Capital raising services in Romania
Romania has one of the fastest-growing VC markets in CEE, supercharged by the UiPath IPO halo effect and a maturing cohort of post-Series A companies ready for international growth capital.
UiPath, Bitdefender, FintechOS and eMag have drawn in global institutional investors and put Romanian tech firmly on the growth-equity map, particularly in RPA, cybersecurity and commerce tech.
Flow works with mid- to late-stage Romanian companies raising growth capital - providing an extensive VC investor network, rigorous fundraise preparation, pitch deck building, operating and financial model construction, and end-to-end process management from investor targeting through to close and post-round reporting.
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VC rounds raised in the last 12 months in Romania
$152M
Median VC valuation (across all stages) in Romania
23x
Median VC revenue multiple (across all stages) in Romania
$31M
Largest VC round raised in Romania in the last 12 months
Raising venture capital in Romania
Romania's VC market has scaled significantly in the last five years, anchored by Bucharest and supported by the UiPath IPO halo effect. Local VCs cover seed and Series A; cross-border participation from European and US funds is common at growth stage.
Romanian VC conventions
Romanian venture rounds typically use documentation aligned with CEE conventions and broader European venture practice. The Romanian Venture Capital Association (ROVCA) coordinates industry standards. Series A and later rounds frequently use US-influenced terms given the heavy presence of US co-investors.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Romania. SAFEs are increasingly used where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Romanian SRL and SA structures require shareholder resolutions plus Trade Register filings for share issues.
Public co-investment
Direct equity co-investment by Romanian state vehicles is limited compared to Poland or Hungary. EU PNRR and structural funds flow through ministerial agencies rather than direct equity vehicles; private VC dominates the institutional cap table.
Foreign investment screening
Romania's FDI screening regime requires notification of qualifying investments by non-EU acquirers in Romanian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions to scoped transactions.
Closing mechanics
Capital increases and share transfers in Romanian SRL and SA companies require Trade Register filings. Closings are typically same-day signing and funding with documents executed via DocuSign for non-notarial elements. Romanian stamp duty applies to certain corporate filings.
Startups who recently raised money in Romania
Largest VC round raised recently in Romania was a $5.4M Seed of DesignVerse in May 2026.
See all VC rounds in Romania| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | DesignVerse | | DesignVerse is an AI platform generating enterprise software from company documentation and internal rules. | Begin CapitalGapMinder VC+1 | $5.4M | - | Seed | |
Feb-26 | Kinderpedia | | Kinderpedia is a Bucharest-headquartered end-to-end SaaS solution for schools and early childhood centers worldwide. It unifies parent-teacher messaging, curriculum planning, attendance and grade tracking, attendance sheets, and tuition billing in a mobile-first interface adaptable to local regulations. | Early Game VenturesRoca X+1 | $2.6M | - | Seed |
Top VCs and strategic investors in Romania
Early Game Ventures, GapMinder VC, Underline Ventures and Karma Ventures funded the most startups in Romania in the last 12 months.
See all VCs in Romania| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Early Game Ventures | | Early Game Ventures is a Warsaw-headquartered early-stage venture capital firm investing in startups across Central and Eastern Europe. The fund targets pre-seed and seed rounds in fintech, SaaS, and consumer tech, backing founders in markets like Poland, Ukraine, and the Baltics. Early Game Ventures acts as the first institutional investor for high-potential teams addressing regional opportunities. | KinderpediaMeetgeekBible Chat+2 | 7 | Seed | |
GapMinder VC | | GapMinder VC is a Belgrade-based venture capital fund investing in early-stage deeptech and SaaS startups across Southeast Europe. The fund targets seed rounds from €500,000 to €5 million in AI, fintech, cybersecurity, and automation companies, with follow-on capacity up to €12 million. Portfolio includes firms like Seven Bridges Genomics, providing operational support for international expansion. | DesignVerseparolGenezio+1 | 4 | Seed | |
Underline Ventures | | Underline Ventures is a Warsaw-based venture capital fund investing €500,000 checks at pre-seed and seed stages in Eastern European startups. It supports founders in software, fintech, and SaaS targeting international markets alongside co-investors. | DesignVerseBible ChatGenezio | 3 | Pre-seed | |
