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  • Writer's pictureKelly Alica Liman

Top 15 VC Funds and Angel Investors in Romania

As one of the three main nations accounting for over 70% of the ecosystem value in the CEE region, it comes as no surprise that Romania is becoming a prominent player in the regional and even global startup ecosystem. Although still in its infancy, Romania's rise in the global startup ecosystem rankings demonstrates the country's potential as an innovation powerhouse. With a robust and growing startup ecosystem, as well as great competitive advantages and skilled talent, Romania is a prime destination for new startups aiming to reach the European market. In this article, we have compiled a comprehensive list of top VC Funds and Angel Investors in Romania that can provide you with the capital and support to help you succeed!






VCs and Angel investors in Romania
VCs and Angel investors in Romania

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Why Should You Raise Funds in Romania?


Here are a few reasons why startups should raise funds in Romania:


1. Growing Startup Ecosystem


Romania's startup ecosystem is expanding, with a rising number of venture capital firms, angel investors, and public-private initiatives backing creative ventures. These firms and programs provide startups with access to funding, mentoring, resources, and networking opportunities for startups. For instance, FIX Cluj, Romania's largest incubator program, provides up to EUR 50,000 in investment to new entrepreneurs, along with a number of other startup accelerators and incubators in Romania. Romania is also actively organizing a number of startup events and conferences to assist entrepreneurs in connecting with possible investors, partners, and consumers. ROStartup - Romania's Startup Ecosystem plan is a public-private partnership effort that promotes the creation of the first Romanian Startup Ecosystem plan, and they hosted a conference where startups can learn from other entrepreneurs, connect with ecosystem players, and showcase their projects.



2. Skilled and Entrepreneurial Talent


Romania is rising as one of the greatest destinations in Europe for businesses and investors, with access to the best talent. Romania has a well-educated workforce, with over 220,000 Romanians participating in the IT sector as engineers, IT professionals, and skilled labor. This talent pool is highly beneficial to entrepreneurs in knowledge-intensive industries. Furthermore, during the last decade, the total early-stage entrepreneurial activity (TEA) in Romania has increased, followed by a new phenomenon known as entrepreneurial employee activity (EEA). These are individuals that prefer to launch a new endeavor while working for their employers rather than starting their own firm. Romania has an EEA rate of 3.4%, rivaling strong economies such as Germany and higher than France, Spain, Poland or Italy.



3. Competitive Cost Advantage


One of the key draws of Romania is the significantly lower operating costs compared to other Western European countries and startup hubs. This cost advantage applies to various elements of corporate operations, such as office space, utilities, and other overhead costs. Hiring experienced workers in Romania is also often less expensive than in Germany, France, or the United Kingdom. Because of its affordability, entrepreneurs may devote more resources to growth and development and establish excellent teams without exceeding their budget. Coupled with Romania's access to EU funding programs, these funds can provide a capital boost to companies while also reducing startups' total fundraising load.





Venture Capitalist Funds in Romania


The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.



  • Year of Inception: 2022

  • Stage: Pre Seed, Seed

  • Focus: Sector Agnostic

  • Notable Portfolio: Turneo, Veridion, Videowise, Nestor, Goodlegal

  • Contact


Underline Ventures works with Central Eastern European innovators early on to help them establish high-growth firms. They invest in the seed stage with an average check of EUR500,000. As part of their portfolio, they will assist founders in defining the best strategy, milestones, and goals for their company's journey and growth, as well as connecting them with the necessary funding and talent.



  • Year of Inception: 2018

  • Stage: Pre Seed, Seed

  • Focus: Sector Agnostic

  • Notable Portfolio: Telios, SanoPass, Seedblink, Ringhel, iFactor, Amsimcel

  • Contact


Impact Capital is a venture capital firm devoted to creating good societal and environmental change through investments in enterprises that provide both financial rewards and meaningful impact. Impact Capital discovers and supports initiatives in a variety of areas, including renewable energy, education, healthcare, and social entrepreneurship. They invest in startups across the CEE region, with ticket sizes ranging EUR 10,000 to EUR 100,000.





  • Year of Inception: 2005

  • Stage: Pre Seed, Seed

  • Focus: Sector Agnostic, Consumer Internet, Marketing Tech, Supply Chain Tech, FinTech, Property Tech, Circular Economy Tech

  • Notable Portfolio: Bankata, Hyper Human, Vatis, Sypher, Questo, KFactory

  • Contact


Sparking Capital is an early-stage venture capital firm that actively seeks for opportunities that have the ability to change markets and accelerate technical innovation, with a sharp eye for finding disruptive concepts and creative entrepreneurs. Sparking Capital not only offers finance but also provides young startups with the assistance and tools they need to succeed through strategic partnerships and coaching.



  • Year of Inception: 2018

  • Stage: Pre Seed, Seed, Series A

  • Focus: Technology, Enterprise, Consumer, Hardware & Electronics

  • Notable Portfolio: Basmo, Druid, CODA Intelligence, MeetGeek.AI, Vatis Tech

  • Contact


Early Game Ventures is a trailblazing venture capital firm and accelerator that focuses on developing and driving the growth of regional technology entrepreneurs. Early Game Ventures invests and assists entrepreneurs in navigating hurdles and reaching their full potential by providing capital, guidance, and access to a large network of industry experts. They prefer to be the first institutional investor in a startup and will invest up to EUR 3.5 million per startup as the lead investor.





