Romanian VC firm Early Game Ventures launches its €60M Fund II

A Bucharest-based Early Game Ventures Fund, has announced the launch of its new €60 million VC fund that will invest in early-stage startups in CEE. The ticket size is expected to be up to €6 million. 

  • Early Game Ventures (EGV) was founded in 2018 by Cristian Munteanu, and its primary focus is on startups in emerging markets in Europe. According to EGV, its first fund invested in 28 Romanian technology companies in various fields such as AI, cyber security, enterprise software, edtech, or consumer apps. EGV Fund I has announced 4 exits, with an internal rate of return of 45%.

About Early Game Ventures Fund II:

  • The new fund will invest in 25-30 early-stage technology startups, continuing the thesis of the first Early Game fund. It will focus on areas such as cyber security, enterprise software, and AI applications. 60-70% of the investments will be in Romanian startups, with the rest in Europe or further. Their ticket is up to €6 million. 
  • The fund benefits from an investment of €30 million from the Recovery Equity Fund, managed by the European Investment Fund and financed by the National Plan for Recovery and Resilience within the Next Generation EU. The other 50% of the fund was provided by private investors. 

“We are looking for founders who live in the future, and we focus our efforts on giving them fuel to achieve their goals. Fuel means not only money but also networking, support, guidance to avoid mistakes, asking the right questions, finding clients, and raising the next round of investments,

shared with the Recursive, Dan Călugăreanu, EGV Partner.

Dan Calugareanu continues his activity as a Partner in both funds managed by Early Game. Florin Visa joined Early Game at the start of negotiations for this second fund.