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8 Czech VCs on green shoots, pandemic impacts and 2021 opportunities

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8 Czech VCs on green shoots, pandemic impacts and 2021 opportunities

Whereas London, Paris, Berlin and Stockholm characteristic veritably in tech coverage, the relaxation of Europe has been busy.

The Czech Republic would possibly possibly be better known for beer, hockey and the sights of Prague, nonetheless its entrepreneurial community is as formidable as any. Pipedrive is an EU-based mostly CRM firm with workplaces in eight countries, nonetheless it has a Czech co-founder in VP of Product Martin Henk, one of a couple of founders to emerge from the ecosystem.

Early Newspaper

Then there became once Integromat, which did no longer lift any external capital nonetheless equipped for around 2.5 billion crowns ($114 million), making its seven Czech founders into multimillionaires. Prague’s Memsource is valued at roughly 1.3 billion crowns or $59 million. But right here’s handsome the tip of the iceberg.

To unpack this rare gem of Europe’s startup scene, we spoke to eight declare investors.

Among the traits they known are startups in B2B, business automation processes, e-commerce, AI, SaaS and COVID-19-connected solutions, as wisely as “super” all the pieces: factories, cities, workplaces, etc. Other issues integrated cybersecurity, AR/VR, a ways off work, and cybersecurity.

Saturated areas integrated cryptocurrency, blockchain, fintech and martech. The of us we spoke to said they peer journey back and forth, relationship apps and diverse firms traditionally based mostly on bodily interaction as weaker segments. Quiet, original opportunities are stoning up in a ways off work, psychedelics and wellness.


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Respondents said they invest around 50% inner Czechia and 50% across Central and Eastern Europe, while some are extra targeted across CEE in total, with some percentage of the fund supporting startups that contain scaled to the U.S.

Most said their investments hadn’t been significantly impacted by COVID-19, nonetheless future uncertainly is a concern. The advice is to “be frugal to accommodate to the original situation and roll on.”

So a ways as green shoots, COVID-19 has “performed a position of an accelerator for innovation in many business areas and even e-government and diverse rigid/conservative industries,” said one. D2C startups contain benefitted and “Zoom selling” now seems to be “totally plausible.”

We surveyed:


Petra Končelíková, companion, Nation1.vc

What traits are you most pondering investing in, in total?


Innovative.

What’s your most fashionable, most fun funding?

Snuggs.

Are there startups that you just desire you would peer within the industry nonetheless don’t? What are some overpassed opportunities handsome now?


I go out a extra innovative attain.

What are you shopping for to your next funding, in typical?


Steady like a flash increase, innovative mind.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


Social media, logistics, journey back and forth.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


We are exclusively focusing on the European market, with an impression on the Czech Republic.

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


Healthcare, industry 4.0.

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


Monumental capacity.

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


Distant work is now not any longer a tell, nonetheless the pandemic has pointless to claim monumental impression on startups. They are compelled to pivot and accommodate to this original world.

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


Toddle and gastro.

How has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


Accommodate to the original situation and roll on.

What’s a second that has given you hope within the closing month or so? This shall be professional, personal or a combination of the two.


Vaccination.

Who are key startup of us you peer organising success domestically, whether or no longer investors, founders and even diverse kinds of startup ecosystems roles enjoy legal professionals, designers, increase experts, etc. We’re attempting to highlight the movers and shakers who outsiders would possibly possibly no longer know.


Monetary experts — financial planning, CFOs to rent as an provider from agencies.

Oleksander Bondarev, accomplice, Credo Ventures

What traits are you most pondering investing in, in total?


Developer tools, communication apps, applied AI.

What’s your most fashionable, most fun funding?


Spherical.

Are there startups that you just desire you would peer within the industry nonetheless don’t? What are some overpassed opportunities handsome now?


Cloud CI/CD.

What are you shopping for to your next funding, in typical?


Plentiful team.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


Martech.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


Only in founders from: Czech Republic, Poland, Slovakia, Slovenia, Croatia, Romania or Hungary.

