Romanian Private Equity and Venture

Capital Study

July 2024
Romanian Private Foreword
Equity and Venture
Capital market
development

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

the recently issued 2nd edition of the report on the Romanian Private
Equity & Venture Capital Sector which provides a detailed overview of the
market for the years 2022 and 2023. It is an excellent reference and body
of information for professional investors, entrepreneurs and authorities
which can access important PE&VC sector data from one single source.
The evolution of the sector during 2022 and 2023, under the significant
impact of macroeconomic and geopolitical factors, does not seem to
show signs of improvement, as Romania continues to be positioned
among the last territories in European Union in terms of development of
Welcome to the 2022 the sector: Fundraising / GDP and Investments / GDP ratios are still among
the lowest, while our economy continues to be attractive to regional and
and 2023 international investors.
The lack of local capital (public, institutional and private) continues to be
the key reason for such under-performance. However, the sector is in a
Activity Report of the position to significantly takeoff in the context of the Recovery Equity Fund
(“REF”), a €400m Fund of Funds managed by European Investment Fund,
Romanian Private set-up by Romanian Government under National Recovery & Resilience
Plan and aimed to be allocated to fund managers who will invest in
Equity & Venture Romanian SMEs and mid-caps operating in strategically designated sectors
and infrastructure projects. Thus, presuming the fund managers shall
Capital study, successfully close their funds through attraction of co-investors at a
leverage of 1.5x, including local capital providers, the likes of Pension
produced by Deloitte Funds, Corporates or Private Individuals, at least €600m investment
capital shall be available for investment into our economy in the following
in Association with 5-7 years.
We are ready now also to prove the role of financial investors in the
Romanian Private Romanian economy: through accelerated increase of revenues and job
creation, Private-Equity or Venture Capital Funds contribute significantly
Equity Association to the growth of the businesses they invest in, through their involvement
in strategy design, management appointment, financial reporting and
(ROPEA) achievement of operational efficiencies. As shown in the report, net job
creation in the private equity-backed companies the increase was of 7.1%
during the same period (4,027 more employees in 2022 versus 2021)
while the overall economy same indicator reached 2.3% in 2022, while for
turnover an increase of €5.2bn was reported by this category during the
period 2019-2022.

“We thank Deloitte and Reff & Associates teams for their effort and
outcome, the 2nd edition of the Industry Report, 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 2022 and 2023, 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. These deals sustain the potential
that we see in the Romanian market to develop local and regional players.
The regional Private Equity ecosystem is in a good position to help the
growth of small and medium local players to the next level, while the local
Welcome to the 2022 Private Equity and Venture Capital funds are focused mostly on growing
the smaller tickets in the market.
and 2023 We are convinced that more diversified financing sources can only help
and support the further development of the local Private Equity and
Activity Report of the Venture Capital market, combined with the expectation that in the next
periods ESG will have a more prominent role in the investment process.

Romanian Private In terms of attracting money, decreasing path of the Romanian

fundraising activity fits the CEE trend given macroeconomic conditions
Equity & Venture and geopolitical context. When it comes to the investment stage, although
the local Private Equity transactions fluctuated, the Romanian Venture
Capital study, Capital investments increased exponentially during 2021-2023 versus
prior periods, with average values of the transactions increasing from
produced by Deloitte €0.6m in 2017 to €2.1m in 2023.
With respect to exit routes, we note that sale to a strategic or another
in Association with company is the preferred route in Romania, while local public capital
markets are not as attractive as their Western counterparts for exiting the
Romanian Private portfolio companies.
Based on publicly available data, ROPEA members’ portfolio companies
Equity Association have been held for c. 4 years as at 31 December 2023, while the overall
average holding period by all Private Equity and Venture Capital funds is
(ROPEA) 6.5 years at the same date.
Please note that as the suppliers of the sourcing data continue to improve
the data collection process year-on-year, we advise the readers to use the
latest version of the report for a more comprehensive overview.
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
report possible.

3
The past year marks a period of halt in new
capital inflows for private equity (“PE”) and
venture capital (“VC”) funds
All private equity funds - Funding by investor type
60,000
49,830
50,000

40,000

26,000 25,800
EUR'000

30,000 24,170 23,488

45,000
20,000 5,000
12,465
10,000 19,170
4,830 -
-
2017 2018 2019 2020 2021 2022 2023

Venture capital Private equity Total funds raised

Source: Invest Europe

Note: The total funds raised in Romania during 2017-H12022 reported in the previous edition amounted to €204,205 thousands, amount reduced to
€161,753 thousands during 2017-2023 given the net impact of:
• the increase in VC capital raised during 2019 (from €9,310 thousands to €19,170 thousands);
• the decrease in VC capital raised during 2021 (from €38,265 thousands to 12,465 thousands);
• the decrease in total capital raised during 2022 from €50,000 thousands in H12022 to €23,488 thousands in 2022 (full year) due to a correction of
the amount raised by a fund at final closing, where previous closings (initial and intermediate) were also included.
The updated figures are based on the latest available data collected by Invest Europe from PE and VC funds for both current year and historical period.

Romanian PE fundraising activity is lower in terms of values compared to other CEE countries. From 2017 to 2023, most
locally raised funds were largely directed towards VC investments, with a total of €111.8m, representing 69% of the total
fundraising activity of €161.8m.
The fundraising continues to be on a decreasing path, the reported numbers being the outcome of fundraising efforts during
periods of challenging macroeconomic events (COVID-19, high inflation) and geopolitical context (2022-2023). Similar
decreasing trends have been also reported by other CEE countries.
Based on the latest available information at the date of the report, there is no capital raised by any locally administrated fund
in 2023.

All private equity funds - Total funding

2017-2023

-
23,488 26,000
2017
12,465 2018
Total funds 2019
raised EUR 2020
161,753
25,800 thousands
2021
49,830
2022
2023
24,170

Source: Invest Europe

Note: The decrease in 2022 compared to H12022 (€50,000k) is due to a correction of the amount raised by a fund at final closing, where previous
closings (initial and intermediate) were also included. 4
The downward trend in fundraising in Romania
and the CEE region hampers the development
of a mature local investment environment
All private equity funds - Funding sources, Romania
40,000 36,166
35,000
30,000
25,000 22,000
16,970
EUR'000

20,000 10,816 15,000

11,771
15,000
9,335 10,800
10,000 7,500 6,518
4,000 3,965
5,000 1,893 4,018 1,000 - - - -
-
2017 2018 2019 2020 2021 2022 2023

Government agencies Family offices and private individuals Other

Source: Invest Europe
Note: The decrease in 2022 compared to H12022 (€50,000 thousand) is due to a correction of the amount raised by a fund at final closing, where previous
closings (initial and intermediate) were also included.

In Romania, the fundraising activity has been determined by the profile of the VC sub-segment. Thus, during the period 2017-
2023, besides the government agencies, which provided 56% of the total capital raised, 36% was provided by family offices
and private individuals. In contrast, within the CEE region, private individuals and family offices collectively represented 23%
of total fundraising.
Romania’s local fundraising activity has been historically marked and supported by the government agencies, including
international financial institutions, by managing programs, including public programs, aimed at developing the local PE & VC
market. We are missing in Romania a key class of investors - pension funds, which, in developed markets, provide up to 25%
of the capital raised by PE & VC funds.
Generally, the PE funds active in the entire region attract financing in larger countries (mainly Poland) from CEE and deploy
their investments in Romania. Therefore, the lack of funds raised in Romania does not necessarily suggest a future decrease
in investment levels at national level, as concluded based on the fundraising as percentage of GDP and investments as
percentage of GDP (presented later in the report).
In 2023, funds raised in CEE amounted to €0.6bn, a decrease correlated also with the 32% drop in global capital raised. Such
downward trend in the recent years in CEE, from €1.8bn in 2021 to €0.6bn in 2023, is largely attributed to lower fundraising
from government agencies, funds of funds, pension funds, and corporate investors.
Additionally, the CEE landscape exhibited a switch in terms of concentration of the funding sources, with 62% of capital
raised in 2023 coming from government agencies, compared to 33% in 2022.

Capital raised for CEE private equity by sources

1,012
1,006

702

671
656
634
EURm

490
462
456

414

372
371

322
260

252
216
208

162

156
126
120
96

54
18

2018 2019 2020 2021 2022 2023

Government agencies Family offices and Private individuals Funds of funds Others
Source: Invest Europe 5
A substantial increase in fundraising activity is
anticipated for 2024, attributed to initiatives
of the Romanian Government
All private equity funds - Private equity funding by
2023 - source
2022 - Focus European Investment Fund -
Fundraising
2021 -
Despite low performance, the sector is in
2020 4,018 a position to significantly take off in the
2019 448 201 272 60 1,813 context of the Recovery Equity Fund
(“REF”), a €400m fund of funds managed
2018 36,166 4,034 2,987 by European Investment Fund (EIF), set-
up by the Romanian Government under
2017 - the National Recovery & Resilience Plan
- 10,000 20,000 30,000 40,000 50,000 and aimed to be allocated to fund
EUR'000 managers who will invest in Romanian
Government agencies Family offices Banks SMEs and mid-caps operating in
strategically designated sectors and in
Pension funds Private individuals infrastructure projects. Thus, an €400m
Source: Invest Europe to €600m estimated capital shall be
available for investment into our
economy in the following 5-7 years.
This is highly dependent upon the fund
managers successfully closing their funds
through attraction of co-investors,
including local capital providers, the likes
of pension funds, corporates or private
All private equity funds - Venture capital funding by
individuals.
source We expect therefore to see a significant
2023 - - pick-up of the fundraising activity in
2022 16,970 6,518 2024. As of the date of this report, the
following fund managers have already
2021 7,500 3,965 1,000 received approvals under REF: AMC V
2020 15,000 10,800 (€20m), GapMinder (€15m), Innova 7
(€10m), BoldMind Capital Partners
2019 8,327 10,343 500 (€20m), Booster Capital (€30m),
2018 4,750 80 BrightCap (€10m), Early Game Ventures
(€30m), Morphosis Capital (€25m),
2017 22,000 4,000
Mozaik (€25m), totaling €185m of
- 5,000 10,000 15,000 20,000 25,000 30,000 allocations.
EUR'000 Out of them, the following funds have
Government agencies
announced or are in process of
Private individuals
announcing first closings: AMC, Innova,
Other asset managers (including PE houses other than fund of funds)
Family offices Morphosis Capital, Gapminder, Early
Corporate investors Game Ventures.

