Overkill Ventures

Overkill Ventures - Comprehensive Research Report

Executive Summary

Overkill Ventures is a Nordic-based angel fund that has invested in 38 pre-seed startups across the Baltics, Nordics, CEE, and CIS regions. Founded with a mission to support early-stage entrepreneurs, the fund has achieved multiple exits and built a diverse portfolio spanning B2B software, AI/ML applications, health technology, and enterprise solutions. As of the current research date, Overkill Ventures is not actively making new investments under this brand, having transitioned focus to two sister funds: Accelerace (targeting pre-seed startups in Nordics and Baltics) and New Nordic Ventures (focusing on seed-stage B2B software startups from CIS and CEE regions).

Investment Thesis and Strategy

Overkill Ventures operates as an angel fund that invests at the earliest stages of company formation, similar to angel investors, but with the institutional resources, expertise, and network typically associated with larger venture funds. This hybrid approach allows them to provide both capital and hands-on support to help startups achieve product-market fit and scale effectively.

The fund positions itself as a gateway to the European market, particularly through its connection to Latvia and the broader Baltic region. One of their key value propositions is access to the Latvian Startup Visa program, which facilitates company formation and operations in Latvia as an entry point to the European Union market. This is particularly attractive for founders from Ukraine, CIS countries, and other regions seeking European market access.

Investment Focus and Criteria

Stage Focus

Overkill Ventures focuses exclusively on pre-seed and seed stage investments. They typically write checks of up to €220,000, positioning themselves as a first institutional check for promising early-stage companies.

Geographic Focus

The fund invests across multiple regions including:

Latvia and the broader Baltic states (Estonia, Lithuania)
Nordic countries
Central and Eastern Europe (CEE)
Commonwealth of Independent States (CIS)
Ukraine

Sector Focus

While the fund maintains a relatively broad mandate, their portfolio reveals concentration in several key areas:

B2B Software and SaaS platforms
Artificial Intelligence and Machine Learning applications
Developer tools and infrastructure
Healthcare technology and telemedicine
PropTech and real estate technology
Enterprise productivity and collaboration tools
Legal technology
Agricultural technology
Manufacturing and 3D printing

Value Proposition for Founders

Overkill Ventures offers a comprehensive support package beyond capital:

Capital: Up to €220,000 in pre-seed funding
Market Access: Gateway to European markets through Latvia
Startup Visa: Assistance with Latvian Startup Visa for EU access
Product-Market Fit Coaching: Tailored guidance on achieving product-market fit
Network: Access to their portfolio network across Baltics, Nordics, CEE, and CIS
Hands-on Support: Active involvement with portfolio companies, not just capital provision

A testimonial from Yuriy Zaremba of Axdraft highlights their founder-centric approach: The best thing is that you care not only about the software but also the founders.

Portfolio Analysis

Overkill Ventures has deployed capital through two funds: Overkill Fund I and Overkill Fund II. The portfolio demonstrates geographic diversity with strong representation from Ukraine, Latvia, and the broader region.

Fund II Investments (Recent)

Skinbliss: AI-powered personalized skincare recommendation application
Medinav: AI assistant for medical documentation
Paul Tech: Soil-first precision farming solution
Agently: AI-powered real estate agent mentor
Meredot: Wireless over-the-air charging technology
Team Learning: Training enablement software for distributed teams
Weedbot: Weed elimination using computer vision and laser technology
Fabcontrol: Open operating system for 3D printing

Notable Fund I Investments

Axdraft: Legal document automation (successful exit)
Cadlab: Visual collaboration and version control for hardware engineers
Dorothy: AR navigation for dementia patient monitoring
Hetki: Automated meeting notes and business insights
Hyperjob: Automated recruitment marketing
GuavaHR: Communication tool for blue-collar workers
Retellect: AI-powered retail checkout optimization

The portfolio shows a strong emphasis on AI/ML-enabled solutions across various verticals, with particular depth in productivity tools, developer infrastructure, and vertical-specific B2B applications.

Team

Overkill Ventures is led by three General Partners who bring complementary expertise:

David Ventzel - General Partner

David leads the fund with a focus on product-market fit methodology and startup development. He has written extensively on the startup adoption lifecycle and product-market fit frameworks.

Peter Marculans - General Partner

Peter contributes operational and strategic expertise to portfolio companies, helping them navigate early-stage challenges and scale effectively.

Dmitry Saikovsky - General Partner

Dmitry brings deep expertise in the CIS and CEE markets, helping portfolio companies access opportunities across Eastern Europe and the broader region.

As of the current research period, Overkill Ventures is not making new investments under the Overkill brand. However, the team continues to be active through two sister funds:

Accelerace (accelerace.io): A Copenhagen-based fund focusing on pre-seed stage startups from the Nordics and Baltics regions.
New Nordic Ventures (newnordic.vc): A fund targeting seed-stage B2B software startups from the CIS and CEE regions.

Founders seeking investment should consider applying to these active funds rather than Overkill Ventures directly.

Conclusion

Overkill Ventures represents a successful example of a regional angel fund that has built meaningful traction across Eastern and Northern Europe. With 38 investments and multiple exits, the fund has demonstrated its ability to identify promising early-stage companies and support them through the critical product-market fit phase. While no longer actively investing under the Overkill brand, the team continues their investment activities through Accelerace and New Nordic Ventures, maintaining their focus on early-stage companies from the Nordics, Baltics, CEE, and CIS regions.