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VC in the CEE
Ep3 - Marcin Hejka - OTB Ventures
Season 1, Ep. 3
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šļøTodayās episode guest is Marcin Hejka, Co-Founder, and General Partner at OTB Ventures, who shares his extensive experience in venture capital, particularly focusing on deep tech startups with strong ties to the CEE region. With a keen eye for innovation, OTB Ventures specializes in supporting early-growth startups across FinTech, Cybersecurity, AI & Automation, and SpaceTech domains. Noteworthy investments include ICEYE, Silent Eight, and Kevin, contributing to OTB's status as the largest VC firm originating from CEE, managing a substantial portfolio exceeding $300M.
Marcin's journey to VC investor offers unique perspectives, influenced by his previous roles as Vice President and Managing Director for Eastern Europe, the Middle East, Africa, and India at Intel Capital. We explore the historical underpinnings of Intel, its founders, and the intriguing connections to OTB's investment thesis.
Diving deeper, we unravel Intel Capital's distinctive investment strategy, contrasting it with traditional VC approaches. Marcin shares insights into the complexities of analyzing portfolio growth, particularly in the context of deep tech startups, highlighting the challenges and opportunities inherent in this sector.
In the current economic landscape, Marcin sheds light on why investing in deep tech startups may be a strategic move, even amidst downturns. His unconventional recommendation to indulge in sci-fi literature over conventional venture capital books sparks intriguing discussions on fostering creative thinking and envisioning futuristic possibilities.
Tune in to discover:
- Marcinās journey from the Ministry of Foreign Economic Relations to Private Equity and VC investing.
- The symbiotic relationship between Intel's legacy and OTB's vision.
- Nuances of Intel Capital's investment strategies.
- The startups' advantages in creating innovations over established corporations.
- Challenges and rewards of analyzing deep tech startup portfolios.
- Strategic advantages of deep tech investments in economic downturns.
- The transformative power of sci-fi in shaping innovative perspectives.
Join us as we explore the dynamic intersection of entrepreneurship, venture capital, and the transformative potential of deep tech startups.
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16. ZAS Ventures Founder, Andrew Zinchuk on Raising a Fund During Wartime, Why the Ukrainian Startup Ecosystem Is Stronger Than You Think & His Goal of 30 unicorns by 2034
41:17||Season 1, Ep. 16In this episode, we sit down with Andrew, a venture capitalist navigating one of the world's most resilient yet misunderstood startup ecosystems. From his unexpected journey into VC to building ZAS Ventures during wartime, Andrew shares the untold story of Ukrainian innovation ā and why the numbers don't tell the whole picture.We explore how a nation under siege is redefining what it means to build resilient businesses, the hidden strengths that global reports often miss, and the delicate balance between opportunity and reputation in emerging markets.š Episode Highlights:šÆ The Unconventional VC Path: Andrew's unique journey into venture capital ā from unexpected beginnings to fund leadershipā” Wartime Fundraising: The incredible story of raising ZAS Ventures' first fund as war broke out in Ukraine ā and how crisis shaped strategyšŗš¦ Ukraine's Hidden Innovation Engine: Why the Ukrainian startup ecosystem is stronger than mainstream reports suggest ā and what outsiders are missingš Beyond the Headlines: How wartime resilience, distributed teams, and technical talent create advantages that traditional metrics can't captureā ļø Reputation Risk Reality: How one bad actor can poison an entire ecosystem's global reputation ā and what founders can do about itš® The Next 12 Months: Andrew's boldest prediction for Ukrainian innovation and what it means for global ventureWhether you're building in challenging markets or investing in overlooked regions, this episode reveals how adversity breeds innovation ā and why some of tomorrow's biggest wins might come from the most unexpected places.š§ Hit play and discover what resilience really looks like in venture capital!
15. Ep 15 - Gytenis Galkis - Superhero Capital
41:15||Season 1, Ep. 15In this episode, we venture into the heart of the New Nordic startup scene with Gytenis Galkis, Partner at Superhero Capital ā an early-stage VC firm backing bold founders across Finland and the Baltics. From founding startups to shaping Lithuaniaās angel investor ecosystem, Gytenis brings a rare blend of founder empathy and investor insight to the table.We dive deep into the economic and cultural currents shaping the regionās startup landscape ā and how understanding them can make or break your go-to-market strategy.š Episode Highlights:š The New Nordic Perspective: How regional differences between Finland and its neighbors shape everything from pitch styles to product-market fit.š§ From āNoā to āNot Yetā: Why investor rejection isnāt a dead end ā and how founders can turn it into momentum.š¼ Building the Angel Ecosystem: Gytenis reflects on launching Lithuaniaās Business Angels Association ā and whatās changed since.š¤ Pre-LLM AI Startups: A behind-the-scenes look at how AI was perceived before ChatGPT changed the game.š The Founder-to-Investor Journey: Lessons learned from both sides of the table ā and why it makes a difference when your VC has been in your shoes.Whether youāre pitching across borders or building the next big thing in tech, this episode is full of practical takeaways on navigating the evolving venture landscape.š§ Hit play and discover what it really takes to thrive in the New Nordics!
