accelerators, less often via proactive sourcing, and occasionally through cold outreach.
8) What percentage of investments came from cold messages/emails?
Occasionally. We regularly read cold emails and LinkedIn messages, but these projects are usually weaker, so they are not our main priority.
We are considering automating the processing of incoming projects.
9) Which accelerators/startup conferences do you follow?
We monitor all major accelerators: Techstars, YC, 500Global, Alchemist, Berkeley SkyDeck, and others as relevant.
At conferences, we mostly network with startups, though our attendance is infrequent.
10) What should a pitch deck contain to pass screening?
- Clear description of what the startup does
- Financial results (whether they exist, growth rate, and time period)
- Competitive analysis
- Team and LinkedIn profiles (links in the deck are mandatory to save time)
11) What returns do you expect from investments?
At least 10x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
No strict requirements. More important are prior experience, industry understanding, overall charisma, and persuasiveness.
13) What kind of “unfair advantage” do you look for in projects?
Also called secret sauce or competitive moat. It’s important.
The higher the barrier to entry, the closer the startup is to monopoly and the higher its future margin.
In our niche, it’s usually hard for startups to build an unfair advantage through technology alone, so we focus on unique access to something — clients, industry experience, or datasets for training models.
👍1