Polish Inovo creates a new fund for €100 million with a focus on Ukrainian startups

Established in 2012, Inovo VC, headquartered in Warsaw, announced the creation of a third fund. The portfolio of the previous two Inovo VC funds includes more than 30 startups, including Ukrainian AllSet and Preply.

The fund plans to invest €100 million in 20-30 new companies from Poland, as well as from the countries of Central and Eastern Europe, including Ukraine.

The two Inovo VC funds, which have been on the market for 10 years, have invested a total of €45 million out of €60 million.

In April 2020, Inovo fund took part in a round of the Ukrainian restaurant service AllSet for $8.25 million together with a16Z, Greycroft, SMRK. A few months later, he bought out a stake in the Preply tutoring platform from previous investors and partners of SMRK, without disclosing the amount of the transaction.

It is reported that the new fund Inovo has already found 50% of the required capital from private investors, institutional plans to raise before the end of 2022. The founders expect to invest up to €60 million in Polish start-ups, and the rest in companies in Central and Eastern Europe (CEE).