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Unquote
  • Venture

Leta launches $100m fund to back Russian-speaking founders

  • Eliza Punshi
  • Eliza Punshi
  • 24 June 2021
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Moscow-based venture capital investor Leta Capital has launched its third $100m fund to back UK, European and US-based tech companies.

The GP will particularly focus on eastern European and Russian-speaking entrepreneurs operating from major cities like London and New York but who, managing partner Alexander Chachava believes, are undervalued and overlooked for funding.

Chachava said: "Despite spawning businesses such as Telegram, Revolut, TradingView, PandaDoc, Preply, etc, our analysis shows that [eastern European and Russian-speaking entrepreneurs] continue to be undervalued and overlooked for funding, despite often generating significant cash when it comes to ARR."

The GP currently manages two other funds. Its first evergreen fund of $15m was fully deployed in early 2020, and, according to the GP, delivered a gross IRR of 27% per annum to investors. Its $50m second fund held a first close in September 2018 and is around 60% deployed so far.  

Investments
Leta's third fund will back early-stage tech startups in Europe, the UK and the US. The GP will invest at late-seed to series-B stages, and provide additional capital to the best performers in its portfolio.

The GP will typically invest $2-5m in companies that have an established user base, proven product, some consistent monthly revenues, and other key performance indicators.

Founded in 2012, Leta backs software startups and growth-stage companies with plans to expand internationally. The company has invested $45m in 30 technology companies, including Synthesis AI, Unigine, InDriver, NovaKid and 365Scores.

Its exits include the sale of Bright Box HK to Zurich Insurance Group in 2017, and WeWork's acquisition of its portfolio company Unomy.

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