ff BLUE & YELLOW
HERITAGE FUND, L.P.

We are proud to announce the establishment of ff Blue & Yellow Heritage Fund, a specialized fund that will exclusively invest in Ukrainian founders and startups.

Now is the time to invest in Ukrainian Founders

Ukraine has a storied tradition of world-class innovation and investment success, including the invention of the harddrive, the market leading software/IT development platform (Gitlab) and messaging platforms that billions use every month (WhatsApp). Recent unicorns built by Ukrainian entrepreneurs and engineers include Affirm, Grammarly and People.ai. Ukraine has more graduates with degrees in technology than most European countries, 240,000 of its citizens employed in the IT sector (ranking 5th globally in development talent by SkillValue) and is home to R&D centers for more than 100 major tech companies, including Google, Samsung, Snap, Oracle, Nvidia, Lyft and Ring.

In 2020, investment in Ukrainian companies represented 57% of the total VC activity in the CEE, $1bn. With interest in the region exploding in 2021, growing to $3.6bn total invested in CEE, so too did Ukrainian VC activity grow, hitting a record high of $832mm. This has attracted the attention of leading global investment firms such as BlackRock, ICONIQ, Lightspeed, Tiger Global, Insight, and Andreessen Horowitz. Since the beginning of the invasion this has significantly dropped off; Where others see risk, we see opportunity.

ffVC first invested in the CEE region in 2019, leading the Seed Round for Respeecher, the leading voice-cloning software featured in projects like Disney+’s “The Mandalorian.” Knowing that our proven model of high touch support is most effective when we are local and accessible, we expanded our operations to the CEE region in 2019 and established an office in Warsaw, Poland.

In 2020 we launched ff Tech and Gaming, our first CEE focused fund, led by our local Partners, Mariusz Adamski and Maciej Skarul, and a team of 12 CEE investment and operations professionals. So far we have built a portfolio of 14 companies in the CEE and continue to expand deeper into the ecosystem while connecting our founders to the US under a one-team approach.

While later stage US VCs have been active, few have built early-stage platforms to identify and support companies pre-Series B. With the establishment of our Warsaw office, our team had been building unique capacity in the country and had begun to identify a number of promising early-stage opportunities.

While the decision to launch a separate Fund to invest exclusively in Ukrainian companies was informed by the invasion, it is not rooted in charity. We see an opportunity to not only fill the current funding void, but to continue to help talented teams grow and become large successful international companies. With the help of our Ukrainian Venture Partner, Denys Gurak, we have deepened our ties with the local VC and entrepreneurial ecosystems and are grateful for the full support of Ukraine’s Ministry of Digital Transformation.

As a US VC firm with established operations in Central and Eastern Europe, we are well placed for the challenge and excited to further expand into the CEE.

Founders, click here to submit materials.

Limited Partner Contact

Scott Dubin scott.dubin@ffvc.com
Press Contact

Method Communications ffvc@methodcommunications.com

Disclaimer

This presentation is being provided solely for informational purposes by ff Venture Capital, LLC, ff Venture Capital SP. Z. O. O. and affiliates (collectively,”ffVC”). By accepting this presentation, the recipient shall be deemed to have agreed to the following:

These materials are being furnished for the purpose of providing certain information about ffVC Venture Capital ASI 2 S. K. A., a corporation to be organized under the laws of Poland, or ff Blue and Yellow Heritage Fund, LP, a Delaware limited partnership, a parallel fund organized under the laws of the state of Delaware (collectively, the “fund”). These materials contain preliminary information that is subject to change and that is not intended to be complete or to constitute all the information necessary to adequately evaluate the consequences of investing in the fund. The information contained in these materials related to the terms and conditions of the fund will be superseded, and is qualified in its entirety, by reference to the amended and restated limited partnership agreement and subscription agreement of the fund and related materials and agreements, which will be furnished to qualified investors on a confidential basis at their request and which should be reviewed for complete information concerning the rights, privileges and obligations of investors in the fund. ffVC makes no representation or warranty (express or implied) with respect to the information contained herein (including, without limitation, information obtained from third parties) and expressly disclaims any liability based on or relating to the information contained in, or errors or omissions from, these materials; or based on or relating to the recipient’s use (or the use by any of its affiliates or representatives or any other person) of these materials; or based on any other written or oral communications transmitted to the recipient or any of its affiliates or representatives in the course of its evaluation of ffVC or the fund. ffVC undertakes no duty or obligation to update or revise the information contained in these materials. The recipient should conduct its own investigations and analyses of ffVC and the fund and the information set forth in these materials. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the fund or as legal, accounting or tax advice. Before making a decision to invest in the fund, a prospective investor should carefully review information in respect of ffVC and the fund and consult with its own legal, accounting, tax and other advisors in order to independently assess the merits of such an investment.

The accompanying presentation may not be relied upon in any manner whatsoever.

These materials may contain “forward-looking” information that is not purely historical in nature, and such information may include, among other things, projections, forecasts or estimates of cash flows, yields or returns, scenario analyses and proposed or expected portfolio composition. The forward-looking information contained herein is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which will be specified herein). Not all relevant events or conditions may have been considered in developing such assumptions. The success or achievement of various results and objectives is dependent upon a multitude of factors, many of which are beyond the control of ffVC. No representations are made as to the accuracy of such estimates or projections or that such projections will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Prospective investors should not view the past performance of ffVC as indicative of future results. These materials also contain certain performance information respecting one or more investment programs that, while somewhat analogous to those of the proposed fund, should be understood to involve differing circumstances.

These materials also contain information about ffVC and certain of its personnel and affiliates and the historical performance of other investment vehicles whose portfolios are managed by ffVC. This information has been supplied by ffVC to provide prospective investors with information as to its general portfolio management experience. In addition, an investment in any other ffVC investment vehicle will be discrete from an investment in the fund. As such, neither the realized returns nor the unrealized values attributable to any other ffVC investment vehicle are directly applicable to an investment in the fund. Any investment in the fund will be illiquid and its value will be volatile and may suffer from adverse or unexpected market moves or other adverse events. Investors may suffer the loss of their entire investment.

Net internal rates of return presented are net of carried interest, fees and expenses as of date shown. Gross internal rates of return do not reflect deductions for fees, expenses and carried interest that would be paid by fund investors. Internal rates of return are calculated based on the appreciation of both realized and unrealized investments. There can be no assurance that the existing investments of the ffVC investment funds will be realized at a valuation that is comparable to the valuations described in this presentation, and any subsequent diminution of value at which any such investments ultimately will be realized (or any incorrect estimates underlying ffVC’s valuation methodology) could materially and adversely affect the performance figures described herein.

No governmental regulatory authority passedNo governmental regulatory authority passed upon the accuracy or adequacy of this presentation or endorsed the merits of any offering of interests in the fund as well as no registrations have been made with respect to the interests, securities or exchange commission that may appear in this presentation. The intention of this presentation is not to constitute a public offering under any applicable US federal or state law or regulation or any non-US law or regulation.
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