Romanian Private Equity and Venture Capital Study

Romanian Private Equity and Venture
Capital Study
May 2023
Romanian private Foreword
equity and venture
capital market
development
We, at Romanian Private Equity Association (“ROPEA”), warmly welcome

the recently issued report on the Romanian Private Equity & Venture
Capital Sector which provides the first detailed overview of the market for
the year 2021 and first half of 2022. It is an excellent reference and body
of information for professional investors, entrepreneurs and authorities
which can finally access important transaction data from one single
source. Most of the findings in this comprehensive report support
ROPEA’s previous statements regarding the status of the sector,
compared with the CEE region and the larger European context. It shows
that the Romanian PE&VC industry significantly lags behind CEE and
Welcome to the 2021 Europe in terms of fundraising, mainly due to lack of diversification of
funding providers, while still the Romanian economy provides significant
and first half of 2022 attractive opportunities for the existing local and regional players. We
continue to advocate for the need to develop the local (PE & VC Sector)
investors’ base, especially in the context of the recently launched
Activity Report of the Recovery Equity Fund and the National Recovery & Resilience Program, a
Fund of Funds of EUR 400 mill. to be disbursed to fund managers
Romanian Private interested and able to raise new PE & VC Funds. Its successful deployment
is fully dependent upon the existence of other co-investors, including local
Equity capital providers, the likes of Pension Funds, Corporates or Private
Individuals.
& Venture Capital We also continue to advocate the role of financial investors to the local
entrepreneurs and the Romanian authorities. The Romanian economy has
study, produced manifested strong progress and increased importance of businesses
operating in IT, technology, medical services, green & social impact
businesses, start-ups in technology or other services, which already
by Deloitte in provide the grounds for clear competitive advantages for our economy. In
this landscape, financial investors, either Private-Equity or Venture Capital
Association with Funds, can contribute significantly to the growth of these businesses,
bringing financial capital & human capital, marketing know-how &
Romanian Private organizational capabilities, which in the end contribute to job creation and
GDP growth.
Equity Association “We thank Deloitte and Reff & Associates team for their effort and
(ROPEA) outcome, which we hope to become a permanent and reliable source of
information for the PE&VC Industry in Romania from now on” stated Mr.
Horia Manda, Chairman of the Board of ROPEA.
2
Romanian private Introduction
equity and venture
capital market
development
We are happy to present the Romanian Private Equity and Venture Capital
study covering 2021 and the first half of 2022, which highlights the
developments and opportunities in the Romanian market.
The starting point of such analyses is the data provided by Invest Europe,
one of the largest global associations of private equity and venture capital,
as well as publicly available data about the Romanian Venture Capital
environment from How to Web. We draw the attention to the fact that,
although part of the Private Equity transactions in 2021 and the first half
of 2022 were not included in the Invest Europe data, these transactions
are flagged and considered in the report (such the acquisition of the
Welcome to the 2021 Romanian assets of CEZ by Macquarie Infrastructure and Real Assets
estimated at €1bn and the investment of Novalpina Capital in MaxBet
and first half of 2022 estimated at €250m).
Such deals are a clear proof of the potential that we see in the Romanian
Activity Report of the market to develop significant local and regional players. Additionally, we
see that the regional Private Equity ecosystem is in a good position to help
the growth of several small and medium local players to the next level,
Romanian Private while the local Private Equity and Venture Capital funds are focused
mostly on growing the smaller tickets in the market.
Equity We are convinced that more diversified financing sources can only help
and support the further development of the local Private Equity and
& Venture Capital Venture Capital market, combined with the expectation that in the next
periods ESG will have a more prominent role in the investment process.
study, produced We thank ROPEA for all the help and support provided, as well as to the
ROPEA members for the useful insights and contributions in making this
by Deloitte in report possible.
Association with
Romanian Private
Equity Association
(ROPEA)
3
Most of PE and VC funds raised between
2017-2021 are from government agencies
based in Europe
All private equity funds - Funding by investor type

60,000
49,830 50,000
50,000
38,265
40,000
26,000 25,800
EUR'000
30,000
45,000
20,000 14,310 38,265
10,000
26,000 5,000 25,800
4,830 9,310
-
2017 2018 2019 2020 2021 H12022
Source: Invest Europe Venture capital Private equity Total funds raised
Romanian PE fundraising activity is lower compared to other CEE countries in terms of volumes. Over the period 2017-2021,
most of the funds raised locally are for VC investments, with the exception of 2018 and 2019 when growth capital for PE
funding was also sourced (€45m in 2018 and €5m in 2019). Thus, during the period 2017-2021 the VC fundraising accounted
for 68% of total fundraising.
In terms of investor type, the reliance on government agencies decreased from 85% of total funding in 2017 to 59% in 2021
(€22.5m out of €38.3m). The increased attractiveness of the Romanian market is reflected by the higher share of funding
raised from private individuals, an increase from €4.0m in 2017 to €14.8m in 2021. Almost the entire capital raised from
private individuals is directed to VC investments. This fact led to a more intense activity in the VC industry, which determined
higher average values of the VC transactions made with Romanian funding (from €209k in 2017 to €629k in 2021 and €713k
in H1 2022).
Due to limited availability of the data at the date of the report, the capital raised in H1 2022 is unclassified with respect to its
founding source and geography.
All private equity funds - Total funding 2017-

H12022
26,000
50,000 2017
2018
Total funds
raised EUR 2019
49,830
204,205 2020
thousands 2021
38,265
H12022
14,310
25,800
Source: Invest Europe

4
The lack of diversified fundraising sources in
Romania versus CEE hinders the development
of a mature local investment environment
All private equity funds - Funding sources, Romania
60,000
50,000
50,000
40,000 36,166
EUR'000
30,000
22,000 22,500
20,000 11,771 15,000 14,765
4,373 10,800
10,000 5,918
4,000 1,893 4,018 1,000
-
2017 2018 2019 2020 2021 H12022
Government agencies Family offices and private individuals Other Unclassified

As opposed to Romanian market, which is highly dependent on the government agencies for fundraising, the CEE landscape is
more diversified; in the region the government sources accounted for c. 38-39% of all fundraising between 2018-2021.
In Romania the family offices and private individuals account for a larger share of the fundraising versus CEE – 34% during
2018-2021 in Romania versus 13% in CEE during the same period. This is due to a more diversified range of fundraising
options in the region such as:
• Fund of funds – totally absent in Romania based on the figures reported to Invest Europe, although these funds help the
development of a financial ecosystem prone to investments. In CEE region these funding sources provided c. 10% of all
the amounts raised between 2018-2021 (c. €750m).
• Corporate investors – included in the Other category in the graphs, they are also absent in Romania based on the figures
reported to Invest Europe. However in CEE they accounted for c. €750m of funds provided to the PE and VC industry.
• Pension funds, banks, other asset managers and sovereign wealth funds – all of these investors filled in the gaps of
funding in the CEE region (c. €2.0bn between 2018-2021 out of the total capital raised of €7.3bn during the same period),
being included in the Other category besides corporate investors. As per data reported to Invest Europe, they accounted
only for €2.3m in Romania during 2018-2021.
Capital raised for CEE private equity by sources

1,200
1,006 1,012
1,000
800 683 666

621 649
EURm
600 502
449
371
400
260 238 245
204 158
200 94 132
-
2018 2019 2020 2021
Government agencies Family offices and private individuals Fund of funds Other
5
Romanian fundraising activity was mainly
supported by government agencies and
international financial institutions
All private equity funds - Private equity All private equity funds - Venture capital
funding by source funding by source
2021 2021 22,500 14,765 1,000
2020 2020 15,000 10,800
4,018
2019 448 201 272 60 2019 4,910 3,900 500
1,813
2018 36,166 4,034 2,987 2018 4,750 80
2017 2017 22,000 4,000
- 10,000 20,000 30,000 40,000 50,000 - 6,000 12,000 18,000 24,000 30,000 36,000 42,000
EUR'000 Government agencies EUR'000
Private individuals
Government agencies Family offices Banks
Other asset managers (including PE houses other than fund of funds)
Pension funds Private individuals Family offices
Source: Invest Europe Source: Invest Europe
As per cross-country analysis performed by OECD*, Romanian funding market relies heavily on non-domestic European
funding (69% during 2007-2019) compared to other CEE countries – Hungary (8% during the same period) and Czech
Republic (18% during the same period). Thus, Romanian fundraising is sourced mainly from international financial institutions
including European Investment Fund (EIF), European Bank for Development and Reconstruction (EBRD), International Finance
Corporation (IFC).
A very low share of the funding is coming from outside Europe, such as Asia & Australia (€1.1m in 2018 and less than €0.5m
in 2019), as per data provided by Invest Europe.
Source: *OECD Capital Markets Review of Romania 2021
Focus EIF - Fundraising

Between 2007-2022, eight funds (Catalyst 1, Catalyst 2, GapMinder, Early Game, Black Sea Fund, Sarmis Capital, Morphosis,
Syntaxis) received c. €160m from structural funds allocations (JEREMIE 2007-2013, Regional Operational Programme 2014-
2020, Competitiveness Operational Programme 2014-2020) or reimbursements from JEREMIE (Catalyst 1, Catalyst 2,
GapMinder, Early Game, Black Sea Fund, Sarmis Capital, Morphosis, Syntaxis). JEREMIE was launched by EIF together with the
Romanian authorities to provide equity and debt instruments for SMEs.
These funds, which are still active in Romania and are in different stages, manage funds amounting to €425m (including
funding and commitments from other investors, as well as the management costs).
Focus EIF - Investments

