JŠK, Attorneys at Law provided legal advice to the National Development Investment (NRI) in the selection of a venture capital fund manager under the Ukraine Fund programme. The selected financial intermediary is DEPO Ventures One SCSp, a fund managed by Luxembourg-based venture capital firm DEPO Ventures Sàrl.

NRI is a subsidiary of the National Development Bank focused on equity and quasi-equity instruments that support the strategic development of the Czech economy. It is making an equity investment of CZK 94 million in the selected fund. The operational agreement also provides for the possibility of increasing NRI’s investment to up to CZK 141 million, subject to the fulfilment of specified conditions, including securing the required level of private equity funding and achieving the minimum volume of invested funds within the specified period.

The Ukraine Fund programme was established through cooperation between NRI and the Czech Ministry of Industry and Trade. Its aim is to support the development of innovative startups from Ukraine, Moldova and Georgia seeking to further develop their business activities in the Czech Republic.

“The Ukraine Fund is not merely an investment in startups,” said Barbara Pošívalová, Chairwoman of the NRI Board of Directors. “It is an investment in talent and innovation, as well as strengthening the competitiveness of the Czech Republic. Interesting technology companies with global ambitions are emerging in the region, and we want them to develop their research, business and development activities right here in the Czech Republic. Public funds serve as a bridge to private capital, helping to bring new business opportunities, know-how and qualified jobs to the Czech Republic. Cooperation with JŠK’s experienced legal team, which we regard as experts in public procurement and the venture capital fund environment, made a fundamental contribution to the success of the entire project.”

DEPO Ventures is an investment group focused on investing in Central and Eastern European founders with a global vision at the pre-seed stage, as well as in new and disruptive technologies.

The JŠK legal team was led by partner Tomáš Doležil (fund-related matters) and partner Hana Nevřalová (public procurement), with significant support from associates Filip Vraspír and Lenka Dvořáková.

“The project was exceptional in that it required the careful integration of two entirely different environments: the dynamic world of venture capital and the strictly regulated framework of public procurement,” said Tomáš Doležil. “The key was to find a solution that would withstand scrutiny in the public sector while also being functional, comprehensible and practically applicable to the venture capital market. We thank NRI for its trust and for the opportunity to be part of such an interesting project.”