OTB Ventures (OTB), a leading venture capital fund specialised in investments in technology companies in Central and Eastern Europe (CEE), today joined the Draper Venture Network (DVN), a global alliance of 22 independent venture capital firms across 5 continents, with $1.6 billion in collective assets. DVN is an alliance of independent VC firms that connects leading entrepreneurs and investors around the world. The alliance will provide OTB’s portfolio companies access to a global network of corporate relationships, business development opportunities and the wider investing ecosystem.
DVN’s partnership with OTB reflects its commitment to CEE with an aim to foster growth in technology sector across the region. DVN Member Funds have previously co-invested in several OTB portfolio companies. This includes investments in:
- ICEYE, a commercial constellation of micro-satellites in which OTB co-invested alongside DNX Ventures, Draper Associates and Draper Esprit in a $34m funding round in May 2018
- Silent Eight, which helps financial institutions manage their compliance and risk obligations using artificial intelligence, raising $6.2m in November 2019 with support from OTB and Wavemaker
The DVN management team will add OTB to its global roster of other top-tier venture capital funds. These member firms, typically post-seed or Series A and Series B funds, collaborate on investment insights, deal syndication and share a portfolio services team located in Silicon Valley. OTB Ventures will continue to raise its own capital and manage investment decisions independently.
Gabe Turner, Executive Director at DVN, commented: “With significant growth in Central and Eastern Europe, we have decided to re-enter the market via a new partnership with Adam and Marcin at OTB Ventures. Their strong presence in the local market and successful achievements with portfolio companies make them an excellent addition to our Network. We are excited to be part of OTB’s journey and look forward to supporting them with their investments and providing their portfolio companies with access to global expertise.”
Since DVN’s formation in 1990, the DVN members have funded more than 1100 companies and exited over 200, including Skype, Baidu, and Twitch. In the European market, DVN has already partnered with some of the leading venture funds such as Draper Esprit in UK, and other independent funds. It also has operations in Asia, Americas and Middle East.
Tim Draper, one of US’ leading venture capitalists and the Founding Partner of DFJ and Draper Associates, today visits Warsaw with meetings at OTB’s headquarters, gathering with industry leaders and local entrepreneurs to discuss the trends in venture capital market.
Commenting on the announcement, Tim Draper, Founder of DVN, said: “We are excited to bring OTB Ventures to our Network. By partnering with OTB, we are tapping into the innovative companies launched by founders from Central and Eastern Europe, whose technologies are being successfully deployed globally. We are certain that OTB’s strategy rightly addresses the needs of the maturing CEE market and we look forward to working with the team and their portfolio companies to build their profile in CEE and globally.”
Adam Niewiński, Managing Partner and co-founder of OTB Ventures, said: “We are honored to join the Draper Network. This partnership will provide unparalleled experience to our existing and future portfolio companies. Collaborating with DVN and sharing best practices with other member funds is testament to our commitment to invest and grow innovative technology businesses across Central and Eastern Europe.”
Marcin Hejka, Managing Partner and co-founder at OTB Ventures, said: “We want our portfolio companies to build successful businesses with sustainable operational and financial models. Joining the Draper network will provide us with an even greater access to expert knowledge. We are confident that this partnership will strengthen our footprint in Central and Eastern Europe and help us grow our portfolio even further.” 