Starting in 2007 and up until the end of 2022, 38 PEs and VCs with funding from EIF invested c. €840m in 137 companies in
Romania. The main sectors covered by these investments are: retail, life sciences (i.e. medical services) and IT. Out of this
amount, €279m were deployed between 2018 and June 2022 with peaks in 2019 (€109m) and 2021 (€95m), the remaining
periods not registering more than €30m. These amounts consider only the investments made in entities and companies
registered in Romania, and not the ones made with EIF funding (directly or via third parties) in companies registered in other
countries, but having branches in Romania.
6
Comparing with CEE and Europe, the
Romanian market lacks important classes of
investors – pension funds and corporates
All private equity funds - Geographic breakdown of funds
60,000
49,830
50,000
38,265
40,000
EUR'000
26,000 25,800
30,000 39,248 22,500
20,000 14,310 15,000
22,000
10,000 4,361
10,671 15,574
9,358 7,413
- 4,000
2017 2018 2019 2020 2021
CEE France & Benelux Nordics UK & Ireland Asia & Australia Total funds raised
As per data provided by Invest Europe, 41% of €38m raised in 2021 were sourced in CEE region, the remaining being from
other European countries. The funding landscape remains the same during the entire period 2017-2020 with less than 50% of
the funds raised in the CEE region.
A very low share of the funding is coming from outside Europe, such as Asia & Australia (€1.1m in 2018 and less than €0.5m
in 2019), as per data provided by Invest Europe.
In the same time, as there is no active market, pension funds do not support the local PEs and VCs, such investments in the
Romanian landscape being limited to €272k in 2019, accounting for only 2% of the amounts raised by local funds. Such share
in CEE is much larger – in 2021, pension funds provided 7% of the amounts raised by PEs an VCs based in CEE, which is the
equivalent of €123m.
Pension funds capital raised for CEE and Romanian private equity in 2018–2021
200,000 7% 8%
7%
% of total capital raised
150,000 6%
122,640
4% 5%
EUR'000
100,000 4%
62,720 2% 3%
50,000 1% 2% 2%
26,480 26,400
1%
272
- -
2018 2019 2020 2021
Pension funds in CEE (absolute values) Pension funds in Romania (absolute values)
Pension funds in CEE (as % of total capital raised) Pension funds in Romania (as % of total capital raised)
7
Romanian funding to GDP is relatively lower
versus other CEE countries, while investment
to GDP in Romania is similar to peers in CEE
All private equity - Fundraising as % of GDP All private equity - Investments as % in GDP
0.050% 0.300%
0.264%
0.041%
0.250% 0.220%
0.040%
0.200%
0.155%
0.030%
0.024% 0.150%
%
%
0.020% 0.016% 0.100%
0.014% 0.012% 0.049%
0.050% 0.026% 0.035%
0.010% 0.006%
0.000%
2017 2018 2019 2020 2021 H12022
0.000%
2017 2018 2019 2020 2021 H12022 2017 2018 2019 2020 2021 H12022
Source: Invest Europe, Eurostat
Source: Invest Europe, Eurostat Note: Both private equity investments and venture capital
investments are sourced from Invest Europe.
Romanian fundraising to GDP lags behind the investments to GDP largely due to the fact that most of the funding raised by
regional PEs and partly subsequently deployed in Romanian investments is sourced in other countries (i.e. Poland, Czech
Republic). Additionally, the lack of robust pension funds market in Romania contributes to such a low share of funding to
GDP.
Although funding to GDP is below other CEE markets, Romanian investments to GDP is in line with the KPIs monitored in
other CEE countries in the cross-country analysis performed by OECD* (0.16% in Romanian during 2015-2019 versus 0.15% in
Czech Republic and 0.24% in Poland during the same period). The funding to GDP ratio during 2015-2019 was 0.01% in
Romania compared to 0.22% in Czech Republic and 0.10% in Poland.
All private equity investments as % of GDP, 2021 (by country of destination of

investments)
0.800% Europe : 0.749%
0.700%
0.600%
As % of GDP
0.500%
0.400%
0.324%
0.300% CEE : 0.228%
0.215%
0.200% 0.147%
0.100% 0.041% 0.035%
0.000%
Czech Republic Poland Hungary Bulgaria Romania

Note: Both private equity investments and venture capital investments are sourced from Invest Europe.
8
The Romanian PE market is in the
development phase, while the local VC market
grew at a higher rate during 2017-2021
All private equity - Private equity All private equity - Venture capital
investments by stage focus investments by stage focus
51,000
47,370
400,000 374,490 60,000
350,000 316,463 50,000
170,713
EUR'000
26,671
191,378
300,000
23,300
21,870
40,000
124,584
250,000
EUR'000
15,310
13,951
96,834
13,472
30,000
11,365
200,000
45,958
29,139
150,000
5,950
23,698
5,040
20,000
3,301
3,261
2,550
2,573
2,134
1,601
4,602
3,800
2,000
100,000
654
600
10,000
80
50,000
- -
2017 2018 2019 2020 2021 H12022 2017 2018 2019 2020 2021 H12022
Growth capital Replacement capital Buyout Pre-Seed Seed Series A Series B

Source: Invest Europe Source: HowtoWeb
Two opposite trends were observed in the Romanian PE and VC markets during the analysed period: while the average value
per PE investment decreased from €70m in 2017 to €6m in 2021 (excluding the two large investments in 2021 from funds
based outside the CEE region), the average value of VC rounds (excluding UiPath) increased from €0.6m in 2017 to €1.6m in
2021. The VC average value per investment take into account the pre-seed, seed and series A & B. Such an increase in VC
transactions and their value is a direct consequence of the higher fundraising from the period 2017-2021.
In the same time, the PE share of growth capital overtook the buyout funds, which historically represented the largest share
of funding. Considering these observations, the PE market in Romania seems to be still in the development phase. As per
cross-country comparison performed by OECD in the CEE region, the buyout deals in Romania showed a lower share in total
PE investments compared to the other countries in the region between 2007-2019, while the growth investments accounting
for 35% of total PE investments in Romania during the same period represented the highest share of such investments in the
region*.
All private equity - Number of private equity All private equity - Number of venture
investments by stage focus capital investments by stage focus
7 50 47
6 6 6
6 37
5 5 40
5
4
Number
30 25
EUR'000
4 24
21 21 20
3 20 16
2 2 2 2 12 14
2 8
1 1 11 10 5
1 1 2 1 31 3
- -
2017 2018 2019 2020 2021 H12022 2017 2018 2019 2020 2021 H12022
Growth capital Replacement capital Buyout Pre-Seed Seed Series A Series B

Source: Invest Europe, HowtoWeb Source: Invest Europe, HowtoWeb
9
2021 brought a reduction of the average value
per Romanian transaction closed by domestic
or regional PEs
All private equity - Private equity investments by stage focus

600,000 25
Total number of companies

500,000 20
400,000
15
EUR'000
300,000
10
200,000
100,000 5
- -
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H12022
Growth capital Rescue/Turnaround Replacement capital Buyout Number of companies

2021 brought a relatively constant number of PE backed transactions compared to prior years, albeit at lower average values.
Total reported values to Invest Europe of such transactions is €53.4m, excluding two large transactions made by PEs based
outside the CEE region which were closed in 2021:
• The acquisition of the Romanian assets of CEZ by Macquarie Infrastructure and Real Assets estimated at €1bn; and
• The acquisition of MaxBet (the gambling and betting company) by Novalpina Capital estimated at €250m.
Excluding the large investments made by PEs based outside the region, the remaining deals were closed mostly by:
• Romanian funds such as Platforma Roca (which bought Sarcom - a paint manufacturer, Bico Industries - a local fiberglass
manufacturer, and Adidana - a distributor of agricultural inputs), Sarmis Capital, Morphosis Capital; as well as
• Regional funds such as Innova Capital, which acquired PayPoint Services Romania, or Mid Europa Partners via its portfolio
company Profi Rom Food.
The sector focus of the investments follows the CEE trends, whereby during 2017-2021 47% of investments are allocated to
ICT, 32% to consumer goods and services and 9% in financial and insurance activities.
All Private Equity - Private equity investments by sector focus

311,183
256,250
350,000
191,061
169,500
300,000
123,240
250,000
EUR'000
200,000
76,184
48,400
48,250
27,614
33,788
150,000
28,039
15,970
8,170
6,600
9,698
7,400
6,493
6,000
1,100
100,000
600
317
50,000
-
2017 2018 2019 2020 2021
ICT (Communications, computer and electronics) Consumer goods and services
Biotech and healthcare Financial and insurance activities
Business products and services Other
10
Several private equity funds consolidated their
presence in Romania and in the region
through add-ons to the current portfolio
Private equity - Average investment by type of private equity capital
180,000
158,231
160,000
140,000 6 6 6
120,000 5 5
4
62,415
62,292
EUR'000
100,000
47,844
80,000
34,143
19,367
60,000 2
14,570
2 2 2
7,660
4,602
3,950
1,900
40,000
2,000
1 1 1 1
600
80
20,000
-
2017 2018 2019 2020 2021 H12022
Buyout Growth capital Replacement capital No. of transactions
Note: Invest Europe.
As the value and volume of buyout deals reported to Invest Europe lowered during 2017-2021, also the average investment
decreased from €158m in 2017 and €62m in 2018 to €19m in 2020 and €15m in 2021. As mentioned earlier, these values
exclude the large transactions made by PEs based outside CEE and not reported to Invest Europe.
In the same time, the number of transactions completed with growth capital remained relatively constant – between four
and six transactions per year between 2017 and 2021. However, their value lowered as well from an average between €34m
– €62m during 2017-2019 to €4m-€8m during 2020-2021.
This is a direct consequence of the shift from large transactions in 2017 such as the acquisition of the retail and pharma
distribution company A&D Pharma Holdings by Dr. Max (with equity provided by Penta Investments) or of a 30% share in
BitDefender by Vitruvian Partners to relatively smaller deals in the following years. Additionally, a larger share of the
transactions reported in 2017-2019 were funded by regional private equity firms, as opposed to 2020 and 2021 when the
local PEs account for most of the reported transactions. Notable local activity was recorded by:
• Roca funds, which expanded their portfolio of companies in the last two analysed years in several sectors (i.e. Piscicola SA,
CAHM Europe SA, Mecanex – in 2020; Sarcom, Bico Industries, Adidana, Eco Euro Doors – in 2021; Dial, Dachim &
Supliment – in 2022), as well as
• Morphosis Capital, which focused on medical services investments (i.e. Medima Health, Implant Expert SA – both in 2020,
Clinica Medical Service – in 2021).
Focus point – regional consolidation
Abris Capital Partners – The green transition trend