Source: Invest Europe.

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 1,088
40,000
EUR'000

26,000 24,170 25,800 23,488

30,000 39,384
121 95
20,000
14,543 15,206 12,465
22,000 -
10,000 23,393
9,506 10,594 11,315 -
4,000 9,358 1,150
- -
2017 2018 2019 2020 2021 2022 2023

Domestic Non-domestic Outside Europe New funds raised

Source: Invest Europe

Note: Data for 2023 is not available.
Note: The decrease in 2022 compared to H12022 (€50,000k) is due to a correction of the amount raised by a fund at final closing, where previous closings (initial
and intermediate) were also included.

The overall decline in fundraising in Europe in 2023 (c. 3%) was reflected to a larger extent in CEE, where the activity slowed
down from €1.4bn in 2022 to €0.6bn in 2023.
Total capital raised during 2018-2023 in Romania represented c. 1.5% of total fundraising in CEE during the same period.
Between 2017 and 2023, 57% of total capital raised in Romania was sourced from France and Benelux, while only 36% from
CEE countries. Each year between 2017 to 2023, France and Benelux were the primary sources of funding in Romania,
contributing more than 75% of the total capital raised in the year, except in 2019, when Southern Europe and the CEE region
together accounted for 79% (with an evenly allocated share), and in 2020, when the CEE alone contributed 41%.
Meanwhile, pension funds refrain from backing local PEs and VCs, resulting in limited investments in the Romanian
landscape. Such investments totaled €272k during 2018-2023, accounting for 0.2% of the total capital raised by local entities
during this period. In contrast, the CEE region sees a much larger share, raising between 1% and 7% on a yearly basis of total
amounts from pension funds.

Pension funds capital raised for CEE and Romanian private equity in 2018–2023
200,000 7% 8%
7%
% of total capital raised

150,000 6%
4% 122,640 5%
EUR'000

100,000 3% 4%
62,720 2% 2% 3%
1% 48,540
50,000 26,480 1% 2%
26,400 12,000
272 1%
- -
2018 2019 2020 2021 2022 2023

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)
Source: Invest Europe

7
 Romanian investments to GDP rate is among
the European stragglers in 2023, with solely
other CEE smaller countries and Ukraine being
ranked below
All private equity - Fundraising as % of GDP All private equity - Investments as % in GDP
0.030%
0.300% 0.266%
0.024%
0.250%

0.020% 0.200% 0.170% 0.180%

0.016%
%

0.150%
%
0.014%
0.012%
0.100%
0.010% 0.008% 0.046%
0.032% 0.041%
0.006% 0.050% 0.028%

0.000%
2017 2018 2019 2020 2021 2022 2023
0.000%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2023

Source: Invest Europe Source: Invest Europe

Note: Fundraising in 2023 is nil. Note: Both PE investments and VC investments are sourced from
Invest Europe.

As per Invest Europe, investments made by European PE and VC funds represented 0.44% of European GDP in 2023, a
decline from 0.65% during 2022.
CEE region is steadily converging with the rest of Europe in terms of investments as percentage of GDP in 2023. However,
Romania lags behind the other CEE countries, with only 0.041% investments as percentage of GDP in 2023, despite the
increase from 0.028% in the previous year.
Baltic countries, the Czech Republic and Poland are the top-performing countries in CEE, although the trend was downward
in 2023 compared to the average values of the prior years.
Finland, Sweden and Denmark are the top-performing countries in Europe, with their investments being almost double
compared to the European total of 0.46%. Within Europe, solely Finland, Austria, Greece and Bulgaria outperformed in 2023
the average 2019-2023 annual investment as percentage of GDP.

All private equity investments as % of GDP, 2023 (by country of destination of

investments)
0.500% Europe : 0.460%
0.400%
As % of GDP

0.300%

0.200%
0.152% Other CEE
countries :
0.100% 0.061% 0.054% 0.059% 0.041% 0.023%
0.000%

Czech Republic Poland Hungary Bulgaria Romania

Note: Both PE investments and VC investments are sourced from Invest Europe.
Note: Other CEE consists of Bosnia Herzegovina, Croatia, Macedonia, Moldova, Montenegro, Serbia, Slovakia, Slovenia. 8
The Romanian PE market is still developing,
while the VC market saw more substantial
growth between 2017 and 2023

All private equity - Private equity All private equity - Venture capital

56,426
investments by stage focus investments by stage focus

51,000

48,774
47,370
321,663

44,000
60,000

42,570
350,000
281,445
201,214

300,000 50,000
173,818

EUR'000

30,000
144,584

250,000 40,000

21,870
EUR'000

200,000
97,943

15,310
13,951
30,000

13,472
76,123

11,365
62,962

150,000
46,158

34,100

6,841
20,000

5,950
35,251
21,279

5,040
20,236

3,301

3,261

2,741
2,573
2,550
100,000

1,601
5,892
2,000

654
10,000
600

280

50,000
- -
2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023

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

Source: Invest Europe Source: HowtoWeb

The overall value of PE investments in Europe showed also a drop from €116.5bn in 2022 to €86.9bn in 2023, with CEE region
representing less than 5% of total European PE investments.
According to Invest Europe, the total number of deals in Romania fell by 16% to 73 transactions in 2023. This decline was to
some extent driven by the rapid increase in interest rates, which had an impact on deals reliant on bank financing. Based on
the Economist Intelligence Unit (“EIU”) forecast, the National Bank of Romania (“NBR”) is expected to begin cutting rates in
mid-2024, which may encourage investors to seek for M&A opportunities.
Buyout investments remain the core driver in the CEE region, amounting to €1,000m in 2023, out of which c. €76.1m are
invested in Romanian companies (such transactions representing the main type of PE-backed investments in Romania in 2023
out of the total €111.7m). The buyout sector saw a divided market, with just two funds capturing approximately 75% of all
such investments in 2023. This trend shows a high concentration of fundraising capital among a small number of successful
funds, creating a distinct separation between the well-capitalized funds and others. These companies focused on lower mid-
market (€15m - €50m) investments, while a higher concentration of companies was observed in small buyout investments
(<€15m).
Within Eastern Europe VC landscape, Romania together with Poland, Greece, Lithuania, Czechia and Estonia accounted for
84% of total volume in 2023.
Despite the slight decreases (by 16%) in terms of deals compared to the previous year, the VC landscape was marked by the
rapid rise of AI and AI-related startups, contrasting with a challenging fundraising environment.
The late-stage investments (Series A and B) dominated the market and led to an overall positive development in terms of
values compared to 2022.

All private equity - Number of private All private equity - Number of venture capital
equity investments by stage focus investments by stage focus

9
60
8 8
8 47 48
50
7 6 6 6 6 6 41
40 37
6 5 5
Number
EUR'000

5 4 30 25
4 3 3 3 21 21 20 19 17
3 2 2 20 16
2
12
1 8 6
1 10 5 31
1 2 1 21
- -
2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023

Growth capital Replacement capital Buyout

Pre-Seed Seed Series A Series B
Source: Invest Europe Source: HowtoWeb 9
 2023 brought an increase of the average value
per Romanian transaction closed by domestic
or regional PEs
All private equity - Private equity investments by stage focus
In 2023, there was a marginal decline
600,000 25
in the number of PE-backed

Total number of companies

500,000 20 transactions compared to the
400,000 previous year, although their average
15
EUR'000

300,000 values were higher.

200,000
10 The total reported value of these
5
transactions to Invest Europe
100,000
amounted to €111.7m (value of the
- -
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 transactions computed considering
the country of the portfolio
Growth capital Turnaround/Rescue Replacement capital Buyout Number of companies
company). Among the most relevant
Source: Invest Europe transactions entered by PEs based in
CEE, it is worth mentioning the
following:
Private equity - Average investment by type of private equity capital • the acquisition of EMI Equipment
120,000
107,221 Maintenance Industrie SA by
100,000 6 Innova Capital Sp z o.o.;
4 6 6 • the acquisition of O'Fresh Vending
5
50,303

80,000 5
48,195

6
46,908

6 Solutions by Integral Venture

EUR'000

34,764

60,000
2 5 3 4 Partners; and
1
17,050
16,324

• the acquisition of Clarfon SA by

12,687

1
10,494

40,000 2 2
8,813
7,693

2
7,093

Value4Capital.
3,373
2,000

1,178

20,000
600

140

Growth capital funds showed also a

-
2017 2018 2019 2020 2021 2022 2023
prominent focus, with the
Buyout Growth capital Replacement capital No. of transactions communications, computer and
electronics (“ICT”) sector retaining
the largest share of total growth
Source: Invest Europe investments as these investments
typically require less leverage
All Private Equity - Private equity investments by sector focus compared to those in other sectors.
Alongside ICT, which represented
256,250

30% of total investments in 2023,

200,897

300,000
construction (in the category “Other”
250,000
in the graph on the left), financial and
200,000
insurance activities were the second
EUR'000

76,184

48,250
48,400

150,000
28,723

39,664
33,988

34,001
19,635

33,000

most attractive sectors for investors

30,195

28,822

28,561
28,016

13,240
11,061
20,317

15,970

6,600

100,000
9,898

8,330
7,400

6,030
6,000

1,100

1,000

50,000
in 2023, covering together 51% of
- total investments.
2018 2019 2020 2021 2022 2023 Although strategic investors have
ICT (Communications, computer and electronics) Consumer goods and services
Biotech and healthcare Financial and insurance activities traditionally dominated the
Business products and services Other Romanian investments market, there
remains ample opportunity for PE
Source: Invest Europe investors to deploy their capital in
Romania given the expected
fundraising initiatives starting in
2024, alongside the positive outlook
in terms of overall economy growth,
interest rates reduction and the
attractive opportunities in various
sectors.

