Fund #F51
#active #b2b #preseed #seed #SeriesA #USD50k #USD100k
1) How many deals do you plan to make?
3–10 deals per year.
2) How many projects do you review?
Approximately 100 decks per investment.
3) What is the average check size?
$50k–$100k.
4) Which stages are you looking at?
Pre-seed to Series A.
No strict minimum stage criteria—it depends on the strength of the team and where the project comes from.
5) What industries, geography?
Industries: #SaaS, #Healthtech, #Enterprise #Software, #Deeptech.
Geography: global (#global), but founders should have a connection to Israel.
6) Are you ready to be a lead investor?
No, the check size is too small. Prefer to join rounds with strong lead investors.
7) Where did the projects you invested in come from?
Mostly from startup and fund networks.
8) What percentage of investments are in projects that came through cold messages/emails?
We consider all projects regardless of source.
9) What accelerators or startup conferences do you follow/attend?
No systematic tracking at the moment.
10) What should a project have to pass initial screening?
- A strong founding team.
- A problem that is genuinely significant and worth solving.
11) What return on investment do you expect from the projects?
No strict criterion; it varies case by case.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Prefer 2–3 founders. First-time founders are fine if they have strong relevant experience in their industry.
13) What "unfair advantage" in projects are you looking for?
Very important—we always look for it, though it may differ from project to project.
#active #b2b #preseed #seed #SeriesA #USD50k #USD100k
1) How many deals do you plan to make?
3–10 deals per year.
2) How many projects do you review?
Approximately 100 decks per investment.
3) What is the average check size?
$50k–$100k.
4) Which stages are you looking at?
Pre-seed to Series A.
No strict minimum stage criteria—it depends on the strength of the team and where the project comes from.
5) What industries, geography?
Industries: #SaaS, #Healthtech, #Enterprise #Software, #Deeptech.
Geography: global (#global), but founders should have a connection to Israel.
6) Are you ready to be a lead investor?
No, the check size is too small. Prefer to join rounds with strong lead investors.
7) Where did the projects you invested in come from?
Mostly from startup and fund networks.
8) What percentage of investments are in projects that came through cold messages/emails?
We consider all projects regardless of source.
9) What accelerators or startup conferences do you follow/attend?
No systematic tracking at the moment.
10) What should a project have to pass initial screening?
- A strong founding team.
- A problem that is genuinely significant and worth solving.
11) What return on investment do you expect from the projects?
No strict criterion; it varies case by case.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Prefer 2–3 founders. First-time founders are fine if they have strong relevant experience in their industry.
13) What "unfair advantage" in projects are you looking for?
Very important—we always look for it, though it may differ from project to project.
👍1
Fund #F52
#active #b2c #b2b #preseed #seed #USD500k #USD1m
1) How many deals do you plan to make?
The fund is almost fully invested. We plan to make 2–3 deals at the end of 2024 and the beginning of 2025.
2) How many projects do you review?
Approximately 80–100 decks per investment.
3) What is the average check size?
$500k–$1m.
4) Which stages are you looking at?
Pre-seed and Seed.
Target ownership: 5–10%.
Pre-seed: MVP plus pilots (or agreements for pilots) with clients are required.
Seed: rapidly growing revenue is expected.
5) What industries, geography?
We consider both B2B and B2C.
No strict industry focus (#agnostic), but we more often look at #Deeptech, #SaaS, #AI, and #BigData (data-driven) projects.
Geography: global (#global), market size is more important than country.
Preference for founders from post-Soviet countries and Eastern Europe; less frequently from Western Europe.
6) Are you ready to be a lead investor?
Yes, we like to lead deals.
7) Where did the projects you invested in come from?
Mostly from our network.
8) What percentage of investments are in projects that came through cold messages/emails?
We review all inbound cold contacts and have engaged with several projects, but no investments have come from this channel yet. We are generally very open to new contacts.
9) What accelerators or startup conferences do you follow/attend?
Local events: Gitex, Emerge, TechChill, Latitude59.
Accelerators: UltraVC, SWG, EWOR, Plug&Play.
10) What should a project have to pass initial screening?
- Understanding of traction or its potential.
- Strong team: if the team is strong, we are more likely to engage.
- Market competition: highly competitive markets are less interesting.
11) What return on investment do you expect from the projects?
We target high returns (30x+), but if a company is particularly interesting, we may consider a planned return of 10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No strict requirements. Repeat founders and 2 co-founders are preferred over first-time solo founders.
13) What "unfair advantage" in projects are you looking for?
We look for something unique in every project—something that other competitors do not have.
#active #b2c #b2b #preseed #seed #USD500k #USD1m
1) How many deals do you plan to make?
The fund is almost fully invested. We plan to make 2–3 deals at the end of 2024 and the beginning of 2025.
2) How many projects do you review?
Approximately 80–100 decks per investment.
3) What is the average check size?
$500k–$1m.
4) Which stages are you looking at?
Pre-seed and Seed.
Target ownership: 5–10%.
Pre-seed: MVP plus pilots (or agreements for pilots) with clients are required.
Seed: rapidly growing revenue is expected.
5) What industries, geography?
We consider both B2B and B2C.
No strict industry focus (#agnostic), but we more often look at #Deeptech, #SaaS, #AI, and #BigData (data-driven) projects.
Geography: global (#global), market size is more important than country.
Preference for founders from post-Soviet countries and Eastern Europe; less frequently from Western Europe.
6) Are you ready to be a lead investor?
Yes, we like to lead deals.
7) Where did the projects you invested in come from?
Mostly from our network.
8) What percentage of investments are in projects that came through cold messages/emails?
We review all inbound cold contacts and have engaged with several projects, but no investments have come from this channel yet. We are generally very open to new contacts.
9) What accelerators or startup conferences do you follow/attend?
Local events: Gitex, Emerge, TechChill, Latitude59.
Accelerators: UltraVC, SWG, EWOR, Plug&Play.
10) What should a project have to pass initial screening?
- Understanding of traction or its potential.
- Strong team: if the team is strong, we are more likely to engage.
- Market competition: highly competitive markets are less interesting.
11) What return on investment do you expect from the projects?
We target high returns (30x+), but if a company is particularly interesting, we may consider a planned return of 10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No strict requirements. Repeat founders and 2 co-founders are preferred over first-time solo founders.
13) What "unfair advantage" in projects are you looking for?
We look for something unique in every project—something that other competitors do not have.
🔥3👍1
Fund #F53
#active #b2c #b2b #seed #seriesA #seriesB #USD500k
1) How many deals do you plan to make?
5–8 deals per year.
2) How many projects do you review?
60–80 projects per investment.
3) What is the average check size?
$500k.
4) Which stages are you looking at?
Seed → Series A → Series B. The company must already have a product and initial revenue.
5) What industries, geography?
Only #Sporttech. We invest in any geography except Russia (#global). We also consider Russia (#Rus) if projects have the potential to expand internationally.
6) Are you ready to be a lead investor?
We lead about one-third of our deals. Since our focus is relatively narrow, a small check combined with good reputation and market knowledge can allow us to lead.
7) Where did the projects you invested in come from?
From our network and after participating in relevant conferences or reviewing research publications.
8) What percentage of investments are in projects that came through cold messages/emails?
At least three deals came via cold emails or LinkedIn (including prior investments).
9) What accelerators or startup conferences do you follow/attend?
SportsTechX, TechStars, LEAD, Australian Open Startups, GSIC.
10) What should a project have to pass initial screening?
Clear description of the market, product, current company results, and team experience.
11) What return on investment do you expect from the projects?
5–10x. If the expected return is closer to 5x, the exit probability must be high for us to invest.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Number of founders is not critical. Prior startup experience is a plus but not required. If there are multiple founders, it’s even better if they have worked together previously.
13) What "unfair advantage" in projects are you looking for?
It’s important that what the startup team does is hard to replicate. Each case may have different factors contributing to this advantage.
#active #b2c #b2b #seed #seriesA #seriesB #USD500k
1) How many deals do you plan to make?
5–8 deals per year.
2) How many projects do you review?
60–80 projects per investment.
3) What is the average check size?
$500k.
4) Which stages are you looking at?
Seed → Series A → Series B. The company must already have a product and initial revenue.
5) What industries, geography?
Only #Sporttech. We invest in any geography except Russia (#global). We also consider Russia (#Rus) if projects have the potential to expand internationally.
6) Are you ready to be a lead investor?
We lead about one-third of our deals. Since our focus is relatively narrow, a small check combined with good reputation and market knowledge can allow us to lead.
7) Where did the projects you invested in come from?
From our network and after participating in relevant conferences or reviewing research publications.
8) What percentage of investments are in projects that came through cold messages/emails?
At least three deals came via cold emails or LinkedIn (including prior investments).
9) What accelerators or startup conferences do you follow/attend?
SportsTechX, TechStars, LEAD, Australian Open Startups, GSIC.
10) What should a project have to pass initial screening?
Clear description of the market, product, current company results, and team experience.
