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This London VC firm wants to invest £45M in early-stage tech startups in UK, Nordics and more

Sova VC
Image credits: Sova VC

Amidst a lot of uncertainty due to the global Covid crisis, a new VC has announced its launch in the UK. Sova VC, a London-based VC firm has arrived today to back disruptive early-stage (Late Seed and Series A) technology companies focussed on B2B and B2B2C marketplaces and software platforms. It is a part of the Sova group of companies, which includes FCA regulated Sova Capital.

Alexander Chikunov, Partner at Sova VC, said: “We are delighted to announce the launch of Sova VC and look forward to partnering with promising growth-stage entrepreneurs and tech companies to help them accelerate growth, drive performance and realise their ambitions. Typically, our partner companies will have developed a product, have a proven track record and are looking to accelerate their growth and development.” 

Additionally, the London-based VC also announced €50 million (approx £45.3 million) of capital to build a portfolio of 20+ early-stage technology companies. 

According to the company, the initial investment ranges from €0.5 (approx £0.45 million) to 1.5 million (approx £1.3 million), growing to as much as €4 million (approx £3.6 million) in a single portfolio company.

“We believe Sova VC is unique in its ability to combine financial backing with agility, and a truly personal approach to working with entrepreneurs, whilst also being able to leverage Sova Capital’s extensive global network and financial platform, which unlocks a range of solutions and exciting opportunities for our partner companies,” said Chikunov.

Almost sector agnostic

Sova VC team, although sector agnostic, has particular expertise and interest in Urban Tech, Fintech, and Healthcare. According to the company, its initial geographic focus will include partnering with growth-stage companies in the UK, Nordics, Baltic States, and the US East Coast.

10 years as a VC and corporate finance investor

Alexander Chikunov, who heads up the firm has a track record spanning 10 years as a VC and corporate finance investor and has worked on a range of venture deals and exits involving companies such as Airsorted (Houst), Homewings, Hubble, and SimplyCook.

Invests £1.8M in Smartcat

While the VC plans to invest in 20+ tech companies, it has already completed its first £1.8 million investment in the Series B round of translation platform solution Smartcat. A Cambridge-based global B2B translation services marketplace that connects translation agencies, freelancers, and enterprise clients to enable continuous delivery of multilingual content.

“Smartcat is a great example of the type of company we like to partner with. It is a disruptive and highly innovative B2B marketplace with a great team, fantastic offering, and a compelling opportunity to grow within a very large but fragmented industry worth over €50 billion annually,” concluded Chikunov.