Green Group add-ons &
• Green Group is an integrated recycling group used by Abris also as a platform for expanding
regional consolidation
the business in the region. Abris acquired the company in 2016.
• Several transactions in Romania and in the region were made by Green Group which
expanded its footprint in CEE: GreenTech Baltic (Lithuania, 2017), GreenTech Slovakia
(Slovakia, 2019), Eltex Recycling (Romania, 2020), SIGAD (Romania, 2022), Ecso (Lithuania,
2022), undisclosed entity Project Zetes (Baltic region, 2022).
11
Venture Capital funding increased in 2021
breaking the glass ceiling of €100m for the
first time after the prior UiPath investments
Venture capital investments Venture capital investments by sector
200,000 80 140,000 116,940 80
180,000 71 70 120,000 59 71
59
Total number of deals

160,000 100,000 60
60
140,000 41
116,940 39
EUR'000
120,000 41 50 80,000 37
39
Number
EUR'000
37 40
100,000 40 60,000 52,104
80,000 30 40,000 14
52,104 28,618 30,393 20
60,000 14 20 20,000 15,073
40,000 30,393 8,244
20,000 15,073 28,618 10 - -
8,244 2017 2018 2019 2020 2021 H12022
- - Business products and services
2017 2018 2019 2020 2021 H12022
ICT
Value Number of deals Consumer goods and services
Other
Source: HowtoWeb Source: HowtoWeb
Note: Investments allocation by sector was performed by Deloitte
In terms of Venture Capital funds (“VCs”), 2021 saw a sharp increase in value and number of deals, mainly in ICT start-ups,
breaking the glass ceiling of €100m for the first time after the UiPath investments in prior years. The largest funding round in
2021 was series B in FintechOS in April 2021 amounting to $60m (c. €51m) from investors such as Molten Ventures, Earlybird
Digital East, Gapminder Ventures, LAUNCHub Ventures, OTB Ventures, among others.
Other relevant investment amounting between €3m and €6m were the series A funding rounds in SeedBlink from Catalyst
and Seedblink (€3m) Bob Concierge from NCH Capital, I.F.N. (€6m); and Instant Factoring from Constantine Goulimis,
EDUCATIVA, Xenofon Vodorouglou (€6m).
In terms of funds, two local funds recorded a large number of deals either as a lead investor or together with other VCs:
• Early Game Ventures with a total of 14 transactions in start ups such as FameUp (total investment of €2.6m), Druid
(€2.5m), Kinderpedia (€1.8m), Questo (€1.5m), Bunnyshell (€1.1m), BrandMinda (€1.0m), Milluu, BonApp, Uniapply,
Extasy, Licenseware, Hyperhuman, Vatis Tech, Meetgeek.ai (all eight having received funding up to €1.0m each).
• GapMinder completed six transactions in 2021 besides the FintechOS investment already mentioned: Druid (total
investment of €2.5m), Frisbo (€1.8m), Flip.ro (€1.5m), FINQware, Undelucram and Synaptiq (all three having received
funding up to €0.5m each).
Please note that above data does not include UiPath funding rounds.
Average venture capital investment

2,000 71 80
1,800
59 1,647 70
1,600
60
1,400
1,200 50
39
EUR'000
37
1,000 40
800 734 30
600 589 14 515
407 20
400
200 10
- -
2017 2018 2019 2020 2021
Average value of investment Number of deals
Source: HowtoWeb
12
The Romanian VC market is catching up driven
by mixed capital funding rounds (a mix
between Romanian and foreign capital)
Venture capital investments in Romanian entities by funding
source
Total VC investments saw a
140,000 steep increase from €8.2m in
116,940
120,000 2017 to €116.9m in 2021 – a
13x increase over the period.
100,000
In the same time, the
EUR'000
80,000 68,074 Romanian capital injected into

52,104
60,000 VCs increased by 15x from
28,618 30,393 €2.0m in 2017 to €33.3m in
40,000 15,546 32,646
15,073 9,850 2021. Extrapolating the H1
20,000 8,244 12,651
20,543 33,320 2022 figures (€19.3m), the
12,858 19,253
- investments made using local
2017 2018 2019 2020 2021 H12022
funding is about the see new
Romanian capital International capital Mixed capital Total highs in 2022.
Source: HowtoWeb The largest seed rounds made
entirely with Romanian capital
were in FameUp (Early Game
Romanian venture capital investments by stage Ventures, Daniel Dines, Bogdan
33,320 Gheorghiu – €2.6m) and DRUID
35,000
3,010 (GapMinder VC, Early Game
30,000 Ventures, Alfabeat – €2.5m).
3,171
25,000 20,543 The VC investments by funding
19,253
1,209 sources saw an increase in
EUR'000
20,000 2,573
12,858 international capital from €1m
15,000
1,300 27,140 in 2017 to €15m in 2021,
10,000 5,913 3,193 which were allocated to seed
17,970 18,045
2,090 investments (i.e. Archbee –
5,000 1,493 8,365
4,420 €0.8m) or series A rounds (i.e.
- Bob Concierge and Instant
2017 2018 2019 2020 2021 H12022
Factoring, each with €6m
Seed Pre-seed Series A Total funding). Additionally, the
Source: HowtoWeb mixed capital saw the largest
increase from €5m in 2017 to
€68m in 2021. Mixed capital
Average Romanian venture capital investments by stage refer to both Romanian and
international capital.
3,500
35 3,010 During the period, a constant
3,000
33 increase in average value of
2,500 24 21
20 the investment made with
19 17
EUR'000
2,000 Romanian capital was noticed

7 13 1,300 10
1,500 6 – from €209k in 2017 reaching
4 1,061
822 to €629k in 2021 (excluding
1,000 631 643
388 513 1 FintechOS investment) and
1 167
500 90 62 160 123 121 €713k in H1 2022. Considering
- all the sources of capital, the
Avg.inv. Avg.inv. Avg.inv. Avg.inv. Avg.inv. Avg.inv. average VC investments
2017 2018 2019 2020 2021 H12022 increased from €589k in 2017
to €1,647k (including
Pre-seed Seed Series A No. of transactions
FintechOS and excluding
Source: HowtoWeb UiPath).
13
The sale to a trade buyer or another PE fund is
the preferred exit route in the Romanian PE
market
All private equity - Exits development 127,976

200,000 18 20
Total number of companies

180,000 136,007 18
160,000 119,922 16
13
140,000 126,498 14
120,000 12
EUR'000
8 93,605 9
100,000 7
72,739 28,252 65,617 12 10
80,000 5 6 6 6
69,871 5 5 47,051 8
60,000 4 23,113 3 4 42,657 3 6
53,315
40,000 16,041 11,602 15,465 4
20,000 2
- -
H12022
2013
2015
2017
2019
2021
2007
2008
2009
2010
2011
2012
2014
2016
2018
2020
Total cost of exits Total number of companies
Note: Write offs included.
The divestment activity of PE and VC funds reached a new peak in 2021 of €126.5m, the highest level since 2017 (€136.0m).
This trend was largely driven by VC activity accounting for €73.9m in exits in 2021, as opposed to 2017 when the buyout
exists generated a value of €126.0m.
In terms of exit route, the sale to a trade buyer or another PE fund was the preferred route accounting for c. 70% of the exits
value during 2007-2021 (and 66% of total exits value during 2017-2021).
IPOs do not represent a common exit route on the Romanian market; however one such exit was made in 2021 when UiPath
listed in New York .The Romanian capital market is not yet at a point where a constant number of IPOs can be sustained in
terms of ability to provide sufficient funding. As a consequence, no PEs and VCs included this exit route in Romania as a
preferred one between 2017-2021.
All private equity - Exits route

100% 92% 91% 89%
92% 91%
89%
90%
80% 75% 73% 70%
67%
70% 60% 61%
As % of total
59%
60%
47% 46%
50% 40% 41%
39%
40%
29%
27% 27% 26%
30% 24% 23% 23%
19% 17%
16% 14% 16%
20% 14%
9% 11% 10% 9%
13%
9%
8% 8%
10% 4% 4% 2% 3% 4% 4%
0% 1%
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H12022
Sale to another private equity firm Divestment by public offering
Sale to trade buyers Repayment of preference shares/ loans or mezzanine
Other
Note: Write offs not included. 14
Private equity investments
Buyer Company Sector Country Date EV Stake Equity Description
EURm provider
Sunman Noriel Group Consumer: Romania Jul-22 n/d 100% Enterpris