Karma Ventures | | Karma Ventures is a Helsinki-headquartered early-stage venture capital firm targeting seed and Series A rounds in European deep tech startups. The fund supports companies demonstrating unique technologies, customer traction, and international scalability in sectors like AI, biotech, and hardware. Karma Ventures provides commercial, strategic, and technical guidance to portfolio founders. | Druid AILeil StorageStarship Technologies+1 | 2 | Series B | |
Roca X | | Roca X is a Bucharest-headquartered venture capital fund backing early-stage technology startups in Romania and Europe. It invests in pre-seed and seed rounds for ventures with prototypes or MVPs in sectors like fintech, healthtech, and cleantech. Founded in 2018, the firm supports founders through acceleration programs and has portfolio companies including FintechOS and Bittnet Systems. | KinderpediaBunnyshellFilmChain | 2 | Seed | |
Hoxton Ventures | | Hoxton Ventures is a London-headquartered venture capital firm investing €500,000 to €5 million in pre-seed, seed, and Series A startups across Europe. It targets disruptive companies in fintech, climate tech, and new markets, following on through later rounds with portfolio firms like Graphcore and Karakuri. | Druid AIGiraffe360Preply+2 | 2 | Series B | |
TQ Ventures | | TQ Ventures is a New York City- and San Francisco-based early-stage venture capital firm managing $1.2 billion across three funds. Founded in 2018 by Schuster Tanger and Andrew Marks, it has completed 85 investments worldwide in sectors from SaaS to biotech. The firm leads seed and Series A rounds with typical checks of $5 million to $15 million and leverages a network for enterprise introductions that generated $200 million in portfolio revenue. Notable investments include Vercel in frontend cloud and Ramp in corporate cards. | Druid AINomadicLawhive+2 | 2 | Series B | |
Cipio Partners | | Cipio Partners is a Munich- and Luxembourg-based investment firm founded in 2003 focusing on growth capital and minority buyouts in European technology companies generating €10-50 million in revenue. It deploys €5-15 million initial investments in software, B2B services, components, and consumer internet sectors. | Druid AIGiraffe360Dawn Health+1 | 1 | Series C | |
FunFair Ventures |  | FunFair Ventures is a venture capital firm based in Gibraltar that invests in early-stage blockchain and Web3 projects. The fund targets equity and token opportunities in gaming, DeFi, and infrastructure protocols, with a portfolio including over 20 companies like Immutable X and Polymath. Established in 2018 as the investment arm of FunFair Technologies, it has deployed more than $50 million across seed and Series A rounds, emphasizing scalable layer-2 solutions and play-to-earn ecosystems. | RhunaCork ProtocolUtila+1 | 1 | Seed | |
Aptos | | Aptos Labs is a Palo Alto-headquartered Web3 company building the Aptos Layer 1 blockchain, emphasizing scalability with parallel execution and the Move programming language. Founded in 2021 by former Meta Diem team members, Aptos Labs powers DeFi, gaming, and NFT applications for developers worldwide. | RhunaCreatorFiTria+1 | 1 | Seed |
What if not VC? Non-equity funding in Romania
Romania's non-dilutive funding stack has scaled materially with EU PNRR funding - between R&D tax incentives, IT income tax exemption, structural EU funding and EIB lending, Romanian startups have multiple paths to extend runway without taking equity dilution.
IT income tax exemption
Romania's long-running income tax exemption for IT/software development employees materially reduces the post-tax cost of building software in Romania. The regime has been narrowed in recent years (capped salary thresholds) but remains a meaningful margin advantage for Romanian tech employers.
R&D tax incentives
Romanian companies can claim a 50% additional deduction on qualifying R&D expenditure (effectively 150% deduction against taxable profit). Combined with the 16% corporate tax rate, materially reduces the post-tax cost of R&D.
EU PNRR and POCU funding
Romanian EU Recovery and Resilience Plan (PNRR) funding plus operational programmes (POCU, POIM) flow through ministerial agencies for R&D, digitalisation and the green transition. The largest single source of non-dilutive capital for qualifying Romanian SMEs.
EIB-backed lending
EIB and InvestEU-backed lending via partner Romanian commercial banks provides subsidised credit to qualifying SMEs and innovative companies. Often used alongside private VC and EU grants to extend non-dilutive runway.
EU funding access
Romanian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies.
UiPath / IT-alumni angel ecosystem
Romania has a strong angel scene driven by UiPath, Bitdefender, Endava and other Romanian tech alumni. Tickets typically €25k-250k per investor; structured rounds often syndicated across 5-15 angels.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Romania and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Romania.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Romania
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Romania
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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