Bucharest-based venture capital firm Early Game Ventures has announced the launch of its €60 million Fund II, which will invest in early-stage startups across the CEE region.
- Early Game Ventures (EGV) was founded in 2018 by Cristian Munteanu. The fund's strategy is to support startups that operate in emerging sectors such as blockchain, electric vehicles, NPL, Big Data, AI, cybersecurity, hardware and robotics, within Europe's emerging markets.
- The firm's first fund, EGV Fund I, was launched in 2019. It invested in 28 Romanian startups, including the cloud-agnostic DevOps automation platform Bunnyshell and the ML-based invoice processing solution Profluo, and it made 4 exits.
"This new fund is a confirmation that we did a good job with Fund I — our exits so far have a 45% IRR," comments Cristian Munteanu, Managing Partner EGV.
- EGV Fund II will continue the previous fund's investment approach. It plans to invest in 25–30 early-stage startups, focusing on areas such as AI applications, enterprise software, and cybersecurity.
- Most of the investments (60-70%) will be made in Romanian companies, while the rest will be in companies in Europe or beyond, with a ticket size of €6 million.
- Half of Fund II's volume came from the Recovery Equity Fund, managed by the European Investment Fund, while the remaining 50% was provided by private investors.
