July 6 (SeeNews) - Romanian entrepreneur Bogdan Iordache is launching Underline Ventures, a 10 million euro ($10.3 million) solo GP venture fund targeting early-stage high-growth Eastern European startups.
Underline Ventures plans to raise a total 20 million euro to finance regional startups, it said in a press release on Wednesday.
Underline Ventures is backed by more than 20 founders and early-stage operators from companies such as UiPath, Green Horse Games, Telerik, Elrond, MorphL, Smartbill, CleverTaxi, Tremend, and many others, along with professional investors in venture funds.
"Our fund thesis is generational. We believe the Eastern European tech industry hit a critical mass of experienced founders and operators from scale-ups that are now starting or contributing to new startups, along with many young ambitious founders," Iordache said. "While their expertise is excellent on the operational side, we believe Underline Ventures can help them understand the venture way and connect them with the world of venture capital, so they can build high-growth startups, not only successful companies."
Best known as the founder of startup conferences How to Web, Iordache is also a founder of Conectoo, from which he exited in 2013, and is a former investor for Gecad Ventures, 3TS Capital Partners and MVP Academy.
($=0.9725 euro)