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GapMinder unveils €80M fund to fuel B2B tech growth in Eastern Europe

GapMinder unveils €80M fund to fuel B2B tech growth in Eastern Europe
Image credit: DepositPhots/pyty

GapMinder Ventures, a seasoned venture capital player focused on propelling technology companies in Romania and Eastern Europe, has launched GapMinder Fund II with a staggering €80 million target. This ambitious initiative marks the largest venture capital fund with a primary focus on the burgeoning Romanian tech startup scene.

Back in January, Giant Ventures backed by Richard Branson announced $250M fund to invest in startups focussed on climate, health, and diversity as well.

Solidifying partnerships for growth

The fund enjoys the unwavering support of heavyweights like the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD). EIF, recognizing GapMinder’s potential, is committing €30 million through two strategic initiatives. EBRD, marking a significant milestone, has invested €10 million, their first-ever investment in a Romanian-led fund.

Dan Mihaescu, GapMinder’s Founding Partner, expresses his excitement: “We are thrilled to continue fueling the dynamic startup ecosystem in Romania and Eastern Europe. Raising this fund during challenging times validates our vision and strategy. We are deeply grateful for the trust and commitment invested in us by EIF, EBRD, and all our long-term investors, many of whom accompanied us on our journey with Fund I.”

Marjut Falkstedt, Chief Executive of EIF, echoes this sentiment: “Partnering with GapMinder for the second time to support innovative Romanian businesses brings us immense joy. Nurturing the innovative ecosystem in the region, with the backing of InvestEU and PNRR programs, is crucial for Europe’s global competitiveness and economic growth.”

Anne Fossemalle, EBRD Director of Equity Funds, further underscores the shared goals: “We are proud to partner with GapMinder to empower high-potential technology companies in our regions. This investment will not only contribute to a sustainable venture capital market but also accelerate the region’s digital transformation.”

Investing in the future of B2B tech

GapMinder Fund II’s focus lies squarely on B2B startups in the Seed and Late Seed stages, specifically targeting the Fintech, Cybersecurity, Enterprise Automation, and Data/Analytics sectors. With initial investments of up to €2.5 million and the capacity for substantial follow-on funding, the fund aims to cultivate a diverse portfolio comprising 18 to 22 promising companies across Romania, Moldova, Serbia, Croatia, Slovenia, and Bulgaria.

Proven expertise meets strategic support

The fund is steered by a seasoned team boasting extensive expertise in technology, business, investments, and legal matters. Their commitment extends beyond mere financial resources, offering strategic support, access to a global network, and invaluable guidance on capital markets navigation. GapMinder’s first fund, GapMinder Fund I, played a pivotal role in the development of the Romanian tech startup ecosystem, fostering the success of notable companies like Druid.AI, FintechOS, and Cyscale.

What we think

GapMinder Fund II stands as a landmark development for the Eastern European tech startup landscape. With its targeted focus on B2B startups, a seasoned team at the helm, and the backing of prominent investors, the fund is poised to be a catalyst for growth, nurturing promising companies and contributing significantly to the region’s digital transformation journey.

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