Source: Invest Europe

10
VC funding increased in 2023 and marks the
largest series A funding in a Romanian start-up

Venture capital investments by sector

200,000 73 80
180,000 70
59 71 61
160,000
60

Total number of deals

140,000 116,940 129,615
120,000 101,737 50
39
EUR'000

37
100,000 40
80,000 30
60,000
14 28,618 30,393 20
40,000 15,073
20,000 8,244 10

- -
2017 2018 2019 2020 2021 2022 2023

Business products and services ICT Consumer goods and services Other Total Number of companies

Source: HowtoWeb
Note: Investments allocation by sector was prepared by Deloitte

In terms of VC funds, 2023 saw an increase in value and in number of deals, mainly in ICT start-ups. The largest funding round
in 2023 was series A in FlowX.AI in May 2023 amounting to €35m from investors such as Dawn Capital, Day One Capital,
PortfoLion and SeedBlink. This was the largest series A funding in a Romanian start-up ecosystem.
Another large funding round was series B investment in Druid of €30m in September 2023, led by TQ Ventures and with
participation from other investors such as Smedvig Capital, Endeavor, Verve Ventures and the existent shareholders
GapMinder, Hoxton Ventures and Karma Ventures.
These were followed by series A $10m (c. €9m) investment in Creatopy, from investors 3VC and Point Nine, in October 2023.
Other relevant investments were seed rounds for Veridion of $6m (c. €5m) from LaunchHub, OTB Ventures, Underline
Ventures and GapMinder, among others, and Siena AI of $4.7m (c. €4.2m) from Sierra Ventures, Pari Passu Ventures and
Spacestation Investments, among others.

Average venture capital investment

2,500 71 73 80
2,125
61 70
2,000 59
60
1,647
1,500
1,394 50
39
EUR'000

37
40
1,000 30
14 734
589 515 20
500 407
10

- -
2017 2018 2019 2020 2021 2022 2023
Average value of investment Number of deals

Source: HowtoWeb

11
 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 129,615
140,000 Total VC investments saw a
116,940 steep increase from €8.2m in
120,000
101,737 2017 to €129.6m in 2023 – a c.
100,000 16x increase over the period.
68,074 87,966 At the same time, the
EUR'000

80,000
57,206
Romanian capital injected into
60,000
VCs increased 6x from €2m in
40,000 28,618 30,393 15,546 2017 to €12.6m in 2023.
15,073 9,850
20,000 8,244 12,651 The largest seed rounds made
33,320 32,511
12,858 20,543 12,570 entirely with Romanian capital
-
2017 2018 2019 2020 2021 2022 2023 were in MOOV Leasing
Romanian capital International capital Mixed capital Total (€2.5m), Bright Spaces (€2m)
and ESX (€2m).
Source: HowtoWeb
The VC investments by funding
Romanian venture capital investments by stage sources saw an increase in
33,320 32,511 international capital from
35,000
€1.1m in 2017 to €29.1m in
3,010 2023. Of this, c. 59% were
30,000
3,171 4,700
1,741 allocated to seed rounds
25,000 20,543 (largest investments towards
- Siena AI with €4.2m,
EUR'000

20,000 2,573
12,858 12,570 Arcanna.ai with €3.2m and
15,000
1,300 27,140 26,071 960 Videowise with €2.7m) and c.
10,000 5,913 3,193 17,970 31% were allocated to series A
5,000 2,090 1,493 11,610 rounds to Creatopy (c. €9m).
8,365 Furthermore, pre-seed rounds
4,420
- of c. €2.5m were allocated to
2017 2018 2019 2020 2021 2022 2023
Kubeark.
Seed Pre-seed Series A Total Mixed capital, which refers to
both Romanian and
Source: HowtoWeb
international capital, saw the
Average Romanian venture capital investments by stage largest increase from €5m in
2017 to €88m in 2023. These
5,000 4,700 are dominated by series A
4,500 35 33 rounds of €35m towards
4,000
1 1
24 20 19 FlowX.AI and series B rounds of
3,500 21 3,010 28 €30m towards Druid.
3,000 15
Number

13 Comparatively, there is an
2,500
7 1 14 3
2,000 6 increase by 12x from €8.2m in
4 1,300
1,500 931 2017 to €101.7m in 2022, of
631 643 822 774
1,000 388 513 320 which c. 32% represents
500 90 62 160 123 167 124 Romanian capital injected into
- VCs, c. 12% international
Avg.inv. Avg.inv. Avg.inv. Avg.inv. Avg.inv. Avg.inv. Avg.inv.
capital and c. 56% mixed
2017 2018 2019 2020 2021 2022 2023 capital, respectively.
Pre-seed Seed Series A No. of transactions

Source: HowtoWeb

12
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
200,000 18 20
180,000 18
15

Total number of companies

160,000 119,922 16
13
140,000 120,551 11 14
120,000 128,966 12
EUR'000

13
954,832
100,000 8 93,605 10
7
80,000 6 28,252 6 6 136,007 5 8
5 5 47,051
60,000 72,739 4 23,113 4 42,657 6
3 69,871 35,630
40,000 16,041 4
11,602 65,617 53,315
20,000 2
- -
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
Total cost of exits Total number of companies
Source: Invest Europe
Note: Write offs included

Divestment activity in 2023 accounts for c. 4% of the total value of CEE divestments.
The divestment activity of PE and VC funds in Romania registered a new low point in 2023 of €35.6m, the lowest level since
2011 (€28.3m). This trend was largely driven by fewer sales to other PE firms, a lack of management buy-backs and
comparatively lower value sales to trade buyers versus prior years. However, the VC activity was at its highest in 2023
(€2.9m) since 2017 (€3.1m).
In 2022, the divestment activity reached a peak of €120.6m, unprecedented since 2017 (€136.0m), mainly due to
management buy-backs of €69.1m relating to five companies.
Divestments in the ICT sector captured c. 69% of the total value in 2023, while the preferred sectors in 2022 were consumer
goods and services, as well as energy and environment, cumulatively accounting for c. 78% of 2022 divestment activity.
In terms of exit route, the sale to a trade buyer or another PE fund was the preferred route accounting for c. 71% of the exits
value during 2007-2023 and c. 53% of total exits value during 2019-2023. Public capital markets, which represent a much
higher share in divestments in developed markets, are not a preferred exit route for investors in Romanian market.
ROPEA members’ portfolio companies have been held for c. 4 years as at 31 December 2023, while the overall average
holding period by all PE and VC funds is 6.5 years at the same date.

All private equity - Exits route

100% 92% 91% 89%
92%
89%
90%
75% 76%
80% 73%
67%
70% 60% 61% 59%
As % of total

59%
60%
47% 46%
50% 40% 41%
39% 37% 35%
40% 31%
30%
27%
24% 27% 26%
30% 23% 23%
19% 17%
16% 14%
20% 14%
9% 11% 10% 9% 10% 8%
8% 8%
10% 4% 4% 3% 5% 4% 4% 5%
2% 2% 1% 0% 2% 1%
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Sale to another private equity firm Divestment by public offering
Sale to trade buyers Repayment of preference shares/ loans or mezzanine
Other
Source: Invest Europe
Note: Write offs not included 13
Net jobs created by PE-backed companies
during 2019-2022 are the equivalent of the
entire population of Târgu Neamț
New jobs creation / destruction (in average FTEs)
7,000
6,000
17,030 new
5,000
jobs created
4,000
FTEs

3,000
18,393 new
jobs created
2,000
1,000
-
2019 2020 2021 2022 Overall impact in
the market in the
past 4 years
ROPEA portfolio All PEs portfolio
Source: Deloitte analysis based on financial data extracted from Keysfin.com, EMIS.com, Mfinante.gov, analyzed companies’ websites and Romanian
business media outlets
Note: Data for Regina Maria (2020-2022) was extracted from the annual sustainability reports.

The analysis of the impact of the PE and VC in the Romanian economy (job creation, additional turnover and EBITDA/
operational profit generated) is based on publicly available financial and non-financial data for the period 2018-2022 of 156
portfolio companies headquartered in Romania. 72% of these companies are owned by ROPEA members. For the specific
purposes of this analysis, any job increases or decreases resulting from add-on transactions or divestments are disregarded;
for accuracy, only the organic net job creation is presented.
PE and VC funds supported 62,194 employees in 2022 in different economic sectors, mostly in retail, energy and private
healthcare. These employees represent 1.2% of the total Romanian average workforce in 2022, an increase from 0.6% in
2018 (32,040 employees). Consequently, PE-backed companies still represent a niche in Romania, albeit their impact in the
jobs market grows year on year at a higher rate versus overall market.
Net job creation in the overall economy reached 2.3% in 2022 (115,205 more employees in 2022 versus 2021), while for
the PE-backed companies the increase was of 7.1% during the same period (4,027 more employees in 2022 versus 2021,
excluding any impact from add-on transactions), highlighting the performance of such business to grow even during volatile
market conditions. For comparison purposes, net impact of job creation in portfolio companies over the period 2019-2022 is
the equivalent of the entire population of the city of Târgu Neamț (18k citizens).

42,371
Employees in ROPEA private-equity backed companies in 2022
versus

21,476
Employees in ROPEA private-equity backed companies in 2018

62,194
Employees in private-equity backed companies in 2022 versus

32,040
Employees in private-equity backed companies in 2018
Note: The number of employees is computed based on publicly available data; in all the cases where data was available, we included the number of
employees from all group companies, as well as franchisees (i.e. Profi).
14
Profi Rom Food contributed mostly to the net
job creation of the PE-backed companies
hiring either directly, or indirectly c. 14k
employees
New jobs creation / destruction in top 5 sectors - All PEs portfolio
6,000 5,463
5,000
3,676
4,000
2,734 2,962
3,000
FTEs

2,000
919 695 850 665
1,000 161 104 311 29
419 292 275 126 172 442 150
-
(1,000) (10) (100) (364)
(668) (910)
(2,000) 3,945 4,027
2019 3,817 2020 6,604 2021 2022

Information Technology Healthcare Manufacturing Retail Energy Others

Source: Deloitte analysis based on financial data extracted from Keysfin.com, EMIS.com, Mfinante.gov, analyzed companies’ websites and Romanian
business media outlets
Note: Data for Regina Maria (2020-2022) was extracted from the annual sustainability reports.

