Romania's PNRR (Recovery and Resilience Plan) allocated EUR 50 million to two local investment funds, Early Game Ventures II and BoldMind, via the Recovery Equity Fund (REF) managed by the European Investment Fund (EIF).

"So far, including the approvals mentioned above, the Committee has approved eight investments worth EUR 175 million, and the funds have already invested approximately EUR 60 million in Romanian companies in 2023," said Teodora Preoteasa, secretary of state of the Ministry of Investments and European Projects (MIPE).

In total, Romania earmarked about EUR 400 million under PNRR to encourage investments in small and medium-sized companies in Romania. 

The private fund managers have to raise at least 30% of the money from private investors and more than 20% from institutional investors, while the Recovery Equity Fund can contribute up to 50%.

Managed by the European Investment Fund, the PNRR's risk capital instrument finances investments in small and medium-sized enterprises, mid-cap enterprises, and infrastructure projects.

According to Ziarul Financiar, there are a total of eight investment funds that received the permit to access money from the PNRR's Recovery Equity Fund budget, including the two newly announced funds. AMC V (ACP fund), Innova 7, Booster Capital, Mozaik Investments, GapMinder II, and Morphosis Capital II are among the previously announced ones.

With the money now obtained from PNRR, the Early Game Ventures II Fund will continue the technology investment strategy of the first fund managed by the same team, which benefited from a contribution through the equity financial instrument financed by the Competitiveness Operational Program 2014-2020 and which concluded the main investment period, according to the website of the Ministry of Investments and European Projects.

BoldMind is the first fund with institutional investors managed by the team led by the Romanian investor Dragos Roşca. The team has a diversified investment strategy in companies in the stage of accelerated growth.

Dragoş Roşca is a known investor because he was a shareholder in companies such as OptiBLU or Smartree. He previously managed the Gemisa Investments fund.

iulian@romania-insider.com

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