11) What return on investment do you expect from the projects?
5–10x. If the expected return is closer to 5x, the exit probability must be high for us to invest.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Number of founders is not critical. Prior startup experience is a plus but not required. If there are multiple founders, it’s even better if they have worked together previously.
13) What "unfair advantage" in projects are you looking for?
It’s important that what the startup team does is hard to replicate. Each case may have different factors contributing to this advantage.
👍2
Investment Company #F54
#active #b2c #b2b #preseed #seed #USD50k #USD250k
1) How many deals do you plan to make?
We are not a fund, but a private company that occasionally invests surplus capital in startups, so our investment pace is unpredictable.
2) How many projects do you review per year?
No systematic approach.
3) What is the average check size?
Around $50k for pre-seed and up to $250k for seed.
4) Which stages are you looking at?
Early-stage projects.
5) What industries, geography?
Anything related to #AI and #Gamedev (all gaming, adjacent gaming projects, and blockchain games).
We can invest in Russia (#Rus) and abroad, with a preference for developed markets (#developed).
6) Are you ready to be a lead investor?
Depends on the situation.
7) Where did the projects you invested in come from?
Many projects come from our network, including business communities. Some are sourced from attending conferences.
8) What percentage of investments are in projects that came through cold messages/emails?
We do not read cold emails; we prefer to invest in founders with whom we have mutual contacts.
9) What accelerators or startup conferences do you follow/attend?
For example, we attend Emerge and Epic Growth.
10) What should a project have to pass initial screening?
- Energy and charisma of the founder
- How logically the presentation is made, clarity of the problem and solution, and overall approach—whether it’s template-like or interesting
- Synergy with current companies (#AI, #Fintech, #Foodtech, #Edtech) so we can support the project afterward
11) What return on investment do you expect from the projects?
We balance risk and return, typically looking at projects with potential returns of 3x-10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
We like serial entrepreneurs but have no strict criteria. Since we actively help projects after investing, we need to have good chemistry with the founder(s) before entry.
13) What "unfair advantage" in projects are you looking for?
We usually call it a “shortcut”—an advantage that allows the project to achieve something faster than competitors. Nice to have, but not mandatory.
#active #b2c #b2b #preseed #seed #USD50k #USD250k
1) How many deals do you plan to make?
We are not a fund, but a private company that occasionally invests surplus capital in startups, so our investment pace is unpredictable.
2) How many projects do you review per year?
No systematic approach.
3) What is the average check size?
Around $50k for pre-seed and up to $250k for seed.
4) Which stages are you looking at?
Early-stage projects.
5) What industries, geography?
Anything related to #AI and #Gamedev (all gaming, adjacent gaming projects, and blockchain games).
We can invest in Russia (#Rus) and abroad, with a preference for developed markets (#developed).
6) Are you ready to be a lead investor?
Depends on the situation.
7) Where did the projects you invested in come from?
Many projects come from our network, including business communities. Some are sourced from attending conferences.
8) What percentage of investments are in projects that came through cold messages/emails?
We do not read cold emails; we prefer to invest in founders with whom we have mutual contacts.
9) What accelerators or startup conferences do you follow/attend?
For example, we attend Emerge and Epic Growth.
10) What should a project have to pass initial screening?
- Energy and charisma of the founder
- How logically the presentation is made, clarity of the problem and solution, and overall approach—whether it’s template-like or interesting
- Synergy with current companies (#AI, #Fintech, #Foodtech, #Edtech) so we can support the project afterward
11) What return on investment do you expect from the projects?
We balance risk and return, typically looking at projects with potential returns of 3x-10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
We like serial entrepreneurs but have no strict criteria. Since we actively help projects after investing, we need to have good chemistry with the founder(s) before entry.
13) What "unfair advantage" in projects are you looking for?
We usually call it a “shortcut”—an advantage that allows the project to achieve something faster than competitors. Nice to have, but not mandatory.
👍3
Fund #F55
#active #b2c #b2b #SeriesA #USD5m
1) How many deals do you plan to make?
Managing $250M under management, we do up to 6-7 deals per year, usually 3-4.
2) How many projects do you review?
Several hundred per year.
3) What is the average check size?
$5-10M.
4) Which stages are you looking at?
Series A and above. Minimum revenue (run-rate) around $3M ARR.
5) What industries, geography?
Generally #agnostic, looking at both B2B and B2C.
Best understood sectors: #B2B #SaaS, #B2C #Apps, #Ecommerce, #Classified.
Hardly any hardware or deeptech (except AI infrastructure or hardware + AI software combinations).
Mostly communicating with founders from Eastern and Central Europe targeting developed markets, though exact geography is less important (#global); sales growth dynamics matter more.
6) Are you ready to be a lead investor?
Prefer to lead, but can also do co-investments.
7) Where did the projects you invested in come from?
Mostly from our network. We also source projects ourselves and look at those coming via referrals.
8) What percentage of investments are in projects that came through cold messages/emails?
No exact statistics, but about 10-20% of deals started from an initial outreach, which developed into a relationship leading to investment.
9) What accelerators or startup conferences do you follow/attend?
We regularly attend Websummit (also hosting our own party there for several years) and Reflect Festival (Cyprus, where our HQ is located).
10) What should be in the presentation to pass initial review?
- Product description
- Competitors and product positioning
- Current P&L numbers
- Unit economics
11) What return on investment do you expect from the projects?
Target 4-5x, with a focus on no project losing money, while some of the portfolio achieves close to 10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No formal criteria, but the leader and team are extremely important and receive significant attention.
13) What "unfair advantage" in projects are you looking for?
Should be some kind of unique value proposition (UVP) that differentiates the product from competitors. Often this is reflected in strong unit economics, which indicate the presence of such a UVP.
#active #b2c #b2b #SeriesA #USD5m
1) How many deals do you plan to make?
Managing $250M under management, we do up to 6-7 deals per year, usually 3-4.
2) How many projects do you review?
Several hundred per year.
3) What is the average check size?
$5-10M.
4) Which stages are you looking at?
Series A and above. Minimum revenue (run-rate) around $3M ARR.
5) What industries, geography?
Generally #agnostic, looking at both B2B and B2C.
Best understood sectors: #B2B #SaaS, #B2C #Apps, #Ecommerce, #Classified.
Hardly any hardware or deeptech (except AI infrastructure or hardware + AI software combinations).
Mostly communicating with founders from Eastern and Central Europe targeting developed markets, though exact geography is less important (#global); sales growth dynamics matter more.
6) Are you ready to be a lead investor?
Prefer to lead, but can also do co-investments.
7) Where did the projects you invested in come from?
Mostly from our network. We also source projects ourselves and look at those coming via referrals.
8) What percentage of investments are in projects that came through cold messages/emails?
No exact statistics, but about 10-20% of deals started from an initial outreach, which developed into a relationship leading to investment.
9) What accelerators or startup conferences do you follow/attend?
We regularly attend Websummit (also hosting our own party there for several years) and Reflect Festival (Cyprus, where our HQ is located).
10) What should be in the presentation to pass initial review?
- Product description
- Competitors and product positioning
- Current P&L numbers
- Unit economics
11) What return on investment do you expect from the projects?
Target 4-5x, with a focus on no project losing money, while some of the portfolio achieves close to 10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No formal criteria, but the leader and team are extremely important and receive significant attention.
13) What "unfair advantage" in projects are you looking for?
Should be some kind of unique value proposition (UVP) that differentiates the product from competitors. Often this is reflected in strong unit economics, which indicate the presence of such a UVP.
💯4👍2
Fund #F56
#active #b2c #b2b #seed #USD150k #USD1m
1) How many deals do you plan to make?
Around 15 deals over 3 years.
2) How many projects do you review?
Conversion from reviewed decks to investments is about 3%.
3) What is the average check size?
From 15 to 120 million RUB per project; most comfortable around 50 million RUB.
4) Which stages are you looking at?
This check is for Seed stage. Since we primarily look at deeptech projects, there is no minimum revenue requirement.
5) What industries, geography?
Various deeptech directions (#biotech, #robotics, #AI, #medtech, #spacetech, #agrotech, #foodtech, #newmaterials) with TRL 5+ technologies (TRL = Technology Readiness Level; TRL 5 = prototype tested in near-real conditions).
~80% B2B projects, B2C also occasionally.
All projects in Russia (#Rus; >50% of the team should be based in Russia).
Founders must be affiliated with Russian universities (professors, staff, recent graduates within 3 years).
6) Are you ready to be a lead investor?
Yes, lead investor at Seed stage in the first round. In subsequent rounds, prefer co-investors but can fully close rounds if project shows strong traction (for mature stages, check up to ~1 billion RUB).
7) Where did the projects you invested in come from?
University startup studios, fund partner network, accelerators, conferences. Proactive search is less common and used only for specific narrow requests.
8) What percentage of investments are in projects that came through cold messages/emails?
Almost none; very rare cases. We review submissions and respond when possible.
9) What accelerators or startup conferences do you follow/attend?