Portfolio companies added new jobs in the market at a higher rate versus the economy each year, their positive impact on
employment and job creation being largely driven by the retail industry, specifically by Profi Rom Food, which was acquired in
2017 by MidEuropa Partners. The new jobs created to sustain the expansion of the retail network amount to c. 14k, either
directly via the shops controlled by Profi Rom Food, or indirectly via the franchisees network. Such evolution continued the
positive trends even during the pandemic period at rates significantly higher compared to the retail industry as a whole (an
increase of 21.6% generated by all PEs portfolio companies versus a decrease of 1.8% in the Romanian retail sector in
2020).
Another sector in which the PE-backed companies performed better than their counterparts is healthcare with 2,630 net jobs
created, the main portfolio group of companies being Regina Maria.
Although the net impact is a positive one with additional jobs created in the market, there were also cases with several
reductions of the number of employees, such as:
- manufacturing – a decrease of c. 200 employees in 2022 versus 2021 at the furniture producer Rus Savitar; and
- others – Cargus reduced the number of employees constantly year-on-year, as well as certain financial institutions up until
2019 (First Bank, Patria Bank), while in 2020 the reduction was largely driven by the leisure and hospitality industry
(Continental Hotels).

Net job creation - all industries Net job creation - retail

35.0% 35.0%
27.5%
19.3% 22.2%
25.0% 25.0%
19.5% 26.4%
15.2% 15.8% 19.2% 21.6% 11.6%
15.0% 15.0%
9.3% 9.7% 11.3%
12.3% 13.9%
7.1% 5.0% 3.0% 1.2%
5.0% (1.8%) 2.1%
(2.6%) 2.3%
1.9% 1.2%
(5.0%) (5.0%)
2019 2020 2021 2022 2019 2020 2021 2022
Romania Romania
All PEs portfolio All PEs portfolio
ROPEA portfolio ROPEA portfolio

15
Energy (CEZ Group, Premier Energy and Black
Sea Oil & Gas) and retail (Profi Rom Food)
companies were the main generators of
additional net turnover
Additional net turnover generated / destructed
2,500,000
2,000,000 EUR 1,495m
1,500,000 additional net
turnover
EUR'000

1,000,000 EUR 3,484m

500,000 additional net
- turnover
(500,000)
(1,000,000)
2019 2020 2021 2022 Overall impact in
the market in
the past 4 years
ROPEA portfolio All PEs portfolio
Source: Deloitte analysis based on financial data extracted from Keysfin.com, EMIS.com, Mfinante.gov, analyzed companies’ websites and Romanian
business media outlets
Note: Data for Regina Maria was extracted from the annual sustainability reports

The net positive impact on business growth during 2019-2022 of €3.5bn was led mainly by the retail (€1.1bn) and energy
(€1.6bn) industries. However, as it can be seen in the graph below, all the industries covered by the portfolio companies
generated additional turnover during this period, with very few exceptions in 2020, when slight decreases impacted
manufacturing and other smaller industries (such as leisure & hospitality, gambling); this was largely due to external factors -
pandemic and economy.
The higher turnover in the energy sector was generated by the CEZ group of companies and Premier Energy, driven by the
increases in gas and electricity market prices incurred during 2021 and 2022. Additionally, Black Sea Oil & Gas, which is
owned by Carlyle Energy International Partners, started the extraction of gas from Black Sea in June 2022 leading to another
notable increase in revenue in 2022 (€0.6bn additional turnover).
The largest impact in retail turnover was the result of the expanding network of Profi Rom Food in the last few years from
1,181 to 1,641 shops; during the same period, the revenue increased by a CAGR of 16%.
Other net turnover increases in 2022 versus prior year worth mentioning from other industries comprise:
- Bitdefender (information technology) partially owned by Vitruvian Partners - €75m; and
- Pehart Tec Grup (manufacturing industry) owned by Abris Capital Partners - €73m.

Additional net turnover generated / destructed in top 5 sectors - All PEs portfolio 1,326,947
390,630

600,000
304,360
263,445

500,000
202,253

166,545

400,000
131,359

112,506
EUR'000

85,915
77,366

300,000
67,257

54,167
51,464
47,925

46,522
40,914
39,652

37,677

36,510
32,144
25,415

(5,467)

(56,712)

200,000
5,211

100,000
-
(100,000)
2019 2020 2021 2022
459,015 366,704 521,577 2,136,710

Information Technology Healthcare Manufacturing Retail Energy Others

Source: Deloitte analysis based on financial data extracted from Keysfin.com, EMIS.com, Mfinante.gov, analyzed companies’ websites and Romanian
business media outlets
Note: Data for Regina Maria was extracted from the annual sustainability reports 16
EBITDA generated by the portfolio companies
fluctuated more compared to turnover,
however the net impact is a positive one
(€0.4bn) during 2019-2022
Additional EBITDA generated
400,000
300,000 EUR 51,353k
200,000 additional
EBITDA
EUR'000

100,000 EUR 445,201k

- additional
(100,000) EBITDA
(200,000)
(300,000)
2019 2020 2021 2022 Overall impact in
the market in
the past 4 years
ROPEA portfolio All PEs portfolio
Source: Deloitte analysis based on financial data extracted from Keysfin.com, EMIS.com, Mfinante.gov, analyzed companies’ websites and Romanian
business media outlets
Note: EBITDA for Regina Maria was computed by determining the EBITDA margin for Centrul Medical Unirea (the largest share in terms of revenues) and
applying the same margin to Regina Maria group’s revenues extracted from the annual sustainability reports

With respect to additional operational profitability (EBITDA) created during 2019-2022, the evolution is more nuanced with
different industries being the driver in different years. Nonetheless, the net impact over the entire period is a positive one,
total additional amount being €0.4bn, largely driven by:
- energy companies (CEZ Group, Premier Energy, Black Sea Oil & Gas) – higher turnover is the main driver behind the
additional EBITDA in 2022 and 2021;
- information technology (Bitdefender) – the revenue increase at a CAGR of 28% between 2019-2022 translated into CAGR
for EBITDA during the same period of 151% - the largest positive impact generated by Bitdefender was incurred in 2020
(€34m) during the COVID-19 pandemic;
- manufacturing (Pehart Tec Grup) – Pehart Tec Grup had a volatile evolution during the period with a constant increase of
EBITDA during 2018-2020, followed by a drop to €10m in 2021 from €25m in 2020, and a return in 2022 to €25m – these
changes were the main drivers behind the additional EBITDA generated and destructed during the period by the
manufacturing industry;
- retail (Profi Rom Food) – Profi Rom Food did not translate fully the higher turnover into additional EBITDA as the cost base
increased as well leading to lower EBITDA in 2022 and 2020 versus the prior year; since Profi Rom Food is the largest
portfolio company in the retail industry, such fluctuations impacted the overall industry performance.

Additional EBITDA generated / destructed in top 5 sectors - All PEs portfolio

283,999
45,716
34,205

60,000
23,621

50,000
23,038
19,389
15,399

13,332

13,233

40,000
(8,003)

9,758
8,700
7,725

(7,632)

7,308

30,000
5,669

5,615

(6,145)

(3,185)
3,424

(33,759)
(13,695)

(5,859)

20,000
EUR'000

10,000
-
3,345

(10,000)
(20,000)
(30,000)
(40,000)
43,455 7,458 81,001 313,287
2019 2020 2021 2022
Information Technology Healthcare Manufacturing Retail Energy Others

