In May, Czech venture capital fund Presto Ventures announced the first exit from its €30 million second fund, Presto II, selling shares in Czech AI-driven sales forecasting company Inventoro to the US software provider Cin7. Currently, the firm is preparing to launch its third fund, intending to sustain support for B2B SaaS and marketplace startups across the CEE region. Vestbee spoke with Premysl Rubes, Founder and Managing Partner at Presto Ventures, discussing the firm’s performance and details of the upcoming Fund III.
Presto Ventures closed its second fund in 2022, totaling €30 million. The plan was to invest in no fewer than 40 B2B startups from the CEE region. How is the plan going?
Presto II invested in 43 companies, and 20 of them have already raised next rounds – some of them more than one, so we’ve already seen 27 new rounds and counting. Together, these startups have attracted over €100 million of mostly Western capital in the last year and a half, since our entry. That’s exceptional, given that we’re usually the first investor on board.
Three smaller startups didn’t survive the VC winter. On the other hand, we recently celebrated our first exit from Inventoro with a solid multiple.
There is a lot going on in our portfolio, and we’re more than happy with the overall development. Betting on B2B SaaS in the CEE region pays off.
Could you disclose the LPs of Fund II?
Presto is 100% backed by private money. Our LPs are entrepreneurs, exited or active business owners, exited founders, first or second-generation family offices, and individual investors. To us and our portfolio founders, this brings not only capital but also priceless experience and connections.
Many of our investors are notable HNWIs. They often have some ties to successful business stories in our region — stories like Avast, Skoda, UiPath, RSJ Financial Group, and similar ones.
Ukraine was also a focus for Fund II, with Presto Ventures backing GetPin and Finmap. Have any other startups been supported? Are there plans for further investments in Ukrainian founders, and why?
We’ve also invested in Slise, PiBox, and other startups more or less affiliated with Ukraine. Three more companies have UA founders, and they’re already shaping up as winners of our portfolio. So, Ukrainian startups will certainly stay on our radar. That said, for us at Presto, founders’ nationality doesn’t play as much of a role — we look for founding teams with a strong technical background and a relentless capacity to execute their vision.
Presto Ventures recently announced its first exit from Inventoro. Can you outline the journey of that portfolio company from investment to exit? What were the reasons behind the fund’s decision to exit?
Only two years ago, Presto backed Inventoro, becoming their first institutional investor. We had known the founders for a couple of years already and had a shared business history, such as mutual investments.
They’re experts in inventory management and had built a well-known company before launching Inventoro. In this startup, they packed 10+ years of industry experience and invaluable insights into a practical, affordable SaaS tool — this allowed even smaller companies to bring their inventory forecasting and optimization to the level of giants like Amazon.
Soon after the company got traction, a couple of inbound M&A partners started to show interest in plugging the Inventoro tools into their inventory management software. This matched our original investment thesis and the fastest way to spread this smart toolbox globally.
What was the valuation or return on investment achieved from the exit?
On this topic, we’re bound by an NDA.
How has this exit impacted Presto Ventures' investment approach or future strategies?
This exit is yet another proof that our region has a lot to offer globally regarding technological talent and outstanding products. It’s a milestone in our mission to support exceptional, ambitious CEE creators and builders who have the courage and grit to compete with their Western counterparts.
What is the current stage of the launch process for Fund III?
Everything is on track. We plan to announce the first portfolio investments in the fall.
Could you provide insights into the primary focus areas or investment strategies that Presto Ventures intends to pursue with this fund?
We want to double down on strategies we’ve successfully validated in our second fund – while extending our thesis and geographical targeting to address promising market opportunities for investors and tech entrepreneurs alike. We’ll continue to focus on founders who are overlooked by the mainstream Western funds.
Some of them are the quiet genius types with a lot of technical talent to offer.
That said, emotionally capable founders will be the ones who succeed — that’s the trend we’re seeing more and more. With every technological revolution, the barrier for entrepreneurs who want to develop a globally successful product drops by an order of magnitude. In some ways, this means that ‘the reign of developers is over’ and, increasingly, EQ > IT.
To succeed on a global level, ambitious projects will need leaders who can build strong and authentic relationships, motivate talented teams, and know how to get people excited.
How does Presto Ventures plan to leverage its experience and track record from Fund II to attract LPs for Fund III?
We let our results do the talking. With more than 40 investments in less than two years, Presto is one of the most dynamic VCs in the region — and founders and investors alike can see that we walk the talk.
We’re already processing first exits and evaluating additional offers, and more than half of the portfolio has raised new rounds. We’re hands-on, and our network packs a punch when it comes to business development and next-round fundraising.
Over the last couple of years, we’ve built a stellar reputation with founders, investors, and partners across the wider CEE region. This brings us first-row access to great opportunities and a high volume of quality deal flow, allowing us to evaluate thousands of pitch decks every year.
The market timing is also great. We now stand at the beginning of a new economic cycle, which is conducive to startups and investors. And we’re ready to dive right in.