University startup studios, Sber500, various PhysTech platforms, conferences with project pitches (Russian Venture Forum, InnoFood, TechPred), VentureGames, etc.
10) What should be in the presentation to pass initial review?
- Communication map (who the founders spoke with, what potential clients/customers said) to show this is a real problem, not imaginary.
- Potential market size.
- Financial dynamics (growth assumptions, projected expenses).
- Technology (trendy, modern tech stack).
11) What return on investment do you expect from the projects?
Approximately 5x over 5 years.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Main requirement: affiliation with a university. Other strict requirements are absent. Deeptech founders usually have strong technological expertise.
13) What "unfair advantage" in projects are you looking for?
Rather considered as competitive advantage. Prefer projects with breakthrough innovation that can either significantly reduce costs or offer a qualitatively different solution. Advantage in deeptech often comes from capital-intensive R&D at early stages.
#active #b2c #b2b #seed #USD150k #USD1m
1) How many deals do you plan to make?
Around 15 deals over 3 years.
2) How many projects do you review?
Conversion from reviewed decks to investments is about 3%.
3) What is the average check size?
From 15 to 120 million RUB per project; most comfortable around 50 million RUB.
4) Which stages are you looking at?
This check is for Seed stage. Since we primarily look at deeptech projects, there is no minimum revenue requirement.
5) What industries, geography?
Various deeptech directions (#biotech, #robotics, #AI, #medtech, #spacetech, #agrotech, #foodtech, #newmaterials) with TRL 5+ technologies (TRL = Technology Readiness Level; TRL 5 = prototype tested in near-real conditions).
~80% B2B projects, B2C also occasionally.
All projects in Russia (#Rus; >50% of the team should be based in Russia).
Founders must be affiliated with Russian universities (professors, staff, recent graduates within 3 years).
6) Are you ready to be a lead investor?
Yes, lead investor at Seed stage in the first round. In subsequent rounds, prefer co-investors but can fully close rounds if project shows strong traction (for mature stages, check up to ~1 billion RUB).
7) Where did the projects you invested in come from?
University startup studios, fund partner network, accelerators, conferences. Proactive search is less common and used only for specific narrow requests.
8) What percentage of investments are in projects that came through cold messages/emails?
Almost none; very rare cases. We review submissions and respond when possible.
9) What accelerators or startup conferences do you follow/attend?
University startup studios, Sber500, various PhysTech platforms, conferences with project pitches (Russian Venture Forum, InnoFood, TechPred), VentureGames, etc.
10) What should be in the presentation to pass initial review?
- Communication map (who the founders spoke with, what potential clients/customers said) to show this is a real problem, not imaginary.
- Potential market size.
- Financial dynamics (growth assumptions, projected expenses).
- Technology (trendy, modern tech stack).
11) What return on investment do you expect from the projects?
Approximately 5x over 5 years.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Main requirement: affiliation with a university. Other strict requirements are absent. Deeptech founders usually have strong technological expertise.
13) What "unfair advantage" in projects are you looking for?
Rather considered as competitive advantage. Prefer projects with breakthrough innovation that can either significantly reduce costs or offer a qualitatively different solution. Advantage in deeptech often comes from capital-intensive R&D at early stages.
👍2
Fund #F57
#active #b2b #preseed #seed #seriesA #USD1m #USD4m
1) How many deals do you plan to make?
7–8 deals per year.
2) How many projects do you review?
At least 1,000 per year.
3) What is the average check size?
$1–4m at entry, depending on the industry.
4) Which stages are you looking at?
From pre-seed to Series A.
Minimum requirements:
- For SaaS projects: MVP and first revenue $1–2m ARR.
- For Deeptech: presence of publications and scientific foundation for product development.
5) What industries, geography?
Industries: Enterprise #SaaS, #Deeptech (serious scientific focus), #Edtech. Only B2B projects.
Geography: primarily US and Europe (#developed). No strict restrictions, but interesting projects in these industries are usually located there.
6) Are you ready to be a lead investor?
Yes, but we usually spend time understanding projects and lead only if we fully understand the industry and can add value.
7) Where did the projects you invested in come from?
80% from network, 20% from proactive search, including accelerators and events.
8) What percentage of investments are in projects that came through cold messages/emails?
None so far. We read cold emails regularly and call projects that seem interesting.
9) What accelerators or startup conferences do you follow/attend?
We follow well-known accelerators like YC (quality and valuations sometimes disappointing), Skydeck, Alchemist.
Conferences: major European events like WebSummit, Slush, plus local events like Bits & Pretzels. Conferences serve as one source for project sourcing.
10) What should be in the presentation to pass initial review?
- Clear presentation of the project’s unique value.
- Team: relevant experience with LinkedIn links.
- Metrics, if available (traction, gross margin, NRR, etc.).
11) What return on investment do you expect from the projects?
Minimum 5x for Series A, minimum 10x for earlier stages.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Preferably 2 founders (technical + business), main requirement is not having 5 founders. No strict exit requirements; relevant expertise is key.
13) What "unfair advantage" in projects are you looking for?
Not required, but nice to have if present.
#active #b2b #preseed #seed #seriesA #USD1m #USD4m
1) How many deals do you plan to make?
7–8 deals per year.
2) How many projects do you review?
At least 1,000 per year.
3) What is the average check size?
$1–4m at entry, depending on the industry.
4) Which stages are you looking at?
From pre-seed to Series A.
Minimum requirements:
- For SaaS projects: MVP and first revenue $1–2m ARR.
- For Deeptech: presence of publications and scientific foundation for product development.
5) What industries, geography?
Industries: Enterprise #SaaS, #Deeptech (serious scientific focus), #Edtech. Only B2B projects.
Geography: primarily US and Europe (#developed). No strict restrictions, but interesting projects in these industries are usually located there.
6) Are you ready to be a lead investor?
Yes, but we usually spend time understanding projects and lead only if we fully understand the industry and can add value.
7) Where did the projects you invested in come from?
80% from network, 20% from proactive search, including accelerators and events.
8) What percentage of investments are in projects that came through cold messages/emails?
None so far. We read cold emails regularly and call projects that seem interesting.
9) What accelerators or startup conferences do you follow/attend?
We follow well-known accelerators like YC (quality and valuations sometimes disappointing), Skydeck, Alchemist.
Conferences: major European events like WebSummit, Slush, plus local events like Bits & Pretzels. Conferences serve as one source for project sourcing.
10) What should be in the presentation to pass initial review?
- Clear presentation of the project’s unique value.
- Team: relevant experience with LinkedIn links.
- Metrics, if available (traction, gross margin, NRR, etc.).
11) What return on investment do you expect from the projects?
Minimum 5x for Series A, minimum 10x for earlier stages.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Preferably 2 founders (technical + business), main requirement is not having 5 founders. No strict exit requirements; relevant expertise is key.
13) What "unfair advantage" in projects are you looking for?
Not required, but nice to have if present.
👍2🔥1
Fund #F58
#active #b2c #b2b #preseed #seed #seriesA #USD1m #USD2m
1) How many deals do you plan to make?
5–6 deals per year.
2) How many projects do you review?
We don’t track exact numbers; conversion is like most funds—lots of low-quality inbound, so overall conversion from top of funnel is low.
3) What is the average check size?
$1–2m at entry for a meaningful minority stake.
4) Which stages are you looking at?
From pre-seed to Series A. Revenue is not required.
5) What industries, geography?
#Games and #Entertainment.
Within gaming, we look at both game studios and ecosystem projects (social networks, recommendation services, etc.).
Mostly B2C, B2B is also acceptable.
We do not invest in hyper-casual games, casinos, blockchain/web3.
Geography: #global with partial focus on Eastern Europe.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
Mainly from industry networks, often from founders of portfolio companies.
8) What percentage of investments are in projects that came through cold messages/emails?
One case so far. We get many emails (up to 15 per day), mostly low-quality, so we respond selectively to projects that attract interest.
9) What accelerators or startup conferences do you follow/attend?
We use accelerators and events mainly for branding purposes, not as a primary sourcing channel.
10) What should be in the presentation to pass initial review?
- Team (previous experience and track record)
- Product (idea and target audience)
- Niche (market size and level of competition)
- Strategy (future roadmap beyond the first product)
11) What return on investment do you expect from the projects?
Minimum 10x for venture-style investments. Sometimes we consider project-based financing, where we focus more on cash flow.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Preferably more than one founder, but not critical. Exits are a plus, but relevant project experience is also sufficient.
13) What "unfair advantage" in projects are you looking for?
Primarily strong teams with unique experience that distinguishes them from others.
#active #b2c #b2b #preseed #seed #seriesA #USD1m #USD2m
1) How many deals do you plan to make?
5–6 deals per year.
2) How many projects do you review?
We don’t track exact numbers; conversion is like most funds—lots of low-quality inbound, so overall conversion from top of funnel is low.
3) What is the average check size?
$1–2m at entry for a meaningful minority stake.
4) Which stages are you looking at?
From pre-seed to Series A. Revenue is not required.