Sunman, the Turkey based
Retail e Turkish leader in toy retail,
Investors
distribution and manufacturing
Sp. z o.o.
that operates under the Sunman
and Toyzz Shop brands has
acquired Noriel Group, the
Romania based games and toys
manufacturer from Enterprise
Investors Sp z o.o., the Poland
based private Equity Firm. The
transaction provides an exit
strategy for Enterprise Investors
Sp z o.o.
Green SIGAD Software Romania Jun-22 n/d 70.21% Abris Green Group, the CEE circular
Group development Capital economy business has acquired
Partners SIGAD, the local developer of
environmental reporting
software. Green Group is a
portfolio company of Abris
Capital Partners.
AGISTA DENDRIO ITC Romania Jun-22 n/d 12% AGISTA Agista investments acquired a
INVESTME SOLUTIONS INVESTM 12% stake in an Integrators on
NTS ENTS the Romanian IT market and
further develop the integration
business from the position of
Secured Hybrid Multi-Cloud
Integrator.
Abris Dentstore Distribuiton of Romania May-22 n/d 100% Abris Abris Capital Partners, the CEE
Capital dental Capital private equity firm is to acquire
Partners supplies & Partners Dentstore, a Romania based
equipment distributor of supplies and
equipment for dentists and
dental technicians.
AGISTA E-PLUS SMART Energy Romania May-22 n/d 15% AGISTA Agista investments acquired a
INVESTME ENERGY services INVESTM 15% stake in an E-PLUS is
NTS ENTS specialized in Collection,
management and analysis of
technical and measurement
data, Implementation and
maintaining of smart metering,
Electrical engineering,
automation and power station
protections, Integrated Asset
Management technology
solutions
Source: HowtoWeb, Mergermarket, ROPEA members
15
Private equity investments (cont’d)
EURm provider
Penta Eva Medical Medical: Romania Apr- n/d n/d Penta Sensiblu SRL, the Romania
Investments SRL Pharmaceuticals 22 Investments based pharmacy chain
s. r. o.; s. r. o. operator has acquired an
Sensiblu SRL undisclosed stake in Eva
Medical SRL, the local
Romanian chain of
pharmacies (five). The terms
of the deal were
undisclosed.
Daniel Dines RodBun Grup Agriculture Romania Apr- n/d 9.8% n/d Mr. Daniel Dines through its
(Private SA 22 subsidiary Ice Vulcan
Investor) Properties Ltd, along with
Ice Vulcan Mr. Ionut Sas has acquired
Properties 9.8% of RodBun Grup SA, the
Ltd Romania based producer of
Ionut Sas seeds for farmers. The terms
(Private of the deal were
investor) undisclosed.
Roca Dial SRL Industrial products Romania Apr- 14 100% n/d ROCA Industry, the Romania
Industry and services 22 based holding company has
acquired SC Dial SR, the local
wire products manufacturer.
The consideration was 14m
EUR.
Waterland Duvenbeck Shipping and Ports Romania Mar- n/a 100% n/d Waterland Private Equity
Private Romania 22 Investments BV, the Dutch
Equity private equity company has
Investments acquired a majority stake in
B.V. Duvenbeck Logistics GmbH,
the local provider of full-
service logistics. The
agreement included the
Romanian branch The terms
of the deal were undisclosed
Bico Terra Impex Romania Mar- n/d 100% ROCA Bico Industries SRL, the
Industries 22 Industry Romania based fiberglass
manufacturer has acquired
Terra Impex SRL, the
Moldova based
manufacturer of fiberglass
mesh from TDD Invest BV,
the Netherlands based
investment firm. The terms
of the deal were
undisclosed.
16
EURm provider
Mozaik Timesafe SRL Computer Romania Feb- n/d 33% Mozaik Mozaik Investments, the
Investments software 22 Investments Romania based private
equity firm has acquired 33%
of Timesafe SRL, the local
software-Financial
Technology company
engaged with payment
application development.
The terms of the deal were
undisclosed.
Roca Eco Euro Consumer: Romania Jan-22 n/d 70% Roca Roca Investments SA, the
Investments Doors SRL Manufacturing Investments Romania based operator of
SA SA investment and
management platform
financing Romanian
companies agreed to acquire
70% stake of Eco Euro Doors
SRL, the local wooden door
manufacturer.
Sarmis Smart ID Software Romania Jan-22 n/d n/d Sarmis Sarmis Capital Partners, the
Capital Dynamics development Capital private Equity Firm has
acquired a majority stake in
Smart ID Dynamics, the
Romania based software
developer providing
industrial automation
solutions.
CEECAT Modulo Construction Romania Dec- n/d 89% CEECAT CEECAT Capital, the
Capital Decorative 21 Capital Luxembourg based private
Solutions equity and private credit
investor, focused on high
growth markets of Emerging
Europe has acquired an 89%
stake in Modulo Decorative
Solutions, the Romania
based manufacturer of stone
veneer wall cladding
solutions. The terms of the
deal were undisclosed.
Highlander Cardiomed Medical services Romania Dec- n/d 100% Highlander Ares Group, owned by
Partners, SRL 21 Partners, Highlander Partners,
L.P. through L.P. continued to expand
RoHo through acquisition of
Medical Cardiomed in Cluj in Dec
Investments 2021, the leading network of
cardiology clinics in Cluj.
17
EURm provider
Morphosis Stay Fit Iride Wellness Romania Dec-21 n/d n/d Morphosis Morphosis Capital Fund I, a
Capital SRL SA Capital private equity fund focused on
Fund I Romanian SMEs, acquired a
majority stake in Stay Fit Gym,
which at the time of the
transaction operated seven
fitness centers in Bucharest. The
capital infusion from the private
equity fund will contribute to the
expansion of Stay Fit Gym in
Bucharest and Romanian cities
with a population of over
100,000 inhabitants, through the
opening of new fitness centers,
and through the acquisition of
independent operators.
Roca Agri Adidana SRL Agriculture Romania Dec-21 n/d 100% Roca RDF Group, the Romania based
RDF Investments distributor of agricultural inputs
SA such as chemical fertilizers,
seeds and pesticides has
acquired Adidana SRL, the
Romania based distributor of
agricultural inputs such as
chemical fertilizers, seeds and
pesticides.
VINCI Frigotehnica Equipment Romania Nov-21 n/d 100% n/d VINCI Energies Romania SRL, the
Energies SA manufacturing Romania based all Other
Romania Miscellaneous Electrical
SRL Equipment and Component
Manufacturing has acquired
Frigotehnica SRL, the Romania
based refrigerating equipment
producer from Roca Investments
SA, the Romania based private
equity company that offers
capital solutions and active
partnership for consolidating and
scaling Romanian SMEs. The
strategy for Roca Investments
SA.
18
EURm provider
Morphosis Clinica Medical Medical Romania Nov-21 n/d n/d Morphos Morphosis Capital Fund I
Capital SRL Service SA is Capital
has acquired a majority
Fund I stake in the leader in
aesthetic medicine in
Romania, Clinica Medical
Service (“Cronos Med”).
Cronos Med was founded
in 1991 in Bacau and
operates three clinics and a
hospital in Bucharest and
Bacau. The capital infusion
from Morphosis Capital will
contribute to the
consolidation of Cronos
Med's position as national
leader in the medical
aesthetics sector and the
expansion of the network
in key cities across
Romania.
Roca Bico Industries Manufacturing Romania Nov-21 n/d 30% Roca Roca Investments SA, the
Investments Investme Romania based private
SA nts SA equity company that offers
capital solutions and active
partnership for
consolidating and scaling
Romanian SMEs has
acquired 30% of Bico
Industries SRL, the local
fiberglass manufacturer.
Following the transaction,
ROCA Investments owns
60% of BICO.
Roca Sarcom Paint Romania Oct-21 n/d 100% Roca ROCA Investments, the
Investments manufacturing Investme Romania based private
SA nts SA equity firm acquired
Sarcom SRL, the Romania-
based manufacturer of
paints and varnishes. The
terms of the deal were
undisclosed.
Penta High-Tech Computer Romania Sep-21 n/d n/d Penta Kaseke, a Cyprus-based
Investments Systems & software Investme investment vehicle owned
, s. r. o. Software SRL nts, s. r. by Penta Investments, has
o. acquired Romanian
software developer High-
Tech Systems & Software.
The acquisition included
Winsoft Suport, High-
Tech’s IT&C maintenance
services arm.
19
EURm provider
Morphosis EMI Engineering Romania Sep-21 n/d 51% Morphosis Morphosis Capital Fund I,
Capital SRL; Equipment Services Capital together with co-investors,
BELEMI PLC Maintenance Fund I has acquired a 51% stake in
Industrie SA the local industrial doors
services provider, EMI. EMI
has over 20 years of
experience in the Romanian
market, specializing in
industrial access solutions –
doors, gates, shutters,
curtains, fences, and other
industrial enclosures. The
partnership between EMI and
Morphosis Capital aims to
strengthen the national
leadership position of EMI in
the field of industrial access
solutions, attracting clients
from new niches and
expanding into new markets
through M&A transactions.
AGISTA GLOBAL Cyber Security Romania Sep-21 n/d 5% AGISTA Agista Investments acquired a
INVESTMEN RESOLUTION INVESTMEN 5% stake in GRX. GRX offers
TS EXPERTS TS flexible and customised
professional consultancy
services specialised in
information security as well as
project and strategy
management.
Black Sea D-Toys SA Consumer: Other Romania Sep-21 n/d 70% Black Sea The Black Sea Fund I
Fund I ("Roovi") Investment investment fund has acquired
Cooperatief Advisors a 70% stake in D-Toys
UA (www.roovi.ro), one of the
leading Romanian
manufacturers of children’s
games, puzzles and board
games. The terms of the deal
were not disclosed.
20
EURm provider
Accession Spearhead Agriculture, Romania Sep-21 n/d 100% n/d Accession Capital Partners
Capital International Consumer: Foods GmbH, the Austria based
Partners Ltd investment company with
interest in central European
countries acquired Spearhead
International Ltd, the local
agriculture group engaged in
the production of primary
food products, processing and
an integrated produce supply
chain from Paine Schwartz
Partners LLC, the private
equity firm. The terms of the
deal were undisclosed. The
strategy for Paine Schwartz