Source: Deloitte analysis based on financial data extracted from Keysfin.com, EMIS.com, Mfinante.gov, analyzed companies’ websites and Romanian
business media outlets
Note: Note: EBITDA for Regina Maria was computed by determining the EBITDA margin for Centrul Medical Unirea (the largest share in terms of revenues)
and applying the same margin to Regina Maria group’s revenues extracted from the annual sustainability reports 17
Private equity investments
Seller Target Buyer Deal
Equity
Countr Date Value Stake Description
Name Country Name Sector Country Name provider
y EURm
n/a n/a Kids Leisure Romania Black Sea Romani Dec-23 n/d n/d Black Sea Black Sea Fund LP, the
Element SA Fund I a Fund I Romania based fund
engaged in investment
management segment has
acquired Kids Element SA,
the local children and
family indoor playgrounds
operator. The terms of the
deal were undisclosed.
Macquarie Australia CEZ Energy Romania Premier Cyprus Dec-23 n/d n/d n/d Macquarie Asset
Asset Vânzare Energy Management (MAM) has
Managem PLC sold CEZ Vânzare to
ent (Emma Premier Energy PLC,
Capital) owned by the Czech
investment fund, Emma
Capital. CEZ Vânzare is the
main electricity supplier in
southwest Romania, as
well as a natural gas
supplier, with a portfolio of
approximately 1.4 million
residential and non-
residential customers. The
transaction is subject to
customary regulatory
approvals, and its
completion is anticipated
for the year 2024.
n/a n/a O'Fresh Services Romania Integral United Nov-23 n/d n/d Integral Integral Venture Partners,
Vending Venture Kingdo Venture the private equity firm has
Solutions Partners m Partners acquired a majority stake
in O'Fresh Vending
Solutions, the Romania
based supplier of snacks
and coffee vending
machines.
The terms of the deal were
undisclosed.
n/a n/a Power Ebergy Romania Ingka Netherl Oct-23 n/d n/d n/d Ingka Investments BV, the
Station Investme ands Netherlands based
(300MWp nts BV investment company
ready-to- focused on minority
build solar investments in startups
PV park) and growth companies has
acquired the Romania
based 300MWp ready-to-
build solar PV park. The
consideration was €200m.
Andrei Romania Isokinetic Medical Romania Impetum Romani Oct-23 n/d 30% Impetum Impetum Group, has
Ioan Sport SRL Group a Group acquired 30% of Isokinetic
Bogdan Sport SRL, the Romania
(Private based provider of all
Individual) services required for a
complete rehabilitation
process from Mr. Andrei
Ioan Bogdan, the founder
and CEO of Isokinetic Sport
SRL. The terms of the deal
were undisclosed.
Source: Mergermarket
18
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Countr Date Value Stake Description
Name Country Name Sector Country Name provider
y EURm
n/a n/a Sterling HoReCa Romania McWin United Sep-23 n/d n/d n/d McWin Capital Partners,
Global SRL Capital Kingdo has acquired an
Partners m undisclosed stake in
Sterling Global Srl, the
Romania based provider of
restaurant food services.
The terms of the deal were
undisclosed.
n/a n/a BMF Grup Construction Romania Sarmis Romani Aug-23 n/d n/d Sarmis Sarmis Capital Partners,
Capital a Capital the Romania based private
equity firm has acquired a
majority stake in BMF
Grup, the local Romanian
in-house facility
management services
provider. The terms of the
deal were undisclosed.
n/a n/a Untold Leisure Romania Mozaik Romani Aug-23 n/d n/d Mozaik Mozaik Investmentshas
Universe Investme a Investme acquired a minority stake
nts nts in Untold Universe, the
local entertainment group
developing leisure events.
The terms of the deal were
undisclosed.
Private Romania Workshop Manufacturi Romania ROCA Romani Aug-23 n/d 70% Roca ROCA Industry
individual Doors SRL. ng Industry a Holding HOLDINGROCK1 SA
HOLDING acquired through its
ROCK1 SA subsidiary Eco Euro Doors
Srl 70% of the Romanian
wood interior door maker
Workshop Doors SRL. The
terms of the deal were
undisclosed.
n/a n/a Medicales Medical Romania Accession Austria Aug-23 n/d n/d Accession Accession Capital Partners
Servicii de Capital Capital GmbH has acquired an
Sanatate Partners Partners undisclosed stake in
Premium GmbH GmbH Medicales Servicii de
SA Sanatate Premium SA, the
company engaged in
radiodiagnostics and
medical imaging services.
The terms of the deal were
undisclosed.
n/a n/a EMI Construction Romania Innova Poland Jul-23 3 51% Innova Innova Capital Sp z oo, has
Equipemen Capital Sp Capital Sp acquired 51% of EMI
t z o.o. z o.o. Equipement Maintenance
Maintenan Industrie S.A., the Romania
ce based industrial doors
Industrie producer. The
SA consideration was 15m
RON.
Source: Mergermarket

19
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Countr Date Value Stake Description
Name Country Name Sector Country Name provider
y EURm
n/a n/a OÖ Invest Semiconduc Romania Invest AG; Austria Jul-23 n/d n/d n/d Invest AG and Raiffeisen
tors, Raiffeisen OOe Invest GmbH have
Industrial OOe made an undisclosed
products Invest investment in Melecs EWS
and services, GmbH GmbH, a local
Industrial: manufacturer of electronic
Electronics, components and switch
Services gears. The terms of the
(other) deal were undisclosed.
The Slovak, Turkish and
Romanian entities were
also part of the deal.
Intrum AB Sweden Intrum AB Financial Romania DDM Switzerl July-23 n/d n/d n/d DDM Group AG has
(Intrum services Group AG and acquired the Romania
Romania) based business of Intrum
AB, the Sweden based
provider of debt collection
and surveillance, credit
information and
management services. The
consideration was €17.3m.
Morphosis Romania Dr. Leahu Medical Romania Centrul Romani Jun-23 n/d 51% MidEurop Centrul Medical Unirea
Capital SRL Dental Medical a a LLP SRL, the Romania based
Clinics Unirea integrated medical services
SRL provider has acquired 51%
of Dr Leahu Dental Clinics,
the local dental clinic
operator from Morphosis
Capital SRL, the private
equity firm. The terms of
the deal were undisclosed.
The transaction provides
an exit strategy for
Morphosis Capital SRL.
n/a n/a Clarfon SA Retail, Romania Value4Ca Romani Jun-23 n/d 100% Value4Ca Value4Capital Sp z oo, the
Medical pital a pital Poland based private
equity firm, has acquired
Clarfon SA, the Romania
based retailer of hearing
aids, laryngology devices
and accessories. The terms
of the deal were
undisclosed.
n/a n/a NETOPIA Computer Romania Innova Poland May-23 n/d n/d Innova Innova Capital Sp z oo, the
mobilPay software Capital Sp Capital Sp private equity firm has
z o.o. z o.o. acquired a majority stake
in NETOPIA mobilPay, a
Romania based processor
of online payments.
The terms of the deal were
undisclosed.
Source: Mergermarket

20
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Countr Date Value Stake Description
Name Country Name Sector Country Name provider
y EURm
Bancroft France Dumagas Transportati Romania Omnia Romani Feb-23 n/d 100% n/d Omnia Capital, the
Group LP Transport on Capital a Romania based private
equity firm, has acquired
Dumagas Transport SA, the
local logistics company,
from Bancroft Group LP
(the United Kingdom based
private equity firm that has
been active exclusively in
the region of Eastern
Europe). The terms of the
deal were undisclosed. The
transaction provides an
exit strategy for Bancroft
Group LP.
IceLake Netherla Netrom ITC Romania Investcor Bahrain Feb-23 n/d n/d n/d Investcorp Technology
Capital nds Software p Partners (ITP), a Bahrain-
Technolo based leading global
gy technology investor, has
Partners agreed to acquire a
majority stake in NetRom
Software, a leading cloud-
first, digital transformation
and software engineering
firm in the Benelux region.
TMK PAO Serbia TMK- Industrial Romania Hefestos Serbia Jan-23 n/d 100% n/d Hefestos Capital DOO, the
Artrom SA Products Capital Serbia based private equity
and Services DOO house has acquired TMK-
Artrom SA, the Romania
based manufacturer of
high prressure pipes such
as hydraulic cylinders,
tubes, drill pipes and
hot/cold rolled pipes from
TMK PAO, the Russian
Federation based producer
of tubular products for the
oil and gas industry. The
terms of the deal were
undisclosed.
Source: Mergermarket

21
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Countr Date Value Stake Description
Name Country Name Sector Country Name provider
y EURm
n/d n/d Sarcom Construction Romania Platforma Romani Dec-22 n/d 100% Platforma ROCA Investments, the
ROCA SA a ROCA SA Romania based private
Equity Firm is to acquire
Sarcom SRL, the Romania-
based manufacturer of
paints and varnishes. The
terms of the deal were
undisclosed.
n/d n/d Romprix Construction Romania All4Labels German Nov-22 n/d 100% Triton All4Labels Group GmbH,
Exim Srl Group y Partners the Germany based
GmbH manufacturer of packaging
supplies and labels is to
acquire Romprix Exim Srl,
the Romania based
converter of self-adhesive
materials. All4Labels Group
GmbH is a portfolio
company of Triton Partners
LLC. The terms of the deal
were undisclosed.
CA Austria CA Real estate Romania Paval Romani Nov-22 n/d 100% n/d Paval Holding Srl, the
Immobilie Immobilien Holding a Romania based investment
n Anlagen Anlagen Srl company is to acquire a
AG AG (seven property portfolio
office comprising seven office
buildings) buildings from CA
Immobilien Anlagen AG,
the Austria based lessor of
commercial real estate
property. The
consideration was €377m
($387.3m)
Monsson Romania West Energy Romania Rezolv Romani Nov-22 1 100% Actis LLP Actis LP backed portfolio
Group Power Energy a company, Rezolv Energy,
Investment the Czechia based clean
s energy power supplier has
acquired Power Station,
the Romania based 1044
MW solar photovoltaic
plant in Arad County in
western Romania from
Monsson Group, the
Romania based developer
of wind farms. The terms
of the deal were
undisclosed.
n/d n/d Innoship Software Romania Alsendo Poland Oct-22 n/d n/d Abris Alsendo, the Poland based
Technolog developmen Capital technology shipping
y srl t Partners solutions business, has
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.

