Sova VC, a new venture capital firm, plans to invest over €50m (£46m) in at least 20 early stage technology companies.
The London-based VC has already made its first $2.5m (£1.9m) Series B investment in translation platform SmartCat with further deals to be announced soon.
Sova VC will focus on late Seed and Series A funding rounds, typically investing anything between €500,000 and €1.5m in a single portfolio company, although it could go as high as €4m.
Part of the Sova Group of companies, which spans the UK, Cyprus and Luxembourg and includes London and Moscow-based Sova Capital, Sova VC’s strategy will identify disruptive technology companies with a particular focus on B2B and B2B2C marketplaces and software platforms.
Although sector agnostic, the Sova VC team have expertise and interest in urban tech, fintech and healthcare, and its initial geographic focus will be on growth stage companies in the UK, Nordics, Baltic states and the US East Coast.
Alexander Chikunov, the partner at Sova VC who heads up the firm, has a 10-year track record as a venture capitalist and corporate finance investor, who has worked on a range of venture deals and exits involving companies such as Airsorted (Houst), Homewings, Hubble and SimplyCook.
Sova VC says its wider team have managed assets and funds in excess of $70bn.
Alexander Chikunov, partner at Sova VC, said: “We are delighted to announce the launch of Sova VC and look forward to partnering with promising growth-stage entrepreneurs and tech companies to help them accelerate growth, drive performance and realise their ambitions.
“Typically, our partner companies will have developed a product, have a proven track record and are looking to accelerate their growth and development.
“We believe Sova VC is unique in its ability to combine financial backing with agility, and a truly personal approach to working with entrepreneurs, whilst also being able to leverage Sova Capital’s extensive global network and financial platform, which unlocks a range of solutions and exciting opportunities for our partner companies,” said Chikunov.