5) What industries, geography?
#Games and #Entertainment.
Within gaming, we look at both game studios and ecosystem projects (social networks, recommendation services, etc.).
Mostly B2C, B2B is also acceptable.
We do not invest in hyper-casual games, casinos, blockchain/web3.
Geography: #global with partial focus on Eastern Europe.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
Mainly from industry networks, often from founders of portfolio companies.
8) What percentage of investments are in projects that came through cold messages/emails?
One case so far. We get many emails (up to 15 per day), mostly low-quality, so we respond selectively to projects that attract interest.
9) What accelerators or startup conferences do you follow/attend?
We use accelerators and events mainly for branding purposes, not as a primary sourcing channel.
10) What should be in the presentation to pass initial review?
- Team (previous experience and track record)
- Product (idea and target audience)
- Niche (market size and level of competition)
- Strategy (future roadmap beyond the first product)
11) What return on investment do you expect from the projects?
Minimum 10x for venture-style investments. Sometimes we consider project-based financing, where we focus more on cash flow.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Preferably more than one founder, but not critical. Exits are a plus, but relevant project experience is also sufficient.
13) What "unfair advantage" in projects are you looking for?
Primarily strong teams with unique experience that distinguishes them from others.
❤1👍1
Fund #F59
#NOTactive #b2c #b2b #seed #USD100k #USD500k
1) How many deals do you plan to make?
About 6–7 deals per year, but we aim to increase this pace in the future.
2) Out of 100 decks, how many projects do you invest in?
We aim to build a high-quality pipeline initially and invest in at least 5% of reviewed projects.
3) What is the average check size?
$100–500k for the initial investment, up to $2m for follow-on rounds.
4) Which stages are you looking at?
Seed – late Seed at entry.
5) What industries, geography?
US, LATAM, SEA. #global
Industries are generally #agnostic, with strongest understanding in #ecommerce, #edtech, and #deeptech related to software.
6) Are you ready to be a lead investor?
Currently prefer not to lead.
7) Where did the projects you invested in come from?
60% through network, 30% via our IT-specialist community, 10% via proactive database search.
8) What percentage of investments are in projects that came through cold messages/emails?
We read cold emails and schedule calls, but haven’t invested this way yet, though it’s possible in the future.
9) What accelerators or startup conferences do you follow/attend?
These sources are mainly used to track trends rather than for direct sourcing.
10) What should be in the presentation to pass initial review?
- Team (does it meet formal criteria and solve the problem stated)
- For B2B projects, sales expertise and clear understanding of the ICP (Ideal Client Profile) – which employee the project targets and which pain point it addresses
- How the team identified the problem and how well they understand it, plus the market size potential
- Tech moat (what is hard for competitors to replicate and why)
- Traction (important to see consistent product improvement)
- Valuation (should be reasonable for the stage)
11) What return on investment do you expect from the projects?
Minimum 10x ideally, but flexible depending on the situation.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No strict requirements, but at least one founder should have Big Tech experience (worked in a large tech company).
Someone in the core team should have industry experience relevant to the startup.
For B2B projects, at least one founder must have sales expertise.
13) What "unfair advantage" in projects are you looking for?
We refer to this as a tech moat, as mentioned above.
#NOTactive #b2c #b2b #seed #USD100k #USD500k
1) How many deals do you plan to make?
About 6–7 deals per year, but we aim to increase this pace in the future.
2) Out of 100 decks, how many projects do you invest in?
We aim to build a high-quality pipeline initially and invest in at least 5% of reviewed projects.
3) What is the average check size?
$100–500k for the initial investment, up to $2m for follow-on rounds.
4) Which stages are you looking at?
Seed – late Seed at entry.
5) What industries, geography?
US, LATAM, SEA. #global
Industries are generally #agnostic, with strongest understanding in #ecommerce, #edtech, and #deeptech related to software.
6) Are you ready to be a lead investor?
Currently prefer not to lead.
7) Where did the projects you invested in come from?
60% through network, 30% via our IT-specialist community, 10% via proactive database search.
8) What percentage of investments are in projects that came through cold messages/emails?
We read cold emails and schedule calls, but haven’t invested this way yet, though it’s possible in the future.
9) What accelerators or startup conferences do you follow/attend?
These sources are mainly used to track trends rather than for direct sourcing.
10) What should be in the presentation to pass initial review?
- Team (does it meet formal criteria and solve the problem stated)
- For B2B projects, sales expertise and clear understanding of the ICP (Ideal Client Profile) – which employee the project targets and which pain point it addresses
- How the team identified the problem and how well they understand it, plus the market size potential
- Tech moat (what is hard for competitors to replicate and why)
- Traction (important to see consistent product improvement)
- Valuation (should be reasonable for the stage)
11) What return on investment do you expect from the projects?
Minimum 10x ideally, but flexible depending on the situation.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No strict requirements, but at least one founder should have Big Tech experience (worked in a large tech company).
Someone in the core team should have industry experience relevant to the startup.
For B2B projects, at least one founder must have sales expertise.
13) What "unfair advantage" in projects are you looking for?
We refer to this as a tech moat, as mentioned above.
👍1
Fund #F60
#active #b2c #b2b #preseed #seed #USD100k
1) How many deals do you plan to make?
5-10 direct investments per year.
2) Out of 100 decks how many projects do you invest in?
Less than 1%.
3) What is the average check size?
$100k.
4) Which stages are you looking at?
Pre-seed, Seed and can follow up until Series C.
5) What industries, geography?
We are industry #agnostic, can look at B2C and B2B projects, but invest only in companies incorporated in Netherlands or Germany #developed.
6) Are you ready to be a lead investor?
Yes, sometimes.
7) Where did the projects you invested in come from?
We have a strong brand, and thus we receive a lot of inbound applications (500 applications per week), however we search for projects ourselves as well.
8) What percentage of investments are in projects that came through cold messages/emails?
Many.
9) What accelerators or startup conferences do you follow/attend?
We have our own incubator/residency program.
10) What should be in the presentation to pass initial review?
We mostly look at the team, their skills, domain expertise, and network.
We would also like to see a balanced cap table and clear investment proposition.
11) What return on investment do you expect from the projects?
30x - we are looking for unicorns.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules, but 2-3 founders are preferable.
13) What "unfair advantage" in projects are you looking for?
Team experience and capabilities are the first priority for us.
#active #b2c #b2b #preseed #seed #USD100k
1) How many deals do you plan to make?
5-10 direct investments per year.
2) Out of 100 decks how many projects do you invest in?
Less than 1%.
3) What is the average check size?
$100k.
4) Which stages are you looking at?
Pre-seed, Seed and can follow up until Series C.
5) What industries, geography?
We are industry #agnostic, can look at B2C and B2B projects, but invest only in companies incorporated in Netherlands or Germany #developed.
6) Are you ready to be a lead investor?
Yes, sometimes.
7) Where did the projects you invested in come from?
We have a strong brand, and thus we receive a lot of inbound applications (500 applications per week), however we search for projects ourselves as well.
8) What percentage of investments are in projects that came through cold messages/emails?
Many.
9) What accelerators or startup conferences do you follow/attend?
We have our own incubator/residency program.
10) What should be in the presentation to pass initial review?
We mostly look at the team, their skills, domain expertise, and network.
We would also like to see a balanced cap table and clear investment proposition.
11) What return on investment do you expect from the projects?
30x - we are looking for unicorns.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules, but 2-3 founders are preferable.
13) What "unfair advantage" in projects are you looking for?
Team experience and capabilities are the first priority for us.
👍3
Fund #F61
#active #b2c #b2b #preseed #seed #USD50k #USD150k
1) How many deals do you plan to make?
The fund is almost fully invested, but we may still do 3–7 deals this year.
2) Out of 100 decks how many projects do you invest in?
We invest in about 1 out of every 50 decks we review.
Most projects come through recommendations, so the inbound pipeline is quite high-quality.
3) What is the average check size?
$50–150k.
4) Which stages are you looking at?
Early stages – pre-seed and seed.
We look at projects with minimum revenue of $5–10k MRR. For strong repeat founders, exceptions can be made to consider projects without revenue.
5) What industries, geography?
Mainly #Healthtech, #Fintech, #SharingEconomy but also open to other sectors (#agnostic). We do not consider crypto or deeptech.
Geography focus is global, with developed markets in the US and Europe being preferred. #developed
6) Are you ready to be a lead investor?
Usually no, but there are exceptions.
7) Where did the projects you invested in come from?
Mainly recommendations via our network (other funds, LPs, founder connections, brokers), fewer from conferences or cold emails.
8) What percentage of investments are in projects that came through cold messages/emails?
Cold projects are rare. We read the emails, and have even made one deal (one of the best in the portfolio), and plan another. So this channel works for us.
9) What accelerators or startup conferences do you follow/attend?
Primarily conferences such as Vivatech, Websummit, Sifted, Reflect (Cyprus). Not actively following accelerators.
10) What should be in the presentation to pass initial review?
We look at:
- Does the market fall within our areas of interest?
