Romanian IT&C company gets new financing from IFC, Black Sea Bank

Local IT&C company Teamnet has raised another EUR 1.5 million from its two international investors, the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank, via a capital increase. The IFC, which is part of the World Bank Group, has increased its stake in the company from 8.3% to 10.3%, whereas Black Sea Trade and Development Bank currently now has a share of 8.3% in the company. Teamnet will use the money to develop new products and expand in new markets. It currently operates in six countries (Romania, Belgium, Turkey, Croatia, Moldova, and Serbia) and plans to enter two new markets next year, namely Slovakia and the United Arab Emirates (UAE). Teamnet, which had a turnover of EUR 93 million in 2013, was founded by Romanian MP and investor Sebastian Ghita, who has been investigated by Romania’s anticorruption prosecutors for influence peddling, tax evasion, money laundering, abetting the use of EU funds, and corruption of voters.

Teamnet representatives, however, repeatedly said that Ghita hadn’t been involved with the company for years.

Local investor Bogdan Padiu is now the company’s CEO and main shareholder.