  • Year of Inception: 2016

  • Stage: Seed, Series A

  • Focus: Deep Tech

  • Notable Portfolio: Modex, Lumen, Aeronews, Cireon, M3 Payments

  • Contact


Ulpia Ventures strives to disrupt the future and have a positive worldwide impact by focusing their investments on innovation and cyber resilience. Their strategic aim is to become a supporter of cutting-edge technologies and innovative, game-changing ventures across the world. As an investor, they aim to help portfolio firms to build solid foundations poised for international development, follow-on finance, and expansion.



  • Year of Inception: 2019

  • Stage: Seed, Series A

  • Focus: Health Tech

  • Notable Portfolio: Parol, FindMeCure, SanoPass, Rayscape, Medicai

  • Contact


Cleverage Capital is a notable Romanian venture capital firm focused on assisting the growth of technology-driven health startups. With some of the region's most recognized entrepreneurs in IT and healthcare, Cleverage Capital's seasoned staff delivers a wealth of industry expertise and networks to portfolio firms, assisting them in navigating hurdles and achieving their business objectives.





  • Year of Inception: 2015

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Confidas, Easy Sales, Holde, SEOMonitor, Flip, Wineful

  • Contact



V7 Capital is an innovation hub that focuses on fostering and accelerating the growth of early-stage entrepreneurs. They act as an incubator and venture capital firm with the objective to find promising startups and provide them with the necessary funding, coaching, and tools to grow. V7 Capital operates by establishing new firms based on their own ideas as well as engaging with the creators of early-stage enterprises.



  • Year of Inception: 1992

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: Symphopay, Typing DNA, Axigen, Coinzone, Seedblink

  • Contact


Gecad Ventures is a prominent venture capital firm that specializes in finding and fostering outstanding technology firms outside of the mainstream. Gecad Ventures aggressively invests in innovative creators who create new solutions based on their own unique views and experiences. The VC is known for its hands-on approach, collaborating closely with portfolio firms to drive their growth and market reach, helping global-first startups expand to major tech centers.




  • Year of Inception: 2017

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: DRONAMICS, NuNet, Chain Guardians, Swash, WonderHero

  • Contact


Clever Capital is a prestigious venture capital firm based in Cluj-Napoca, Romania, that actively invests and accelerates early-stage tech-focused startups. Clever Capital offers startups with critical capital and strategic support and mentors them to achieve international growth and their next investment rounds.



  • Year of Inception: 2014

  • Stage: Seed, Series A

  • Focus: Technology, Media & Entertainment, Health & Wellbeing, FinTech, Web 3.0

  • Notable Portfolio: Rolla, C Wire, LeadDelta, Extasy, GoJoe

  • Contact


Hellen's Rock Capital invests in and collaborates with forward-thinking doers and thinkers who have the know-how and vision to create game-changing businesses. They invest in technology startups across the CEE region, motivated by their goal to inspire and improve the lives of current and future generations.



  • Year of Inception: 2007

  • Stage: Seed, Series A, Series B

  • Focus: Technology

  • Notable Portfolio: SmartBill, Vola.ro, Elefant.ro, Seedblink, Hunch, Omnicionvert

  • Contact


Catalyst Romania is a prominent technology-focused venture capital firm that makes early to growth-stage capital investments in Romanian startups as well startups from other nations in the area. As an investor, Catalyst delivers invaluable know-hows, resources, channel partners, and co-investors from Europe, North America, and Asia to help startups grow.





Angel Investors in Romania


Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.


  • Stage: Seed

  • Focus: Sector Agnostic

  • Notable Portfolio: -

  • Contact


Though not necessarily an angel investor group, Seedblink is an innovative equity crowdfunding platform that connects investors with startups and early-stage businesses. Seedblink, which operates on the crowdsourcing premise, allows a diverse variety of investors, from individuals to institutions, to participate in potential enterprises in return for equity holdings. Startups may seek funds through Seedblink to drive their growth and development, while investors have access to a diversified range of investment options. Seedblink plays a critical role in extending the entrepreneurial ecosystem and encouraging innovation by democratizing access to early-stage capital.



  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Aquarate, Licenseware, Artivive, MediNav, Codewell.AI

  • Contact


Growceanu is an angel funding platform that connects entrepreneurs searching for finance with investors eager to support these firms. As a platform, their objective is to stimulate early-stage investments in high-tech firms by providing their community of investors and entrepreneurs with a set of tools, procedures, and educational materials that will allow them to participate in the value-creation process. They assist startups by providing them with an organized access to business angels and a properly controlled investment process.





  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: ThinkOut, Cartloop, Licenseware, Voxa, Telios, Factor

  • Contact


Transylvania Angels Network is a prominent angel investor network that facilitates connections and investments between potential angels and startups. They are not an investment fund, and each member individually decides their participation in any funding round. As their member, Transylvania Angels Network will provide startups with essential mentorship, industry contacts, and experience to help entrepreneurs flourish.



  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: -

  • Contact


Founded in 2013, TechAngels is a well-known angel investor network that functions as a meeting place for early-stage tech startups and investors. Made up of seasoned entrepreneurs, industry experts, and investors, the network provides excellent mentorship, direction, and access to a large network of contacts in addition to financial investment. TechAngels assists developing firms in navigating hurdles, refining business strategies, and accelerating their growth trajectory by bridging the gap between startups and experienced professionals.





Closing Thoughts on VCs and Angel Investors in Romania


Romania is on its way to becoming a major participant in the CEE startup environment. Several successful Romanian firms have arisen, demonstrating the country's potential to support innovation and entrepreneurship. With an organically created support structure of investors, specialists, and local talent, the country is fueling the growth of numerous creative startups like Uipath and many more on the way.


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