Reflex Capital

A seven-partner team handles all investment decisions. The group includes Ondrej Fryc, who founded the firm after the 2012 sale of Mall.cz; Eduard Mika, who previously sold his company to Ness Technologies with Warburg Pincus backing; former Mall.cz CTO Michal Taborsky; and Roman Horacek, who leads the US office in San Francisco after a decade heading CzechInvest's Silicon Valley operations. The firm does not designate a single CIO.

Reflex Capital sources primarily through the networks of its seven partners, all of whom are former operators and founders with deep ties across the Central European technology ecosystem. Roman Horacek's experience negotiating with firms like Tesla and Apple during his CzechInvest tenure provides a direct bridge to US-originated deal flow. The firm's website invites growth-oriented companies with sustainable monthly revenue to submit directly.

Reflex Capital was founded initially as Ondrej Fryc's single-family office but has since evolved into a partnership-model venture firm with seven partners. The firm describes its history as transitioning from a family office to a 'full-flex venture capital house,' blending aspects of both structures.

The firm explicitly states it invests in people over business models, betting on founder courage, ability, and ambition. Its 'Trusting Guts' philosophy emphasizes decisions based on instinct and partner gut feeling. Reflex also prioritizes personal trust: it structures deals around handshake-level agreements and explicitly states it does not require broad veto rights over portfolio companies.

Reflex positions itself as a long-term partner willing to stand by founders 'in good times and bad,' suggesting a willingness to support portfolio companies beyond initial checks. The firm has backed companies like Productboard through multiple funding stages, including its $125 million round in 2021.

Reflex Capital invests primarily across Europe, with a concentrated focus on Central and Eastern European startups. It maintains a second office in San Francisco at 44 Tehama Street, which supports portfolio companies expanding into the US market and sources cross-border deal flow. Portfolio companies serve customers in over 88 countries.

The firm does not publish an exclusion list, but its portfolio reveals a strong preference for enterprise software, B2B SaaS, marketplaces, and select consumer verticals. Deep tech and hardware are absent from the disclosed portfolio, though the firm does maintain positions in proptech (Spaceti, Alice Technologies) and construction AI. Reflex describes its funding as 'growth oriented' with a requirement for sustainable monthly revenue, effectively excluding pre-revenue science projects.