Romanian GapMinder sets up EUR 80 mln VC fund with EU, EBRD among investors

Romanian venture capital (VC) firm GapMinder aims to invest up to EUR 80 million in technology companies both in Romania and Eastern Europe, under its second fund, GapMinder Fund II – 50% financed by the European Union (EU) and the European Bank for Reconstruction and Development (EBRD).

The fund became active on February 14 after its first closing and will shortly announce its first transaction.

The fund will have a strong focus on Fintech, Cybersecurity, Enterprise automation, and Data/Analytics. It will target 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), more specifically, the Recovery Equity Fund. The European Investment Fund (EIF) will handle these contributions.

Separately, the EBRD contributed EUR 10 million as its first investment in a fund launched by Romanian partners.

The predecessor of the fund just launched, the EUR 50 million GapMinder Fund I, has contributed significantly to the development of the tech startup environment in Romania out of the pioneering stage of the ecosystem. Companies financed by GapMinder Fund I include Druid.AI, FintechOS, TypingDNA, Veridion, Siena.Cx, Cyscale, Deepstash, SmartDreamers, Machinations.io, Frisbo, and Innoship.io.

The first fund was financed by EIF using resources from Romania’s structural funds, namely the Competitiveness Operational Programme 2014-2020.

(Photo source: the company)