Underline Ventures closes its $20M first fund

Bucharest-based Underline Ventures, a fund launched by How To Web founder Bogdan Iordache, has announced the closing of its first fund at $20 million, The Recursive reports.

• The majority of the fund was raised with private money amid investment slowdown.
• The fund wants to invest in over 20 early-stage startups founded by Eastern European founders who have global ambitions, with an average investment ticket of $500,000.
• It has already finalized 7 investments in Romania, Croatia, Serbia, and the broader Eastern European diaspora: Nestor, Goodlegal, Videowise, Veridion, Turneo, Sera, and an undisclosed deal.

In 2022, AIN.Capital wrote about the launch of the Underline Ventures first fund. Back in July that year, the fund managed to get half of its targeted $20 million. You can read more about the launch, here.