Inovo II holds €54m final close

The fund intends to fuel the development of the startup ecosystem across the CEE region.

"The tech ecosystem in the CEE region is growing at an exceptional pace," said Tomasz Swieboda, managing partner at Inovo. "In Poland, the growth rate is 70% year-on-year. In 2020, almost €500m in venture capital was deployed to 300 companies, which will almost certainly grow this year."

This fundraising followed the success of Inovo I, which generated a 3.2x return on its investments, from a portfolio of 15 high-growth tech startups. The vehicle was launched in 2018 with a €50m target and has invested in early-stage ICT companies across Poland, Romania, Bulgaria, Slovakia and Hungary.

Most of the fund's companies have been sold and two of them were listed on the public markets in two successful IPOs. The fund currently has three companies in its portfolio. One of its remaining investments is Booksy, a marketplace for beauty services in which Inovo invested at the seed stage. Now, the company's app has had 10 million downloads, according to Inovo. Booksy raised $70m in a series-C round led by CatRock in January 2021 and is expected to become one of the first Polish unicorn startups.

"At Inovo we are perfectly placed to act as a catalyst to accommodate the new wave of ambitious local founders who want to follow in the footsteps of Booksy, Brainly and Docplanner, and target global markets," said Swieboda. "Through our collaborative approach and international network, we can help bridge them to larger investors."

Investors
The fund has built an LP base composed of a range of international investors, including global funds, entrepreneurs and family offices. They joined the European Investment Fund, which is the cornerstone investor in the vehicle.

Investments
Inovo II targets disruptive tech companies based across Poland and the rest of the CEE region, to support their expansion and provide them with capital, expertise and a global network of contacts that can help them scale up.

The vehicle invests in early-stage, seed and series-A funding rounds, deploying tickets of around €1m, and follow-up capital of up to €3m. it plans to build a portfolio of around 15-20 companies.

The fund has already taken part in several rounds alongside international investors, including the European Bank for Reconstruction and Development, Andreessen Horowitz, Hoxton Ventures and Point Nine Capital.

Notable investments inked by the vehicle include in Spacelift, Infermedica, Jutro Medical, AI Clearing, Zowie, Preply, Packhelp, Intiaro, Tidio, Allset and Eyerim.

People
Inovo Venture Partners – Tomasz Swieboda (managing partner).

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