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


Productboard, UiPath, Pricefx, Supernova, Spaceflow.

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


Maturing.

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


Yes.

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


Enabling communication, transparency inner the a ways off team.

How has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


Be frugal.

Any diverse thoughts it is advisable to to contain to section with TechCrunch readers?


We are attempting to be the most founder-pleasant fund within the region. As an ex-founder (Olek) I enjoy speaking with and advising all startups that approach my attain 🙂

Ondrej Bartos, founding companion, Credo Ventures

What traits are you most pondering investing in, in total?


Automation, AI, enabling a ways off, authentication.

What’s your most fashionable, most fun funding?


TypingDNA.

What are you shopping for to your next funding, in typical?


Outstanding founders tackling gargantuan opportunity.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


VR/AR has been an declare with tons of funding, therefore very aggressive. AI is overhyped nonetheless most AI are unquestionably no longer that vivid.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


Less. We middle of attention on Central Europe as a region (if that would possibly possibly depend as local, then better than 50%).

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


Central Europe is wisely positioned in automation, security, developer tools and analytics. I’m most pondering UiPath, Productboard, Pricefx, TypingDNA, Spaceflow, Spherical (in our portfolio). Handiest CE founders are in my study Daniel Dines, Hubert Palan, Marcin Cichon plus Oliver Dlouhý (Kiwi.com).

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


There are reasonably about a huge developers in Prague, moral energy and enough success reports and position objects to use. There could be reasonably about a funding capital there (handsome as all over else I assume), no longer too great super money yet, so for poke opportunity for moral VCs to retract a look for (and they’re taking a look for).

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


I unquestionably contain no doubts that the pandemic has been accelerating a ways off work, which within the fracture will contain to lead to extra a ways off-first startups which would possibly possibly earnings original geos.

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


Toddle and hospitality seem most fragile and unpredictable on account of COVID-19. Distant and enabling a ways off seem enjoy the largest opportunity; automation and enabling digital transformation are gorgeous as wisely.

How has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


Our funding strategy is unchanged; unquestionably we’ll double down on it. There could be reasonably about a opportunity for moral tech startups, technology is what’s helping of us and countries to ranking out of crises faster with much less harm. Our advice to startups continues to be the the same: Focal point on your residing off and strive to resolve complications to your declare better than anyone else.

Are you seeing “green shoots” concerning earnings increase, retention or diverse momentum to your portfolio as they adapt to the pandemic?


We for poke peer green shoots in likely the most endeavor application firms. “Zoom selling” now seems to be totally plausible, sales cycles shortened in some verticals as firms contain to digitize and allow a ways off work.

What’s a second that has given you hope within the closing month or so? This shall be professional, personal or a combination of the two.


I’ve continually had hope. Yes, there had been low moments especially when quarantined, nonetheless overall I haven’t misplaced hope for of us to handle this exceptional situation, and for technology to play a predominant position within the restoration. I mute contain this hope 🙂

Any diverse thoughts it is advisable to to contain to section with TechCrunch readers?


I unquestionably feel enjoy I had been touring too great, two- or three-day transatlantic trips construct tiny sense and I contemplate I won’t journey help there. Additionally, I don’t contemplate I’ll journey help to 5+ days within the residing of business a week, home residing of business works magnificent with me and this is in a position to occupy with me and the firm in some capacity. That being said, it is what I unquestionably feel now. I would possibly possibly be wrong and issues would possibly possibly also work help to “earlier-fashioned typical” — which I’d consider a gargantuan mistake and misplaced opportunity.

Osman Salih, accomplice, Crawl Inaugurate Up Constructing a.s.

What traits are you most pondering investing in, in total?


We are shopping for synergies with our parent firm O2 Czech republic and diverse firms below the PPF Neighborhood.

What’s your most fashionable, most fun funding?


IP Cloth.