14. Ep 14 - MichaÅ Chabowski - Rubicon Partners
43:22||Season 1, Ep. 14In this episode, we explore venture building, technical risk, and investor psychology with Michal Chabowski, Managing Partner at Rubicon Partners ā a firm blending venture funding with transaction advisory services in high-impact sectors like deep tech, energy, and new materials.Michal brings a refreshing lens to startup investing, challenging conventional wisdom and offering deep insight into what really matters when backing early-stage companies.š Episode Highlights:āļø Technical Risk vs. Market Risk: Why Rubicon Partners embraces complexity in product development ā but avoids untested markets.š« The First-Mover Myth: Michal explains why being early isnāt always being right ā and what founders often get wrong.š Business Models That Actually Work: A practical investor's take on financial modeling, and which metrics matter most at the early stage.š¦ The Unicorn Illusion: Comparing private vs. public market valuations ā and what todayās founders can learn from listed companies.ā³ When to Sell: Insights into timing an exit ā and why storytelling might be your most underutilized growth tool.Whether you're a founder navigating your first round or an investor refining your thesis, this episode delivers sharp, actionable insights on building ā and backing ā companies built to last.š§ Tune in now to rethink risk, value, and storytelling in the venture space!
13. Ep13 - Alexandru Agatinei - How To Web
43:53||Season 1, Ep. 13In this episode, we sit down with Alex Agatinei, CEO of How to Web, the premier startup and technology conference in Eastern Europe. But How to Web is more than just an eventāitās a driving force behind the regionās innovation ecosystem, publishing influential reports on venture deals and startup growth trends. Their latest report just dropped last week, and Alex gives us an exclusive look at whatās inside.š Episode Highlights:š Evolution of Eastern Europeās Startup Ecosystem: Alex shares how the How to Web report has evolved over the years to become a critical resource for understanding startup dynamics in the region. We explore the big question: Is Eastern Europe growing as fast as weād like?š·š“ Focus on Romaniaās Venture Landscape: Dive deep into the state of venture capital in Romania, with a comparative analysis of the most significant changes between 2023 and 2024. What do these trends reveal about the future of Romaniaās startup scene?š Regional Growth and Challenges: We discuss the broader startup ecosystem in Eastern Europe, uncovering growth drivers, challenges, and opportunities that could shape the regionās tech landscape in the coming years.Whether youāre an investor, founder, or just curious about the fast-paced world of startups in Eastern Europe, this episode is packed with insights you wonāt want to miss.š§ Tune in now to get a fresh perspective on venture capital and innovation in Eastern Europe!
12. Ep 12 - JonÄ VaituleviÄiÅ«tÄ - FIRSTPICK
47:03||Season 1, Ep. 12In this episode, we delve into the dynamic world of venture capital in the Baltic region with JonÄ VaituleviÄiÅ«tÄ, Partner at FIRSTPICK, a leading early-stage VC firm thatās reshaping the startup ecosystem in Lithuania, Latvia, and Estonia. JonÄ shares her experience driving investment efficiency and fostering innovation across the regionās thriving startup landscape.š Episode Highlights:š¼ Evaluating 1,000 Startups Annually: Discover how FIRSTPICK maintains incredible deal-flow efficiency, making investments almost every month in 2024.š Baltic Foundersā Global Mindset: Why startups in the Baltic region are uniquely positioned for global success from day one.š 2024 Baltic Startup Funding Report: Key insights into pre-seed and seed round dynamics, angel investment trends, and their impact on the regional ecosystem.š” Wellness Tech Evolution: Exploring how cultural nuances in CEE shape innovation in one of the regionās most exciting verticals.š Gender Equality in VC: Learn about FIRSTPICKās approach to diversity and why it serves as a model for other firms.This episode is packed with actionable insights for founders, investors, and anyone curious about the fast-paced world of venture capital in the Baltics.š§ Tune in now to gain a fresh perspective on startup success in one of Europeās most innovative regions!
