Reflex Capital is a Czech venture capital and investment firm based in Prague. It was established in 2012 by Czech entrepreneur Ondřej Fryc, the founder of Mall.cz, under the name Spread Capital. It was renamed Reflex Capital in 2017, after Fryc had left Mall.cz to focus on investing.
Reflex invests mainly in privately held companies and startups. Its investments have included Productboard, Smartlook, Webnode, Brand Embassy and Rekola. The 2025 CzechInvest analysis lists Reflex Capital with investments in 35 startups and 50 funding rounds.
History Fryc established Spread Capital in 2012 while he was still involved with Mall.cz. At first, Fryc remained at Mall.cz while colleagues ran Spread Capital.
Among the firm's early technology investments was customer-service software company Brand Embassy, which raised $1 million from Spread Capital and Rockaway Capital in 2014. In 2016, Spread Capital joined a $1.3 million seed round for Productboard with Index Ventures and Credo Ventures.
Fryc left Mall.cz in 2016 to focus on investing full-time. Spread Capital was renamed Reflex Capital in 2017, when several partners joined the firm. By then, it had invested in more than ten companies in the Czech Republic and the United States. It had also exited NetBrokers Holding, the operator of ePojisteni.cz.
Reflex closed its third fund at €22 million in 2023, about the same size as its second fund. Later funds also included money from outside investors.
Investments and exits Reflex Capital participated in Productboard's $8 million Series A in 2018, which was led by Kleiner Perkins and included Index Ventures, Credo Ventures and Rockaway Capital.
Reflex was also an investor in Webnode. In 2020, founder Vít Vrba and Reflex sold the company to Belgian technology group team.blue.
Another exit came from analytics software company Smartlook. Reflex and Novira Capital were existing investors when Smartlook raised €3.1 million in 2020. Cisco acquired Smartlook in 2023.
See also Venture capital in the Czech Republic
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