Are there startups that you just desire you would peer within the industry nonetheless don’t? What are some overpassed opportunities handsome now?


We would enjoy to peer extra insurtech startups in Europe.

What are you shopping for to your next funding, in typical?


We are shopping for synergies with our companion firms reasonably taking a look for into a insist branch.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


Fintech is oversaturated with very low margins.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


We mostly invest domestically, nonetheless our most a success funding became once in Taxify (now Crawl).

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


Unquestionably security area is simplest positioned. We are pondering IP Cloth (founder is ex-Cisco CEO Pavel Bykov), Whalebone (R. Malovič), Wultra (P. Dvořák).

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


The hobby is bigger, reasonably about a a success startups lift demand for opportunities.

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


We don’t contemplate so, local community is important. Distant work is now not any longer for everyone.

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


There shall be shifts in retail. This is a probability for startups enjoy Pygmalios, which present analytics for retail.

How has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


Luckily the impression is now not any longer gargantuan. Most attention-grabbing worries are about difficulties with journey back and forth out of the country for business meetings. Our advice is consume the runway longer 🙂

Are you seeing “green shoots” concerning earnings increase, retention or diverse momentum to your portfolio as they adapt to the pandemic?


Yes, demand for name middle tools enjoy omnichannel solution mluvii.com, which works on the home residing of business switch up significantly.

What’s a second that has given you hope within the closing month or so? This shall be professional, personal or a combination of the two.


At spring our country became once “simplest in COVID” and now it is “worst in COVID.” Closing spring thousands of of us from the startup community helped and came up with brilliant tips, apps and solutions nonetheless on the tip most outcomes (enjoy eRouška and https://koronavirus.mzcr.cz/en/) were screwed by gradual or noxious decisions of government. Somewhat than hope I’m disappointed, nonetheless I consider that vaccination can help us to ranking life help on the tune.

Who are key startup of us you peer organising success domestically, whether or no longer investors, founders and even diverse kinds of startup ecosystems roles enjoy legal professionals, designers, increase experts, etc. We’re attempting to highlight the movers and shakers who outsiders would possibly possibly no longer know.


Patrik Juránek from Startup Disrupt community.

Any diverse thoughts it is advisable to to contain to section with TechCrunch readers?


Prague is huge and safe metropolis for residing — whenever you setup a branch in Prague it is advisable to to be in a position to arrangement of us from all of the CEE region to switch in.

Lukáš Konečný, main, Y Refined Ventures

What traits are you most pondering investing in, in total?


Anything that helps firms journey smarter is something we would possibly possibly enjoy to envision out. More particularly we’re serious about areas equivalent to Net of Issues, super factories, super cities, super residing of business, cybersecurity, gargantuan information and AR/VR. And especially when there is about a roughly hardware enthusiastic — that something we unquestionably esteem.

What’s your most fashionable, most fun funding?

VRgineers.

Are there startups that you just desire you would peer within the industry nonetheless don’t? What are some overpassed opportunities handsome now?


It would possibly possibly be huge to peer extra startups focusing on hardware. Admittedly, organising hardware and scaling-up a hardware-targeted business is continually an even bigger tell, nonetheless the opportunities are so substantial and many are yet untapped.

What are you shopping for to your next funding, in typical?


Apart from the “glaring” facets equivalent to innovativeness, international capacity, scalability, strong team and fit with our funding thesis, we peer for founders who uncover huge strategic considering and execution talents, who unquestionably understand the market and their possibilities’ needs and hear to suggestions.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


Considering our middle of attention on B2B, we contain got better overview of this segment of the economy. Currently, we contain got seen a monumental selection of startups the usage of AI/ML for pc vision or natural language processing use cases organising very the same merchandise, which intention this is in a position to additionally be reasonably sophisticated for them to distinguish and outperform the relaxation of the competition. But that does no longer mean that a brand original revolutionary understanding can’t seem.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


Our middle of attention is on the Central European region — to this point we contain got invested within the Czech Republic and Slovakia, nonetheless we’re commence to founders from diverse neighboring countries as wisely. The bulk of our portfolio is found within the Brno/South Moravia region, where Y Refined is predicated mostly. It is a ways now not an consequence of an intentional strategy, nonetheless handsome the fact of which startups concerned us the most.

