Reflex Capital Research
Investment Thesis
Reflex Capital is a Prague-based venture house run by operators. It began in 2012 as the family office of Ondrej Fryc, who sold the Czech e-commerce giant Mall.cz in 2012 in what was then the largest CEE e-commerce transaction. It later became a full venture investor. The firm's pitch is that its partners built and sold their own companies, negotiated with investors and sat through many transactions, so they back founders as peers rather than as financiers. The site states four values: trusting DNA (partners, not bankers), trusting smiles (staying with founders in good and bad times), trusting people (founder personality counts for more than the business model) and trusting guts (instinct-driven, fast decisions). The site says more than EUR 150M has been invested.
Stage Focus
The firm does not publish a stage mandate. The portfolio mixes early rounds in Czech and CEE software startups (Product Fruits, Merchantee, Digitoo, Contember, Ranketta, ArtMaster) with larger growth bets (Productboard, Apify, Keboola, Partners Banka, ABUGO). It also holds some operating businesses (OPT OnDemand, Fruitisimo, Tradicni dum). Stage by company is not disclosed on the portfolio page, so no stage preference is recorded as fact.
Check Size
Not published. The press coverage on the site mentions rounds of EUR 1.47M (Product Fruits, 2024) and tens of millions of CZK (signageOS), which suggests Reflex participates in seed and Series A rounds, but this is inference, not a stated range.
Lead Tendency
Unknown. Nothing on the site states whether Reflex leads or follows.
Recent Activity
New additions in 2025 and 2026 include Supernova (AI collaborative workspace for product teams, October 2025), ABUGO (Czech SaaS group uniting Shopsys, Reservio, Smartsupp, Survio and Tanganica), Partners Banka (Czech mobile bank), ArtMaster (AI music models), Ranketta (LLM visibility tooling for D2C brands) and Grid (shared courier network). The footer is dated 2026 and the portfolio page was updated in October 2026, so the fund looks to be actively deploying.
Portfolio Highlights
- Productboard: product management platform, Sequoia-backed, raised a $125M round in February 2022 and $45M in January 2020.
- Apify: web scraping and automation platform.
- Keboola: data platform as a service, raised $4.5M.
- Spaceknow, Alice Technologies, Spaceti, Smartsupp, Rekola, Boataround, Fitify, FaceUp, signageOS: software and tech companies.
- Exits: Apiary (sold to Oracle, 2017), ePojisteni.cz (sold to Bauer Media, 2016), Brand Embassy (taken over by NICE, 2019), Samepage (acquired by Paylocity), Webnode (now part of team.blue), Smartlook, Avocode, GlamST, VOS.health, DIVR Labs, WoodPlastic.
Team
- Ondrej Fryc, Managing Partner: founder of Mall.cz, sold it in 2012; extensive M&A experience.
- Josef Chvojka, Partner: market research since 1997; at Reflex since 2012.
- Eduard Mika, Partner: founded APP Group (Warburg Pincus-backed, sold to Ness Technologies); investor in Mall.cz.
- Roman Horacek, Partner (USA): former head of CzechInvest Silicon Valley; co-founder of Czech ICT house at Silicon Valley.
- Michal Taborsky, Partner: former CTO of Mall.cz.
- Marek Liska, Partner: former head of Mall.cz and Mall Group HR strategy.
- Zdenka Machackova Simankova, Partner: finance professional in telecom, media and e-commerce.
Decision Process
Not disclosed. The firm has seven partners and emphasises quick, instinct-led decisions, which points to a partnership model.
Founder Preferences
Personality and drive count first: courage, ability and ambition to change the world. Founders are profiled by name on the site, and many are repeat technical founders from the Czech ecosystem.
Geographic Focus
Czech Republic and wider CEE as home base, with a San Francisco office (44 Tehama Street) and investments in US-founded companies (Samepage, Wild Zora, Alice Technologies, Spaceti NYC office, Wavepaths in the UK). Several portfolio companies sell across Europe and the US.
Gaps
AUM, fund size, stage and check size are not published. Portfolio domains come from the firm's own Visit links.