11. Ep11 - Diana Stefanova - BrightCap Ventures
37:37||Season 1, Ep. 11In this episode, we dive into the world of venture capital with Diana Stefanova, Managing Partner at BrightCap Ventures, an early-stage VC firm investing in the CEE region with a special focus on Bulgaria and Romania. Diana shares her journey from working with startups in Silicon Valley to scaling VMwareās Bulgarian operations and transitioning to BrightCap, first as a Venture Partner and now as a Managing Partner.š Episode Highlights:š¼ Navigating the World of VC: Diana explains the differences between being a Venture Partner and a Managing Partner and how these roles shape investment strategies.š° Building a $60M Fund: Insights into the challenges and triumphs of raising BrightCapās second fund and how portfolio exits influenced the process.š Gender Equality in VC: BrightCap sets itself apart with two out of three Managing Partners being women. Diana shares her perspective on gender diversity in the CEE venture ecosystem.š® Future of Work Startups: Exploring BrightCapās investment focus on the future of work, including AI-driven innovations and HR tech.š Bulgaria's Startup Boom: A discussion on Sofia's rise as a top CEE startup hub and the impact of success stories like Payhawk on the local ecosystem.Donāt miss this insightful episode packed with valuable lessons for founders, investors, and anyone interested in the evolving venture capital landscape in the CEE region. š§
10. Ep 10 - JÄdrzej Szymczyk - LLW
38:57||Season 1, Ep. 10In this episode, we sit down with JÄdrzej Szymczyk, Partner at LLW, a law firm providing legal support to both investors and founders in the startup ecosystem. LLW has collaborated with prominent VC funds like Sunfish Partners, Shape VC, and Hard 2 Beat. JÄdrzej sheds light on the often-overlooked legal aspects crucial in shaping successful startups.š Episode Highlights:š Decoding the Term Sheet: JÄdrzej breaks down various legal aspects of the term sheet, explaining how Poland's evolving VC ecosystem has influenced changes in its format and clauses.š The Value of Legal Due Diligence: We delve into the structure of legal due diligence and discuss why findings in the process might be very valuable to founders.š¦ The Role of the Polish Development Fund (PFR): Exploring how PFR plays a pivotal role in fostering Poland's venture capital ecosystem.š° Alternative Financing Options: For early-stage companies, we discuss alternative financing options beyond typical equity investments, such as SAFEs and convertible notes, from a legal perspective.Tune in to gain insider knowledge from JÄdrzej's vast experience in the legal landscape of startups, and get a glimpse of what's happening in the rapidly evolving Polish venture capital scene. Don't miss out on this insightful conversation! š§
9. Ep9 - Bogdan Iordache - Underline Ventures
36:46||Season 1, Ep. 9āIn a technical organisation, getting towards excellence, salespeople are less important than technology people. And the reality of this is that if you donāt do sales on your own, I think that chances of being able to succeed are trending towards zeroāIn this episode, we had a chat with Bogdan Iordache, General Partner at Underline Ventures. The company invests in seed-stage startups and in our conversation Bogdan shares his journey from technical founder to investor as well as his unique perspective on venture capital in Romania and the CEE region. Bogdan is also the founder of How To Web, one of the largest tech conferences in Central and Eastern Europe. The next edition is taking place on October 2nd and 3rd in Bucharest.š Episode highlights:šļø The fundraising process as a solo GP and the strategies Bogdan used to attract different types of LPs.š Exploring the differences between indexers and deterministic investingāand why one approach is better suited for the CEE region.š The importance of the opportunity discovery phase in startup development, and why it plays a crucial role in the early stages of growth.š The current state of the Romanian VC ecosystem and how it fits into the larger regional landscape.š Why regional reports might not always capture the full potential and nuances of the ecosystem.Tune in to gain insider knowledge from Bogdanās vast experience in the startup world, and get a glimpse of whatās happening in the rapidly evolving Romanian venture capital scene. Donāt miss out on this insightful conversation! š§
8. Ep 8 - Andrius MilinaviÄius - Baltic Sandbox Ventures
50:41||Season 1, Ep. 8āBut we are still hungry. And while we will be hungry, I think this ecosystem will be flourishing.āIn this episode, we sat down with Andrius Milinavicius, General Partner at Baltic Sandbox Ventures, to uncover the secrets behind their success in supporting startups and raising funds in the competitive Baltic ecosystem. š±š¹From helping founders through incubation and acceleration programs to creating investment opportunities, Baltic Sandbox Ventures is playing a pivotal role in the regionās innovation landscape. šš Episode highlights:š How incubation and acceleration programs help Baltic Sandbox Ventures discover top startups.š§ An inside look at their evaluation process for deep tech and life science startups.ā³ The importance of respecting the time needed for technology development.š” Why founders in the CEE often achieve more with less funding.š±š¹ The current landscape of venture capital in Lithuania.Donāt miss out on this insightful conversation! Tune in now to gain invaluable knowledge from Andrius' vast experience, and learn why staying hungry is key to success. š§