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


On the overall, the Czech startup ecosystem is getting extra ancient, especially on account of serial entrepreneurs as wisely as extra experienced first-time founders, and the increasing business angel/VC ecosystem. It is a ways onerous to capture handsome one industry, as the spectrum of firms is amazingly substantial.

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


From the investors’ point of analysis, the Czech startup ecosystem can present reasonably about a attention-grabbing opportunities, and especially for foreign investors the investments would possibly possibly also additionally be a “moral worth for money,” even supposing the VC ecosystem has turn out to be extra aggressive within the closing years on account of influx of most fashionable money. The seed and partly Series A section would possibly possibly also additionally be seen as reasonably saturated, nonetheless there is a predominant capacity within the increased Series A or later-stage investments.

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


The principle Czech hubs, Prague and Brno, are possibly no longer going to peer their build weakened, as they’re no longer only business centers, nonetheless additionally contain the main universities where the proficient of us are and are hearts of the cultural life that is gorgeous to many. But we are in a position to peer a shift in direction of a ways off woking, allowing founders to faucet a essential broader skills pool.

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


We consider that after the shock brought on by COVID-19 fades away, there shall be extra opportunities for the firms in segments we put money into, as the precipitated traits are only forcing firms to journey smarter. The traits most connected to us shall be these connected to accelerated digital transformation, adjustments in provide chains and evolution of workspaces.

How has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


COVID-19 has no longer impacted our strategy. The only adjustments were on the tactical stage, as for a particular time frame we shifted extra capacities to portfolio make stronger. Most of our founders needed to handle a negative impression on their sales funnel, as some possibilities postponed or cancelled the deliberate offers. One of the crucial founders needed to handle disruptions within the distribution channels, as some of their companions’ firms were hit reasonably onerous, and a tiny selection of firms needed to ranking to the bottom of disorders with their provide chain. These challenges are mute, to an extent, worries to our portfolio firms, as the economic development continues to be dangerous. To handle the situation, cash drift grew to turn out to be the main middle of attention, in conjunction with extra energetic communication with key business companions for the duration of the worth chains.

Are you seeing “green shoots” concerning earnings increase, retention or diverse momentum to your portfolio as they adapt to the pandemic?


Now we contain seen reasonably about a particular indicators in retention and some green shoots concerning earnings, nonetheless the situation continues to be too fragile.

What’s a second that has given you hope within the closing month or so? This shall be professional, personal or a combination of the two.


It is a ways onerous to get glimmers of hope as of late, as the situation within the Czech Republic is admittedly no longer increasing wisely. On the quite a lot of hand, I became once no longer too long within the past in a position to retract part in a couple of online occasions that young entrepreneurs, in some cases even highschool or college college students, attended to command their initiatives or to enhance their business talents. And it became once huge to peer these that are mute deeply serious about — and invested in — the entrepreneurial route, despite the most fashionable situation.

Vaclav Pavlecka, managing companion, Air Ventures

What traits are you most pondering investing in, in total?


We are sector agnostic, so it’s no longer so great about “traits,” in residing of diverse facets of startups in our pipeline.

What’s your most fashionable, most fun funding?


Immoral Network Intelligence.

Are there startups that you just desire you would peer within the industry nonetheless don’t? What are some overpassed opportunities handsome now?


Many sectors are “to-be-disrupted yet” nonetheless as an illustration I consider that the predictive medication (that helps you avoid the difficulty as an more than a couple of the one that helps to resolve the difficulty that is already there) shall be one of the predominant traits for the shut to future.

What are you shopping for to your next funding, in typical?