- Can the idea and market potential be understood quickly?
- How strong is the founding team in terms of execution potential?
11) What return on investment do you expect from the projects?
Minimum 10x per deal.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No formal requirements, but multiple founders are preferred.
If founders are Russian-speaking, all should live abroad.
13) What "unfair advantage" in projects are you looking for?
Primarily, we focus on the competitive advantages of the project.
#active #b2c #b2b #preseed #seed #USD50k #USD150k
1) How many deals do you plan to make?
The fund is almost fully invested, but we may still do 3–7 deals this year.
2) Out of 100 decks how many projects do you invest in?
We invest in about 1 out of every 50 decks we review.
Most projects come through recommendations, so the inbound pipeline is quite high-quality.
3) What is the average check size?
$50–150k.
4) Which stages are you looking at?
Early stages – pre-seed and seed.
We look at projects with minimum revenue of $5–10k MRR. For strong repeat founders, exceptions can be made to consider projects without revenue.
5) What industries, geography?
Mainly #Healthtech, #Fintech, #SharingEconomy but also open to other sectors (#agnostic). We do not consider crypto or deeptech.
Geography focus is global, with developed markets in the US and Europe being preferred. #developed
6) Are you ready to be a lead investor?
Usually no, but there are exceptions.
7) Where did the projects you invested in come from?
Mainly recommendations via our network (other funds, LPs, founder connections, brokers), fewer from conferences or cold emails.
8) What percentage of investments are in projects that came through cold messages/emails?
Cold projects are rare. We read the emails, and have even made one deal (one of the best in the portfolio), and plan another. So this channel works for us.
9) What accelerators or startup conferences do you follow/attend?
Primarily conferences such as Vivatech, Websummit, Sifted, Reflect (Cyprus). Not actively following accelerators.
10) What should be in the presentation to pass initial review?
We look at:
- Does the market fall within our areas of interest?
- Can the idea and market potential be understood quickly?
- How strong is the founding team in terms of execution potential?
11) What return on investment do you expect from the projects?
Minimum 10x per deal.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No formal requirements, but multiple founders are preferred.
If founders are Russian-speaking, all should live abroad.
13) What "unfair advantage" in projects are you looking for?
Primarily, we focus on the competitive advantages of the project.
👍2❤1
Fund #F62
#active #b2b #seed #USD500k
1) How many deals do you plan to make?
About 8–10 per year.
2) Out of 100 decks how many projects do you invest in?
Approximately 100–200 decks per investment.
3) What is the average check size?
$500k.
4) Which stages are you looking at?
Seed with minimum revenue around $30–50k MRR.
5) What industries, geography?
#B2B: #SaaS, #Fintech, #FutureofWork, #Productivity tools, digital #Healthtech.
Geography: US, EU, UK. #developed
B2C projects are generally not considered.
6) Are you ready to be a lead investor?
No.
7) Where did the projects you invested in come from?
Mainly from our network.
8) What percentage of investments are in projects that came through cold messages/emails?
So far, none. Incoming messages are read but treated skeptically, as the quality of such projects is usually low.
9) What accelerators or startup conferences do you follow/attend?
We attend conferences regularly, engage with startups, and include them in our pipeline, but have not invested in such projects yet.
Examples: SaaStr (London & San Francisco), TechCrunch, Websummit, TechWeek (London).
We interact with leading accelerators, but do not focus on them, as our inbound flow is already large.
10) What should be in the presentation to pass initial review?
- Description of the team’s previous experience with LinkedIn links to verify credibility
- Well-designed visual presentation
- Traction
- Problem/solution
- Market slide is less important, as most projects overstate market size
11) What return on investment do you expect from the projects?
Minimum 10x, accounting for dilution.
Focus on outliers that can deliver 100x. Projects with potential below 10x (after dilution) are not considered.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No formal requirements. Founder couples are not considered. Solo founders are approached cautiously; repeat founders are a definite plus.
13) What "unfair advantage" in projects are you looking for?
This is important, one of the key questions. We usually ask about the competitive advantage/moat and its defensibility.
We want to understand whether the project has an immediate edge and whether it can be sustained in the future.
#active #b2b #seed #USD500k
1) How many deals do you plan to make?
About 8–10 per year.
2) Out of 100 decks how many projects do you invest in?
Approximately 100–200 decks per investment.
3) What is the average check size?
$500k.
4) Which stages are you looking at?
Seed with minimum revenue around $30–50k MRR.
5) What industries, geography?
#B2B: #SaaS, #Fintech, #FutureofWork, #Productivity tools, digital #Healthtech.
Geography: US, EU, UK. #developed
B2C projects are generally not considered.
6) Are you ready to be a lead investor?
No.
7) Where did the projects you invested in come from?
Mainly from our network.
8) What percentage of investments are in projects that came through cold messages/emails?
So far, none. Incoming messages are read but treated skeptically, as the quality of such projects is usually low.
9) What accelerators or startup conferences do you follow/attend?
We attend conferences regularly, engage with startups, and include them in our pipeline, but have not invested in such projects yet.
Examples: SaaStr (London & San Francisco), TechCrunch, Websummit, TechWeek (London).
We interact with leading accelerators, but do not focus on them, as our inbound flow is already large.
10) What should be in the presentation to pass initial review?
- Description of the team’s previous experience with LinkedIn links to verify credibility
- Well-designed visual presentation
- Traction
- Problem/solution
- Market slide is less important, as most projects overstate market size
11) What return on investment do you expect from the projects?
Minimum 10x, accounting for dilution.
Focus on outliers that can deliver 100x. Projects with potential below 10x (after dilution) are not considered.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
No formal requirements. Founder couples are not considered. Solo founders are approached cautiously; repeat founders are a definite plus.
13) What "unfair advantage" in projects are you looking for?
This is important, one of the key questions. We usually ask about the competitive advantage/moat and its defensibility.
We want to understand whether the project has an immediate edge and whether it can be sustained in the future.
👍2🤮1
Fund #F63
#active #b2c #b2b #seed #USD300k #USD1m
1) How many deals do you plan to make?
We make on average 1 deal per month.
2) Out of 100 decks how many projects do you invest in?
Our conversion rate is about 0,1-0,5%.
3) What is the average check size?
$300k - $1m. We make follow-ons, but do not lead them usually.
4) Which stages are you looking at?
Pre-seed and Seed stages.
5) What industries, geography?
We invest in companies from South and Central Eastern Europe (#emerging) in the following sectors: #Fintech, #Helthcare, #FutureOfWork, #Climate and #Sustainability.
90% of our projects is in B2B space, but we may occasionally consider B2C startups as well.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
We have a diversified strategy, including referrals, accelerators, conferences, outbound search, community of 300 mentors and co-investments with other VC funds.
8) What percentage of investments are in projects that came through cold messages/emails?
Probably around 5%. We review cold letters regularly, but the probability of investment is lower than in the case of projects with references, since at early stages, references are one of the key elements of due diligence.
9) What accelerators or startup conferences do you follow/attend?
We look at projects from Founder Institute, Startup Wise Guys, ReaktorX (Poland), Techstars, and other local accelerators.
We visit local conferences as well, such as Web Summit Bulgaria, Panathenaia (Greece), etc.
10) What should be in the presentation to pass initial review?
- the project fits our thesis
- we can quickly understand what the company does
- there is no unnecessary stuff in the deck
- what is special about the team, detailed credentials
- how much the project is raising and whether it's relevant to the current stage
11) What return on investment do you expect from the projects?
At least 30x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict requirements.
13) What "unfair advantage" in projects are you looking for?
We prefer to use the term competitive advantage or moat, which will protect the business from being disrupted in the long term. If there is no moat currently, we need to understand how it will be created in the future.
#active #b2c #b2b #seed #USD300k #USD1m
1) How many deals do you plan to make?
We make on average 1 deal per month.
2) Out of 100 decks how many projects do you invest in?
Our conversion rate is about 0,1-0,5%.
3) What is the average check size?
$300k - $1m. We make follow-ons, but do not lead them usually.
4) Which stages are you looking at?
Pre-seed and Seed stages.
5) What industries, geography?
We invest in companies from South and Central Eastern Europe (#emerging) in the following sectors: #Fintech, #Helthcare, #FutureOfWork, #Climate and #Sustainability.
90% of our projects is in B2B space, but we may occasionally consider B2C startups as well.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
We have a diversified strategy, including referrals, accelerators, conferences, outbound search, community of 300 mentors and co-investments with other VC funds.
8) What percentage of investments are in projects that came through cold messages/emails?
Probably around 5%. We review cold letters regularly, but the probability of investment is lower than in the case of projects with references, since at early stages, references are one of the key elements of due diligence.
9) What accelerators or startup conferences do you follow/attend?
We look at projects from Founder Institute, Startup Wise Guys, ReaktorX (Poland), Techstars, and other local accelerators.
We visit local conferences as well, such as Web Summit Bulgaria, Panathenaia (Greece), etc.
10) What should be in the presentation to pass initial review?
