JobCannon, a Ukrainian-British company developing an AI recruitment platform, has launched a venture capital arm, JobCannon Ventures. The company plans to invest between $100,000 and $200,000 in tech startups from Ukraine, the UK, Israel and CEE. AIN's Head of English Office asked JobCannon co-founder Peter Kolomiets about the initiative.
How will JobCannon Ventures work?
- JobCannon Ventures will not operate as a traditional venture capital fund, but rather as an investment and acquisition initiative under JobCannon.
- Their primary interest is in the HR Tech and WorkTech industries, with a particular interest in recruitment technology.
- Geographic focus: Ukraine, Central and Eastern Europe, Israel, UK and wider Europe. Turkey and Central Asia will also be considered if they see synergies between their solution and startups.
- For now, they will make small initial investment of $100,000 - $200,000 per startup.
- Investment decisions will be made collectively based on discussions within the team.
Why does JobCannon need this?
According to Kolomiets, JobCannon wants to help startups enter international markets, especially in the UK, using its network of investors and contacts. And the goal of this initiative is to acquire and integrate relevant startups, not just invest in them.
"My main goal is to reach a $1 billion valuation for JobCannon. I can grow through my own product, but I see even greater opportunities in synergy. I especially want to involve Ukrainian funds since I have access to markets in the UK, the US, and Latin America, and I can also help startups by bringing in customers from Israel and other regions."
When asked about the financing of the fund, Kolomiets said that JobCannon Ventures plans to raise additional funds from investors, but is also exploring alternative financing models, such as loans with equity collateral rather than equity dilution.
The company secures a loan using its shares as collateral. If repaid, the founders keep full control; if not, the lender claims a stake. This enables faster fundraising while avoiding VC pressure for rapid growth and exit, but it risks loss of equity if the debt goes unpaid.
JobCannon Ventures plans to follow the evergreen model, constantly reinvesting revenues into new projects.
AIN reminds that in January 2024, JobCannon raised $500,000 in investment from Whitehill Capital. And in April of the same year, it acquired the Ukrainian company Adsme.
