Untitled Seed

The Untitled is a venture capital firm founded in 2010 and headquartered in Riga, Latvia, with additional offices in Moscow and London. The firm specializes in early-stage investments, including seed stage and growth capital for startups across diverse sectors, particularly focusing on retail performance, digital technologies, and new media. It primarily targets companies in Eastern Europe, including Russia, Belarus, and Ukraine, while also considering opportunities in Western Europe. The Untitled invests in projects that have a finished product or a working prototype, aiming for operational payback. Investment amounts typically range from $0.15 million to $2 million, depending on the stage and estimated value of the company, with stakes of 15% to 30%. The firm operates several investment programs, such as the Untitled Seed program and the U Growth program, which cater to various funding needs. Overall, The Untitled is committed to fostering innovation and supporting technology-driven enterprises in the region.

Mark Cowley

Managing Director

Ksenia Golubeva

Managing Director

Igor Lutz

Co-Founder and Partner

Konstantin Siniushin

Managing Partner

Konstantin Sinushin

Managing Partner

21 past transactions

Naco

Seed Round in 2022
Naco builds a manufacturing station to provide its clients with ready-to-use coated parts for hydrogen production.

AIIA

Seed Round in 2022
AIIA operates as a product company specializing in advanced computer vision and augmented reality technologies tailored for the interior design sector. Its flagship offering is an AR-powered visualization tool that enhances interior visualization, allowing retailers and distributors to streamline their sales processes. By integrating a data-sharing system, AIIA's solutions aim to simplify the design experience for clients while boosting overall sales efficiency in the retail and distribution markets.

Sportrecs

Seed Round in 2020
Sportrecs LLC is an online sports video platform based in Moscow, Russia. It caters to sports enthusiasts and fans by aggregating high-quality sports content from around the world onto a single website. The platform aims to enhance the interactive experience for users by offering relevant content related to their favorite sports, thereby fostering a community for sports lovers.

LendInvest

Venture Round in 2019
LendInvest Limited is an online investment platform based in London, United Kingdom, focused on property lending and investment. The company operates a marketplace that allows everyday investors to access various asset classes, including property-backed loans. LendInvest offers a range of financing options, such as buy-to-let mortgages, bridging loans, and development finance, catering to intermediaries, landlords, and developers. Founded in 2008 by Christian Faes and Ian Thomas, LendInvest combines technology with financial services to streamline property investment processes. The firm also has an asset management and advisory arm, targeting both commercial and residential properties in the UK.

110 Industries

Pre Seed Round in 2019
110 Industries Limited develops, publishes, and distributes video games for gaming consoles and cloud gaming services. The company was incorporated in 2017 and is based in London, United Kingdom.

LoyaltyLab

Seed Round in 2018
We see the world as a place where no annoying communications exist since every business understands its customers and offer goods even before the need is born. To implement our vision, we decided to begin with the Retail market. There is an enormous number of retailers which store data about their clients and customers who constantly receive mass communication. However, the situation looks dramatic. More than 80% of loyalty card-holders are completely unhappy about offers they receive and ready to switch to a competing brand if it provides them with a personalized experience. So that our mission is to help retailers and other businesses to unlock the potential of their data in order to anticipate customers’ needs and deliver the best client experience. Based on the retailer’s transactional data and collected external data, LoyaltyLab forecasts the future behaviour of each identified customer. Predictive analytics allows forecasting the time of the visit of the buyer, which allows communicating at the best moment, not annoying with messages at other times. Also, the composition of the future check is predicted, which allows forming recommendations that are relevant at the moment of purchasing. To increase the relevance of the communication even more, the context of purchases from 50+ sources is taken into the account, and optimal discount calculated so that it serves as a pleasant motivation. Thus, the solution allows the retailer to foresee when and for what products the customer will come and select the most relevant products for a personal recommendation, showing that it understands the needs and desires of its customers. The solution drives overall turnover growth up to 10% and up to 5% extension of revenue.