- the project fits our thesis
- we can quickly understand what the company does
- there is no unnecessary stuff in the deck
- what is special about the team, detailed credentials
- how much the project is raising and whether it's relevant to the current stage
11) What return on investment do you expect from the projects?
At least 30x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict requirements.
13) What "unfair advantage" in projects are you looking for?
We prefer to use the term competitive advantage or moat, which will protect the business from being disrupted in the long term. If there is no moat currently, we need to understand how it will be created in the future.
👍2
Fund #F64
#active #b2b #seed #USD1m #USD5m
1) How many deals do you plan to make?
Currently in the active stage of our third fund, focused on early stages. We do about 5–6 new deals per year and roughly the same number of follow-on deals.
2) Out of 100 decks how many projects do you invest in?
About 100 projects per investment.
3) What is the average check size?
Initial: $1–5m.
Follow-on: an additional $5–10m.
4) Which stages are you looking at?
Seed – Series A.
We usually look for projects with proven PMF and $50k MRR, but also consider projects without revenue that have successful pilots with large clients.
5) What industries, geography?
Main focus: B2B in #Cybersecurity, #Healthtech, #Enterprise #Software.
A small portion of the fund is reserved for outlier deals in other sectors, including B2C, but these must be exceptional projects.
We target projects from Israel and the USA, aimed at the US market. #developed
6) Are you ready to be a lead investor?
We always aim to lead and take a board seat. Detailed DD is done for each project, so deal timelines are typically 2–3 months for Seed and 4–5 months for Series A.
7) Where did the projects you invested in come from?
In previous funds, we made over 70 investments, so we are well embedded in founder and investor communities, which bring new deals.
We also proactively search for deals ourselves, but ~90% still comes from our network.
8) What percentage of investments are in projects that came through cold messages/emails?
In our first fund, we looked at cold emails but never invested. In later funds, we stopped spending time on them, as the quality is generally very low.
9) What accelerators or startup conferences do you follow/attend?
We attend many conferences, e.g., WebSummit, Slush, TechCrunch, DLD (Israel).
We review projects from accelerators like Microsoft Ventures Accelerator Tel Aviv or Citi Bank accelerator program in Israel.
Also interested in projects that received grants from the “Chief Scientist’s Office.” In Israel, almost every ministry has a department that supports specialized innovative companies.
10) What should be in the presentation to pass initial review?
We primarily evaluate:
- Market size and growth dynamics
- Team capability to deliver the project
11) What return on investment do you expect from the projects?
Each fund has ~25 portfolio companies, each of which should have the potential to return the entire fund. We only target potential unicorns, aiming for 30–50x ROI on initial investments.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
We invest only in repeat founders willing to live in the project’s target geography. We don’t consider founder couples. Solo founders are approached cautiously; 2+ founders are preferred.
Important qualities: general soundness, willingness to listen, and ability to compromise.
13) What "unfair advantage" in projects are you looking for?
We focus more on:
- How the project differentiates from competitors
- Why the team believes it can outpace the market
- Whether the team understands the steps needed to make the business more attractive for future investment or acquisition, which would increase its valuation multiple over time.
#active #b2b #seed #USD1m #USD5m
1) How many deals do you plan to make?
Currently in the active stage of our third fund, focused on early stages. We do about 5–6 new deals per year and roughly the same number of follow-on deals.
2) Out of 100 decks how many projects do you invest in?
About 100 projects per investment.
3) What is the average check size?
Initial: $1–5m.
Follow-on: an additional $5–10m.
4) Which stages are you looking at?
Seed – Series A.
We usually look for projects with proven PMF and $50k MRR, but also consider projects without revenue that have successful pilots with large clients.
5) What industries, geography?
Main focus: B2B in #Cybersecurity, #Healthtech, #Enterprise #Software.
A small portion of the fund is reserved for outlier deals in other sectors, including B2C, but these must be exceptional projects.
We target projects from Israel and the USA, aimed at the US market. #developed
6) Are you ready to be a lead investor?
We always aim to lead and take a board seat. Detailed DD is done for each project, so deal timelines are typically 2–3 months for Seed and 4–5 months for Series A.
7) Where did the projects you invested in come from?
In previous funds, we made over 70 investments, so we are well embedded in founder and investor communities, which bring new deals.
We also proactively search for deals ourselves, but ~90% still comes from our network.
8) What percentage of investments are in projects that came through cold messages/emails?
In our first fund, we looked at cold emails but never invested. In later funds, we stopped spending time on them, as the quality is generally very low.
9) What accelerators or startup conferences do you follow/attend?
We attend many conferences, e.g., WebSummit, Slush, TechCrunch, DLD (Israel).
We review projects from accelerators like Microsoft Ventures Accelerator Tel Aviv or Citi Bank accelerator program in Israel.
Also interested in projects that received grants from the “Chief Scientist’s Office.” In Israel, almost every ministry has a department that supports specialized innovative companies.
10) What should be in the presentation to pass initial review?
We primarily evaluate:
- Market size and growth dynamics
- Team capability to deliver the project
11) What return on investment do you expect from the projects?
Each fund has ~25 portfolio companies, each of which should have the potential to return the entire fund. We only target potential unicorns, aiming for 30–50x ROI on initial investments.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
We invest only in repeat founders willing to live in the project’s target geography. We don’t consider founder couples. Solo founders are approached cautiously; 2+ founders are preferred.
Important qualities: general soundness, willingness to listen, and ability to compromise.
13) What "unfair advantage" in projects are you looking for?
We focus more on:
- How the project differentiates from competitors
- Why the team believes it can outpace the market
- Whether the team understands the steps needed to make the business more attractive for future investment or acquisition, which would increase its valuation multiple over time.
👍3
Fund #F65
#active #b2c #b2b #seed #USD100k #USD1m
1) How many deals do you plan to make?
3–4 deals per year.
2) Out of 100 decks how many projects do you invest in?
About 50 projects per investment.
3) What is the average check size?
$100k–$1m.
4) Which stages are you looking at?
We can invest at the idea stage, but we still prefer not to be the very first investor.
5) What industries, geography?
We mainly look at projects in the UK, Europe, Israel, and the USA (#developed).
Industry focus: #Software, #Fintech, #AI, #SaaS, #Deeptech (IT).
We can consider #Crypto if returns are in fiat rather than tokens.
We don’t invest in deeptech related to new materials, hardware, healthcare, or devices.
We like projects with roll-up (market consolidation) strategies.
6) Are you ready to be a lead investor?
We can, but prefer a specialized fund to lead.
7) Where did the projects you invested in come from?
Co-investors, network. Sometimes we reach out to startups directly.
8) What percentage of investments are in projects that came through cold messages/emails?
We receive inquiries via LinkedIn and email, but we don’t actively review them; this is a low priority.
9) What accelerators or startup conferences do you follow/attend?
We attend events like WebSummit, Slush, Vivatech, London TechWeek.
We don’t systematically work with accelerators.
10) What should be in the presentation to pass initial review?
- Founder competencies
- Reality of the problem
- Proof that a “blue ocean” market exists
- Competitor map and competitive advantages
11) What return on investment do you expect from the projects?
With follow-ons considered, each project should ideally return the fund; expected ROI = 30–40x from entry valuation.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Preferably not solo. First-time founders are acceptable (sometimes even preferred).
We don’t invest in founders from consulting backgrounds unless they have co-founders with industry experience.
13) What "unfair advantage" in projects are you looking for?
We look for competitive advantages, but they don’t have to be “unfair.”
#active #b2c #b2b #seed #USD100k #USD1m
1) How many deals do you plan to make?
3–4 deals per year.
2) Out of 100 decks how many projects do you invest in?
About 50 projects per investment.
3) What is the average check size?
$100k–$1m.
4) Which stages are you looking at?
We can invest at the idea stage, but we still prefer not to be the very first investor.
5) What industries, geography?
We mainly look at projects in the UK, Europe, Israel, and the USA (#developed).
Industry focus: #Software, #Fintech, #AI, #SaaS, #Deeptech (IT).
We can consider #Crypto if returns are in fiat rather than tokens.
We don’t invest in deeptech related to new materials, hardware, healthcare, or devices.
We like projects with roll-up (market consolidation) strategies.
6) Are you ready to be a lead investor?
We can, but prefer a specialized fund to lead.
7) Where did the projects you invested in come from?
Co-investors, network. Sometimes we reach out to startups directly.
8) What percentage of investments are in projects that came through cold messages/emails?
We receive inquiries via LinkedIn and email, but we don’t actively review them; this is a low priority.
9) What accelerators or startup conferences do you follow/attend?
We attend events like WebSummit, Slush, Vivatech, London TechWeek.
We don’t systematically work with accelerators.
10) What should be in the presentation to pass initial review?
- Founder competencies
- Reality of the problem
- Proof that a “blue ocean” market exists
- Competitor map and competitive advantages
11) What return on investment do you expect from the projects?
