TLDR:
- Romanian VC firm GapMinder has set up a new EUR 80 million fund with EU and EBRD as investors.
- The fund will focus on investing in technology companies in Romania and Eastern Europe.
Article Summary:
Romanian venture capital (VC) firm GapMinder recently announced the establishment of its second fund, the GapMinder Fund II, with a total capitalization of EUR 80 million. The fund, which is 50% financed by the European Union (EU) and the European Bank for Reconstruction and Development (EBRD), will primarily invest in technology companies in Romania and Eastern Europe.
The fund officially became active on February 14 after its first closing and is expected to focus on sectors such as Fintech, Cybersecurity, Enterprise automation, and Data/Analytics. It will target countries including Romania, the Republic of Moldova, Serbia, Croatia, Slovenia, and Bulgaria.
Out of the total fund’s capitalization, EUR 30 million came from the EU’s InvestEU scheme and Romania’s National Recovery and Resilience Plan (PNRR), specifically the Recovery Equity Fund. The European Investment Fund (EIF) will manage these contributions. Additionally, EBRD contributed EUR 10 million as its first investment in a fund launched by Romanian partners.
The previous fund, GapMinder Fund I, with a capitalization of EUR 50 million, has played a significant role in supporting the development of the tech startup environment in Romania. Companies such as Druid.AI, FintechOS, TypingDNA, and others have been supported by this fund.
Overall, GapMinder aims to continue fostering innovation and growth in the technology sector in the region through its new fund, GapMinder Fund II, with the support of EU and EBRD investments.