Partners LLC.
Hyperfy Lummetry Software Romania Sep-21 n/d 70% Abris Hyperfy, the Romania based
development Capital provider of security
Partners management software &
services acquired Lummetry
(or Knowledge Investment
Group SRL), an Artificial
Intelligence company. The
terms of the deal were
undisclosed. Hypery is a spin-
off Global Technical Group, a
portfolio company of Abris
Capital Partners.
Tejas Capital Restart Energy Romania Aug-21 21.0 n/d n/d The Romanian electricity and
Energy gas supplier Restart Energy
has attracted an investment
of 21 million euros from the
American investment fund
Tejas Capital. Armand
Domuţa, CEO Restart Energy:
Capital will be allocated for
the development of green
energy infrastructure and
projects in Romania.
21
EURm provider
Novalpina MaxBet SRL Leisure Romania Jul-21 250 n/d n/d Novalpina Capital has
Capital LLP acquired Romanian gambling
operator MaxBet. Founded in
2002 and headquartered in
Bucharest, MaxBet operates
slot machines and other
gambling machines across 117
locations in 15 cities. It
employs 1400 employees. For
the year 2020, the business
generated revenues of more
than EUR 100m.
Oresa Via Trend SRL Consumer: Foods Romania Jun-21 n/d n/d n/d ORESA Ventures Romania SRL,
Ventures the Romania based venture
Ltd capital firm has acquired Via
Trend SRL, the Romania based
company engaged in
producing of meat and poultry
meat products. The terms of
the deal were undisclosed.
Mid Europa Pronto Consumer: Retail Romania Apr-21 n/d n/d n/d SC Profi Rom Food SRL, the
Partners Mobile SRL Romania based grocery stores
LLP; S.C. (ten outlets) operator has acquired 10 local
Profi Rom stores from Pronto Mobile
Food SRL SRL, the local convenience
stores operator.
Innova/6 PayPoint Online and Romania Apr-21 50 100% Innova Innova Capital has agreed to
SCA SICAV- Services offline payment acquire the Romanian
RAIF Romania SRL services business of the Listed UK-
based payment solution
provider, PayPoint. The
divestment is in line with
PayPoint’s focus on its key
strategic priorities and the
delivery of enhanced growth
and value in its core U.K.
markets, which is where the
net proceeds will be invested.
The Romanian business that
comprises of PayPoint
Services SRL and its subsidiary
PayZone SA, enable people to
make cash bill payments,
money transfers, road tax
payments and mobile phone
top-ups.
22
EURm provider
Macquarie CEZ, a. s. Energy Romania Mar-21 1,000 n/d Macquarie Macquarie Infrastructure and Real
Infrastructure (Romania Group Assets (MIRA) acquired the
and Real Assets Assets) Limited Romanian power assets of the listed
Czech energy company, CEZ.
Macquarie Infrastructure and Real
Assets (MIRA) acquired the
Romanian power assets of the listed
Czech energy company, CEZ. The
acquisition comprises three
business segments, namely,
electricity distribution, energy
supply and an operational
renewable energy portfolio.
Romanian Ropeco Computer: Romania Mar-21 n/d n/d ORESA ORESA’s portfolio company
Business Bucuresti Hardware, Ventures Romanian Business Consult (RBC)
Consult SRL SRL Computer N.V. has acquired Ropeco Bucuresti. In a
software previous funding In November
2014, ORESA acquired a 49% stake
in RBC for an undisclosed
consideration. Company Ropeco
Bucuresti is a provider of IT
solutions for cashless electronic
payments.
Mozaik Oceanul HoReCa Romania Feb-21 n/d 31.75 Mozaik Mozaik Investments, the Romania
Investments Indian SA % Investments based private equity firm has
acquired 31.75% ownership in
Oceanul Indian SA, a Romanian fast
casual food operator.
Miniclip SA Green Leisure Romania Feb-21 n/d n/d 3TS Capital Miniclip, a world leader of market-
Horse Partners Ltd. defining mobile titles, announced a
Games strategic investment through which
SRL it has become the majority
shareholder in Green Horse Games.
This deal provides the perfect
opportunity for Miniclip to step into
the Romanian gaming eco system
and is further evidence of their
strong presence and continued
growth within mobile sports.
Roca Mecanex Manufacturi Romania Dec-20 n/d 30% Roca In December 2020 Roca
Investments SA SA ng of Investments Investments has acquired a
industrial SA minority stake in Mecanex located
pumps in Botoșani, one of the main
national producers of industrial
pumps with application in
agriculture, mining and
construction.
23
EURm provider
Roca CAHM Industrial: Romania Dec-20 n/d 24% Roca Roca Investments SA, the Romania-based
Investments Europe SA Consumer Investments investment and management platform,
SA Goods SA acquired a minority stake in CAHM
(cosmetics Europe SA, a Romanian producer of hotel
) and retail cosmetics.
Black Sea Clinica Medical Romania Dec-20 n/d Majori Black Sea Romanian private equity fund Black Sea
Fund I Dentara ty Investment Fund I has acquired a majority stake in
Cooperatief SA stake Advisors DigiRay. The Bucharest-based PE firm
UA ("Digiray") focuses on high-growth SMEs in Romania
and typically spends €4-8m on any
takeover deal. Founded in 2008 and
based in Zalau, DigiRay is an operator of
dental clinics across Romania, specialising
in radiology and digital dental
techniques. The company has 11 clinics in
six Romanian cities.
Roca Artesana Consumer Romania Dec-20 n/d 20% Roca Artesana is one of the leading premium
Investments SA Goods Investments dairy companies in Romania, in which
SA (Dairy) SA Roca Investments has acquired a minority
stake.
3TS Capital Catalyst Financial Romania Dec-20 7.8 n/d 3TS Capital 3TS Capital Partners, the Hungary based
Partners Romania services Partners Ltd. venture capital and private equity
Ltd. Fund company has acquired an undisclosed
stake in Catalyst Romania, the Romania
based private equity and venture capital
firm. The consideration was RON 38m
(EUR 7.8m).
Morphosis Implant Medical Romania Nov-20 n/d n/d Morphosis Morphosis Capital Fund I acquired an
Capital SRL Expert SA Capital Fund undisclosed minority stake in Dr Leahu
I Dental Clinics, a Romanian dental chain.
The capital infusion provided by
Morphosis Capital will accelerate the
expansion of Dr Leahu Dental Clinics
across Romania. Founded in 2011 by Dr.
Ionuț Leahu, a specialist in dental
implantology, Dr. Leahu Dental Clinics is
the largest chain of dental clinics in
Romania by geographical footprint with
13 clinics at the time of the transaction
located in various cities including
Bucharest, Constanta, Iasi, Pitesti,
Timisoara, Turda.
24
EURm provider
OLX Global KIWI Finance Consumer: Romania Oct-20 n/d n/d OLX Oresa Ventures has sold its stake
B.V. SRL Other Global in Romania-based KIWI Finance to
B.V. OLX Group. OLX Group is a division
of Prosus, a global consumer
internet group, and a technology
investor. The acquisition will help
OLX to add the financing services
to its portfolio in Romania, expand
its market presence, and provide
its customers with enhanced
services. It will help Kiwi Finance
to accelerate its growth and
development.
PPF Group Central Media Romania Oct-20 n/d n/d n/d PPF Group N.V. has agreed to
N.V. European acquire Central European Media
Media Enterprises Ltd. (“CME”) from
Enterprises AT&T Inc. and other shareholders.
Ltd. CME operates television stations
in Bulgaria, the Czech Republic,
Romania, Slovakia, and Slovenia.
Morphosis Medima Medical Romania Aug-20 n/d n/d Morphosis Morphosis Capital has acquired a
Capital SRL Health SA Capital majority stake in the Medima
Fund I Health, a Romania-based chain of
medical imaging and radiology
clinics. The investment will enable
Medima to expand its range of
services and expand the network
throughout Romania. Founded in
2017, Medima Health is a
network of medical clinics
specialized in complex anatomical
imagining through MRI and CT
scanning and oncological
diagnostics, which operated two
clinics in Bucharest at the time of
the transaction.
Superbet Lucky 7 Online casino Romania Jul-20 n/d 60% Blackstone Blackstone-backed Superbet has
Betting & Gambling SRL Group Inc acquired a 60% stake in the
Gaming S.A Romanian online casino Lucky 7
for an undisclosed sum. Superbet
made an initial investment in
Lucky 7 in its start-up phase early
prior year. In a previous funding in
prior year in May, Blackstone
Group made a minority
investment of EUR 175 in
Superbet. Company Lucky 7
operates online slots and casinos
in several countries, posted a
turnover of EUR 17m in the
second quarter of 2020.
Source: HowtoWeb, Mergermarket, ROPEA members 25
EURm provider
Brillio Cognetik SRL Technology Romania Jul-20 n/d 100% Bain Cognetik, a digital consulting
Capital company founded by two
Romanians and an American, to
whom a Romanian was added in
Oradea, was indirectly taken over
by the giant investment fund Bain
Capital through Brillio, an IT
company based in Silicon Valley,
specialized in digital
transformation, where the
American fund is the majority
shareholder.
Black Sea Intermedio B2B; Custom- Romania Jun-20 n/d 50% n/d Black Sea Investment Advisors
Fund I General made furniture acquires an unspecified stake in
Cooperatief Group SA manufacturing Theta (Intermedio General Group
UA ("Theta") SA), an integrated fit-out provider.
Roca Piscicola SA Agri-food Romania May-20 n/d 30% Roca Piscicola SA is a fish farm located
Investments Investmen Satu Mare County, part of the
SA ts SA Roca Investments portfolio. The
farm currently grows over 10
different species of fish, with a
production capacity of over 400
tons annually.
Highlander SC Sano Vita Consumer: Romania Feb-20 n/d 65% Highlande Highlander Partners, L.P. has
Partners, SRL Foods r Partners, acquired 65% stake in Sano Vita
L.P. through L.P. SRL. Pursuant to the deal, the
RoHo remaining shares will be held by
Healthy founders of Sano Vita.
Food
Investments
Green Eltex Industrial waste Romania Jan-20 n/d 100% Abris Circular economy company Green
Group Recycling SRL management Capital Group, sponsored by Abris Capital
Partners Partners, has acquired Eltex
