Earlybird Venture Capital has announced its first three investments in early-stage startups via its recently unveiled Digital East Fund (DEF). Flipps from Bulgaria, Tjobs from Romania and Metrekare.com from Turkey become the first members of DEF portfolio which aims to support disruptive tech in Central and Eastern European markets including Turkey.
Tjobs investment is the new one here as the other two were announced previously. The Berlin-based VC said the first three fundings has come in just three months after the first $110 million close towards a $130 million fund size of its Digital East Fun. It also said in a press release that their team has reviewed over 2,000 opportunities during the last to years and been screening over 80% of tech startup investment opportunities in Turkey and CEE.
Flipps, a mobile streaming app that turns a smartphone into a universal media router with its own video catalogue, has raised two weeks ago$2.4 million funding from Earlybirdand existing investors including Tim Draper. Metrekare.com, a real estate listings platform, secured DEF investment back in December 2013, with no figures disclosed.
The company said “The Turkey and CEE regions continue to demonstrate significant opportunity and growth for technology ventures, boasting nearly $4 billion in value created by recent exits. Earlybird will help even more exceptional companies reach their full potential, either through a global IPO or by becoming regional champions.”
Earlybird Partner Dan Lupu added, “The volume of quality ideas and talent coming out of the Turkey and Central and Eastern European markets have largely been ignored by the rest of the world. Our focus and investments in the region are about to change all that.
Established in 1997 Earlybird has raised over $900 million to fund digital businesses that originate mainly from Europe, and has backed over 100 companies so far.