# Reflex Capital

Reflex Capital is a Venture Capital based in Prague, Czech Republic.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Prague, Czech Republic
- **Region:** Europe
- **Address:** Rasinovo nabrezi 2000/78, 120 00 Praha 2, Czech Republic
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** www.reflexcapital.com
- **LinkedIn:** https://www.linkedin.com/company/reflex-capital
- **Wikidata:** Q67803103

## Regulatory record

- **Reports private funds:** No

## About

Doing business may resemble a jungle survival. You better be prepared and have the right reflexes! It's also useful to have someone with real experience around. We at Reflex Capital are entrepreneurs, just like you. We built our own companies, negotiated with investors, and took part in plenty of transactions.

## Sectors

- Enterprise Software
- E-commerce
- PropTech
- Food & Beverage
- Consumer
- Mobility & Transportation
- AI/ML
- Digital Health
- Wellness
- Logistics
- Marketplace

## Offices

- San Francisco, CA, United States

## People

- Ondrej Fryc — Partner
- Josef Chvojka — Partner
- Eduard Mika — Partner
- Roman Horacek — Partner (in USA)
- Michal Taborsky — Partner
- Marek Liska — Partner
- Zdena Machackova Simankova — Partner

## Questions

### Who runs investment decisions at 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.

### How does Reflex Capital source deals?

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.

### What does Reflex Capital look for in a founder?

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.

### Where does Reflex Capital deploy capital geographically?

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.

### Which sectors does Reflex Capital explicitly avoid?

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.

## Related profiles

- [Reflect Ventures](https://altss.com/profile/reflect-ventures)
- [Reflexion Capital](https://altss.com/profile/reflexion-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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