Ukrainian tech blog AIN.UA reported last week that Openroad Capital, which represents a group of Baltic investors, intends to invest in 10 Ukrainian startups. Openroad Capital is ready to invest from $25,000 to $500,000 in each project, depending on the project’s stage of development, and intends to focus on startups with global ambitions.
Eugene Vlasov, a representative from Openroad Capital, told AIN.UA that, while the firm is open to proposals from any country, the investors prefer to work with teams from Ukraine.
“First of all, the Ukrainian startup ecosystem is more familiar to us, as among the investors are individuals who have had or have their own business in Ukraine. Secondly, Ukrainian projects are typically more internationally-focused than Russian projects, which is an advantage for us, of course,” he said.
Also interested in Ukraine for the same reason are Almaz Capital and Imperious Group, two venture funds with Russian roots, Ukraine Digital News noted last year.
Openroad Capital is prepared to consider any startup in the sphere of IT and e-commerce, although special attention will be paid to projects that provide services to online businesses, as well as projects in the sphere of mobile technology.
Openroad Capital currently maintains two offices in Ukraine and one in the Baltic states. The identities of the business angels behind the fund have not been disclosed.
In December, these Baltic investors invested half a million US dollars in QROK, a Ukrainian startup that has developed a mobile app for navigation within buildings and malls.