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Innovation Nest is a European venture capital firm founded in 2010 in Kraków, Poland. The firm focuses on early-stage investments in B2B software companies, particularly in Central and Eastern Europe (CEE). Over the years, Innovation Nest has established itself as one of the most recognized and specialized B2B SaaS seed investors in the region. The firm has a strong track record of supporting startups that have achieved successful exits, including notable companies like Nethone, which was acquired by Mastercard in 2023.
Innovation Nest operates with a pan-European scope, having expanded its investment strategy beyond Poland. The firm has raised multiple funds, with Fund II receiving a €15 million commitment from the European Investment Fund (EIF) in 2017, backed by the Horizon 2020 program. The firm currently manages a portfolio of 59 companies, demonstrating its active role in the venture capital landscape.
Headquartered in Kraków, Innovation Nest has built a reputation for its operator-friendly approach, providing strategic guidance and leveraging extensive networks to help startups scale globally. The firm is a member of the Polish Private Equity Association (PSIK) and has been recognized as a top seed investor in Poland.
Innovation Nest specializes in early-stage investments in B2B software companies across Europe, with a particular emphasis on sectors such as SaaS, construction technology, and artificial intelligence. The firm typically invests in Seed and Series A stages, with check sizes ranging from $1 million to $30 million. This investment strategy allows Innovation Nest to support ambitious entrepreneurs in leveraging technology and exceptional teams to achieve global success.
The firm actively seeks out startups that demonstrate strong potential for growth and scalability in international markets. Innovation Nest's investment thesis is centered around backing European engineering talent with global ambitions, particularly in the mobile and software sectors. The firm has a history of co-investing with both European and US funds, enhancing its ability to connect portfolio companies with top-tier investors.
Innovation Nest looks for founders who possess a clear vision and a strong commitment to their business. The firm values innovative solutions that address real-world problems and has a preference for companies that are well-positioned to disrupt traditional industries. This focus on B2B software aligns with the firm's goal of fostering successful startups that can thrive in competitive markets.
Innovation Nest has built a diverse portfolio of 59 companies, primarily focusing on B2B software solutions. Notable portfolio companies include:
Other notable companies in the portfolio include UXPin, a design and prototyping platform, Estimote, which specializes in beacon and proximity technology, and Growbots, an AI-powered outbound sales platform. The firm has also invested in Picodi, a coupon and deals platform that operates on an international scale, and Travelsuit, a corporate travel solution that was acquired by BCD Travel.
Innovation Nest's portfolio reflects its commitment to supporting innovative B2B software companies that are poised for growth and success in their respective markets.
Piotr Wilam - Co-Founder & Managing Partner. Piotr has a background in building and exiting startups in Central and Eastern Europe. He is the public face of Innovation Nest and hosts office hours for entrepreneurs seeking guidance.
Marek Kapturkiewicz - Co-Founder & Partner. Marek has extensive experience in the venture capital space and plays a key role in shaping the firm's investment strategy.
Marcin Szelag - Partner. Marcin brings a wealth of knowledge in B2B software investments and is instrumental in identifying promising startups.
Chris Kobylecki - Board Member. Chris contributes strategic insights and governance to the firm, enhancing its operational effectiveness.
Dominik Dlugosz - Finance Partner. Dominik oversees financial operations and ensures the firm's fiscal health.
Marcin Maresch - CFO. Marcin manages the firm's financial strategy and reporting, playing a crucial role in fund management.
To pitch Innovation Nest, founders should visit their website at innovationnest.co. The firm prefers pitches that include a clear overview of the business model, market opportunity, and growth strategy. Founders should be prepared to discuss their team’s background and how they plan to leverage technology to achieve their goals.
While specific application forms are not mentioned, a well-structured pitch deck is essential. Founders can expect a response within a reasonable timeframe, although the exact duration may vary based on the volume of inquiries. Warm introductions are beneficial but not strictly necessary.
In 2023, Innovation Nest celebrated the successful exit of its portfolio company Nethone, which was acquired by Mastercard. This acquisition highlights the firm's ability to support startups that achieve significant milestones in their growth journey.
In 2024, Innovation Nest participated in a $30 million seed round for Wordware, a notable investment that underscores the firm's commitment to backing innovative B2B software companies.
Additionally, the firm has been active in follow-on investments, including a €18 million round for Infraspeak and a €15 million round for Najar, demonstrating its ongoing support for portfolio companies as they scale.
Innovation Nest continues to publish valuable insights, including the
What are Innovation Nest's investment criteria?
Innovation Nest focuses on early-stage B2B software companies, particularly in sectors such as SaaS, construction tech, and AI. The firm typically invests in Seed and Series A stages, with check sizes ranging from $1 million to $30 million.
How can I pitch to Innovation Nest?
Founders interested in pitching to Innovation Nest can visit their website at innovationnest.co. The firm encourages startups to provide a clear vision and demonstrate their potential for growth in international markets.
What makes Innovation Nest different from other VC firms?
Innovation Nest is recognized for its operator-friendly approach, providing strategic guidance and leveraging extensive networks to help startups scale effectively. The firm has a strong track record of successful exits and is one of the most established B2B SaaS seed investors in Central and Eastern Europe.
What is the geographic focus of Innovation Nest?
The firm primarily invests in Europe, with a specific focus on Central and Eastern Europe. Innovation Nest aims to support European founders targeting global markets.
What is the typical follow-on investment behavior of Innovation Nest?
Innovation Nest regularly co-invests with European and US funds, enhancing its ability to support portfolio companies in subsequent funding rounds. The firm has demonstrated a commitment to helping startups secure additional capital as they grow.
What is the fund size of Innovation Nest?
Innovation Nest's fund size is commonly cited around €10 million, with a history of backing multiple funds, including a €15 million commitment from the European Investment Fund for Fund II.
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