Ukrainian fund Flyer One Ventures outperforms the EU market by at least 50%

Vital Laptenok, General Partner at the Ukrainian VC firm Flyer One Ventures, shared the fund’s performance results. According to Vital’s LinkedIn post, the fund’s returns are much better than the average returns in Europe.

  • By following the DPI metrics (Distributions to Paid-in Capital, which usually takes 6+ years to get), F1V has already returned its first fund (invested in 2019 mostly), which is much better than the average return of 1% in Europe.
    • Fund I DPI is 1.0 (Median among European funds of 2018 vintage is 0.01x).
  • And on TVPI side (Total Value to Paid In), the firm is also doing good, outperforming the market by at least 50%. Vital Laptenok considers these results not bad for a fund from Ukraine.
    • Fund I TVPI is 3.09x (Median among the EU funds of 2018 vintage is 1.55x).
    • Fund II TVPI is 1.95x (EU median of 2020 vintage is 1.09x).
Flyer One Ventures performance
  • As for conversion from seed to A, the top quartile conversion among EU early-stage VCs is 40%. The median conversion rate is 19%. Meanwhile F1V portfolio conversion from Seed to Series A was 47% as of the end of Q2 2023. Which is not that bad, considering Ukrainian political and economic climate.

“I’m extremely proud of our startups and founders, who made all of this possible, especially Ukrainian ones – you are doing incredibly cool things. And thankful to F1V team – you guys are the best!”

Vital Laptenok comments.