With follow-ons considered, each project should ideally return the fund; expected ROI = 30–40x from entry valuation.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
Preferably not solo. First-time founders are acceptable (sometimes even preferred).
We don’t invest in founders from consulting backgrounds unless they have co-founders with industry experience.
13) What "unfair advantage" in projects are you looking for?
We look for competitive advantages, but they don’t have to be “unfair.”
👍2
Hi everyone!
Based on the responses collected in the channel, I compiled some statistics on how funds typically responded to various questions, prepared a presentation on it, and recently shared it with audiences in several communities:
Tech founders community MFS Club
Business angels club Prosto VC
IT community Hegai
You can watch my presentation in the Hegai community by referring to my post and requesting the video link from @irina_network.
In addition to me, Evgeny Protasenko from 271.vc also spoke, sharing interesting insights on investment trends for 2025.
I’m ready to present again, so if you know any communities or audiences that might find this interesting, feel free to message me. Thanks!
Based on the responses collected in the channel, I compiled some statistics on how funds typically responded to various questions, prepared a presentation on it, and recently shared it with audiences in several communities:
Tech founders community MFS Club
Business angels club Prosto VC
IT community Hegai
You can watch my presentation in the Hegai community by referring to my post and requesting the video link from @irina_network.
In addition to me, Evgeny Protasenko from 271.vc also spoke, sharing interesting insights on investment trends for 2025.
I’m ready to present again, so if you know any communities or audiences that might find this interesting, feel free to message me. Thanks!
❤10👍6
Fund #F66
#active #b2c #b2b #preseed #USD200k
1) How many deals do you plan to make?
We are not a classic fund but an investment structure combining a venture builder (developing projects internally) and external investments.
We aim to launch/invest in 2–3 projects per year.
2) Out of 100 decks how many projects do you invest in?
We generate around 50 ideas per year, of which 5–7 go into deep validation.
3) What is the average check size?
We allocate $150–200k for the initial launch of a project.
In the next round, we aim to bring in external funding to confirm market relevance.
4) Which stages are you looking at?
Idea-stage projects.
We become majority shareholders and essentially co-founders.
5) What industries, geography?
We operate in Russia (#Rus) and MENA (#Emerging).
We are interested in projects related to #AI and #Ecommerce.
6) Are you ready to be a lead investor?
Yes, essentially we are always the only investor at the start.
7) Where did the projects you invested in come from?
We have a related structure that provides IT outsourcing and business builder services for corporate clients in Russia, which generates many potential product ideas.
Some projects also come from the shareholders’ network.
8) What percentage of investments are in projects that came through cold messages/emails?
We read cold emails and sometimes take calls, but so far there have been no investments from them.
9) What accelerators or startup conferences do you follow/attend?
We don’t really use these sources for project sourcing.
10) What should be in the presentation to pass initial review?
We look at the basics (product/market/technology/team).
We pay attention to red flags (e.g., founder couples, info-business backgrounds, problematic regions).
11) What return on investment do you expect from the projects?
It is important for us that the project reaches breakeven within 1.5 years, so we prefer non-capital-intensive businesses with potential future dividend streams.
For dividend-driven models, we expect 3–5x over 3–5 years.
For classic venture models, at least 10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
These factors are not decisive.
What matters is strong background (education + industry experience) and understanding of how to build business processes.
A PhD or other advanced degrees are a plus.
It is also important that the team is working full-time on the project.
13) What "unfair advantage" in projects are you looking for?
We create it ourselves, since we have expertise in AI and IT development — we can quickly build an MVP, outsource back-office functions, and create conditions for rapid growth.
#active #b2c #b2b #preseed #USD200k
1) How many deals do you plan to make?
We are not a classic fund but an investment structure combining a venture builder (developing projects internally) and external investments.
We aim to launch/invest in 2–3 projects per year.
2) Out of 100 decks how many projects do you invest in?
We generate around 50 ideas per year, of which 5–7 go into deep validation.
3) What is the average check size?
We allocate $150–200k for the initial launch of a project.
In the next round, we aim to bring in external funding to confirm market relevance.
4) Which stages are you looking at?
Idea-stage projects.
We become majority shareholders and essentially co-founders.
5) What industries, geography?
We operate in Russia (#Rus) and MENA (#Emerging).
We are interested in projects related to #AI and #Ecommerce.
6) Are you ready to be a lead investor?
Yes, essentially we are always the only investor at the start.
7) Where did the projects you invested in come from?
We have a related structure that provides IT outsourcing and business builder services for corporate clients in Russia, which generates many potential product ideas.
Some projects also come from the shareholders’ network.
8) What percentage of investments are in projects that came through cold messages/emails?
We read cold emails and sometimes take calls, but so far there have been no investments from them.
9) What accelerators or startup conferences do you follow/attend?
We don’t really use these sources for project sourcing.
10) What should be in the presentation to pass initial review?
We look at the basics (product/market/technology/team).
We pay attention to red flags (e.g., founder couples, info-business backgrounds, problematic regions).
11) What return on investment do you expect from the projects?
It is important for us that the project reaches breakeven within 1.5 years, so we prefer non-capital-intensive businesses with potential future dividend streams.
For dividend-driven models, we expect 3–5x over 3–5 years.
For classic venture models, at least 10x.
12) How important is the number of founders (1 or 2) or whether it’s their first project or not?
These factors are not decisive.
What matters is strong background (education + industry experience) and understanding of how to build business processes.
A PhD or other advanced degrees are a plus.
It is also important that the team is working full-time on the project.
13) What "unfair advantage" in projects are you looking for?
We create it ourselves, since we have expertise in AI and IT development — we can quickly build an MVP, outsource back-office functions, and create conditions for rapid growth.
👍6
Fund #F67
#notactive #b2c #b2b #seed #USD300k #USD500k
1) How many deals do you plan to make?
In August 2024 we completed the investment period for Fund I.
We are now raising a new fund and will start investing in H2 2025.
We plan to make about 12–15 deals per year.
2) Out of 100 decks how many projects do you invest in?
We screen about 1,000 companies per year, and take a closer look at 30–40.
3) What is the average check size?
$300–500k.
4) Which stages are you looking at?
Projects must have confirmed PMF and minimum $50k MRR.
5) What industries, geography?
Industries: #Fintech + #AI.
Geography: US, EU, MENA, Asia. #global
6) Are you ready to be a lead investor?
Yes, though ideally there should already be other funds in the cap table before us.
7) Where did the projects you invested in come from?
Mostly from our network, plus our own outbound search.
8) What percentage of investments are in projects that came through cold messages/emails?
We read cold emails and sometimes take calls, but so far no investments.
In general, we are open to conversations and willing to track the progress of projects.
9) What accelerators or startup conferences do you follow/attend?
We regularly attend conferences, e.g. WebSummit (Portugal, Qatar), Emerge.
We tried working with accelerators, but it wasn’t very effective: either too competitive deals, wrong stages, or negative selection (if a project fails to raise a round on demo day, there’s usually a reason).
10) What should be in the presentation to pass initial review?
The most important thing is that the project fits our criteria:
- if it’s US market, fintech, AI, and $50k revenue — we want to take a look
- if there are deviations, then revenue must be growing fast enough to be interesting
Other things we look at:
- clear vision on revenue forecasting
- founder ambition to dominate the market
- top-tier funds or well-known local angels on the cap table or in the round
- competitive analysis and differentiation factors
11) What return on investment do you expect from the projects?
At least 10x, but our baseline target is future unicorns.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules, but having only 1 founder is a minus. It’s also better if it’s not their first project.
13) What "unfair advantage" in projects are you looking for?
It’s a plus, but the main focus is on differentiation and solid competitive analysis.
#notactive #b2c #b2b #seed #USD300k #USD500k
1) How many deals do you plan to make?
In August 2024 we completed the investment period for Fund I.
We are now raising a new fund and will start investing in H2 2025.
We plan to make about 12–15 deals per year.
2) Out of 100 decks how many projects do you invest in?
We screen about 1,000 companies per year, and take a closer look at 30–40.
3) What is the average check size?
$300–500k.
4) Which stages are you looking at?
Projects must have confirmed PMF and minimum $50k MRR.
5) What industries, geography?
Industries: #Fintech + #AI.
Geography: US, EU, MENA, Asia. #global
6) Are you ready to be a lead investor?
Yes, though ideally there should already be other funds in the cap table before us.
7) Where did the projects you invested in come from?
Mostly from our network, plus our own outbound search.
8) What percentage of investments are in projects that came through cold messages/emails?
We read cold emails and sometimes take calls, but so far no investments.
In general, we are open to conversations and willing to track the progress of projects.
9) What accelerators or startup conferences do you follow/attend?
We regularly attend conferences, e.g. WebSummit (Portugal, Qatar), Emerge.
We tried working with accelerators, but it wasn’t very effective: either too competitive deals, wrong stages, or negative selection (if a project fails to raise a round on demo day, there’s usually a reason).
10) What should be in the presentation to pass initial review?
