Bek Ventures (formerly Earlybird Digital East) has launched $250 million Fund III to be invested in early-stage technology companies.
The oversubscribed fund is based on a mixture of global international financial institutions, insurance companies, funds of funds, corporate investors, family offices, and established entrepreneurs predominantly from the US and Europe, and was oversubscribed three times.
The firm. with offices in London, New York and Istanbul, backs founders with their roots in technical-talent-rich Central and Eastern Europe, which continues to produce hardworking, ambitious tech talent with its eyes on global success. 50 per cent of the firm’s companies are operating from the US.
Over the last decade, the Turkish-founded team has achieved returns of $2.4 billion and is behind various investments, including unicorns like UiPath and Payhawk.
Bek’s Fund III has already backed five companies, including Zeta Labs and Proofs.
According to Managing Partner, Cem Sertoglu, a small and focused early-stage venture is the most valuable to founders due to its ability to provide time and attention.
“Unfortunately, we had to turn down LPs for this fresh fund because of our belief in discipline in fund size and strategy. Our strategy has helped us maintain top performance for the last decade, and we intend to double down
with this fund and our new identity.”
Managing Partner, Mehmet Atici asserts that Bek also is distinct from other VC forms because 90 per cent of its portfolio companies get a second check:
“We are relentless in supporting our founders’ success. That comes not only through expertise and talent support but also by being there to ask the right questions and connect them to further investment from other top investors.
Our focused engagement with them is how we help them as more and more European founders build from the US.”
Lead image: Bek Ventures' Partners: Cem Sertoglu and Mehmet Atici. Photo: uncredited.
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