Recycling from Hungary-based
parent Eltex. Abris Capital
acquired Green Group from Greek
private equity firm Global Finance
and EBRD in 2016, as reported.
Max Bau Dragmat SRL Construction Romania Jan-20 n/d 100% Telemos Max Bau Materiale SRL, the
Materiale Capital Romania based wholesaler of
SRL. Limited wood, construction materials and
sanitary equipment and a portfolio
company of Telemos Capital Ltd,
the United Kingdom based private
equity firm acquired Dragmat SRL,
the local distributor of
construction materials.
26
Romanian based private equity investments outside Romania
EURm provider
Abris Capital Dentatechn Distribuiton Bulgaria Nov-21 n/d 100% Abris Capital Abris Capital Partners, the CEE
Partners ica of dental Partners private equity firm acquired
supplies & Dentatechnica, a Bulgaria based
equipment distributor of supplies and
equipment for dentists and dental
technicians.
27
Venture capital investments
EURm provider
Early Game Venues & Software Romania Jun-22 0.5 n/d n/d Early Game Ventures, the
Ventures, Services developme Romania based venture
Sparking Capital Management nt capital firm investing in start-
SRL ups has acquired an
undisclosed stake in Venues
& Services Management SRL,
the local software-E-
Commerce company
engaged with providing on-
line booking services. The
consideration was EUR 0.5m.
Hoxton Ventures, Druid SA Computer Romania May-22 14.0 n/d Hoxton A group of investors led by
Karma Ventures, software Ventures; Karma Ventures, the Estonia
GapMinder VC Karma based venture capital firm,
Ventures; has acquired an undisclosed
GapMinder stake in Druid SA, the
VC Romania based chatbot
solutions developer in a
series A funding round. The
consideration was USD 15m
(EUR 14m).
Roca X Star†up SA Mocapp Marketing Romania Mar-22 n/d n/d Roca X E-Commerce influencer
Software Star†up SA management platform that
allow stores to discover
micro influencers within
their customer base.
Catalyst Romania AdServio Tech Romania May-22 2.0 n/d Catalyst Catalyst Romania Fund II,
Fund Romania one of the most important
Fund II venture capital funds in the
region, supports the
initiative of scaling the
Adservio educational
platform in Europe through
an investment of 2 million
euros.
Adservio has 14 years of
experience in the education
technologies market. Today,
the platform supports over
1000 schools in the digital
transformation of
educational and
management processes by
providing a modern working
tool to help students and
teachers.
28
Venture capital investments (cont’d)
EURm provider
Catalyst Code of Tech Romania Feb-22 1.7 n/d Catalyst Code of Talent concludes a
Romania Fund Talent Romania Series A funding round worth 1.7
Fund II EURm, led by Catalyst Romania
as lead investor, with the
participation of current
investors, ROCA-X and SeedBlink.
Catalyst Romania Fund II, one of
the most important venture
capital funds in the region, joins
the internationalization efforts of
the Code of Talent and asserts
itself once again as a supporter
of the Romanian ecosystem of
technology start-ups.
Constantine Instant Financial and Romania Dec-21 6.3 n/d n/d Instant Factoring, the Romanian
Goulimis, Factoring insurance fintech providing microfinance to
EDUCATIVA, activities small companies, has concluded
Xenofon a new round of external
Vodorouglou financing of EUR 6.3 million,
raising the total volume of
available capital to EUR 12
million, both for Romania and
the entity in Serbia.
Up Romania, BonApp Food waste Romania Dec-21 0.8 n/d n/d Having officially launched in early
Early Game November of prior year,
Ventures, Roca Romanian start-up bonapp.eco
X Star†up SA has raised €800,000 in a seed
Star†up SA, funding round. Bonapp.eco’s
Impact €800,000 seed funding round
Ventures was led by France's Up (formerly
Chèque-Déjeuner), with
Romanian VCs Roca X Star†up SA
and Early Game Ventures, and
Hungary-based Impact Ventures.
Early Game Licenseware Business Romania Dec-21 0.62 n/d n/d Licenseware, a Romanian start-
Ventures, products and up that helps companies manage
Fortech services their IT costs, raised a funding in
a round led by Early Game
Ventures.
Roca X Star†up Coda Enterprise Romania Dec-21 n/d 7.5% Roca X Enterprise-grade Vulnerability
SA Intelligence Software Star†up SA Management platform for
SRL MSSPs.
Roca X Star†up Code of Enterprise Romania Dec-21 n/d 10.0% Roca X A B2B microlearning platform
SA Talent Software Star†up SA that improves employees’
wellbeing and promotes lifelong
learning at the workplace.
29
Buyer Company Sector Country DateEV Stake Equity Description
EURm provider
PortfoLion; Day FLOWX.AI Financial and Romania Nov-21 7.3 n/d n/d FLOWX.AI - an enterprise
One Capital; insurance platform that enables banks and
Seedblink activities financial institutions with
complex IT infrastructures to
build fast, modern digital
experiences unbounded from
the limitations of their legacy
systems has raised USD 8.5 mln
in their seed round. The round,
which is one of the largest
European seed rounds this year,
was led by PortfoLion. Other
institutional investors are Day
One Capital and SeedBlink.
Early Game BrandMinds Business Romania Nov-21 1.0 n/d n/d The Romanian premium
Ventures, products and conference company,
business angels services BrandMinds plans to launch a
digital platform. The Early Game
Ventures Fund invests for
international development in
other markets and the
distribution of content.
Cleverage, Xvision Software Romania Oct-21 0.2 n/d n/d XVision, the Romanian MedTech
Roca X Star†up development startup behind the software
SA solution that helps radiologists
analyze X-Rays and CT scans
using AI, announced the opening
of a new fundraising round to
fuel its CEE expansion. Roca X
Star†up SA, part of Impetum
Group and one of the early
investors in the company, said it
follows up through a bridge
round meant to provide the
company with more flexibility in
structuring its future round.
Early Game Kinderpedia Computer Romania Oct-21 1.8 n/d n/d Early Game Ventures, the
Ventures, Roca SRL software Romania based venture capital
X Star†up SA, firm, Growceanu Angel
Growceanu Investment SRL, the Romania
angel based angel investor and Roca X
investment Star†up SA, the Romania based
early-stage VC fund investing in
start-ups has acquired an
undisclosed stake in Kinderpedia
SRL, the Romania based
company specializing in childcare
education software. Series: Seed.
The consideration was 1.8m EUR.
Roca X Startup SA acquired 13%
stake in the company.
30
EURm provider
eMAG Flip.ro Consumer Romania Oct-21 1.5 n/d n/d The Romanian start-up Flip.ro
Ventures goods attracts the first acceleration
Gapminder VC investment of eMAG Ventures,
of 1.5 million euros and targets
the leading position in Central
and Eastern Europe on the
market of refurbished products.
Eleven Frisbo Logistics Romania Oct-21 1.8 5.7% Roca X The start-up Frisbo, the
Ventures, Efulfillment Software Star†up SA Romanian smart e-fulfillment
GapMinder, SRL platform, which takes over the
Roca X Star†up storage, packaging and delivery
SA Star†up SA of online orders, attracted an
and Neogen investment of 1.8 million euros
in a financing round led by the
investment fund Eleven Ventures
with the participation of
GapMinder Ventures, Roca X
Star†up SA Star†up SA and
Neogen.
NCH Capital, Bob Consumer Romania Sep-21 6.0 n/d n/d Bob Concierge, the Romanian
I.F.N. Concierge business start-up which has developed an
intelligent system of automated
devices that provide and sell
products and services within
residential complexes and office
buildings, has received a new
investment of 6 million euros
from American fund NCH Capital.
Catalyst SeedBlink Tech Romania Aug-21 1.2 n/d Catalyst Catalyst Romania II invests EUR
Romania Fund Romania 1.2 min SeedBlink, as the lead
Fund II investor of the EUR 3m Series A
financing round. Catalyst
Romania Fund II – one of the
most important VC funds in the
region, having Marius Ghenea as
Managing Partner – joins
SeedBlink’s endeavor to expand
into EU and to support the tech
start-up ecosystem, by investing
1.2 million Euro as the lead
investor in the Series A 3-million-
Euro round.
Early Game FameUp Social media Romania Aug-21 2.5 n/d n/d Early Game Ventures
Ventures, (earlygame.vc) announces the
Daniel Dines, signing of an investment round
Bogdan of 2.5 million euros in FameUp
Gheorghiu (fameup.net), a mobile platform
dedicated to micro influencers.
31
Buyer Company Sector Country Date
EV Stake Equity Description
EURm provider
Axeleo Capital Bright Spaces Financial and Romania Aug-21 1.5 n/d n/d The Romanian proptech start-up
Pi Labs, insurance Bright Spaces raises 1.5 million
Sparking activities euros for its digital leasing
Capital, platform from Axeleo Capital
Growceanu (Lead Investor), Pi Labs, Sparking
and angel Capital, Growceanu and a group
Investors of angel strategic investors.
Inovo Venture Archbee Business Romania Jul-21 0.8 n/d n/d Tech start-up Archbee
Partners, products and announced that it has raised USD
YCombinator services 1m (EUR 0.8m) of capital from
Inovo Venture Partners and
YCombinator in the first
significant funding round for the
fast-growing company.
Seedblink, TAN Telios Care Biotech and Romania Jul-21 1.0 n/d n/d Telios Care is one of the first
healthcare telemedicine companies in
Romania, with over 25 years of
experience in the United States
in telehealth services. They
combine technology with
medical expertise to provide
beneficiaries with access to high-
quality medical advice 24/7, 365
days a year.
ICE Capital, Framey Consumer Romania Jul-21 0.8 n/d n/d Framey, a social media app for
JECO Capital goods and travel, received a USD 1, (EUR
services 0.8m) seed financing from ICE
Capital in Dubai backed by the
Romanian investment fund JECO
Capital.
The company that developed the
application will use the funds to
develop the application, expand
operations and team, and launch
