Temprano Techvestors, a firm with an unusual approach to investing in software startups, is launching itself on Thursday.

The firm’s plan is to invest in young software companies primarily in Central and Eastern Europe and take on the chore of building for the companies U.S. and Canadian businesses.

Temprano plans to invest about $1 million in a company in the first year and benefit by taking a cut of the income stream from the North American operations. Down the road, the company can buy the North American business outright and bring it in house.

The firm is working with one company already and has an active pipeline, said founder Luke Walling, who has past entrepreneurial experience at AVG Technologies and Avast Software.

Walling, who is based in Newton, N.C., said he looks for profitable companies with $5 million to $10 million of revenue and valuations of $10 million to $30 million. They may have received venture capital.

He said Temprano is self funded and expects to work with three to five companies at any one time.