Hello Radim, hello Miloš. Thank you for your time and for meeting us!
Radim and MIloš: Hello, good to be here!
Congratulations on your recent launch of JIC Ventures! Tell us in one sentence: what is JIC Ventures’ USP compared to other VC funds in the region?
Miloš: The unique combination of LPs says a great deal: the South Moravian Region as an anchor investor alongside roughly forty private backers, a strong cycle of successful founders giving back to the ecosystem that helped build them, and the broader JIC platform—twenty years of ecosystem development, a large network of experts, and direct deal flow. Over that time, JIC has supported more than 1,300 startups, including companies such as Kiwi.com, Y Soft, Flowmon, Whalebone, Threatmark, and IDEA StatiCa. This kind of structure and track record is genuinely rare in Central Europe—it does not happen by accident.
Radim: I would highlight the strength of the JIC brand itself. Among founders, we have built a strong reputation, which directly influences who approaches us—often before they speak to anyone else.
How large is your VC fund team?
Radim: There are four of us: Miloš and I as Managing Partners, Tomáš Paulík as CFO, and Tereza Dobešová as Investment & Operations Associate.
JIC has spent more than 20 years building an innovation ecosystem. What was the key turning point that led you to launch JIC Ventures now?
Radim: We had been discussing the idea of an investment vehicle for a long time—it was already mentioned in the Regional Innovation Strategy in 2002, even before JIC was founded in 2003. The concept was always there; what changed was that the right conditions finally came together. Miloš brought valuable experience from Y Soft Ventures, and on our side, we had already deployed capital from the first fund and were ready for the next step. We had been making smaller co-investments, but to become true partners for the most promising startups, we needed to offer something more substantial.
There was also strong demand driven by capital dynamics. While the US invests roughly $800 in venture capital per capita and Europe around $100, the Czech Republic invests approximately $20. Of that, 80% goes to Prague, 19% to Brno, and just 1% to the rest of the country. Capital concentration shapes where the best startups emerge. High-quality incubation and acceleration alone were no longer sufficient—we needed to respond. Everything aligned at the right moment: stronger deal flow, a more mature JIC position, and the right people.
JIC Ventures plans to invest up to €1 million per company. What kind of startups are “too early” or “too late” for you?
Miloš: “Too early” would typically mean pre-revenue companies. We look for founders who already have paying customers and generate revenue in the low hundreds of thousands of euros. As for “too late,” that is less relevant for us. A €1 million ticket can either constitute the full round or form part of a larger co-investment—for example, within a €5 million round. While we do not participate in large-scale Series A rounds typical in the US, at the €5–7 million level we can act as co-investors or even lead investors.
Ultimately, the ceiling is more about the size of the round than the company’s stage. Beyond financial metrics, we focus strongly on the team, the technology, and the fundamentals—particularly global ambition and international market potential. These are non-negotiable.
Why did you choose to focus on deep tech, SaaS, and advanced technologies?
Radim: Part of the answer lies in our strong ties to universities—we actively seek projects emerging from academic environments, primarily in Brno but also beyond. Equally important is where we can genuinely add value. In our focus sectors, we already see promising companies, emerging exits, and accumulated expertise. Cybersecurity is a good example—when a founder comes to us with such a project, we can immediately connect them with experienced professionals who can assess its viability. If we have already invested in a similar company, a broader community exists to support the next one.
Regarding SaaS, I do not believe AI will eliminate the category. While certain segments will be disrupted, SaaS remains fundamentally a business model—providing access to software that solves specific problems. If anything, fewer companies will build software in-house, which keeps the category highly relevant.
The fund aims to support around 20 startups over four years. Why this portfolio size, and how hands-on will you be?
Miloš: The portfolio size reflects the fund’s structure. With €16.3 million and tickets of up to €1 million, the result is naturally around twenty investments. A €1 million investment is meaningful—it allows companies to reach significant milestones and generate real traction. It is roughly in line with a Czech Series A and represents about twice the size of a typical angel investment.
Radim: It is also important that the ticket is large enough to justify engagement. At the seed and early A stages, the investment must be genuinely useful to the company. The portfolio size also reflects the level of involvement we aim to maintain. With around twenty companies, we can remain actively engaged through board participation, regular interaction, and hands-on support—leveraging the broader JIC ecosystem where needed.
You mention ambitions to help shape a “new economy” in the Czech Republic. What does that mean in practice over the next 5–10 years?
Miloš: In practical terms, it means significantly increasing the number of companies built on proprietary technologies—and ensuring they scale globally. Not just strong regional players, but companies that set the pace in their categories worldwide. That is the type of high-value economy worth building.
Radim: And this ambition extends beyond national borders. If we identify strong startups in countries like Poland or Austria, they can benefit from this ecosystem or enter the local market. Our goal is not limited to the Czech economy—we aim to strengthen Europe’s technological competitiveness as a whole. Supporting the right companies at scale benefits the entire region.
You’ve referenced ecosystems like Dublin and Eindhoven. What lessons are you applying?
Radim: We have studied cities such as Dublin, Eindhoven, Heidelberg, Linz, and Tampere for many years. These are typically second-tier cities with strong universities and industrial bases—realistic benchmarks for us. We are not trying to replicate Paris or Berlin—and we should not. What stands out in Eindhoven is the close collaboration between public administration, academia, and business—a shared platform for strategic decision-making. This model is already taking shape here as well. From Dublin’s Furthr fund, we learned that there is no single path. While they started with a fund and expanded into services, JIC evolved in the opposite direction. Both approaches can lead to success.
Do you see JIC Ventures as a regional CEE player, or do you aim to compete with Western European funds?
Miloš: Today, we are a CEE-focused player. However, our ambition for future funds is to establish a presence on the broader European stage—participating in investment rounds that currently require companies to look to Western Europe or the US.
How significant is your proprietary deal flow as a competitive advantage?
Miloš: The JIC brand attracts more than 100 projects annually, with approximately 5 to 10 new startups entering our incubation program each month. This is supported by a proven track record of companies that have scaled globally and achieved successful exits. In the past five years alone, JIC-supported companies have generated €640 million in exits.
Radim: Importantly, by the time we enter investment discussions, we already know the companies. That provides a critical advantage in decision-making. In sectors where we have deep expertise—such as cybersecurity, software/hardware, nanotechnology, precision instruments, space tech, and semiconductors—we can offer not only capital but also highly specialized support through experienced founders, experts, and mentors.
Thank you and have a great day!
Miloš & Radim: Thank you, too and enjoy your day!
