TL;DR:
- SMOK II, a $25 million fund by SMOK Ventures, focuses on investing in 25-35 startups in the CEE region and diaspora, with an emphasis on software, game development, and AI.
- Co-managed by Paul Bragiel, Diana Koziarska, and Borys Musielak, SMOK II is part of a global network of funds with over $400 million under management, specializing in developing markets.
- The fund offers Pre-seed and seed investments ranging from $100k to $1M, with a preference for startups targeting the US market.
- Over 60 private LPs, including entrepreneurs from CEE, have joined SMOK II, indicating strong support and trust in the initiative.
- PFR Ventures has also become a key LP during the second close of the fund.
- SMOK II has already invested in 12 startups across various countries, including Poland, Ukraine, Czechia, Croatia, Bulgaria, Latvia, Serbia, and Bosnia.
- Notably, SMOK II prioritizes diversity and inclusion, with women leading every third startup and 12.5 percent having all-female founding teams.
Main AI News:
SMOK Ventures, in collaboration with its global network of funds, has unveiled SMOK II, a $25 million fund committed to fostering innovation in the Central and Eastern European (CEE) region and the diaspora. With an ambitious plan to invest in 25-35 startups, this venture capital initiative is set to redefine the landscape of software, game development, and artificial intelligence (AI).
Managed under the able guidance of Paul Bragiel and supported by co-partners Diana Koziarska and Borys Musielak, SMOK II represents a pivotal force in developing markets. Their combined expertise and a substantial fund of over $400 million ensure that promising startups from CEE and beyond have access to the necessary resources to thrive.
SMOK II’s investment strategy is clear and dynamic. It offers Pre-seed and seed investments ranging from $100k to $1M, with the possibility of follow-on investments. This fund is laser-focused on software-related ventures, particularly those involved in software development tools, game development, and AI. Additionally, SMOK II has a preference for companies with a strong presence in the US market, underscoring their commitment to global expansion.
The impressive lineup of private Limited Partners (LPs) that joined SMOK II during its first close in November 2022 speaks volumes about the trust placed in this initiative. With over 60 private LPs onboard, many of whom are visionary entrepreneurs from Central and Eastern Europe and the diaspora, including founders of three regional unicorns, this venture is well-positioned to drive innovation.
As part of its second close, SMOK II welcomed PFR Ventures as a key LP, further strengthening its financial foundation and expanding its network of strategic partners.
SMOK II has already made significant strides by investing in 12 startups hailing from diverse locations such as Poland, Ukraine, Czechia, Croatia, Bulgaria, Latvia, Serbia, and Bosnia. Notable among these startups are Gotiva, 57hours, and Finmap, all poised for growth and impact.
One striking aspect of SMOK II’s approach is its dedication to diversity and inclusion. A remarkable statistic reveals that women lead every third startup in the SMOK portfolio, and an impressive 12.5 percent of these startups boast a founding team comprised entirely of women. This commitment to inclusivity underscores the belief that innovation knows no boundaries and can be driven by individuals from all walks of life.
Conclusion:
SMOK II’s strategic investments and commitment to fostering innovation in the CEE region and diaspora are poised to have a significant impact on the market. With a strong focus on software, game development, and AI, and an inclusive approach to entrepreneurship, SMOK II is likely to catalyze growth and innovation, making it a noteworthy player in the venture capital landscape.
