Inovo launches €40m second fund

The vehicle will be smaller than the VC's maiden fund, Inovo Fund, which was launched in September 2018 with a €50m hard-cap.

The predecessor fund is currently deployed across 15 companies – five have since been sold, two have listed, and three remain active. The portfolio includes beauty services marketplace Booksy and online food ordering system Restaumatic, as well as social media monitoring tool Brand24 and video games developer ECC Games. The latter two are listed on the Warsaw Stock Exchange. The fund provides investment tickets of €1m, and follow-up capital of €2-3m.

Investors
Among other investors, the European Investment Fund (EIF) will commit PLN 64m (€15m) to Inovo's new fund.

Investments
The vehicle invests in CEE-based technology companies, identifying disruptive tech startups and funding their development through participation in late-seed and series-A rounds.

The vehicle aims to invest in 20 businesses over the next three years, including Tidio, Infermedica and Eyerim. According to the GP, the fund is on track to complete six deals in 2020. It has already completed its first investment, in Allset's series-B, together with the European Bank for Reconstruction & Development and Andreessen Horowitz.

People
Inovo Capital Partners – Tomasz Swieboda (partner).

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