Investor Profile: SMOK Ventures — Thesis, Cheque Size & How to Apply

If you are a founder from Central and Eastern Europe building a global software company, SMOK Ventures funding is designed for you. This guide explains how to get funding from SMOK Ventures, what the Warsaw-based, Polish-American firm looks for, and what its cheques look like. SMOK Ventures invests only in early-stage startups with a significant CEE or diaspora connection,.

Thesis and investment focus

SMOK Ventures backs early-stage founders building global software enterprises from CEE and the CEE diaspora. Its key geography is Poland, with investments across the wider region. The firm prefers Delaware C-Corp companies with a significant business or workforce in CEE. Team comes first: it loves serial founders and will back them pre-revenue, while first-time founders usually need customer validation and traction. It helps mainly with fundraising and introductions.

Sectors, stages and cheque size

SMOK Ventures invests at pre-seed and seed stage. Software development tools and artificial intelligence account for about half of its investments. Its initial ticket is between $100,000 and $1 million, averaging around $300,000. In rounds it leads, it has typically taken 5% to 10% in initial equity, and for Delaware C-Corps at pre-seed it usually uses a standard YC SAFE. It has led around 75% of rounds it joined, and generally will not invest at Series A above a $15 million valuation.

Fund size and track record

SMOK Ventures reports assets under management of a little over $35 million across two funds. Its first fund, from 2019, was $10 million across 24 startups; its second fund is a $25 million fund launched in 2023. As of July 2026 it reports 61 investments: 28 headquartered in Poland, 24 Delaware C-Corps, 2 in Estonia and 7 elsewhere in CEE. Its sole institutional investor across both funds is PFR Ventures. It is also part of a global network co-managed by Paul Bragiel with over $400 million under management.

Notable portfolio

SMOK Ventures has led deals in Alokai, inStreamly, Authologic, Masthead Data, Slickshift and Primio. Its first fund backed SunRoof, Vue Storefront and inStreamly; its second fund's early investments include Gotiva, 57hours and Ukraine's Finmap.

Partners and programmes

SMOK Ventures is led by managing partner Borys Musielak, who sold Filmaster to Samba TV and co-founded Poland's first startup coworking space, Reaktor. Diana Koziarska is a founding partner, Paul Bragiel is a general partner, and Dan Bragiel is a venture partner. For first-time founders under 25, the firm points to its affiliate acceleration programme, ReaktorX, as a way to get to know the team before raising.

How to apply for funding from SMOK Ventures

An introduction from someone the partners know and trust works best, such as a portfolio founder, a later-stage firm, a fellow entrepreneur or a former employer. A good, clean cold email also works: maximum three paragraphs, lead with the key fact about yourself, explain what you are building and how SMOK Ventures can help, and attach a clean, short PDF deck, with eight slides described as optimal. The firm tries to respond in under two weeks. From first meeting to term sheet can take a week to a month, and money typically lands one to four weeks after signing. It does not sign non-disclosure agreements.