Ethix · Early-stage fundraising advisory · CEE, Europe & UK
After a decade on the investor side — across VC funds and accelerators in Ukraine, the Baltics, and beyond — I know how investors think and what makes them say yes.
Why Ethix
I started Ethix because I watched meaningful companies run out of money — not because their ideas weren't good, but because the founders didn't understand how investors think. The gap between a great founder and a funded founder often isn't talent. It's knowing the investor mindset — the decision-making, the logic, the unwritten rules.
Who this is for
You're raising somewhere between €200K and €2M. You have early traction but your story isn't investor-ready yet — or you don't know which investors to approach, or both. You're based in CEE and looking to raise from European investors, and you want someone who has spent a decade on the other side of the table to tell you the truth.
What I do
We map the investors who are a genuine fit for your stage, market, and what you're building — not a generic list, but a focused, prioritised shortlist. We also work out the sequencing: who to approach first, who to keep warm, and who to save for when you have more leverage.
Most founders who struggle to raise aren't struggling because their company isn't good enough — something in how they're communicating is creating the wrong signal. I look at the full picture: your outreach messages, the responses you're getting, the investors you're targeting. Not polishing a pitch. Reading the signals, finding the discrepancies, fixing what's actually broken.
A warm introduction from someone an investor trusts is worth more than a hundred cold emails. After a decade building relationships across CEE, Europe, and the UK, I can open doors — but only once your story is ready. I don't make introductions I can't stand behind.
Why me
What founders say
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My story
Early-stage fundraising advisor · Tallinn
I've spent a decade in venture capital — first at a seed-stage VC firm in Kyiv, then building and managing one of Europe's largest early-stage portfolios at Startup Wise Guys.
I started Ethix because I believe advisory should be honest, aligned, and genuinely useful — not just a name and a network dropped on a cap table.
About
I'm Alexandra Balkova — an early-stage investor and fundraising advisor based in Tallinn, working with founders across CEE, Europe, and the UK.
I've spent a decade in venture capital. I started at a seed-stage VC firm in Kyiv, where I ran deal sourcing, investor relations, and due diligence. That's where I learned how investment decisions actually get made — not in pitch meetings, but in the conversations before and after them. I learned to read founders quickly, to spot potential before traction, and to understand what investors are really evaluating when they sit across the table.
From there I joined Startup Wise Guys as Managing Director, running B2B SaaS acceleration programmes and working closely with hundreds of founders at the earliest stages of their companies. Over time I became General Partner and Head of Portfolio — managing 450+ companies from 60+ countries across CEE, Europe, the UK, and beyond.
I also serve as an Advisory Board Member at Money Motion — the largest regional fintech conference in the Balkans — and completed the Newton Venture Program, a fellowship by London Business School and LocalGlobe VC for the next generation of venture investors.
Throughout all of this, one thing stayed constant: the founders I found most meaningful to work with were the ones preparing to raise for the first time. It's often the most uncertain and the most stressful stage — but it's where the right guidance makes the biggest difference.
I started Ethix because I wanted to give that edge to more founders — specifically the ones building something that genuinely matters, who just need someone in their corner who has been on the other side of the table. I'm especially energised working with teams that have female founders.
My home markets are Ukraine and the Baltics, but I've worked with founders and investors across more than 20 countries. If you're raising from European investors and want someone who knows the landscape from the inside — the logic, the networks, the unwritten rules — that's where I come in.
I dance Argentinian tango, I boulder, and I'm deeply fascinated by the psychology of investing — why people say yes or no, and what's really driving those decisions beneath the surface. That last one isn't just a hobby. It shapes everything I do.
How I work
I work with a small number of founders at a time — because this kind of work only matters if it's specific to you.
What working together looks like
A 30-minute call where I tell you where you are, what's missing, and whether I can genuinely help. No pitch, no commitment.
Before we change anything, we read what's already happened. What have you sent, to whom, and what did they say back? Their responses are data. We use that to find exactly where the disconnect is — targeting, positioning, timing, or message — before we touch the deck or the list.
Depending on what you need: narrative, investor list, outreach approach, or all three. This often means rewriting your outreach message before anything else — because the first thing an investor reads shapes everything that follows.
When you're ready, I make introductions and stay close through the process — helping you read responses, handle objections, and keep momentum when things slow down.
Engagement formats
Fixed scope, fixed timeline. Good for a focused fundraising sprint.
Ongoing access through an active raise. Sustained support throughout.
Small monthly fee with a success component. Aligns incentives on both sides.
For the right fit and longer-term relationships. Discussed case by case.
For programmes & accelerators
If you run an accelerator, incubator, or corporate innovation programme, I offer a full-day investment readiness training for your cohort — covering everything from how venture capital works to term sheet negotiation. 1-on-1 sessions with individual founders in the cohort are available on request.
Expert partners
When you work with Ethix, you also get access to a trusted circle of specialists — people I've worked with, vetted, and would recommend without hesitation.
A short description of this person and why you trust them.
A short description of this person and why you trust them.
A short description of this person and why you trust them.
Ready to raise?
If you're raising in the next 3–6 months, book a 30-minute call. It costs nothing and I'll tell you honestly whether working together makes sense.
Book a 30-min call →