Source: Mergermarket 22
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
Morphosis Romania Medima Medical Romania Integral United Oct-22 n/d n/d Integral Integral Venture Partners,
Capital SRL Health SA Venture Kingdo Venture the United Kingdom based
Partners m Partners private equity and growth
capital investments firm,
has acquired an
undisclosed stake in
Medima Health SA, the
Romania based operator of
imaging and radiology
clinics from Morphosis
Capital SRL (the Romania
based private equity firm).
The terms of the deal were
undisclosed. The
transaction provides an exit
strategy for Morphosis
Capital SRL.
n/d Undisclos Amber Computer Romania Emona United Oct-22 21 10.53 Emona Emona Capital LLP, the
ed Studio SRL Software Captial Kingdo % Capital private equity firm, has
LLP m LLP acquired 10.5263% of
Amber Studio SRL, the
Romania based software-
Gaming Platforms company
engaged with operating a
game development and
creative services agency.
The consideration was
€20m.
n/d Undisclos Dacia Plant Consumer: Romania Ceres Belgium Oct-22 n/d 100% Naxicap Ceres Pharma NV, the
ed Srl Retail Pharma Partners Belgium based
pharmaceuticals wholesale
trader acquired Dacia Plant
Srl, the Romania based
company active in the
development, production
and distribution of high-
quality and innovative
natural food supplements
and vitamins. The terms of
the deal were undisclosed.
Ceres Pharma NV is backed
by Naxicap Partners. The
Transaction is completed
st
on 1 Feb 2023.
Vetimex Romania Dachim Agriculture Romania Platforma Romani Sep-22 n/d 100% Platforma ROCA Agri RDF, the
Capital SRL ROCA SA; a ROCA SA; Romania based holding of
ROCA Agri ROCA farm equipment, fodder,
RDF Agri RDF seeds and pesticides
distributors has acquired
Dachim SRL, the local
Romanian grain and
vegetable oil producer and
farming equipment
supplier from Vetimex
Capital, the local Romania-
based investment vehicle
owned by Korponay family.
The terms of the deal were
undisclosed.
Source: Mergermarket 23
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
n/d Oil & Gas Energy Romania Juniper US Sep-22 n/d n/d Juniper Juniper Capital Advisors LP,
Assets Capital Capital the United States based
(100% Advisors, Advisors,private equity firm has
Stake) L.P. L.P. (n/a,
acquired Oil & Gas Assets,
100%) the local oil and gas assets
from Helis Oil & Gas Co
LLC, the local company
engaged in oil and gas
exploration. The terms of
the deal were undisclosed.
Italian Italy S.C. Manufacturi Romania Platforma Romani Sep-22 n/d 60% Platforma Platforma ROCA SA, the
Cable Electroplas ng ROCA SA a ROCA SA Romania-based investment
Company t S.A. and management
SpA platform, has agreed to
acquire an undisclosed
majority stake in S.C.
Electroplast S.A., the
Romania-based copper and
aluminium cable
manufacturer from Italian
Cable Company SpA, the
Italy-based manufacturer
of electric cables that are
capable of resisting high
temperatures, for an
undisclosed consideration.
n/d Undisclos Jomo Consumer: Romania Arneplant Spain Aug-22 n/d 100% Tresmare Arneplant SL, the Spain
ed Thermomo Retail SL s Capital based manufacturer of
lding SRL Corporat breathable foams, insoles
e SL and specialty fabrics has
acquired Jomo
Thermomolding SRL, the
Romania based footwear
manufacturer. The terms
of the deal were
undisclosed.
n/d n/a evoMAG Consumer: Romania Catalyst Romani Aug-22 2 n/d Catalyst Online retailer evoMAG
retail Romania a Romania has attracted €2m from
private equity fund
Catalyst Romania, in order
to scale up, Profit.ro
reported.
Source: Mergermarket

24
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
n/d Undisclos SIGAD Software Romania Green Romani Jul-22 n/d 100% Abris Green Group, the Romania
ed developer Group a Capital based waste collecting and
Partners recycling enterprise has
acquired SIGAD, the local
developer of
environmental reporting
software. The terms of the
deal were undisclosed.
Green Group is a portfolio
company of Abris Capital
Partners.
Bittnet Romania DENDRIO ITC Romania AGISTA Romani Jun-22 1.5 12% Agista Agista investments
Systems SOLUTION INVESTM a Investme acquired a 12% stake in an
S ENTS nts Integrators on the
Romanian IT market and
further develop the
integration business from
the position of Secured
Hybrid Multi-Cloud
Integrator.
n/d n/d Dentstore Distribuiton Romania Dental Poland May-22 n/d 100% Abris Abris Capital Partners, the
of dental Venture Capital CEE private equity firm is
supplies & Capital Partners to acquire Dentstore, a
equipment SRL Romania based distributor
of supplies and equipment
for dentists and dental
technicians.
n/d n/d E-PLUS Energy Romania Agista Romani May-22 n/d 15% Agista Agista investments
SMART services Investme a Investme acquired a 15% stake in E-
ENERGY nts nts PLUS SMART ENERGY,
which is specialized in
collection, management
and analysis of technical
and measurement data,
implementation and
maintaining of smart
metering, automation and
power station protections.
n/d n/d Eva Medical: Romania Sensiblu Romani Apr-22 n/d n/d Penta Sensiblu SRL, the Romania
Medical Pharmaceuti SRL a Investme based pharmacy chain
SRL cals nts s. r. o. operator has acquired an
(Czech undisclosed stake in Eva
Republic) Medical SRL, the local
Romanian chain of
pharmacies (five). The
terms of the deal were
undisclosed.

Source: Mergermarket

25
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
Anexandru Romania RodBun Agriculture Romania Daniel Romani Apr-22 n/d 9.8% n/d Mr. Daniel Dines through
Iancu and Grup SA Dines a its subsidiary Ice Vulcan
Daniel (Private Properties Ltd, along with
Muntean Investor) Mr. Ionut Sas has acquired
Ice Vulcan 9.8% of RodBun Grup SA,
Propertie the Romania based
s Ltd producer of seeds for
Ionut Sas farmers. The terms of the
(Private deal were undisclosed.
investor)
Vasile Romania Dial SRL Industrial Romania Roca Romani Apr-22 n/d 100% n/d ROCA Industry, the
Rosu products Industry a Romania based holding
and services company, has acquired SC
Dial SR, the local wire
products manufacturer.
The consideration was
€14m.
n/d n/d Duvenbeck Shipping and Romania Waterlan Netherl Mar-22 n/d 100% n/d Waterland Private Equity
Romania Ports d Private ands Investments BV, the Dutch
Equity private equity company has
Investme acquired a majority stake in
nts 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.
Adrian Romania Terra Industrials Romania Bico Romani Mar-22 n/d 100% ROCA Bico Industries SRL, the
Butac Impex Industries a 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.
Banca Romania Timesafe Computer Romania Mozaik Austria Feb-22 n/d 33% Mozaik Mozaik Investments, the
Transilvani SRL software Investme Investme Romania based private
a nts nts 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.
Source: Mergermarket

26
Private equity investments (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
Claudiu Romania Eco Euro Consumer: Romania Roca Jan-22 n/d 70% Roca Roca Investments SA, the
Casvean Doors SRL Manufacturi Investme Investme Romania based operator of
ng nts SA nts SA investment and
management platform
financing Romanian
companies, agreed to
acquire 70% stake of Eco
Euro Doors SRL, the local
wooden door
manufacturer.
Daniel Romania Smart ID Software Romania Sarmis Romani Jan-22 n/d n/d Sarmis Sarmis Capital Partners, the
Boangiu Dynamics developmen Capital a Capital private equity firm, has
and t acquired a majority stake in
Romeo Smart ID Dynamics, the
Iacob Romania based software
developer providing
industrial automation
solutions.
Source: Mergermarket

27
Romanian private equity investments outside Romania
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
n/a n/a XBS Transportati Poland Genesis Poland, May-23 n/d 100% Genesis Value4Capital Sp z oo, the
Logistics SA on Capital Romani Capital Poland based private equity
s.r.o.; a s.r.o.; company specializing in
Value4Ca Value4Ca mid-market Central
pital pital European companies, is to
acquire XBS Logistics SA,
the local logistics company
engaged in business
process outsourcing
services.
The terms of the deal were
undisclosed.
n/d n/d UAB Esco Recycling Lithuania Green Romani Aug-22 n/d 100% Abris Green Group, the Romania
Group a Capital based waste collecting and
Partners recycling enterprise has
acquired UAB Ecso, the
Lithuania based recycling
company. The terms of the
deal were undisclosed.
Green Group is a portfolio
company of Abris Capital
Partners Sp z oo, the
private equity firm.
Source: Mergermarket

28
Venture capital investments
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
n/a n/a Arcanna.ai ICT Romania Lytical USA, Dec-23 3.2 Seed Arcanna.ai raised $3.5m in a
Ventures Philadel seed round led by Lytical
(New York) phia, Ventures (New York) with
with Luxemb participation from Osage
participation urg Venture Partners
from Osage (Philadelphia), Defined
Venture (Vancouver), Isometric
Partners Ventures (Luxembourg) and
(Philadelphia), John Stewart. This infusion
Defined of capital is set to rapidly
(Vancouver), expand Arcanna.ai's
Isometric innovative platform, setting
Ventures an industry-first path toward
(Luxembourg) autonomous decision-
and John making in cybersecurity.
Stewart
n/a n/a Siena AI E-commerce Romania Sierra n/a Nov-23 4.2 Seed Siena, a US-based start-up
Ventures, launched by Romanian
Parri Passu founders that developed an
Ventures, autonomous AI customer
SpaceStation service platform designed
Investments, for e-commerce, raised
Village Global, $4.7M from a group of
The Council, investors, including Sierra
and OpenSky Ventures, Parri Passu
Ventures Ventures, SpaceStation
Investments, Village Global,
The Council, and OpenSky
Ventures
n/a n/a Creatopy Marketing Romania 3VC and Point n/a Oct-23 9 Series A Creatopy Raises $10M Series
Nine A Investment. Creatopy, the
AI-driven creative
automation platform, has
raised a $10M Series A from
3VC and Point Nine.
n/a n/a Druid SA Computer Romania Endeavor Switzerl Sep-23 28 Series B The $30m funding round is
Software Global, Inc.; and led by TQ Ventures, with
GapMinder participation from new
Venture investors Smedvig Capital,
Partners BV; Endeavour, and Verve
Hoxton Ventures, as well as existing
Ventures LLP; investors GapMinder,
Karma Hoxton Ventures, and Karma
Ventures OU; Ventures.
Smedvig
Capital Ltd;
TQ Ventures
LLC; Verve
Ventures
Source: Mergermarket, HowtoWeb
Note: Only investments above €3m from HowtoWeb were included in the table.

29
Venture capital investments
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
n/a n/a FlowX.AI Computer Romania Dawn Capital; China May-23 32 Series A Dawn Capital, the Japan
Software PortfoLion based venture capital firm
Zrt; SeedBlink; has acquired an undisclosed
Zhuhai stake in FlowX.AI, the
Hengqin Richu Romania based start-up
Chuyuan helping enterprises build and
Private Equity launch omnichannel digital
Fund products. The consideration
Management was 35m USD.
Co Ltd
n/a n/a Veridion ICT Romania LAUNCHub n/a Feb-23 5.4 Seed Veridion (formerly
Ventures, OTB Soleadify), a Romanian AI
Ventures, startup specializing in
Underline business data, raises $6M
Ventures, Day from a group of investors
One Capital, including LAUNCHub
and Ventures, OTB Ventures,
GapMinder Underline Ventures, Day One
Venture Capital, and GapMinder
Partners Venture Partners.
n/a n/a Digitail Computer Romania Atomico (UK) France Jan-23 10 n/d Atomico (UK) Partners LLP,
Software Partners LLP; the venture capital firm,
byFounders; active in the technology
Gradient sector has acquired an
Ventures; undisclosed stake in Digitail,
Partech the Romania based software
Partners SAS application for veterinary
surgeries and customers.
The consideration was
$11m.
n/a n/a Vatis Tech SRL Computer Romania Early Game Romani Jan-23 1 n/d An investor group led by
software Ventures; a Early Game Ventures, the
Malin early-stage venture capital
Stefanescu firm has acquired an
(Private undisclosed stake in Vatis
Individual); Tech SRL.
Sparking The consideration was
Capital SRL €0.65m.
Source: Mergermarket, HowtoWeb
Note: Only investments above €3m from HowtoWeb were included in the table.