The most important thing is that the project fits our criteria:
- if it’s US market, fintech, AI, and $50k revenue — we want to take a look
- if there are deviations, then revenue must be growing fast enough to be interesting
Other things we look at:
- clear vision on revenue forecasting
- founder ambition to dominate the market
- top-tier funds or well-known local angels on the cap table or in the round
- competitive analysis and differentiation factors
11) What return on investment do you expect from the projects?
At least 10x, but our baseline target is future unicorns.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No strict rules, but having only 1 founder is a minus. It’s also better if it’s not their first project.
13) What "unfair advantage" in projects are you looking for?
It’s a plus, but the main focus is on differentiation and solid competitive analysis.
👍4😁1
Fund #F68
#active #b2c #b2b #seed #USD250k #USD1m
1) How many deals do you plan to make?
We plan to close about 3–4 deals per year.
2) Out of 100 decks how many projects do you invest in?
We have a very broad funnel — about 6,000 projects per year, of which around 1,000 are relevant, and we have meaningful discussions with 350–400 of them.
3) What is the average check size?
25–100M rubles.
4) Which stages are you looking at?
Seed stage with revenue of 30–100M rubles and Series A with revenue of 150–300M+ rubles.
5) What industries, geography?
Russia (#Rus) + friendly countries (Armenia, Kazakhstan, Belarus).
Relatively sector-agnostic (#agnostic).
B2B or B2C doesn’t matter, though historically B2C projects account for about 10%.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
From the network, our own cold outreach (press, job boards, databases), and conferences.
8) What percentage of investments are in projects that came through cold messages/emails?
We receive many cold emails and try to respond politely, but the quality of projects is generally low. Very rarely do such projects reach the investment committee.
9) What accelerators or startup conferences do you follow/attend?
The most productive for us are Innopolis events, MIK, and Russian Venture Forum. Sometimes we host closed-door conferences ourselves.
10) What should be in the presentation to pass initial review?
We primarily look at the essence of the product and traction.
The team is rarely well-described in decks, so we pay less attention at first, but when making a final decision, a strong team becomes the most important criterion.
Ideally, we would also like to see in the deck:
- customer profile and case study examples
- differentiation from competitors
11) What return on investment do you expect from the projects?
Target return is 30% IRR, which is roughly 3–6x for our investment horizon.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No formal requirements. Several founders are preferable, but a solo founder is not a blocking factor.
13) What "unfair advantage" in projects are you looking for?
We call it the “secret sauce.” If it exists — great, if not — that’s fine. At an early stage, it’s often difficult to have one.
Occasionally, we can help projects with our contacts, but not systematically — we prefer projects to develop on their own rather than relying on us to do it for them.
#active #b2c #b2b #seed #USD250k #USD1m
1) How many deals do you plan to make?
We plan to close about 3–4 deals per year.
2) Out of 100 decks how many projects do you invest in?
We have a very broad funnel — about 6,000 projects per year, of which around 1,000 are relevant, and we have meaningful discussions with 350–400 of them.
3) What is the average check size?
25–100M rubles.
4) Which stages are you looking at?
Seed stage with revenue of 30–100M rubles and Series A with revenue of 150–300M+ rubles.
5) What industries, geography?
Russia (#Rus) + friendly countries (Armenia, Kazakhstan, Belarus).
Relatively sector-agnostic (#agnostic).
B2B or B2C doesn’t matter, though historically B2C projects account for about 10%.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in come from?
From the network, our own cold outreach (press, job boards, databases), and conferences.
8) What percentage of investments are in projects that came through cold messages/emails?
We receive many cold emails and try to respond politely, but the quality of projects is generally low. Very rarely do such projects reach the investment committee.
9) What accelerators or startup conferences do you follow/attend?
The most productive for us are Innopolis events, MIK, and Russian Venture Forum. Sometimes we host closed-door conferences ourselves.
10) What should be in the presentation to pass initial review?
We primarily look at the essence of the product and traction.
The team is rarely well-described in decks, so we pay less attention at first, but when making a final decision, a strong team becomes the most important criterion.
Ideally, we would also like to see in the deck:
- customer profile and case study examples
- differentiation from competitors
11) What return on investment do you expect from the projects?
Target return is 30% IRR, which is roughly 3–6x for our investment horizon.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No formal requirements. Several founders are preferable, but a solo founder is not a blocking factor.
13) What "unfair advantage" in projects are you looking for?
We call it the “secret sauce.” If it exists — great, if not — that’s fine. At an early stage, it’s often difficult to have one.
Occasionally, we can help projects with our contacts, but not systematically — we prefer projects to develop on their own rather than relying on us to do it for them.
👍3
Fund #F69
#active #b2b #seed #USD200k #USD400k
1) How many deals do you plan to make?
Around 10 per year.
2) Out of 100 decks how many projects do you invest in?
We have two funnels:
external: 800+ projects per year, about 5% reach the IC;
through network: conversion is much higher since projects are of higher quality.
3) What is the average check size?
20–40M rubles.
4) Which stages are you looking at?
Start of recurring revenue, when the team understands who the buyers are and how to sell the product to ensure repeatable sales.
5) What industries, geography?
We focus on projects in Russia (#Rus) with a transactional business model (commission based on transaction size).
Industries of interest: #Fintech, #Marketplaces, #Proptech (projects related to property sales).
We also recently launched a co-investment program with several funds, where we will look at projects with revenue from 50M rubles across a wider range of industries.
6) Are you ready to be a lead investor?
Yes, in 60% of cases.
7) Where did the projects you invested in come from?
Through the two funnels mentioned above (mainly network).
The broad funnel comes from: scouts (including outbound search in databases like MIK and SberUnity), events, and advertising integrations.
8) What percentage of investments are in projects that came through cold messages/emails?
We had such cases, but mostly when projects came via advertising integrations where we specifically asked for applications. Pure cold emails also arrive, but their quality is low.
9) What accelerators or startup conferences do you follow/attend?
Conference examples: Venture Landscape (MIK), Startup Village, RVF.
Accelerator examples: TheQube, Sber500, Skolkovo Pre-accelerator.
10) What should be in the presentation to pass initial review?
Several factors depending on how complex the product is:
- if the product is complex and not obvious from the outside, start with that and explain the market pain with case examples;
- if the pain is clear, provide numbers and a description of the sales approach;
- if the first two are covered, then show that the market is large and has room for growth.
11) What return on investment do you expect from the projects?
6–10x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No formal requirements, but some preferences:
- if there are several founders, there should be one main decision-maker;
- someone on the team should have expertise in the chosen niche;
- if it’s not the first project for the team/founder, that’s a plus.
13) What "unfair advantage" in projects are you looking for?
Preferably, it should exist. For example, we look for teams that have insights into consumer behavior in their sector to build sales effectively.
If there’s no unfair advantage, we assess whether the business can become sustainably dividend-paying in the future.
#active #b2b #seed #USD200k #USD400k
1) How many deals do you plan to make?
Around 10 per year.
2) Out of 100 decks how many projects do you invest in?
We have two funnels:
external: 800+ projects per year, about 5% reach the IC;
through network: conversion is much higher since projects are of higher quality.
3) What is the average check size?
20–40M rubles.
4) Which stages are you looking at?
Start of recurring revenue, when the team understands who the buyers are and how to sell the product to ensure repeatable sales.
5) What industries, geography?
We focus on projects in Russia (#Rus) with a transactional business model (commission based on transaction size).
Industries of interest: #Fintech, #Marketplaces, #Proptech (projects related to property sales).
We also recently launched a co-investment program with several funds, where we will look at projects with revenue from 50M rubles across a wider range of industries.
6) Are you ready to be a lead investor?
Yes, in 60% of cases.
7) Where did the projects you invested in come from?
Through the two funnels mentioned above (mainly network).
The broad funnel comes from: scouts (including outbound search in databases like MIK and SberUnity), events, and advertising integrations.
8) What percentage of investments are in projects that came through cold messages/emails?
We had such cases, but mostly when projects came via advertising integrations where we specifically asked for applications. Pure cold emails also arrive, but their quality is low.
9) What accelerators or startup conferences do you follow/attend?
Conference examples: Venture Landscape (MIK), Startup Village, RVF.
Accelerator examples: TheQube, Sber500, Skolkovo Pre-accelerator.
10) What should be in the presentation to pass initial review?
Several factors depending on how complex the product is:
- if the product is complex and not obvious from the outside, start with that and explain the market pain with case examples;
- if the pain is clear, provide numbers and a description of the sales approach;
- if the first two are covered, then show that the market is large and has room for growth.
11) What return on investment do you expect from the projects?
6–10x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No formal requirements, but some preferences:
- if there are several founders, there should be one main decision-maker;
- someone on the team should have expertise in the chosen niche;
- if it’s not the first project for the team/founder, that’s a plus.
13) What "unfair advantage" in projects are you looking for?
Preferably, it should exist. For example, we look for teams that have insights into consumer behavior in their sector to build sales effectively.
If there’s no unfair advantage, we assess whether the business can become sustainably dividend-paying in the future.
👍1