The Untitled Ventures

The Untitled Ventures is a venture capital firm established in 2010, headquartered in London, UK, with additional offices in Riga, Latvia, and Moscow, Russia. The firm specializes in investing in seed, early, and growth-stage companies, with a focus on innovative technology projects structured under Russian, English, and American law. It primarily invests in companies operating in Eastern Europe, Russia, Belarus, and Ukraine, but also considers opportunities from Western Europe. The Untitled Ventures seeks to back companies entering new markets with proven products, typically investing $0.15 million to $2 million in return for minority stakes ranging from 15% to 30%. The firm offers various investment programs, including The Untitled Seed, The Untitled Club, The Untitled Money, and U Growth, catering to different stages of a company's development.

Mark Cowley

Managing Director

Ksenia Golubeva

Managing Director

Igor Lutz

Co-Founder and Partner

Past deals in FSU

Naco

Seed Round in 2025
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.

Naco

Seed Round in 2023
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.

Naco

Seed Round in 2022
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.

Sportrecs

Seed Round in 2020
Sportrecs LLC is an online sports video platform based in Moscow, Russia, that specializes in video streaming services for various sports. The company provides a marketplace solution along with free tools designed for sports organizations to generate, distribute, and monetize their video content. Sportrecs' platform allows copyright holders to publish videos of diverse sports, including football, basketball, rugby, and boxing, facilitating secure broadcasting of live games and events. By enabling access to global sports content, Sportrecs serves both consumers seeking engaging sports footage and organizations looking to leverage their media assets.

Inspector Cloud

Pre Seed Round in 2017
Inspector Cloud is a technology company that specializes in developing a cloud platform designed to automate retail audits and enhance data collection from retail locations. Founded in 2016 and based in Moscow, Russia, the company utilizes artificial intelligence to create digital models of retail outlets and display real-time analytics. Its software allows field personnel to upload shelf images via multiple formats, including popular messaging applications. The platform identifies stock keeping units and price tags within the images, streamlining the auditing process. By offering advanced image recognition services, Inspector Cloud aims to set the industry standard for retail merchandising and reporting, ultimately helping brands and retailers reduce manual inventory efforts and improve sales efficiency.

JungleJobs

Seed Round in 2015
JungleJobs is a Moscow-based recruitment services provider that operates an online marketplace, connecting employers with recruiters across various industries throughout Russia and the CIS. The platform facilitates effective communication by enabling employers to easily identify recruiters with niche specializations, while allowing recruiters to discover interesting job vacancies. By uniting diverse job openings and reliable recruiters, JungleJobs enhances the recruitment process, offering employers greater access to professional recruitment services and providing recruiters with new income opportunities. The company's innovative approach and use of modern technology aim to elevate the overall recruitment landscape.
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