30
Venture capital investments (cont’d)
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
Founder(s): Romania Youni Education Romania Early Game Romani Dec-22 0.6 seed Youni is an online platform
Andrei Ventures a dedicated to students
Nicolae looking for the right
university based on their
skills and inclinations, on an
international scale.
Founder(s): Romania Footprints Retail Romania 8 private Romani Dec-22 0.5 seed Footprints AI is a cutting-
Dan investors, a edge artificial intelligence
Marculescu including company dedicated to
Sandu revolutionizing data
Babasan, analytics. Their advanced AI
Florin M. Pop, solutions empower
Lorand Soares businesses to extract
Szasz actionable insights from
complex data sets, enabling
informed decision-making
and driving competitive
advantage.
Founder(s): Romania Vatis Tech Speech Romania Sparking Romani Dec-22 0.7 seed Vatis Tech is widely known
Adrian recognition Capital, Malin- a for developing AI-based
Ispas Iulian voice recognition
Stefanescu, technologies that outmatch
Early Game in terms of accuracy global
Ventures players such as Google or
Microsoft.
Founder(s): Romania Undelucram HR Romania GapMinder Sweden Dec-22 0.6 seed Undelucram is Romanian-
Costin based online service whose
Tudor customers are individuals
able to browse through a
high variety of jobs, in
different fields. Other
features include a salary
calculator and a review
section.
Founder(s): Romania Smart Touch RPA Romania Celer Capital Romani Dec-22 Smart Touch Technologies is
Decebal Technologies a 0.3 seed an enterprise dedicated to
Popescu, edesigning the B2B
Octavian conversations and data
Radu exchange, creating an
intelligent data ecosystem
that is AI driven and uses
Machine Learning,
enhancing companies’
performance and growth.
Source: Mergermarket

31
Venture capital investments (cont’d)
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
n/d n/d Swisspod Transportation Czech Seedblink Romania Dec-22 1.1 seed Swisspod Technologies is
Republic a Swiss-American startup
co-founded and headed
as CEO by Romanian
entrepreneur Denis
Tudor, which is
developing an ultra high-
speed intracontinental
transport solution with a
neutral carbon footprint
for passengers and goods
(Hyperloop).
Founder(s): Romania Parol Health Romani Cleverage, Romania Dec-22 0.5 seed Parol is a Romanian start-
Claudiu a The Mavers, up developing an end-to-
Pândaru, Marius end technology that
Alex Istrate, Andra helps doctors and
Livadaru, Malina medical clinics provide
Alex Țepeș, Platon, Ana better care to patients by
Valentin Cinca saving time through
Ichim automating a portion of
administrative tasks. The
platform transcribes the
conversation between
the doctor and patient in
real time, in both
Romanian and English
languages. It detects
speaker changes and
auto-populates
documents such as
medical records.
Founder(s): Romania Aqurate AI E-commerce Romani Seedblink Romania Dec-22 0.4 seed Aqurate AI, developing
Lisardo a an AI-based SaaS
Erman, platform, helps
Raul eCommerce shops
Mazilu, increase the conversion
Tudor rate and average order
Goicea, value, by offering their
Vlad visitors a personalized
Marincas online shopping
experience.
Founder(s): Romania Goodlegal Legal Romani Early Bird Germany, Nov-22 1.2 seed Goodlegal is a Romanian-
Vasile a Digital East Czech based legal start-up,
Tiple, Fund, Credo Republic, performing legal
Alexandru Ventures, Romania compliance service for
Razvan Underline VC, other companies.
Caciulescu, Daniel Dines
Alex
Tataran
n/d n/d Artivive AR Romani Growceanu Romania Nov-22 0.1 pre- Artivive is an AR tool that
a seed allows artists to create
new dimensions of art by
linking classical with
digital art.
Source: Mergermarket

32
Venture capital investments (cont’d)
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
Founder(s): Romania Licensewar License Romani EGV Romania Nov-22 1.0 seed Licenseware is a globally
Alex e management a distributed deep-tech
Cojocaru, start-up born in 2020, on
Chris Allen, a mission to commoditise
Ciprian ITAM tooling,
Grigore headquartered in
Romania.
Founder(s): Romania YAROOMS HR Romani GapMinder Sweden Oct-22 2.0 seed Yarooms is a Romanian
Dragos a technology company, co-
Badea, Emil founded in 2010 by
Muthu Dragoș Badea, Emil
Muthu, and Marcel
Preda. The company
develops office
management software,
offering solutions such as
office and meeting room
booking, hybrid work
planning, and digital
signage.
Founder(s): Romania Nestor HR USA Underline VC, Romania, Oct-22 1.9 seed Nestor is a Romanian-
Bogdan Eleven VC Bulgaria born HR software startup
Apostol, headquartered in San
Raluca Fransisco, that strives to
Apostol deliver 50% more
employee performance
by intertwining people
with technology. The
team has built a smart
coaching tool that allows
organizations to build
leadership-driven
company culture.
Founder(s): Romania FoodKit Food Romani Vendavour Czech Oct-22 1.0 seed FoodKit is a
Alexandru (Romania) a Investment Republic cook&delivery service,
Popescu, Fund whose business model is
Andrei based in preparing
Gigirtu, healthy meals for their
Dragos beneficiaries, under a
Christian subscription model.
Ionita,
Mihai Pisla
n/d n/d OutThink IT - Security UK Albion Capital UK; Oct-22 10.0 seed A group of investors led
service Group LLP, Romania by Albion Capital Group
TriplePoint LLP, the United Kingdom
Capital, LLC, based venture capital
Forward firm has acquired an
Partners undisclosed stake in
Management OutThink, the United
Company Kingdom based IT
Limited, security service firm. The
Innovate UK, consideration was £8.8m.
GapMinder
VC
Source: Mergermarket

33
Venture capital investments (cont’d)
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
Founder(s): Romania Frisbo E-commerce Romani RocaX Romania Oct-22 1.0 seed Frisbo is an efulfillment
Bogdan a solution matching online
Colceriu, stores with a network of
Laura trusted fulfillment
Frincu operators & smart
logistics providers. Frisbo
helps sellers get orders to
their customers cheaper,
faster, and easier, making
ecommerce truly
borderless.
Founder(s): Romania Ialoc E-commerce Romani SeedBlink, Romania Sep-22 0.5 seed Founded in 2017 by
Cosmin a Gapminder Cosmin Magureanu,
Magurean, VC, MaxyGo Dragos Badea and Emil
Dragos Invest Holding Muthu, ialoc develops an
Badea, Emil online platform and app
Muthu for reservations and
quick payments in
restaurants, bars, and
cafes. According to ialoc,
its app has been already
downloaded by more
than 100,000 users.
Founder(s): Romania OxidOS DeepTech Romani EGV Romania Aug-22 1.2 seed OxidOS, a Romanian
Alexandru a deep-tech startup, was
Radovici founded by a group of
five Romanian specialists:
Alexandru Radovici
(CEO), Bogdan Genis
(CTO), Vlad Rădulescu
(certification), Ioana Culic
(R&D), and Daniel Rosner
(business development),
having extensive
experience in the
software and automotive
industry.
Founder(s): Romania Enabld Dev tools Romani Wale Aug-22 1.4 seed Enabld is enabling Telcos
Alexandru a Ajisebutu and Service Providers to
Ciubuc, launch and grow
Carlos enterprise
Villanueva communications at scale.
Founder(s): Romania Voxa Education Romani Seedblink Romania Aug-22 0.6 seed Voxa is a Romanian-
Dan a based startup in the field
Vidrascu, of streaming for
Mester audiobooks and e-books,
Catalin with content available in
Romanian and English,
dedicated to improving
the digital streaming
experience.
Source: Mergermarket

34
Venture capital investments (cont’d)
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
Founder(s): Romania FINQware Finance Romani GapMinder Romania Aug-22 0.5 seed FINQware, an open
Cosmin a Elevator banking platform that
Cosma, Ventures digitizes banking
Danut processes worldwide, is
Covalciuc, listed on SeedBlink for
Dumitru funding amounting to
Taraianu €200,000. The Romanian
fintech company has
raised €250,000 from 7X
Partners and a business
angel, with a total
funding round target of
€450,000.
Founder(s): Romania Milluu Real Estate USA RocaX Romania Jul-22 1.0 seed Milluu is a Romanian-
Florin Based digital platform for
Stoian renting apartments
available in Romania and
Poland.
Founder(s): Romania RepsMate RPA Romani Cleverage Romania Jul-22 0.03 pre- RepsMate is a Romanian
Alin Rosca a seed AI & Data Analytics
startup that helps
companies to understand
customers’ needs,
behavior and tendencies
in order to transform
Representatives into Top
Performers.
n/d n/d Venues & Software Romani Early Game Romania Jun-22 0.5 n/d Early Game Ventures, the
Services development a Ventures, Romania based venture
Manageme Sparking capital firm investing in
nt SRL Capital start-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
€0.5m.
Founder(s): Romania Druid SA Computer Romani Hoxton Romania May-22 14 Series A A group of investors led
Liviu software a Ventures, by Karma Ventures, the
Dragan Karma Estonia based venture
Ventures, capital firm, has acquired
GapMinder an undisclosed stake in
VC Druid SA, the Romania
based chatbot solutions
developer in a series A
funding round. The
consideration was $15m
(€14m).
Source: Mergermarket

