HomeRomaniaUnderline Ventures Closes Fund I, at $20m

Underline Ventures Closes Fund I, at $20m

Underline Ventures

Underline Ventures, a Bucharest, Romania-based venture capital firm focused on backing Eastern European founders building high-growth startups with global ambitions, closed its first fund, at $20m.

The fund’s capital has been raised mostly from tech founders and operators, along with other business leaders and international fund-of-funds. It plans to double down its efforts to further develop an impactful platform for its portfolio companies. 

Launched in 2022 by General Partner Bogdan Iordache, Underline Ventures plans to invest in 20+ early-stage startups founded by Eastern European founders, investing an average investment ticket of $500k. The firm is also committed to developing an extensive, hands-on platform that allows founders to get relevant support for some of the core operational issues founders face including recruitment, marketing, sales, comms, finances, and fundraising. 

At the moment, backed companies can benefit from recruitment services (with the help of Ioana Patran, ex-Microsoft), communication management (with the help of Adriana Spulber, ex-How to Web & Pago), growth advisory (with the help of Vlad Ionescu, ex-UiPath), financial planning and fundraising (with the help of Mihai Faur, UiPath) and integrated marketing strategy (with the help of Ioana Serban, ex-FintechOS), along with Iordache’s help on venture strategy and fundraising. Founders and operators from companies like UiPath, Telerik, Bitdefender, etc. are also advising the portfolio startups regularly, whenever the startup’s need arises. 

So far, the fund has made 7 investments in Romania, Croatia, Serbia, and the broader Eastern European diaspora, ranging from big data & AI and cybersecurity to ecomm infrastructure. 

Commenting on the closing, Bogdan Iordache said: “We are focused on supporting exceptional founders to build solutions for hard problems that can scale globally. Founders come first, and we are vertical agonistic, but we’re paying extra attention to enterprise automation, AI, cybersec, industrial tech, defence, and climate-related startups.

VCWire

22/11/2023