Bek Ventures, formerly operating as Earlybird Digital East Fund, has announced a new $250M (€236M) fund to invest in early-stage technology companies. Initially capped at $200M (€188M), the fund expanded to $250M (€236M) due to high demand from a range of financial institutions, insurance companies, funds of funds, corporate investors, family offices, and entrepreneurs primarily from the US and Europe.
Bek Ventures has built a record of supporting early-stage technology companies over the past decade, with investments in companies such as Romanian unicorn UiPath and Bulgarian unicorn Payhawk. The firm has achieved realized returns of $2.4B, placing it among the top-performing global venture capital firms since 2010, as highlighted by the HEC Paris-Dow Jones VC Performance Ranking.
Selective investment and long-term support
Bek Ventures maintains a focused investment strategy, limiting the number of startups it backs and offering long-term support. Approximately 90% of its portfolio companies receive follow-on investments.
Commenting on the approach, Managing Partner Cem Sertoglu states:
“Early-stage venture needs to stay small and focused to be successful because at the earliest stages, the most valuable thing we can provide our founders is time and attention. We, unfortunately, had to turn down LPs for this fresh fund because of our belief in discipline in fund size and strategy. Our strategy has helped us maintain top performance for the last decade, and we intend to double down with this fund and our new identity.”
Managing Partner Mehmet Atici adds:
“Another thing that sets Bek apart from other VC firms: 90% of our companies get a second check from us. We are selective about the number and nature of founders we back and the quality of investors we hire, which makes us relentless in supporting our founders’ success. That comes not only through expertise and talent support but also by being there to ask the right questions and connect them to further investment from other top investors. Our focused engagement with them is how we help them as more and more European founders build from the US.”
Rebrand to Bek Ventures and investment strategy
Bek Ventures backs founders with roots in Europe, particularly Central and Eastern Europe, recognized for its technical talent. With offices in London, New York, and Istanbul, Bek Ventures’ portfolio includes companies building from the US, representing approximately 50% of the firm’s investments.
The rebranding to Bek Ventures follows the firm’s departure from the Earlybird fund family, with which it had been affiliated as an independent entity since 2013. While rebranded, the firm’s investment team, strategy, and performance remain the same. Bek Ventures has achieved a multiple on invested capital (MOIC) exceeding 10x.
Bek Ventures has already made five investments from its third fund, including Zeta Labs, a company developing AI tools led by Meta-trained developers, Proofs, which focuses on streamlining proof-of-concept applications and Grand Games, disrupting the gaming industry. Two additional investments remain undisclosed.
Fund III is expected to support around 20 companies, reflecting Bek Ventures’ selective investment approach and focus on sustained support.
