Ukrainian startup DreamTeam raised $5 million from Mangrove Capital Partners in a seed-round
Ukrainian startup DreamTeam raised a seed-round from the leading European fund Mangrove Capital Partners. The amount of the deal made $5 million. It is the second investment from this fund, raised by the project. “Seed-round, amounting to $5 million, is a very unusual situation for a Ukrainian startup. As a rule, our projects keep within $2 million”, – Denis Dovgopoly, GrowthUP Group, notes.
David Varokvir, a partner of the fund, who, as a result of the previous deal, became a member of the Company’s supervisory board, states that the round is aimed to support “explosive growth” of the project. “It took DreamTeam just six months to build the most dynamic recruiting marketplace on the planet. It is more than all other recruiting platforms together. It also rapidly approaches 1 million of logged-in users”, – the investor says.
DreamTeam is one of the new projects of Alexander Kokhanovskyy, who has earlier devoted many years to management of the famous cybersport club Natus Vincere. Project team is engaged in development of the platform and payment system for cybersport and videogames.
Developers call it “an analogue of PayPal for cybersport”. This could include payment of prize to team and salaries to players, sponsorship deals – that all is achieved by blockchain network and smart contracts. According to Alexander Kokhanovskyy, cofounder of the project, the funds will be spent on further development of DreamTeam platform.
Last December the Company held the first stage of ICO, having raised about $6 million. The second stage is scheduled for April.
Let us remind you that Mangrove Capital Partners participated in ICO of this startup in April this year. For the fund it was the first investment in ICO as well as the first investment in Ukrainian project. At that time the amount of the deal was not disclosed. However, it was known that this was about six figures.