Estonia-based tech investor Specialist VC (formerly United Angels VC) has announced the launch of a new fund. The Fund II has a total capital of €50 million. Money will be provided to startups from Estonia, Lithuania, Latvia, and Finland, as well as to Ukrainian and Belarusian startups building businesses in these countries.
According to Tech.eu, Specialist VC is interested in the following areas—B2B, SaaS, fintech, software-enabled hardware, Web3, and deep tech startups. The fund will invest from a pre-seed round to a Series A round. A third of the fund volume is reserved for opportunity investing in secondary transactions into companies beyond Series A—the sale of stakes in a startup by one shareholder to a new or existing investor. It is assumed that companies will be able to raise investments ranging from $250,000 to $3 million.
The new fund's Limited Partners include tech entrepreneurs, many of whom are fund’s exclusive members, such as founders and early employees of Bolt, Vinted, Veriff, Wise, Pipedrive, Slack, and F-Secure.
Context. Prior to launching Fund II, Specialist VC had previously implemented a project similar to this—Fund I (launched in 2018). Its combined portfolio is comprised of over 45 investments and includes unicorns Bolt and Veriff, as well as other notable startups such as Starship, COMODULE, and Monese.