Distinctive outlandish selling proposition, market-oriented and sales-hungry team, disruptive capacity, upmarket capacity.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


Social networks in typical are the ranking of services and products I am concerned about on account of a long-term impression on one’s psychological wisely being and on account of social confirmation bias and reducing capacity for a healthy unheated serious discussion in society. As for oversaturation, it is onerous to generalize, since every industry mute has its niches. But a top of my mind understanding for an oversaturated market is the promoting applied sciences sector (as wisely as many diverse application merchandise). Solutions are without tell replicable (contemplate chatbots) and a success only on the restricted market.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


We are inclined to middle of attention on firms with the local strings (with exceptions made — e.g., Californian clothes startup Nahmias).

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


We peer a monumental capacity of local talents in cybersecurity, industry automation (on account of the fact that Czechia has one of the densest “per capita” automobile production within the arena), gaming industry (including esports), crypto and wisely being. As for corporations I contemplate Apiary, Beat Games, Warhorse gaming studio, Mews.com, Kiwi.com, Snuggs, Prusa Examine, Productboard, Rossum, Integromat and Alheon.

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


“Local” VCs and investors are for poke engrossing to construct meaningful connections and co-invest. The ecosystem is extra ancient once a year and grows stronger. Prague and the surrounding region additionally has its allure that pulls many talents as the metropolis has a super balance between the life quality and costs in comparison to diverse metropolitan areas.

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


I consider that we are in a position to peer a gargantuan “return to the moral segment of the earlier-fashioned machine” within the tip of this year/early 2022, so I won’t quiz of the gargantuan shift within the sense of geographic “founder density” commence air of the predominant cities. If, nonetheless, the COVID-19 restrictions will contain to closing extra years, then many social adjustments would possibly possibly also additionally be sparked, including geographic mobility and flexibility.

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


No shock there — the overall journey back and forth industry, gastronomical industry and tradition tech are within the deepest crisis in a long time. Many diverse industries are below gargantuan stress to expand the tempo of alternate, e.g., the education industry, the entertainment industry. Additionally in typical tiny to medium firms are having demanding times domestically, for the reason that government restrictions are no longer being applied efficiently and their communication isn’t constructed around a sound strategy.

How has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


Our funding strategy is constructed around long-lasting principles and therefore we didn’t contain to alternate it fully. Obviously the funding appetite in sectors hit by crisis reduced significantly nonetheless diverse opportunities emerged. As for portfolio impression, proptech vertical became once hit heavily and some of our firms needed to reiterate their product offering. Our typical advice to any startup in our portfolio is to capture the dialogue with their possibilities, get out how their needs are transferring (in that case) and strive to manual the wheel within the handsome time. If mandatory, we’re engrossing to enhance our founders financially and additionally teamwise, since we’re hands-on investors.

Are you seeing “green shoots” concerning earnings increase, retention or diverse momentum to your portfolio as they adapt to the pandemic?


D2C startups with a sound unit economy and their very enjoy strong distribution channels are thriving (no longer only domestically). This contains our portfolio.

What’s a second that has given you hope within the closing month or so? This shall be professional, personal or a combination of the two.


No longer losing hope unquestionably. I contemplate of us were in great deeper crises and that we take a look at with the most fashionable situation as we fracture only on account of lack of historical comparability. We are mute residing in times of prosperity and the pandemic will eventually journey away on account of the scientific growth of us contain finished. So I contemplate the beacon of particular alternate are the overall RNA vaccines accessible. I am cheerful by the restless work of scientists considering their development and I consider they are able to contain to procure great increased social credit ranking than they fracture on the second.

Who are key startup of us you peer organising success domestically, whether or no longer investors, founders and even diverse kinds of startup ecosystems roles enjoy legal professionals, designers, increase experts, etc. We’re attempting to highlight the movers and shakers who outsiders would possibly possibly no longer know.


Cedric Maloux, Lubo Smid, Dita Formánková, Tomas Cironis, Ondrej Bartos.

Roman Horacek , companion, Reflex Capital

What traits are you most pondering investing in, in total?


