Presto News | Q3 2023

VC news and updates on the CEE+ startup market and all things Presto

Stepping Up | Presto Ventures team.
Stepping Up | As we're gearing up for Fund III, Presto has welcome a number of friendly new faces. Meet the team.

Dear partners & friends of Presto,

Welcome to our Q3 newsletter.
After a busy summer, we're excited to share with you a new era of Presto ๐Ÿ†™

As we're gearing up for Fund III, the last quarter was dedicated to building and growth. As always, we continue to make new investments and support our portfolio companies, as well as the ecosystem.

On that note, we really enjoyed the opportunity to collaborate on Engaged Investments, the largest investor & startup event in the Czech Republic, which has recently brought the entire ecosystem together ๐Ÿ™Œ๐Ÿผ Kudos to the DEPO Ventures team!

Without further ado, feel free to jump to the sections that interest you the most:โ€Œโ€Œ
1. Highlights โ€Œโ€Œ
2. New Presto investments โ€Œโ€Œ
3. Portfolio fundraising | Selected companiesโ€Œโ€Œ
4. Market insights โ€Œโ€Œ
5. Brainfood โ€Œโ€Œ
6. #MeetPrestoโ€Œโ€Œ
7. Department of memes

โญ Highlights

  •, the Georgian-based crypto-fiat payment gateway for merchants in any sector, raised over โ‚ฌ2M from Presto Ventures, Tether, and other angel investors to scale across the CIS region and other markets. Learn more at raises EUR 2M from Presto Ventures, Tether, and angels.
  • Outfindo, the Czech-based AI-driven shopping guides platform that delivers seamless online experiences to consumers, raised โ‚ฌ900k Seed led by Presto Ventures to expand across product segments.
Prague-based Outfindo secures โ‚ฌ900k to make product selection easy with AI-driven shopping guides | EU-Startups
In recent years, the e-commerce landscape has been undergoing a transformation, with an emphasis on delivering seamless online experiences. This shift
  • Spenfi, the Vilnius-based platform for corporate finance and spendings management, raised โ‚ฌ800k Seed round led by Presto Ventures. The investment will help Spenfi scale EU-wide.
Spenfiโ€™s Finance and Spendings Management Facilitation Secures EUR 800K in Seed - ITKeyMedia
Spenfi, the Vilnius-based platform for corporate finance and spendings management โ€“ raised EUR 800K of Seed investment The platform is not only a one-stop shop for spendings managements, but it also employs Open Banking for helping companies procure the money for everyday expenses The new investmentโ€ฆ

๐Ÿ”” New Presto investments

Although the Fund III preparations have been keeping us busy, we made sure to welcome new companies to our portfolio. Can't wait to share more names with you very soon.

๐Ÿ‡จ๐Ÿ‡ฟ Outfindo | โ‚ฌ900k Seed | Presto Ventures, Patero, Longevity Fellows
๐Ÿ‡ฉ๐Ÿ‡ช/๐Ÿ‡ฐ๐Ÿ‡ฌ Calypso Commodities | Pre-Seed | Presto Ventures, angel investors
๐Ÿ‡ฌ๐Ÿ‡ง/๐Ÿ‡ฌ๐Ÿ‡ท Magic | Pre-Seed | SFC Capital, Presto Ventures, angel investors

๐Ÿ’ธ Portfolio fundraising | Selected companies

  • Ellio Technology | Early traction | B2B SaaS | Enterprise SIEM/SOAR automation for cybersecurity teams 
  • Sloneek | โ‚ฌ700k ARR | B2B SaaS | AI-first SaaS HR management solution for Enterprises and SMBs
  • Omofox | USD $400k Gross Profit YTD | B2B SaaS | Collaborative orchestration platform for logistics
  • Okredo | โ‚ฌ1M ARR | B2B SaaS | B2B Open-data platform to assess credibility, financial strength, and sales

โžก๏ธ More than 15 of our portfolio companies are currently fundraising or about to start. To learn more, please visit the Presto showroom.

