New London-based firm Sova VC launches with plans to invest over €50 million

Sova VC tech.eu
annelise@tech.eu

New London-based venture capital firm Sova VC is launching today, with plans to invest over €50 million in early-stage startups. Part of the Sova group of companies, which includes FCA regulated broker Sova Capital, the VC has laid out an initial strategy for backing around 20 companies.

Technology wise, the firm has particular focus on B2B and B2B2C marketplaces and software platforms. Though sector agnostic, the team says it has special expertise in urban tech, fintech and healthcare. As for geography, the firm will begin by scanning startups in the UK, the Nordics, the Baltics and the east coast of the US.

“Typically, our partner companies will have developed a product, have a proven track record and are looking to accelerate their growth and development. In such cases an initial investment from us will typically be in the range of €0.5-1.5 million, growing to as much as €4 million in a single portfolio company,” explains Alexander Chikunov, Partner at Sova VC. He added that portfolio companies will also benefit from Sova Capital’s global network and financial platform.

In fact, the first cheque is already written. The UK firm has invested $2.5 million in the Series B round of Smartcat, a translation services marketplace that connects translation agencies, freelancers and enterprise clients.

Photo: Alexander Chikunov, Partner at Sova VC

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