B2B, business automation processes, e-commerce, AI, SaaS, COVID-19-connected solutions — across verticals (a ways off work, conferencing, etc.).

What’s your most fashionable, most fun funding?


Webnode, SignageOS and some others that unfortunately can’t be disclosed yet 🙂

Are there startups that you just desire you would peer within the industry nonetheless don’t? What are some overpassed opportunities handsome now?


I’d enjoy to peer extra AI startups (unquestionably the usage of AI).

What are you shopping for to your next funding, in typical?


Rockstar founders, recent and accurate market want, scalable solution with solid IP.

Which areas are either oversaturated or would possibly possibly be too onerous to compete in at this point for a brand original startup? What diverse kinds of merchandise/services and products are you cautious or concerned about?


Cryptocurrencies, blockchain, skills marketplaces.

How great are you targeted on investing to your local ecosystem versus diverse startup hubs (or all over) in typical? More than 50%? Less?


As of now our portfolio is roughly 75%/25% (75% CEE and 25% USA/diverse).

Which industries to your metropolis and region seem wisely positioned to thrive, or no longer, long term? What are firms it is advisable to to very wisely be pondering (your portfolio or no longer), which founders?


Our firms — APIFY, Productboard, Smartlook, Alice Applied sciences, SingageOS. Other firms — DoDo, Spherical, UiPath, Pex,

How will contain to investors in diverse cities contemplate the total funding climate and opportunities to your metropolis?


Plentiful technical skills with unbelievable tips falling on the help of with journey-to-market and sales talents.

Personal you quiz of to peer a surge in additional founders coming from geographies commence air predominant cities within the years to approach help, with startup hubs losing of us on account of the pandemic and lingering concerns, plus the attraction of a ways off work?


I don’t contemplate so, I consider the skills will mute be attracted by recent predominant hubs. Smaller the team, extra interaction is mandatory. No topic the overall innovations in a ways off work one-to-one interactions and social time can’t be fully replaced (yet).

Which industry segments that you just put money into peer weaker or extra uncovered to capacity shifts in consumer and business habits on account of COVID-19? What are the opportunities startups is also in a position to faucet into for the duration of these exceptional times?


Uncovered — journey back and forth, relationship apps … all firms traditionally based mostly on bodily interaction. No longer a shock I assume 🙂 Opportunities — a ways off work applications, psychedelic applications, wisely-being startups, life science solutions, logistics and connected industries, e-commerce for SMEs.

Has COVID-19 impacted your funding strategy? What are the largest worries of the founders to your portfolio? What’s your advice to startups to your portfolio handsome now?


No longer unquestionably. Our No. 1 funding standards is strong founders. Most of them were in a position to regulate their business objects to the original market conditions. Spring 2020 advice became once cash is king, occupy frugal and regulate your tiny business to the original market conditions ASAP or others will.

Are you seeing “green shoots” concerning earnings increase, retention or diverse momentum to your portfolio as they adapt to the pandemic?


Yes. I consider COVID-19 performed a position of an accelerator for innovations in many business areas and even e-government and diverse rigid/conservative industries.

What’s a second that has given you hope within the closing month or so? This shall be professional, personal or a combination of the two.


Given the overall occasions of 2020 we had a solid year as a fund. What became once consuming — seeing founders coming across regardless of limitations thrown below their legs … overcoming them with original tips/inventions and unbreakable entrepreneurial spirit.

Who are key startup of us you peer organising success domestically, whether or no longer investors, founders and even diverse kinds of startup ecosystems roles enjoy legal professionals, designers, increase experts, etc. We’re attempting to highlight the movers and shakers who outsiders would possibly possibly no longer know.


Onerous to title one or about a … each participant plays a obvious position and one person is unimportant without others. Same as in nature, even the strongest/biggest predators can’t thrive without a thriving ecosystem as a complete.

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8 Czech VCs on green shoots, pandemic impacts and 2021 opportunities