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New London-based VC firm launched; here’s how it plans to invest over €50M

Editorial team by Editorial team
December 8, 2020
in (Crowd)funding, News, Startups
New London-based VC firm launched; here’s how it plans to invest over €50M

Picture credits: Sova VC

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New London-based venture capital firm Sova VC has launched yesterday with plans to invest over €50M in building a portfolio of more than 20 early-stage tech companies. It claims its strategy is centred on recognising high-potential, disruptive tech companies in Late Seed and Series A stages with a focus on B2B and B2B2C marketplaces as well as software platforms that have the potential to expand across sectors and markets.

Launch of VC firm

Sova VC is a part of Sova group of companies, which also includes the Financial Conduct Authority (FCA) regulated London-based broker Sova Capital. Although the VC firm claims to be sector agnostic, it has “a particular expertise and interest” in Urban Tech, Fintech and Healthcare sectors. The firm will initially focus on partnering with growth-stage companies in the UK, Baltic States, the US East Coast and Nordics.

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“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 €4M in a single portfolio company,” says Alexander Chikunov, partner at Sova VC.

Completes first Series B round

According to the firm, it has already completed its first investment of $2.5M (nearly €2.06M) in a Series B round in Smartcat, a global B2B translation platform solution. This platform serves over 9000 corporate clients and 5000 translation agencies and has witnessed a 100% year-on-year growth recently.

Chikunov announced that they have already developed a strong pipeline and will reveal further investment plans soon.

Sova Capital has also recently announced that it has entered into an agreement to acquire the banking business of Posojilnica Bank eGen (Poso Bank). According to the company, the acquisition of an Austrian credit institution will give Sova Capital a direct presence in the European Union, giving Sova Capital, and its clients, additional flexibility in the post-Brexit era.

It plans to expand its business lines following the transaction, which adds commercial and retail banking to the firm’s capabilities in independent investment research, securities trading, electronic and high-touch execution, public capital markets financing, and prime brokerage services.

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Tags: fundingLondon startupsventure capital
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Are you an ambitious scaleup operating out of the Netherlands? Accelerate your growth with Techleap.nl’s Rise programme. Join their Batch #8!

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We invite you, inspiring entrepreneurs, daring investors and bold corporates to connect in Rotterdam.

Welcome to the third edition of Upstream in Rotterdam

This year, over the course of 3 days, more than 40 co-creation partners have lined up 40+ events boasting more than 30 speakers with one thing in common: to promote and underline the necessity of a transition to a future proof economy.

Once again, the Rotterdam Metropolitan Area will transform into the place where startups, scale-ups, investors, bold corporates, policy makers and students come together to make a positive impact in the world. Are you one of them?

We invite you, inspiring entrepreneurs, daring investors and bold corporates to share, connect and create meaningful innovations for sustainable growth.

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  • Join one of 13 independently organized events.

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  • Listen to inspiring fireside chats on international growth with speakers including Vivienne de Leeuw (Port of Rotterdam), Djordy Seelmann (Housing Anywhere) and Bas van Abel (Fairphone).
  • Join one of 15 independently organized events and the official closing party in Bird.

Join the daily networking drinks 17:30 – 18:30 in Bird Rotterdam.

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Taets Art and Events ParkHemskade 16, 1506 PR Zaandam

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