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SMOK Ventures is a Warsaw-based venture capital fund established to invest in early-stage startups across Central and Eastern Europe (CEE) and its diaspora. Founded in 2023, the firm operates with a clear mission to support technology companies, particularly those specializing in software development tools and artificial intelligence. The fund is part of a broader network linked to the Bragiel family of funds, which includes Golden Gate Ventures and Savannah Fund, enhancing its reach and collaborative potential.
Currently, SMOK Ventures manages over $35 million in assets across two funds, with Fund II being a $25 million vehicle launched in 2023. The firm emphasizes transparency and aims to assist entrepreneurs in building global software enterprises. Its investment strategy is designed to identify and support serial entrepreneurs with a global vision, facilitating follow-on funding from established markets such as Western Europe, Silicon Valley, and Asia.
SMOK Ventures has a strong commitment to the CEE region, focusing on countries like Poland, Ukraine, and the Baltic states. The firm actively engages with the startup ecosystem, sharing insights and updates on its investments, which fosters a culture of openness and collaboration.
SMOK Ventures invests between €100,000 and €1 million in early-stage startups, primarily targeting sectors such as software development tools, artificial intelligence, healthcare, and fintech. The firm focuses on pre-seed, seed, seed-plus, and Series A stages, making it a suitable partner for startups at various early development phases. SMOK Ventures seeks to collaborate with serial entrepreneurs who possess a global outlook and aims to facilitate follow-on funding from established markets.
The investment thesis emphasizes the importance of team quality, particularly favoring serial founders and those with deep industry knowledge. SMOK Ventures looks for startups capable of delivering significant returns, ideally targeting outcomes of around $500 million at exit. The firm typically leads approximately 75% of the rounds it participates in, demonstrating its proactive approach to investment.
Geographically, SMOK Ventures focuses on Central and Eastern Europe and the CEE diaspora, with a particular emphasis on Poland. The firm prefers to invest in Delaware C-Corps that have a significant business presence in the CEE region. This geographic focus allows SMOK Ventures to tap into a rich pool of talent and innovation within the region.
SMOK Ventures has built a notable portfolio of companies that exemplify its focus on technology and innovation. Key portfolio companies include:
This diverse portfolio highlights SMOK Ventures' commitment to supporting innovative startups that leverage technology to solve real-world problems.
Diana Koziarska: Managing Partner and Founding Partner at SMOK Ventures. She is recognized as a leader in the Polish startup community and has been featured in Forbes 30 Under 30. Diana co-founded ReaktorX and focuses on gamedev and edtech.
Borys Musielak: Managing Partner and Founding Partner at SMOK Ventures. He has a background in technology and media, having held roles at Samba TV and Filmaster. Borys is instrumental in shaping the firm's investment strategy.
Paul Bragiel: Managing Partner and Founding Partner at SMOK Ventures. He is connected to the broader Bragiel network of funds and serves as a board member and advisor for various startups.
Dan Bragiel: Venture Partner at SMOK Ventures, associated with the Bragiel Brothers and early-stage investing.
Oleksandr Yatsenko: Principal at SMOK Ventures, focusing on pre-seed startups from Ukraine and the Baltic states.
Sonia Piórek: Venture Partner at SMOK Ventures, concentrating on London and Western Europe founders of Eastern European origin, particularly in AI and deeptech.
Tomasz Kościelniak: Associate at SMOK Ventures, interested in fintech, gamedev, and proptech, with experience leading deals in these sectors.
To pitch SMOK Ventures, founders should utilize the preferred channels of their website or email. A well-structured pitch deck should include key information such as the business model, market analysis, competitive landscape, and team background. It is essential to highlight any traction or milestones achieved to date.
SMOK Ventures typically responds to pitches within a reasonable timeframe, but founders should be prepared for varying response times based on the volume of inquiries. While warm introductions can be beneficial, they are not strictly necessary for submission.
Overall, clarity and conciseness in the pitch are crucial, as SMOK Ventures values transparency and straightforward communication.
On January 12, 2026, SMOK Ventures published a blog post discussing their recent investment in intoDNA, showcasing their ongoing engagement in the startup ecosystem. This investment reflects the firm's commitment to supporting innovative companies in the technology sector.
In April 2025, SMOK Ventures led a seed round for Darvin, further solidifying its role as a key player in early-stage investments within the CEE region. Additionally, the firm participated in a Series A round for Authologic in October 2024, demonstrating its active involvement in supporting portfolio companies through various funding stages.
What are SMOK Ventures' investment criteria?
SMOK Ventures invests in early-stage startups, primarily in the sectors of software development tools, artificial intelligence, and healthcare. The firm focuses on pre-seed, seed, seed-plus, and Series A stages, with check sizes ranging from €100,000 to €1 million.
How can I pitch to SMOK Ventures?
Founders can pitch to SMOK Ventures through their website at smok.vc or via email at smok@smok.vc. It is advisable to include a clear overview of the business model, market opportunity, and team background in the pitch.
What makes SMOK Ventures different from other investors?
SMOK Ventures emphasizes transparency and founder-friendliness, often acting as the first institutional investor in many rounds. The firm also focuses on connecting CEE startups with follow-on funding opportunities in Western Europe, Silicon Valley, and Asia.
What is the geographic scope of SMOK Ventures?
The firm primarily invests in Central and Eastern Europe and the CEE diaspora, with a strong preference for startups based in Poland. SMOK Ventures also considers companies with significant business operations in the region.
What is the typical follow-on investment behavior of SMOK Ventures?
While SMOK Ventures does not usually lead follow-on rounds, it aims to take pro-rata shares where possible, helping founders secure additional funding from other investors.
What is the fund size and check size range?
SMOK Ventures manages over $35 million across two funds, with check sizes typically ranging from €100,000 to €1 million, depending on the stage of investment.
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