Kaya VC

Kaya VC is an early-stage venture capital fund based in Prague, Czech Republic, with €270 million in total assets under management across five funds. The firm originated as Enern Investments in 2010 and evolved into Kaya VC as a dedicated successor vehicle. Kaya's fifth fund closed at €70 million in 2025, continuing the firm's mission to close the capital gap in Central and Eastern Europe's early-stage venture market. The team of four General Partners includes Karel Zheng (former founder), Tomas Obrtac, and Martin Rajcan (London-based, covering non-CEE founders). Kaya leads rounds in its portfolio, investing €1 million to €3 million initially at pre-seed and seed stages, with follow-on capacity up to €20 million per company across pan-European opportunities with a focus on CEE, DACH, and the Baltics. The portfolio of 61 investments has produced 2 unicorns: Rohlik Group (Czech online grocery delivery) and DocPlanner (Polish digital health appointment platform). Other notable portfolio companies include Better Stack (observability), E2B (AI infrastructure, $21 million Series A with Insight Partners), Jutro Medical (AI-first primary care, Warsaw, €12 million Series A in March 2025), Upheal ($10 million Series A mental health AI), TopK ($5.5 million seed), SensibleBio, Superlinked, and Yoneda Labs. The firm has achieved 9 exits, including Twisto (fintech) and Eversports (acquired October 2024). Kaya VC's approach combines a regional network — built over more than a decade of backing Central and Eastern European founders — with pan-European and global follow-on capital to support companies through later stages. The firm targets tech and tech-enabled businesses spanning e-commerce, future of work, digital health, SaaS, mobility, climate technology, agritech, and fintech, positioning itself as the first institutional partner for ambitious founders in markets that remain systematically undercapitalized relative to Western Europe.