Earlybird Digital East Fund — a fund associated with Germany’s Earlybird Venture Capital, but operating separately — has launched a €200 million successor fund. The fund’s focus will remain the same as before: a seed and Series-A fund focusing on what’s known as “Emerging Europe”: countries stretching from the Baltics to Central and Eastern Europe, and Turkey.
Cem Sertoglu, CEO: “DEF has achieved a 17x investment multiple on a $150 million fund. It might be the biggest European VC fund performance in history, and it’s not coming from Berlin, it’s not coming from London, but it’s coming from Eastern Europe.”
Between 2014 and 2019, the fund invested in UiPath, Hazelcast and Obilet. International artificial Intelligence (AI) industry giant UiPath has become a global leader in the area known as Robotic Process Automation (RPA). In 2019 UiPath has acquired ??Lviv-based startup Explorer Expert, formerly StepShot, AI automation solutions for businesses, in a deal believed to involve both cash and equity components.