Amsterdam, January 22, 2018
Venture Capital Fund for Early Stage and Seed Innovative Companies in Romania
GapMinder, venture capital fund targeting innovative tech start-ups in Romania enters the local market. With an initial budget of € 26 million, GapMinder is the first venture capital fund created following the selection made by the European Investment Fund. The Fund is mostly financed via Competitiveness Operational Program 2014 – 2020 and co-financed by The European Fund for Regional Development.
In the following years, GapMinder will invest in seed companies up to € 1 million and potentially other € 3 million per company as follow-up rounds. The Fund will also invest in start-ups at first round of investment or in acceleration phase up to € 100,000. Gapminder targets innovative tech start-ups with scale potential for global expansion in verticals such as IT services and software, cybersecurity, artificial intelligence, digital transformation, healthcare IT & MedTech, FinTech etc.
To benefit from a sustainable pipeline, GapMinder will have also an accelerator component in Bucharest and Cluj, called Techcelerator. In order to facilitate an efficient first round of investment, the selection of the startups will begin shortly through the Techcelerator program. Any tech start-up looking for funds can apply for the acceleration program.
”The innovative tech start-ups ecosystem in Romania has a huge potential and is often overlooked, thus our ambition is to support it by investing in solutions with bright future, in projects and companies scalable at a global level. We help them grow by fueling founders with funds and vast experience of mentors enrolled in the program”, stated Dan Mihăescu, Founding Partner.
GapMinder founding members are active investors in the local start-up’s ecosystem, with previous top management positions in tech multinationals. They are as well as active members of the entrepreneurial environment, with a background in national and international acceleration programs.
About European Investment Fund:
European Investment Fund (EIF) is part of the European Investment Bank Group and is the main venture capital for SMEs in Europe, via venture capital instruments, guarantees, and microfinance. In Romania, the EIF implements financial instruments funded through structural and investment funds: JEREMIE 2007-2013, SME Initiative and financial instruments from PO Competitiveness, Regional Operational Program, and NRDP.
About the Competitiveness Operational Program:
The Competitiveness Operational Program 2014-2020 (POC) supports investments to meet the needs and challenges of low levels of economic competitiveness, in particular with regard to (a) insufficient support for research, development and innovation and (b) infrastructure developed by Technology Information and Communication. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.