Romania's EGV launching 60 mln euro investment fund

EGV Fund II, whose launch was approved by the board of the European Investment Fund (EIF) on April 25, will invest solely in tech start-ups from Romania and the surrounding region, the venture capital firm said in a press release.

The new investment fund will be administered by the EIF and will be co-financed through Romania's National Recovery and Resilience Plan as part of the NextGenerationEU recovery instrument. It will also receive financing from institutional investors and private individuals who invested in EGV Fund I as well as from new investors.

"We are grateful to all the investors who believed in us and who chose to join us in continuing the mission of finding and investing in the best tech startups in Romania and CEE. The fact that, in a difficult economic context, we managed to attract the necessary private financing and that, in a very short time, we will also sign the final closing, at the size of 60 million euros, is an important confirmation of our work," EGV managing partner Cristian Munteanu said.

EGV Fund I recently sold Romanian cybersecurity startup CODA Intelligence to US-based software assets management firm PDQ, Early Game added.

Early Game Ventures was established in Romania in 2018.

($=0.9319 euro)