HomeCzech RepublicTensor Ventures To Manage First VC Fund Financed by Czech Republic's National...

Tensor Ventures To Manage First VC Fund Financed by Czech Republic’s National Recovery Plan

The European Investment Fund has independently selected Prague-based investment firm Tensor Ventures to manage the first venture capital fund financed by the Czech Republic’s National Recovery Plan under the Fund of Funds RRF instrument.

The Tensor Ventures Co-investment Fund will focus on investing in early-stage digital startups (pre-seed), co-investing with other venture capital funds in the Czech market. These investments will always be made in co-investment with other professional VC investors, supporting the development of this market segment and the establishment of new VC funds specifically targeting pre-seed investments.

The fund aims for a total size of 50 million euros (approximately 1.25 billion CZK). Up to 20 million euros (approximately half a billion CZK) will be invested from the NPO ČR through the EIF. Tensor Ventures plans to raise the remaining funds from private investors.

Over the next five years, they intend to invest in approximately 50 digital startups in the pre-revenue stage.

This instrument is overseen by the Ministry of Industry and Trade of the Czech Republic (MPO ČR), which delegated the implementation and the selection of the fund manager to the independent European Investment Fund (EIF). The Ministry is also planning to launch additional funds with the European Investment Fund to support innovative companies.

Led by Roman Smola, Tensor Ventures has previous experience from Intel Corporation and is among the first fund managers in Central and Eastern Europe specializing in deep tech. They began operations in 2017 and shortly after launched their first fund of 20 million euros (approximately half a billion CZK), focusing on areas such as artificial intelligence (AI), quantum technologies, biotechnology, decentralized technologies (DLT), software 2.0, new energy technologies, climate technologies, and space technologies.

Backed companies include Tatum, Pointee, Aireen, and UltimateSuite. The latter was recently acquired by the major American company ServiceNow, listed on the New York Stock Exchange. In April this year, Tensor Ventures also sold its stake in the US-Israeli startup Neuronix AI to the global chip manufacturer Microchip Technology.

VCWire

17/05/2024