Rockaway Ventures has closed a new €55 million fund aimed at empowering early-stage tech startups across Central and Eastern Europe (CEE) and supporting diaspora-led founders building transformative technologies abroad. The Prague-based VC firm, best known for its early bet on Productboard, is doubling down on founders operating in critical sectors like AI, energy, and defence — industries that are being reshaped by geopolitical shifts and rapid digital transformation.
This latest fund marks a major milestone in Rockaway’s journey from informal startup backer to one of the region’s most strategic venture players. The firm plans to deploy the fund across late-seed and Series A rounds, offering not just capital but hands-on support to help startups grow internationally.
Backing the Next Generation of CEE Tech Leaders
Founded in 2014 as the venture arm of Rockaway Capital, Rockaway Ventures was created to fill a funding and mentorship gap that still holds back many promising CEE startups. Founders Jakub Havrlant, Petr Šmíd, and Dušan Zábrodský built the firm on the belief that scaling a startup in this region requires more than just money — it needs experienced operators who know the terrain.
Šmíd, a former Google executive, and Zábrodský, a strategic investor in digital logistics and infrastructure, have turned Rockaway into a rare kind of fund: one that combines local insight with global ambition. Around 25% of the new fund is backed by Rockaway Capital, with the rest raised from private investors, mostly from Czechia.
Their focus is clear — 60% of investments will go into startups based in CEE, while the remaining 40% will support diaspora founders building from places like the U.S. but rooted in the region. This hybrid approach positions Rockaway Ventures to champion both regional innovation and global reach.
“We’re seeing massive opportunities at the intersection of global disruption and local expertise,” says Zábrodský. “Our mission is to back founders who are building scalable, impactful businesses with transformative tech at their core.”
Proven Track Record and Long-Term Support
Rockaway’s unique approach isn’t theory — it’s already delivered results. Long before they formalized their fund structure, the team made early investments in success stories like Productboard and Storyous. These wins cemented their reputation as visionary investors in CEE tech.
What sets Rockaway apart is its founder-first mindset. As Šmíd puts it, “We’ve built companies ourselves. We know how hard scaling is. That’s why we’re in the trenches with our founders — helping them go global, not just handing over capital.”
That support spans every stage of a startup’s lifecycle, from pre-seed through growth. So far, Rockaway Ventures II has backed 11 companies, including:
- Apaleo, a German cloud-based hotel operations platform used by CitizenM and Limehome across 15+ countries
- CulturePulse, a US-Slovak AI startup developing behavioural modeling tools and digital twins to assess risk and public sentiment via its ARES system
- Gjirafa, a leading e-commerce and media company in Albania, which has received €8.7 million from Rockaway over two rounds
Each reflects the fund’s thesis: investing in visionary founders transforming overlooked or complex sectors.
AI-Driven Tech Resurgence and a Clear Regional Vision
The closing of Rockaway Ventures II comes at a pivotal moment for venture capital in Europe. After years of slowdown, 2025 is shaping up as a year of recovery, driven in part by renewed faith in AI and deeptech.
“The shift started in 2024 and has gained momentum,” Šmíd notes. “Investors now understand AI’s sector-specific impact, not just its hype — and that’s what excites us.”
By focusing on transformative technologies, Rockaway Ventures is strategically positioned to ride this wave. Its ability to nurture early-stage startups with operational guidance, especially in energy, dual-use tech, and frontier AI, gives it a rare advantage in today’s investment climate.
With €55 million now ready to deploy, the firm is sending a powerful message: CEE and diaspora entrepreneurs have what it takes to build world-class companies — and Rockaway Ventures is ready to help them do it.