๐Ÿ’ก Market insights

โ€Œโ€ŒGlobal market news

  • Venture funding reached USD 73B โ€“ up 11% QoQ and down 15% from the USD 86B invested in Q3'22, possibly signaling a change of the prolonged VC downturn tide.
  • September also marked the first time in 18 months that venture-backed technology companies braved the public markets. Two well-established startups went public, a sign that the IPO markets could open up for tech listings in 2024.
  • When 500+ VCs were asked about how they see the future of the industry in the next year, 59% answered with good or very good, showing undying optimism about the future of the market.

European landscape

  • Funding of European startups reached USD $16.4B in Q3 '23, increasing 28% QoQ and 2% YoY, with deal value remaining stable in the last two quarters. However, the growth is not distributed evenly, as only late-stage startup funding increased QoQ, and also YoY.
  • Number of investments made by the most active VC investors in post-seed rounds has remained unchanged over the past year, showing the consistent desire to invest in later stages despite the bear market.
  • European VCs consistently outperform their US counterparts across 5-year and 10-year periods, boasting a ~13% annual return since 2002, surpassing the ~12% of US investors.

For a deep-dive on these market highlights ๐Ÿ‘†๐Ÿผ follow these resources ๐Ÿ‘‡๐Ÿผ

๐Ÿง  Brainfood

โ€Œโ€ŒIn-house thoughts worth sharing ๐Ÿ™Œ๐Ÿผ

  • How to Build a Billion-Dollar B2B startup | Vojta Rocek โ€Œโ€Œ
    In his usual no-nonsense style and drawing on his rich startup experience, our partner Vojta shares valuable insights on company building and investing. Do you have what it takes to work with people? Get behind a bar to find out. Is it true that millennials want work-life balance, but don't really know what โ€˜lifeโ€™ is? And did you know that in a B2B startup, you have to sell 4 times? Curious? Give it a listen ๐ŸŽง
  • There's never been a better time to invest in startups in the Czech Republic than now | Premysl Rubesโ€Œโ€Œ
    Our partner Premysl reflects on the thriving state of Czech startups, with their impressive ability to attract foreign investment. Premysl discusses the evolution of building global companies and emphasizes the capital efficiency in the region.

More VC thoughts to feed your mind ๐Ÿ“š

  • The Techno-Optimist Manifesto | Marc Andreessen 
    The manifesto advocates for a growth-centric perspective, emphasizing that societal progress and enhanced well-being are propelled by technological advancement, akin to a shark's imperative for growth to survive.โ€‹
  • Technology Trends Outlook 2023 | McKinsey 
    The outlook emphasizes pivotal tech trends that are crucial for organizations, shedding light on the evolution, potential applications, and industrial impacts of cutting-edge technologies.
  • State of AI Report 2023 | Nathan Benaich 
    In its 6th edition, the report encapsulates crucial insights across AI research, industry, safety, and political dynamics, serving as an open-access informative resource to the AI community.

๐Ÿ‘‹๐Ÿผ #MeetPresto

Although the winter months bring about fewer startup and VC events, you can still meet our team all over Europe. Follow Presto on LinkedIn and you won't miss a beat. โ€Œโ€Œโ€Œโ€Œ

๐Ÿ‡ต๐Ÿ‡น Web Summit | Nov 13-16 | Lisbon, Portugal
๐Ÿ‡ซ๐Ÿ‡ฎ Slush | Nov 30-Dec 1 | Helsinki, Finland
๐Ÿ‡ฆ๐Ÿ‡ฟ InMerge Innovation Summit | Nov 30-Dec 1 | Baku, Azerbaijan
๐Ÿ‡ช๐Ÿ‡ช sTARTUp Day | Jan 24-26 | Tartu, Estonia

๐Ÿค“ Department of memes

Average pitch deck be like:

โ€Œโ€ŒThat's it from Presto. โ€Œโ€Œ
See you in 2024 โœŒ๐Ÿผ

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Jamie Larson