Made in Emerging Europe

From Romania, a new fund for deeptech start-ups with global ambitions

The fund is run by the same team who have for the past six years been managing GapMinder Fund I, a 50 million euros fund that has contributed significantly to the development of the tech start-up environment in Romania.

A major new investment fund is on the look out for start-ups born in Romania, Moldova, Serbia, Croatia, Slovenia, and Bulgaria, with high ambitions and execution power to become global champions.

The fund, GapMinder II, was launched last week by GapMinder Ventures, a venture capital (VC) fund manager investing in technology firms in Romania and across Central and Eastern Europe. With a target of 80 million euros, the fund represents the largest VC with primary focus on the booming Romanian tech start-up market.

The fund has been launched with the support of the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD).

EIF is supporting GapMinder Fund II with an aggregate of 30 million euros via two initiatives, namely the European Union programme InvestEU and the Recovery Equity Fund, part of Romania’s National Recovery and Resilience Plan co-financed by the EU through Next GenerationEU.

The EBRD meanwhile has invested 10 million euros, the first investment by the EBRD in a fund launched by a team of Romanian partners.

“Our investment will contribute to the development of a sustainable venture capital market in our economies, and will accelerate their digital transition,” says Anne Fossemalle, EBRD director of equity funds.

Focus on deeptech

The fund is run by the same team who have for the past six years been managing GapMinder Fund I, a 50 million euros fund that has contributed significantly to the development of the tech start-up environment in Romania.

Companies financed by GapMinder Fund I include Druid.AI, FintechOS, TypingDNA, Veridion, Siena.Cx, Cyscale, Deepstash, SmartDreamers,, Frisbo, and

The new fund will focus on B2B start-ups operating in the fintech, cybersecurity, enterprise automation, and data/analytics verticals. This approach is validated by the previous fund’s experience which invested in the same verticals and technologies.

The first investments will be up to 2.5 million euros, with significant follow-on potential.

“We are excited to continue to contribute to the development of the start-up ecosystem in Romania and South Eastern Europe,” says Dan Mihaescu, GapMinder founding partner. “Our vision and strategy as well as proven good execution and performance is validated by the fact we raised our successor fund during a challenging 2023, and we are grateful for the high level of commitment and trust invested in us by EIF, EBRD, and by all our long-term investors, many of whom accompanied us along Fund I as well.”

Showcasing Romania’s potential

The IT sector in Romania is experiencing constant development, and new trends are emerging year after year, making it one of the most significantly growing markets in the country—it already contributes more than six per cent of GDP.

ICT grew around eight per cent annually in Romania from 2017 to 2021, according to the US International Trade Administration, and Romania’s digital economy could be worth 52 billion euros by 2030, accounting for almost ten per cent of GDP.

Emerging Europe will be highlighting the potential of the Romanian tech market at this year’s Tech Emerging Europe Advocates (TEEA) annual meeting, taking place in Cluj-Napoca in the heart of Transylvania from April 10-12.

TEEA, part of Global Tech Advocates, connects business and tech stakeholders from the UK with their counterparts across the emerging Europe region. This year’s event is dedicated to showcasing Cluj’s technological prowess and the growth potential of both the city and Romania.

Photo by Adi Goldstein on Unsplash.

Unlike many news and information platforms, Emerging Europe is free to read, and always will be. There is no paywall here. We are independent, not affiliated with nor representing any political party or business organisation. We want the very best for emerging Europe, nothing more, nothing less. Your support will help us continue to spread the word about this amazing region.

You can contribute here. Thank you.

emerging europe support independent journalism