Underline Ventures from Romania secures $20M in first Fund to invest in Early-Stage Eastern European Entrepreneurs

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Underline Ventures from Romania secures €18.4M in first Fund to invest in Early-Stage Eastern European Entrepreneurs
©  Underline Ventures

Underline Ventures, headquartered in Bucharest and known as the first single general partner venture fund in Eastern Europe, has reported the closure of its inaugural fund at $20 million, which is approximately €18.4 million.

Underline Ventures, a venture capital firm, is dedicated to investing in the earliest stages of high-growth startups in Eastern Europe, aiming to support founders with global aspirations.

The company plans to enhance its platform services and utilize its extensive network to aid the growth of its portfolio companies. The fund has been successfully raised from a diverse group of tech founders, business leaders, operators, and international fund-of-funds.

Underline Ventures is intensifying its efforts to create a more effective platform for the companies it backs.

Bogdan Iordache, the General Partner of Underline Ventures, commented on the venture’s approach: “We are fortunate to work with investors who firmly believe that Eastern European founders can establish substantial tech businesses, even in challenging macroeconomic conditions. Founders raising funds in this environment must demonstrate remarkable resilience. While these are tough beginnings, they often pave the way for a strong foundation.”

To date, Underline Ventures has completed seven investments across Romania, Croatia, Serbia, and the broader Eastern European diaspora. These investments span various sectors, including big data & AI, cybersecurity, e-commerce infrastructure, and the firm continues to actively invest.


Founders who have received investment from Underline Venture currently have access to a range of services, leveraging the expertise of industry veterans, including:

  • Recruitment services, guided by Ioana Patran, formerly of Microsoft.
  • Communication management, assisted by Adriana Spulber, previously with How to Web & Pago.
  • Growth advisory, provided by Vlad Ionescu, formerly of UiPath.
  • Financial planning and fundraising support, offered by Mihai Faur from UiPath.
  • Integrated marketing strategy, developed with the help of Ioana Serban, previously at FintechOS.

In addition, founders also receive guidance on venture strategy and fundraising from Bogdan Iordache.

Furthermore, founders and operators from notable companies such as UiPath, Telerik, and Bitdefender regularly offer advice to the portfolio startups, stepping in to provide guidance as and when these startups require it.

Underline Ventures: Focused on Backing Early-Stage Startups

Underline Ventures collaborates with Eastern European founders from the very beginning, supporting the development of high-growth startups with a global reach.

Operating from Bucharest, the fund focuses on creating a comprehensive, interactive platform. This platform is designed to provide founders with essential assistance for key operational challenges they encounter, including recruitment, marketing, sales, communications, finance, and fundraising.

Bogdan from Underline Ventures emphasizes the importance of this approach: “Our platform is integral to our strategy, not just an add-on. We aim to assist founders in overcoming major operational obstacles in a way that suits them best, whether through our team’s direct support or by tapping into our wide network.”


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