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

Past deals in Eastern Europe

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.

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.

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.

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.
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