the application internationally.
Early Game Bunnyshell ICT Romania May-21 1.1 n/d n/d The local start-up Bunnyshell,
Ventures which specializes in the
development of technologies for
cloud infrastructure
management, reached an
investment of 8 million euros
with the new funding attracted
of EUR 1.1m from the Early
Game Ventures investment fund.
The value of the project is thus
almost double compared to a
year and a half ago, when the
company managed to attract its
first large investment EUR
0.75m.
32
EURm provider
Earlybird Venture FintechOS Computer Romania Apr-21 51.0 n/d n/d FintechOS SRL, the Romania-based
Capital GmbH & SRL software software company for banks,
Co KG, Molten insurers and other financial services
Ventures, companies has raised USD 60m
LAUNCHub (EUR 51m) in a Series B funding
Ventures, OTB round was led by Draper Esprit.
Ventures, Existing investors Earlybird Digital
GapMinder VC, East, Gapminder Ventures,
others LAUNCHub Ventures, and OTB
Ventures also participated in the
round.
Early Game Questo Consumer Romania Feb-21 1.4 n/d n/d Questo, an award-winning
Ventures, goods and Romanian start-up creating city
Sparking Capital services exploration games, has raised USD
1.5m (EUR 1.4m) in an investment
round led by Early Game Ventures
with support from Sparking Capital,
two funds based in Bucharest.
Early Game Milluu Real Estate Romania Feb-21 0.9 6.7% Roca X Milluu startup, attracts EUR0.9m
Ventures (lead), Software Star†up financing through Seedblink and
Simple Capital, SA other funds. 80 investors
Seedblink, RocaX, participated on the equity
Growceanu, crowdfunding platform.
Netopia
Investments
GapMinder Druid SA Computer Romania Jan-21 2.0 n/d n/d Romania-based chatbot platform
VC, Early Game software Druid has raised USD 2.5m (EUR
Ventures, 2m) in a Series A funding round led
Alfabeat by GapMinder Ventures. Other
investors included Early Game
Ventures. Druid will use the funds
to accelerate the development of
conversational technology and its
international expansion, according
to the announcement.
Early Game Hyperhum Software Romania Jan-21 0.5 n/d n/d Hyperhuman receives an
Ventures, an development investment of EUR 0.5m in order to
Sparking Capital create a digital platform for fitness
trainings.
Connect Deepstash Software Romania Dec-20 2.6 n/d n/d Connect Ventures, the United
Ventures, development Kingdom based venture capital firm
GapMinder VC, has acquired Deepstash, the
Cultivate Capital Romania based start-up developing
a mobile-first platform where
people could connect around ideas-
based content, whether articles,
videos or podcasts. The terms of
the deal were undisclosed.
33
EURm provider
GapMinder Soleadify ICT Romania Oct-20 1.4 n/d n/d Soleadify secured USD 1.5m (EUR
Venture 1.4m) in seed-round funding from
Partners, European venture firms
DayOne GapMinder Venture Partners and
Capital, DayOne Capital, as well as several
through prominent business angels,
Seedblink through Seedblink, an equity
crowdfunding platform based out
of Bucharest, Romania.
The company plans to use the
funds to further improve their
technology, build partnerships and
expand their marketing
capabilities.
Alkeon UiPath Technology Romania Jul-20 200 n/d n/d The leading Robotic Process
Capital Automation (RPA) company,
Management, UiPath, announced it has closed
Accel, its Series E investment round,
Coatue, raising USD 225m (EUR 200m) at a
Dragoneer, post-money valuation of USD
IVP, Madrona 10.2bn. The round was led by
Venture Alkeon. Others participating
Group, include Accel, Coatue, Dragoneer,
Sequoia IVP, Madrona Venture Group,
Capital, Sequoia Capital, Tencent, Tiger
Tencent, Global, Wellington, and funds and
Tiger Global, accounts advised by T. Rowe Price
Wellington Associates, Inc. At over $400
million in ARR, UiPath is one of the
fastest growing enterprise
software companies worldwide.
Early Game CODA Enterprise Romania Jun-20 0.8 n/d n/d CODA Intelligence, an Artificial
Ventures, Intelligence Software Intelligence driven vulnerability
Roca X SRL management platform designed
Star†up SA specifically for the Managed
and Marius Service Providers (MSP), has
Alexe raised EUR 0.8m from investors,
start-up Cafe reported. With the
intention to use the proceeds to
expand the CODA Footprint
product in the US market, the
money secured the investment
from a consortium made up of
Early Game Ventures, Roca X
Star†up SA and angel investor
Marius Alexe.
Note: UiPath investments are not included in the HowtoWeb database, however, given the major investment rounds amounts, we have presented it for
informatory purposes.
34
Buyer Company Sector Country DateEV Stake Equity Description
EURm provider
Neogen Citylink Transportation Romania Feb-20 2.8 n/d n/d CityLink, a platform that allows
Capital - Calin users in Bucharest to rent cars and
Fusu, Dan bicycles with their mobile (in the
Boabes – summer season), set up by the
Simplous entrepreneur Igor Grosu and in
which Călin Fusu (Neogen) and
Dan Boabeş (SimPlus) were
involved, has invested almost EUR
3m in this project.
Roca X Beez ICT Romania Feb-20 1.2 n/d n/d The Romanian fintech Beez,
Star†up SA present on both the Romanian
Star†up SA, and the United Kingdom markets,
GapMinder announces the end of a new
round of investments of EUR
1.2m.
Note: UiPath investments are not included in the HowtoWeb database, however, given the major investment rounds amounts, we have presented it for
informatory purposes.
35
Romanian based venture capital investments outside Romania
EURm provider
Roca X Star†up SA Munevo Medical Germany Jul-22 3.0 1.9% Roca X Munevo Gmbh, a Germany-based
Star†up SA Gmbh Software Star†up company founded by Romanian
SA entrepreneur, raises EUR 3m to
scale medical devices for patients
suffering from motor impairment
Roca X Star†up SA First Energy Israel Nov-21 4.4 4.9% Roca X Israel based First Airborne raises
Star†up SA Airborne Hardware Star†up USD 5m (EUR 4.4m) to scale
Ltd SA autonomous resident drones for
wind park maintenance and
optimization
Northzone Ravio Tech UK Apr-22 9.5 n/d n/d Ravio Technologies Ltd, the United
Ventures AS, Technologie Kingdom based provider of real-
Cherry Ventures s Ltd. time compensation data and
Management analytics services has raised USD
GmbH, Sparking 10m in its seed funding round led
Capital by Northzone Ventures AB, the
Sweden based venture capital
company. The transaction also
involved participation from Cherry
Ventures GmbH and Sparking
Capital SRL.
Roca X Star†up SA Bunnsyhell Enterprise USA Jan-22 3.6 n/d Roca X Romania’s Bunnyshell raises USD
Star†up SA Inc Software Star†up 4m to expand its US presence.
SA
Techstars TypingDNA Computer US Jan-20 6.0 n/d n/d Romania based behavioural-
Ventures, software biometrics company TypingDNA has
Gradient raised USD 7m (EUR 6m) in a Series
Ventures, A funding round led by Gradient
GapMinder VC Ventures, according to a company
press release. Other investors
included GapMinder Ventures and
Techstars Ventures, as well as other
prior investors. Company press
release GapMinder makes a follow-
on in Series A investment of USD
1.2m in TypingDNA, after leading a
USD 1.5m Seed Round, in
November 2018.
36
Private equity exits
Seller Company Sector Country Date Deal Stake Description
Value
EURm
Morphosis Medima Medical Romania Nov-22 n/d n/d Evolving Europe Principal Investments, I
Capital SRL Health SA (EEPI I) (Integral Venture Partners or
Integral), a CEE-focused private equity
and growth equity fund, invests in
Medima Health (“Medima”), a chain of
clinics with nationwide-network,
specialized in imagining and radiology.
The transaction comprises a cash
injection to accelerate Medima’s network
roll-out and a direct share purchase
facilitating a partial exit for Morphosis.
Enterprise Noriel Group Consumer: Romania Jul-22 n/d n/d The Sunman Group from Turkey, which
Investors Sp. z Other has activities in the retail, distribution and
o.o. production of toys, bought Noriel, a
Romanian company in the same field,
from Enterprise Investors.
Resource World Class Leisure Romania Jul-22 n/d n/d The African Industries Group (AIG)
Partners Sp. z Romania holding acquired (through Vectr Fitness)
o.o. World Class Romania, the largest network
of health & fitness clubs in Romania.
The transaction is significant for the
Romanian market both in terms of size
and the fact that it involves the sale of an
industry leader. The value of the
transaction was not disclosed.
Roca Frigotehnica Equipment Romania Nov-21 n/d 100% VINCI Energies Romania SRL, the Romania
Investments SA SA manufacturi based all electrical equipment
ng manufacturing has acquired Frigotehnica
SRL, the Romania based refrigerating
equipment producer from Roca
Investments SA. The terms of the deal
were undisclosed.
GED Iberian TEB Energy Energy Romania Mar-21 n/d 58.50% The Spanish investment fund GED Capital
Private Equity, Business sold the company TEB Energy Business
S.A., SGECR from Bucharest, provider of energy
efficiency services, a business worth over
RON 31m to the British group Clarke
Energy.
37
Private equity exits (cont’d)
Seller Company Sector Country Date Deal Stake Description
Value
EURm
Catalyst Green Horse Leisure Romania Feb-21 n/d n/d Catalyst Romania exits its stake in Green
Romania Fund Games SRL Horse Games to Tencent’s subsidiary.
Miniclip, a world leader of market-
defining mobile titles, announced a
strategic investment through which it has
become the majority shareholder in
Green Horse Games. This deal provides
the perfect opportunity for Miniclip to
step into the Romanian gaming eco
system and is further evidence of their
strong presence and continued growth
within mobile sports.
ORESA KIWI Finance Financial Romania Dec-20 n/d n/d OLX Group announced that it has
Ventures N.V. SRL Services successfully acquired Kiwi Finance, one of
the largest credit brokers on the local
market, which thus became part of the
