Vector Watch, the startup which has developed a smartwatch whose battery lasts 30 days, has received USD 5 million in new funds from several local investors.
Local IT company Gecad Group, controlled by Romanian entrepreneur Radu Georgescu, has contributed by USD 2 million, whereas the local private equity and venture capital fund 3TS Catalyst has given USD 1.5 million. The rest of the amount comes from private investors Radu Apostolescu, Bogdan Vlad, and Mihai Popescu.
The capital will help the company develop its product and expand the company’s office located in the Bay Area, USA.
Gecad Group, which has granted another USD 2 million in the past, remains the most important shareholder.
Radu Apostolescu and Bogdan Vlad have been co-founders of Romania’s largest online retailer eMAG.