Czech investment fund Rockaway Ventures targets game-changing tech with new €55 million raise

Prague-based Rockaway Ventures, the investment fund of Rockaway Capital, has announced the final close of its second fund Rockaway Ventures II, raising €55 million to support early-stage startups in Central and Eastern Europe (CEE) and other emerging markets.

The fund will focus on early-stage investments, specifically late-Seed and Series A funding rounds, focusing on sectors such as energy, defense, and dual-use technologies. In the future, the fund hopes to back startups throughout their entire growth journey, from pre-Seed to later-stage funding.

“We’re not just capital. We’re entrepreneurs ourselves – we’ve built companies, and we understand what’s around the corner. Founders working with us receive hands-on support in areas like international expansion and scaling,” shared Petr Šmíd, General Partner at Rockaway Ventures.

Founded in 2014, Rockaway Ventures has been investing in areas where the Rockaway Capital group has expertise, primarily in retail and e-commerce, travel & hospitality, digital logistics, digital media, cybersecurity, defence, CleanTech, and PropTech.

They notably backed Czech success stories Productboard and Storyous.

Launched in 2022, the current fund draws around 25% of its capital from Rockaway Capital (its parent company), and the remainder channeled through private investors – most of which are based in Czechia.

The fund has backed 11 companies to date, and over the next three years they plan to significantly expand their portfolio by dedicating 60% of their investments to companies in CEE – with the remaining 40% targeting Western Europe and diaspora-led startups from Czechia.

“We are currently seeing numerous investment opportunities in sectors significantly shaped by global trends and geopolitical developments. We are particularly interested in founders across Europe and the United States who are committed to driving growth and advancing their businesses through transformative technologies,” added Dušan Zábrodský, General Partner at Rockaway Ventures.

Notable investments include Apaleo, a German cloud-native hotel management platform used by clients like CitizenM and Limehome in over 15 countries; CulturePulse, a US-Slovak startup applying AI for behavioural modelling and risk prediction; and Gjirafa, an Albanian e-commerce and media platform that has secured €7.7 million from Rockaway Ventures across two funding rounds.

According to Rockaway, the past few years have been difficult for venture capital, but there appears to be a renewed sense of optimism in the tech sector specifically.

“The recovery began in 2024 and is continuing this year. One key driver is transformative technology, particularly AI. A few years ago, many investors didn’t fully grasp its potential. Today, we can clearly demonstrate its sector-specific impact – and that’s changing the game,” said Šmíd.

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