Kaya VC’s new €72 million ($80m) fund will focus on startups in Prague, Warsaw, and the wider CEE region. Previously called Enern, the Central and Eastern European VC — which, historically, started out investing in wind farms and ended up invested in software — has changed its name to reflect its current focus better. The firm will also back startups “at any stage” of funding. LPs in the fund include the EIF and several successful entrepreneurs from the region. This is the team’s fourth fund, and together with the previous funds, the AUM is around €250m. The fund has invested in 27 companies, with the latest investments in B2B marketplaces, health tech, and blockchain.
The decade-old Prague-based VC (“KAYA” will be the official naming format) has previously invested in Booksy (raised $70 million in January 2021), Twisto (€16 million this year), DocPlanner (€80m in 2019), and Rohlik ($230m this year). Kaya previously participated in liquidity events for Skype, Wise (formerly TransferWise), and Bolt, UiPath, which recently raised $750 million at a $35 billion valuation ahead of an IPO.
Kaya says it will be sector agnostic, with partners following personal passions: Tomas Obrtac on agri-tech; Pavel Mucha on next-generation consumer experiences; Tomas Pacinda on fintech, and Martin Rajcan focuses on energy transition. All other areas of tech will be looked at. Like Point Nine in Berlin funds, Kaya says it is an ‘equal partnership’, meaning each partner can decide what to back. The firm plans to write the first cheque and supports super-early ‘studio projects, which have raised subsequent funding rounds.
Pavel Mucha, the partner at Kaya VC, commented: “When I initially started investing in local startups in Prague and Warsaw, it was because there was a need to work with people to build something valuable that didn’t exist already. Over the past ten years, we’ve seen this sector grow and mature, and with that, our strategy of backing intrepid founders who are making a difference, from Booksy’s Stefan Batory to Rohlik’s Tomáš Čupr.”
Kaya is also part of the Included VC network, a mentor network for underrepresented groups such as women and people of color. Mucha told me: “We’ve hired through their program, been closely involved, and big supporters. We think it’s a great addition to the European ecosystem and hope to do more. It’s a significant initiative we stand fully behind.”
Martin Rajan, the partner at Kaya VC, added: “Founders coming out of Central and Eastern Europe are globally orientated, have strong technical skills, and an unmatched hunger for success. These strong fundamentals paired with a next-level intensity make them so exciting to work with, and we want to support such talent in any way we can. With partners, venture partners, advisors, and scouts across Europe, we’re uniquely positioned to support founders in the diaspora outside of core cities such as Prague and Warsaw.”