FIXAR

Pre Seed Round in 2018
FIXAR is a developer and manufacturer of integrated unmanned aerial solutions tailored for various industrial applications. The company focuses on providing autonomous aerial drones that address specific outdoor and indoor tasks, including aerial photography, laser scanning, real-time monitoring, delivery services, agriculture, and anti-drone measures, as well as inspections of confined spaces. FIXAR designs its products based on market demands, ensuring that they deliver enhanced efficiency and reliability compared to existing alternatives. By combining advanced flight performance with user-friendly software, FIXAR enables industrial operators to utilize drones effectively for a wide range of professional tasks at competitive costs.

DataScreen

Convertible Note in 2018
Data Screen Inc. is a technology company based in Dover, Delaware, founded in 2016. It specializes in cloud-based software solutions designed to streamline the digital content distribution process. By utilizing a dual-direct Application Programming Interface (API), Data Screen automates the collection of raw data from publishers, enabling rights holders to access comprehensive sales and consumption data from all licenses on a daily basis. The platform facilitates the management of license terms and provides verified sales reports for royalty calculations and statements, all within a single, user-friendly interface. This innovative approach replaces complex and manual workflows, enhancing efficiency for both rights holders and licensees in the digital content industry.

DataScreen

Convertible Note in 2018
Data Screen Inc. is a technology company based in Dover, Delaware, founded in 2016. It specializes in cloud-based software solutions designed to streamline the digital content distribution process. By utilizing a dual-direct Application Programming Interface (API), Data Screen automates the collection of raw data from publishers, enabling rights holders to access comprehensive sales and consumption data from all licenses on a daily basis. The platform facilitates the management of license terms and provides verified sales reports for royalty calculations and statements, all within a single, user-friendly interface. This innovative approach replaces complex and manual workflows, enhancing efficiency for both rights holders and licensees in the digital content industry.

Mirow

Convertible Note in 2018
Mirow LLC is a New York-based company that specializes in manufacturing smart mirrors for fitting rooms in the retail and hospitality sectors. Founded in 2016, Mirow's innovative mirrors enhance the shopping experience by offering features such as interactive touch screens, personalized recommendations, and the ability to request assistance or items in different sizes and colors. These smart mirrors also provide information on discounts and enable customers to engage with rewards programs. Mirow's solutions leverage AI-driven technology to improve service quality and generate valuable insights into customer behavior. The company has gained recognition in the industry, having been featured in notable publications, and serves a diverse clientele, including top-tier brands, while actively expanding its presence in both the US and European markets.

Sizolution

Seed Round in 2017
Sizolution is a technology-driven platform focused on enhancing the shopping experience in the fashion industry through personalized size and fit assistance. Utilizing advanced 3D human body scanning and AI-enabled tools, Sizolution aims to provide accurate size recommendations tailored to individual customers. By integrating these features into fashion retail, the platform helps stores increase sales and minimize product returns, ultimately delivering a more personalized and satisfying customer experience.

ASAP

Seed Round in 2017
We target business districts and provide - app for employees to pay with bonuses, order ahead or office delivery - web-interface for office managers to order food (breakfasts, lunches, fruits etc) - instruments for restaurant to launch loyalty system and instruments for regular customers

Inspector Cloud

Pre Seed Round in 2017
At Inspector Cloud we build image recognition services for retail industry. Our award winning shelf image recognition solution is used by a number of world famous brands to redefine how merchandizing works. nspector Cloud ambitious goal is to set the industry standard for retail image recognition.

Sarafan Technology

Pre Seed Round in 2017
Sarafan Technology specializes in the development of Sarafan.AI, an advanced suite of neural networks focused on real-time object recognition in video, similarity search, and text generation. The company’s primary offerings include a Virtual Search Assistant that analyzes screen content, providing users with immediate information about the people, products, and context featured in videos. This assistant enhances video content by adding contextual details and shoppable functionality, improving user engagement and reducing subscription cancellations. Additionally, Sarafan Technology offers video recognition tools tailored for various businesses, capable of learning new object categories within two months. This capability leads to significant cost savings in production efficiency, loss prevention, and labor security. By integrating these technologies, Sarafan Technology aims to transform online marketing and advertising, allowing businesses to connect with their target audiences more effectively through relevant media content.