35
Venture capital investments (cont’d)
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
n/d n/d AdServio Tech Romani Catalyst Romania May-22 2.0 n/d Catalyst Romania Fund II,
a Romania Fund one of the most
important venture capital
funds in the region,
supports the initiative of
scaling the Adservio
educational platform in
Europe through an
investment of €2m.
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.
n/d n/d Mocapp Marketing Romani Roca X Romania Mar-22 n/d n/d E-Commerce influencer
Software a Star†up SA management platform
that allow stores to
discover micro
influencers within their
customer base.
n/d n/d Code of Tech Romani Catalyst Romania Feb-22 1.7 Series A Code of Talent concludes
Talent a Romania Fund a Series A funding round
worth €1.7m, 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.
Source: Mergermarket

36
Romanian venture capital investments outside Romania
Seller Target Buyer Deal
Date Value Round Description
Name Country Name Sector Country Name Country
EURm
n/d n/d BetterVet Veterinary USA Alta Partners USA Nov-22 40.0 Series A Alta Partners, the United
services States based venture
capital firm in life
sciences, and private
investor Bruce Herzfelder
have led a Series A
funding round for an
undisclosed stake in
BetterVet Inc, the local
provider of mobile
veterinary care for pets.
The consideration was
$40m.
n/d n/d Munevo Medical German BayBG Germany Oct-22 3.0 Series A Bayerische
GmbH Hardware y Bayerische Beteiligungsgesellschaft
Beteiligungsg mbH - BayBG, ROCA X and
esellschaft be-exponential GmbH,
mbH; Roca X; the Germany based
be- venture capital firms,
exponential have acquired an
GmbH undisclosed stake in
Munevo GmbH, the local
medtech start-up. The
consideration was €3m.
n/d n/d Munevo Medical German Roca X Romania Jul-22 3.0 n/d Munevo Gmbh, a
Gmbh Software y Star†up SA Germany-based company
founded by Romanian
entrepreneur, raises €3m
to scale medical devices
for patients suffering
from motor impairment
Founder(s): UK Ravio Tech UK Northzone Romania Apr-22 9.5 Seed Ravio Technologies Ltd,
Roy Blanga, Technologi Ventures AS, the United Kingdom
Merten es Ltd. Cherry based provider of real-
Wulfert Ventures time compensation data
and Management and analytics services has
Raymond GmbH, raised USD 10m in its
Siems Sparking seed funding round led by
Capital Northzone Ventures AB,
the Sweden based
venture capital company.
The transaction also
involved participation
from Cherry Ventures
GmbH and Sparking
Capital SRL.
n/d n/d Bunnsyhell Enterprise USA Roca X Romania Jan-22 3.6 n/d Romania’s Bunnyshell
Inc Software Star†up SA raises USD 4m to expand
its US presence.
Source: Mergermarket

37
Private equity exits
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
JC Flowers & USA First Bank Financial Romani Intesa Italy Announ n/d 99.98 n/a Intesa Sanpaolo SpA,
Co LLC Romania services a Sanpaolo ced in % the Italy based financial
SpA Oct23 services company
offering retail,
commercial and
investment banking, as
well as wealth
management services,
acquired 99.98% of First
Bank Romania, the
Romania based
company operating in
Banking from JC Flowers
& Co LLC, the private
equity firm.
The transaction closed
in 2024, after the
approval by the
competent regulatory
authorities.
MidEuropa LLP United Profi Rom Consumer: Romani Koninklijk Netherl Announ 1,300 100% n/a Koninklijke Ahold
Kingdo Food SRL Retail services a e Ahold ands ced in Delhaize NV, the
m Delhaize Oct23 Netherlands based
NV international retailing
company focusing on
distributing and selling
food products through
supermarkets,
convenience stores, and
eCommerce is to
acquire Profi Rom Food
SRL, the Romania based
grocery stores operator
from MidEuropa LLP,
the private equity firm.
The consideration was
€1.3bn ($1.38bn).
The transaction is
expected to be
completed in 2024 and
is subject to the
satisfaction of
customary closing
conditions and including
regulatory clearance.
Source: Mergermarket

38
Private equity exits (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
Morphosis Romani Dr. Leahu Medical Romani Centrul Romani Jun-23 n/d 51% n/d Centrul Medical Unirea
Capital SRL a Dental a Medical a SRL, the Romania based
Clinics Unirea integrated medical
SRL services provider has
acquired 51% of Dr
Leahu Dental Clinics, the
local dental clinic
operator from
Morphosis Capital SRL,
the private equity firm.
The terms of the deal
were undisclosed. The
transaction provides an
exit strategy for
Morphosis Capital SRL.
Axxess Capital Romani Star Computer Romani Catalin Romani Apr-23 n/d 65% n/d Catalin Paunescu
a Storage software a Paunescu a (Private Individual), the
S.A. (Private Romania based CEO of
Individual Star Storage has
) acquired 65% of Star
Storage, the local data
processing and storage
company from Axxess
Capital, the local
investment manager of
private equity funds.
The terms of the deal
were undisclosed. The
transaction provides an
exit strategy for Axxess
Capital.
Source: Mergermarket

39
Private equity exits (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
ROCA Romani Romcargo Transportation Romani n/d n/d Dec-22 n/d 60% ROCA ROCA Investments, a
Investments a Maritim a private equity firm
controlled by Impetum
Group, has sold its 60%
stake in seaport
operator Romcargo
Maritim to a yet
undisclosed shareholder
of the Constanta-based
company, Ziarul
Financiar reported.
ROCA made a
transaction profit of
€3m, with a 72% IRR,
the report noted.
Morphosis Romani Medima Medical Romani Integral United Nov22 n/d n/d Integral Evolving Europe
Capital SRL a Health SA a Venture Kingdo Venture Principal Investments, I
Partners m Partners (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.
Vetimex Romani Dachim Agriculture Romani Platforma Romani Sep-22 n/d 100% ROCA ROCA Agri RDF, the
Capital a SRL a ROCA SA; a Romania based holding
ROCA Agri of farm equipment,
RDF fodder, seeds and
pesticides distributors
has acquired Dachim
SRL, the local Romanian
grain and vegetable oil
producer and farming
equipment supplier
from Vetimex Capital,
the local Romania-based
investment vehicle
owned by Korponay
family. The terms of the
deal were undisclosed.
Source: Mergermarket

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Private equity exits (cont’d)
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
Innova Capital Poland; EnergoBit Engineering Romani Stefan Romani Sep-22 n/d 25% Stefan Stefan Gadola, Ioan
Sp z o.o. UK ESCO Co a Gadola a Gadola Socea, Pál Peter, the
The European (Private (Private Romania based
Bank for Investor) Investor) investors interested in
Reconstruction Peter Pal Peter Pal companies engaged in
and (Private (Private electrical engineering
Development Investor) Investor) sector have acquired
Ioan Ioan Socea 25% of EnergoBit ESCO
Socea (Private Co, the local company
(Private Investor) specialised in electrical
Investor) engineering projects
from Innova Capital Sp z
oo, the private equity
firm and European Bank
for Reconstruction &
Development - EBRD.
The terms of the deal
were undisclosed. The
transaction provides an
exit strategy for Innova
Capital Sp z oo.
Enterprise Poland Noriel Consumer: Romani Sunman Turkey Jul-22 n/d 100% Sunman The Sunman Group from
Investors Sp. z Group Other a Turkey, which has
o.o. activities in the retail,
distribution and
production of toys,
bought Noriel, a
Romanian company in
the same field, from the
Enterprise Investors.
Resource Poland World Leisure Romani African UAE Jul-22 n/d n/d n/d The African Industries
Partners Sp. z Class a Industries Group (AIG) holding
o.o. Romania Group acquired (through Vectr
Fitness) 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.
Source: Mergermarket

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Venture capital exits
Seller Target Buyer Deal
Equity
Date Value Stake Description
Name Country Name Sector Country Name Country provider
EURm
Gapminder Romani Innoship Computer Romania Alsendo Poland Oct-22 n/d n/d Abris Capital Alsendo, the Poland
Venture a Technology software Partners based technology
Partners SRL shipping solutions
business, has 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.
The terms of the deal
were undisclosed.
Alsendo is a portfolio
company of Abris
Capital Partners Sp z oo,
the Poland based
private equity firm.
Gapminder Romani Flip.ro Consumer Romania eMAG Romani May-22 8.0 42.26% n/d Flip, a Romanian
Venture a Retail Venture a platform for buying
Partners refurbished phones, has
raised a total of €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.
Source: Mergermarket

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Glossary, methodology and sources of data
Glossary
bn bilion
c. circa
EU R/ € euro
G DP gross domestic product
m milion
n/d undisclosed
UK United Kingdom
US United States
U SD 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.

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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, 2022 data
HowtoWeb Venture capital investments data, transactions details for 2017, 2018, 2019, 2020, 2021, 2022
Mergermarket Transactions details
ROPEA members Transactions details
Eurostat Gross domestic product data

Note: The data reported by Invest Europe is based on information collected in the EDC platform and is continuously
updated considering the feedback received from Private Equity, Venture Capital firms and the national associations
participating in the EDC initiative.
Typically, upon the publication of the most recent year's data (2023 in this case), Invest Europe republishes the data for the
preceding year (in this case 2022). However, during 2023, Invest Europe has elected to republish all data starting from
2007, incorporating all feedback received for previously published years.
Therefore, we have adjusted all the historical figures in order to reflect the most recent and updated data.

44
Contacts
Daniela Iliescu
Executive Director, ROPEA
Mobile: +40 723 330 573
E-mail: Daniela.Iliescu@AxxessCapital.net

Radu Dumitrescu
Partner-in-Charge, Financial Advisory, Deloitte Romania
Mobile: +40 744 557 315
E-mail: rdumitrescu@deloittece.com

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