local OLX Group portfolio.
Pinebridge SC Digital Telecom Romania Jul-20 n/d 65% Digital Cable Systems ( DCS ) was one of
Capital Cable municati the largest operators on the TV program
Partners, Inc. Systems SA ons: retransmission services market in
Carriers Romania. The company provided
Internet, landline telephony and cable
and satellite television services under the
AKTA brand.
38
Venture capital exits
Seller Company Sector Country Buyer Date Deal Stake Description
Value
EURm
Gapminder Innoship Computer Romania Alsendo Oct-22 n/d n/d Alsendo, the Poland based technology
Venture Technology software shipping solutions business, has
Partners SRL acquired a majority stake in Innoship
Technology SRL, the Romania based
software as a service (SaaS)
aggregator of multiple fast delivery
options for retail and e-commerce
companies.
Gapminder Flip.ro Consumer Romania eMAG May-22 8.0 42.26 Flip, a Romanian platform for buying
Venture Retail Venture % refurbished phones, has raised a total
Partners of EUR 8m investment from eMAG
Ventures. The funds will support Flip’s
international expansion, as part of its
strategy to become the CEE leader in
the reconditioned products market,
ran the item citing a press release
issued by eMAG.
Roca X PatchAi Medical Italy Alira Nov-21 n/d 0.4% US-based Alira Health has acquired
Star†up SA Software Health Patchai, a start-up headquartered in
Italy.
Gecad Group PawSquad Medical UK Indepen Oct-21 n/d 100.% Independent Vetcare Ltd, the United
services dent Kingdom based provider of veterinary
Vetcare services has acquired PawSquad, the
Limited local UK-based veterinary
telemedicine platform from Gecad
Group, the Romania based venture
capital firm with focus on software
and hi-tech companies. The terms of
the deal were undisclosed. The
transaction provides an exit strategy
for Gecad Group.
Gecad Kare Computer UK Dialpad, Sep-21 n/d 100% Dialpad Inc, the United States based
Ventures SRL Knowledgew software Inc. company engaged with a video, voice
are Ltd and group messaging platform for
workplaces has acquired Kare
Knowledgeware Limited, the United
Kingdom based provider of business
intelligence and analytics software.
The terms of the deal were
undisclosed.
Roca X Humans.ai Enterprise Romania Răzvan Apr-21 n/d 3.6% Roca X Startup SA made an exit from
Star†up SA Software Muntean Humans.ai.
u, Elrond
Research
, Early
Game
Ventures
39
Glossary, methodology and sources of data
Glossary
bn billion
ca. circa
EUR euro
GDP Gross domestic product
m million
H1 The first half of a calendar year
n/d Undisclosed
UK United Kingdom
US United States
USD dollar
Methodology
The funds included are private equity funds making direct private equity investments,
mezzanine private equity funds, co-investment funds and turnaround / rescue funds. The
Fundraising statistics related to infrastructure funds, real estate funds, private debt funds, distressed debt
funds, primary funds of funds, secondary funds of funds, accelerator / incumabtor funds,
business angel activity are not included in the statistics.
Early Stage Fund Venture capital funds focused on investing in companies in the early stages of their lives.
Venture capital funds providing capital for an operating company which may or may not be
Later Stage Venture Fund
profitable. Typically in C or D rounds.
Venture Fund (all stages) Venture capital funds focused on both early and later stage investments.
Funds that make private equity investments (often minority investments) in relatively mature
Grow th Fund companies that are looking for primary capital to expand and improve operations or enter new
markets to accelerate the growth of the business.
Funds acquiring companies by purchasing majority or controlling stakes, financing the
Buyout fund
transaction through a mix of equity and debt.
Generalist Fund Funds investing in all stages of private equity.
Funds using a hybrid of debt and equity financing, comprising equity-based options (such as
Mezzanine fund
warrants) and lower-priority (subordinated) debt.
Capital raised from an LP located in the same country as the fund it commits to is usually
Geographical sources of funds
considered to be domestically raised according to the Invest Europe classification.
Aggregation of the figures according to the country in which the investee company is based,
Private equity investments
regardless of the location of the private equity fund.
A type of private equity investment (often a minority investment) in relatively mature
Grow th capital companies that are looking for primary capital to expand and improve operations or enter new
markets to accelerate the growth of the business.
Financing made available to an existing business, which has experienced financial distress,
Rescue / Turnaround
with a view to re-establishing prosperity.
Minority stake purchase from another private equity investment organisation or from another
Replacement capital
shareholder or shareholders.
Financing provided to acquire a company. It may use a significant amount of borrowed capital
Buyout
to meet the cost of acquisition. Typically by purchasing majority or controlling stakes.
Aggregation of the figures according to the country in which the investee company is based,
regardless of the location of the venture capital fund. Grants and convertible notes not
included. Investments with unspecified amounts or investors were excluded. UiPath
Venture capital invetments
investments are not included. Mixed venture capital investment amounts (two or more
venture capital entities, out of which at least one from Romania) are allocated as 80% for the
lead investor and 20% of other investors.
Investments amount lower than EUR 300k or higher for companies aiming to develop locally or
Pre-seed
regionally.
Investments amount between EUR 300k and EUR 3m, except for companies aiming to develop
Seed
locally or regionally,which were included in "Pre-seed" / "Series A" category.
Investments amount higher or equal than/to EUR 3m, or lower for companies aiming to
Series A
develop locally or regionally.
Series B Includes only FintechOS investment.
40
Glossary, methodology and sources of data
(cont’d)
Exit amounts are recorded at cost (i.e. the total amount divested is equal to the total amount
Exits
invested previously).
Management/ Ow ner buy-back The buyer of the company is its management team.
First divestment following flotation (IPO): The sale or distribution of a private company’s
shares to the public for the first time by listing the company on the stock exchange.
Public offering
Sale of quoted equity post flotation: It includes sale of quoted shares only if connected to a
former private equity investment, e.g. sale of quoted shares after a lock-up period.
If the private equity firm provided loans or bought preference shares in the company at the
Repayment of preference shares/
time of investment, then their repayment according to the amortisation schedule represents a
loans or mezzanine
decrease of the financial claim of the firm into the company, and hence a divestment.
Sale to another private equity firm The buyer of the portfolio company is a private equity firm.
A financial institution is an entity that provides financial services for its clients:
Depositary Institutions: deposit-taking institutions that accept and manage deposits and make
loans, including banks, building societies, credit unions, trust companies, and mortgage loan
Sale to financial institution
companies
Contractual Institutions : Insurance companies and pension funds
Investment Institutes other than direct private equity firms.
Trade sale The sale of a company's shares to industrial investors.
The value of the investment is eliminated and the return to investors is zero or negative.
Write-off
Sources
Invest Europe Fundraising data, private equity investments, exits data, H12022 data
HowtoWeb Venture capital investments data, transactions details for 2017, 2018, 2019, 2020, 2021
Mergermarket Transactions details
ROPEA members Transactions details
Eurostat Gross domestic product data
41
Contacts
Daniela Iliescu
Executive Director, ROPEA
Mobile: +40 723 330 573
E-mail: Daniela.Iliescu@AxxessCapital.net
Radu Dumitrescu
Partner-in-Charge, Financial Advisory
Mobile: +40 744 557 315
E-mail: rdumitrescu@deloittece.com
42
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Romanian Private Equity and Venture

We, at Romanian Private Equity Association (“ROPEA”), warmly welcome

All private equity funds - Funding by investor type

All private equity funds - Total funding 2017-

Source: Invest Europe

Government agencies Family offices and private individuals Other Unclassified

Capital raised for CEE private equity by sources

800 683 666

Focus EIF - Fundraising

Focus EIF - Investments

Source: Invest Europe

All private equity investments as % of GDP, 2021 (by country of destination of

Czech Republic Poland Hungary Bulgaria Romania

Growth capital Replacement capital Buyout Pre-Seed Seed Series A Series B

Growth capital Replacement capital Buyout Pre-Seed Seed Series A Series B

All private equity - Private equity investments by stage focus

Total number of companies

Growth capital Rescue/Turnaround Replacement capital Buyout Number of companies

All Private Equity - Private equity investments by sector focus

Note: Invest Europe.

Focus point – regional consolidation

Abris Capital Partners – The green transition trend

Total number of deals

Average venture capital investment

80,000 68,074 Romanian capital injected into

2,000 Romanian capital was noticed

All private equity - Exits development 127,976

Total number of companies

All private equity - Exits route

Sunman Noriel Group Consumer: Romania Jul-22 n/d 100% Enterpris

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private

© 2023 Deloitte Romania

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