The Untitled
The Untitled is a venture capital firm founded in 2011 that funds seed through growth-stage technology companies. It invests directly into company equity or loans and seeks projects with a finished product or working prototype and proven metrics at or near payback. The firm focuses on digital technologies, retail and marketplace platforms, advertising, and new retail formats, with activity across Eastern Europe and Russia as well as expanding presence in Western Europe. Its footprint includes headquarters in Riga, Latvia, with offices in Moscow and London, and it operates multiple investment programs that tailor capital to the stage, ranging from seed rounds to larger growth rounds while typically taking minority stakes. By supporting cross-border market entry and international scaling, The Untitled aims to back teams with clear traction and scalable business models.
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Past deals in Cental and Eastern Europe
Naco
Seed Round in 2025
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.
Naco
Seed Round in 2023
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.
Naco
Seed Round in 2022
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.
Sportrecs
Seed Round in 2020
Sportrecs operates an online video platform dedicated to sports. It offers a marketplace solution for generating, distributing, and monetizing sports videos, benefiting various sports organizations.
Inspector Cloud
Pre Seed Round in 2017
Inspector Cloud develops an AI-powered SaaS platform for automating retail audits. It uses image recognition technology to create digital models of stores, track stock levels in real-time, and provide insights to optimize merchandising. Established in 2016, the company serves global consumer goods brands.
Driveback
Seed Round in 2016
Driveback is a company founded in 2014 and headquartered in Russia that specializes in real-time marketing solutions for online businesses. It offers a behavioral marketing and on-site personalization platform aimed at enhancing consumer engagement and customer loyalty. Driveback's technology allows online retailers and marketers to optimize their websites through methods such as A/B testing, interactive user engagement, and content personalization. By employing these tools, Driveback enables its clients to improve their sales performance and increase revenue from their online platforms.
E-Contenta
Seed Round in 2016
E-Contenta is an AI-driven content distribution and personalized marketing SaaS that enables digital media websites and mobile apps to deliver tailored recommendations and native advertising. The platform analyzes user behavior to predict what each person would like to watch, read, listen to or buy, and personalizes messaging across the marketing funnel for media companies and online shops. It supports brands in distributing editorials as native ads and in measuring engagement metrics such as pages per session and time spent on blogs, while helping optimize content and communications. The company serves brands and media agencies through partnerships and is based in Russia.
JungleJobs
Seed Round in 2015
JungleJobs is a Moscow-based recruitment services provider that operates an online marketplace, connecting employers with recruiters across various industries throughout Russia and the CIS. The platform facilitates effective communication by enabling employers to easily identify recruiters with niche specializations, while allowing recruiters to discover interesting job vacancies. By uniting diverse job openings and reliable recruiters, JungleJobs enhances the recruitment process, offering employers greater access to professional recruitment services and providing recruiters with new income opportunities. The company's innovative approach and use of modern technology aim to elevate the overall recruitment landscape.
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