Driveback

Seed Round in 2016
Driveback develops real time marketing solution for online businesses that helps them to increase consumer engagement and customer loyalty. The company was founded in 2014 and is headquartered in Russia.

E-Contenta

Seed Round in 2016
E-Contenta is a Russian company that specializes in developing and marketing a personalized recommendation service for digital media websites and mobile applications. Founded in 2016, the company leverages artificial intelligence to assist brands in distributing their editorial content through native advertising. E-Contenta has collaborated with notable brands such as SEMrush, Beeline, Whiskas, Pedigree, and PepsiCo, and has partnered with media buying agencies including MGroup, Publicis, Dentsu, and OMD. The platform aims to enhance client engagement by integrating corporate media and blogs into brand communication strategies, thereby improving key metrics such as pages per session, time spent on blogs, and subscription rates. E-Contenta has received funding from the Untitled pre-seed fund in Moscow and Starta Accelerator in New York.

Junglejobs

Seed Round in 2015
JungleJobs is a recruitment marketplace based in Moscow, Russia, that connects employers and professional recruiters across various industries in Russia and the CIS. The platform provides a comprehensive listing of vacant positions from different employers, allowing recruiters to find job opportunities that match their specialization. It facilitates effective communication between employers and recruiters, enhancing the recruitment process. By offering employers direct access to skilled recruiters and providing a competitive income source for recruiters, JungleJobs aims to improve the recruitment industry through its innovative digital platform.

GBooking

Seed Round in 2015
GBooking Ltd. is a company that specializes in designing and delivering online booking and appointment scheduling systems tailored to various industries, including healthcare, automotive, food, sports and fitness, legal services, government, education, and beauty care. Founded in 2010 and based in Providence, Rhode Island, the company aims to enhance the efficiency of buyer-seller relationships by streamlining the process of selecting and comparing services. The founder, Alexander Naslednikova, initially focused on market optimization services and developed methods to improve enterprise profitability through optimization algorithms. GBooking’s mission revolves around maximizing convenience and time savings for both providers and customers while refining its customer-centric strategy.

GBooking

Seed Round in 2013
GBooking Ltd. is a company that specializes in designing and delivering online booking and appointment scheduling systems tailored to various industries, including healthcare, automotive, food, sports and fitness, legal services, government, education, and beauty care. Founded in 2010 and based in Providence, Rhode Island, the company aims to enhance the efficiency of buyer-seller relationships by streamlining the process of selecting and comparing services. The founder, Alexander Naslednikova, initially focused on market optimization services and developed methods to improve enterprise profitability through optimization algorithms. GBooking’s mission revolves around maximizing convenience and time savings for both providers and customers while refining its customer-centric strategy.

RecruitLoop

Seed Round in 2013
RecruitLoop is an online recruitment platform that offers a curated marketplace of independent recruiters available on-demand at hourly rates. It provides a cost-effective alternative to traditional recruitment agencies, saving employers 80-90% compared to conventional methods. Employers can connect with expert recruiters through the platform to outsource any part of the hiring process, utilizing features such as automated video interviews for candidate screening. Founded in Australia in 2011 and establishing its headquarters in San Francisco in 2013, RecruitLoop addresses the challenges faced by employers who find traditional recruitment agencies expensive and do-it-yourself recruitment time-consuming. The platform combines technology, data, and human expertise to streamline the hiring process for employers of all sizes.

Endorphin

Seed Round in 2012
Endorphin is a cloud-based platform that specializes in evaluating digital footprints and analyzing big social data. It offers a range of services, including B2B solutions such as smart social customer segmentation for e-commerce, allowing businesses to effectively target their audience. Additionally, Endorphin provides B2C services through mobile applications that facilitate smart social searches among users' first and second-degree connections. Launched in 2012 by Artem Zavyalov and Victor Strelbitsky, the company has its operational base in San Francisco, California, while also maintaining a presence in Ukraine.
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