While some VCs shout from rooftops, others quietly back billion-dollar revolutions. KAYA, one of Central and Eastern Europe’s earliest and most successful venture firms, just announced the first close of its fifth fund, raising nearly €70 million – with a mission to back 25 of the region’s most ambitious startups from pre-seed to Series A.
But who is KAYA?
Headquartered in Prague and founded in 2010 (originally as Enern Investments), the firm is led by four General Partners — Tomáš Obrtac, Tomáš Pacinda, Pavel Mucha, and Martin Rajcan. KAYA has spent nearly 15 years rooting for startups in Czechia, Slovakia, and Poland – and it’s paid off. Their portfolio boasts two unicorns: Rohlik (Czech e-grocery giant) and Docplanner (Polish healthtech powerhouse), with a third – Booksy (ARR €100 million).
With over €350 million in portfolio value across 45+ companies, KAYA has become a cornerstone of CEE tech – helping transform local potential into global leaders.
The next chapter: Going pan-CEE
With Fund V, KAYA is now going broader – targeting emerging tech hubs across Hungary, Slovenia, Bulgaria, Croatia, and beyond. “We’re seeing founders across the region who are no longer thinking locally,” says Tomas Obrtac, one of KAYA’s four general partners. “The most interesting stories in CEE are just getting started.”
And they’re not doing it alone. KAYA’s team blends veteran experience with fresh Gen Z perspectives. New partner Karel Zheng, a former founder and digital native, brings an instinctive understanding of how today’s builders think – from product culture to global scale.
Not just tech-backers but tech builders
Since 2018, KAYA has been building its own data intelligence platform to monitor startups globally. What began as a side project by math student Vaclav Ryslink is now a vital part of how KAYA spots early signals from the next generation of breakout companies.
While many VCs stay in their lane, KAYA sees opportunity in overlooked spaces – from biotech to advanced materials. As partner Martin Rajcan puts it, “We’re generalists, not specialists. We understand what it’s like to build from the CEE region and we back founders no matter where in the world they land.”
Portfolio stars on the rise
Beyond the unicorns, KAYA’s portfolio includes breakout companies like:
- Better Stack (Veronika Kolejak & Juraj Masar)
- SensibleBio (Miroslav Gasparek & Marian Kupculak)
- Upheal (Juraj Chrappa & Martin Horvath)
- Superlinked, TopK, E2B, Yoneda Labs, and ZetaLabs
They’re also backed by a powerful expert network including Tomas Cupr (founder of Rohlik), Michal Valko (AI scientist who helped build Meta’s Llama 3), and Jakub Jurovych (Deepnote).
KAYA says it isn’t just writing first checks. With up to €20 million per company (via follow-ons and syndicates), it stays invested — literally and figuratively — through a startup’s full journey. It also plays matchmaker for follow-on rounds, tapping deep relationships with funds like Index Ventures, Creandum, EQT, Goldman Sachs, and more.
With fresh capital, a cross-generational team, and a sharp eye on emerging markets, KAYA Fund V could shape the CEE startup scene for the next decade.
From Prague to London, Warsaw to Budapest – this is one VC to watch closely. Stay tuned to TFN for more interesting VC stories like this one, subscribe to our daily newsletter!
