By Andrei Skvarsky.
Inovo Venture Partners, a Polish venture capital (VC) firm focused on technology startups in Central and Eastern Europe, has closed a second fund, one worth 54m euros, after its first fund generated a 320 per cent return on investments in 15 companies, leading two of them to successful initial public offerings (IPOs).
The cornerstone investor in the Inovo II fund was the European Investment Fund (EIF), a European Union agency for providing risk finance to small and medium-sized enterprises (SMEs), Inovo said in a statement.
Other investors were the European Bank for Reconstruction and Development (EBRD) and VC firms such as the United States’ Andreessen Horowitz, Britain’s Hoxton Ventures and Germany’s Point Nine Capital.
Companies that have received investment from Inovo II represent a range of sectors, including manufacture of solar panels, construction, healthcare, food delivery, customised furniture design and foreign language tutorship.
Most of the 15 startups financed by the Inovo I fund have been sold profitably, the statement said.
Two – social media monitoring tool provider Brand24 and video games developer and producer ECC Games – have carried through successful IPOs on the Warsaw Stock Exchange.
Three of the 15 remain in Inovo’s portfolio. They include global beauty services marketplace Booksy, which has become a unicorn startup – one with a value of more than $1bn, according to the statement.
Inovo does no business with cryptocurrencies yet but is considering moving into the crypto market in the long term, managing partner Tomasz Swieboda told EmergingMarkets.me.
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