Founded in 2016 by Premysl Rubes, the Czech Presto Ventures has become a visible venture capital firm in Central and Eastern Europe. With the conclusion of its second fund and the launch of its €150M third fund, Presto Tech Horizons, in June 2024, the firm’s partner Vojta Rocek shares for The Recursive the learnings from Presto’s journey and their plans for the future.
Presto’s second fund, launched in 2021 and backed entirely by private investors, allocated capital to 43 companies across 12 countries in the CEE region. Despite challenging economic conditions, particularly during the “VC winter” of 2023, its portfolio demonstrated resilience.
“Even during the investment period, we never dipped below MOIC 1,” noted Rocek.
“Half of our portfolio companies have raised at least one follow-on round, and we’ve celebrated our first early exit with Inventoro, which delivered a healthy multiple less than two years after we invested.”
Presto Ventures’s portfolio highlights
Several companies from Presto’s Fund II stood out:
- Keboola, a data architecture platform, raised $32M in late 2023, securing the largest Series A in Central Europe that year.
- Oddin.gg, an esports analytics and prediction platform, experienced nearly 8,000% growth in three years and was recognized as Central Europe’s fastest-growing tech company by Deloitte in 2024.
- Choice, a restaurant modernization SaaS, achieved consistent quarterly growth rates of over 30% and raised three follow-on rounds since Presto’s investment.
- Jeff App, a financial platform for emerging markets, raised a $2M late-seed round in 2024 and was ranked the third fastest-growing tech company in Central Europe by Deloitte.
- Adam Technologies, a contractor services platform, tripled its year-over-year growth in 2023 and secured €3M in funding in 2024 for further expansion.
1% of evaluated companies receive investment from Presto
Presto attributes its portfolio success to a disciplined and thorough investment process. Reviewing over 500 pitch decks and engaging with 200 founders monthly, the firm places a strong emphasis on assessing risks and potential.
“We maintain a strict filter, selecting less than 1% of companies we evaluate. More than 70% of our investments come through referrals,” Rocek explained.
Presto’s team also remains active in global tech ecosystems, attending over 50 industry events annually and spending more than 300 days on the road to discover promising opportunities.
B2B SaaS is not appealing anymore
Learnings from Fund II have shaped the strategy for Presto’s third fund, Presto Tech Horizons. The fund shifts focus from traditional B2B SaaS to startups at the intersection of hardware, software, deep tech, and defense technologies.
“We believe B2B SaaS is slowly declining, and the future lies in the combination of hardware and software, especially in areas like deep tech and defense tech. AI is reshaping industries and eliminating jobs, and we want to back founders who aren’t just adapting to this reality but actively shaping it.”
Regulations kill innovation
While the CEE region continues to show significant potential for innovation, Rocek emphasized that regulatory hurdles remain a critical challenge.
“The massive potential is here, but regulation is holding everyone back. Countries that act quickly to implement necessary reforms could leapfrog ahead.”
