About a month ago we finished our first mentorship program at Overkill Ventures. While recruiting the startups, we screened literally thousands of them. As a result, we invested in four – FabControl (Latvia), AxDraft (Ukraine), iMeshup (Poland) and Lokalist (Denmark).
A decade ago if you wanted to start a company in Central Eastern Europe (CEE) you were forced to head west to fund your startup and get the critical know-how from people that had been there, done that. Because locally, the investors mainly consisted of ex-bankers or real estate developers, using various predatory investment terms, like taking 50% equity or asking for kickbacks, all while providing no actual help or support. While you still can come across cases like these in the region, the future looks much brighter. New funds emerge, successful founders become angel investors, more money and good advice becomes available and founders become wiser.