Bittnet Systems, a company active in the network training area in Romania, has recently announced securing an investment for 24 percent of the company from a private Romanian investor - Răzvan Căpăţînă, after participation in the VentureConnect meeting organized on November 23 last year. The private Romanian investor has 10 years experience in marketing and advertising. The value of the deal was not announced.

The investment supports the company’s development, making the transition to a new strategic phase by activating a wider operational development process within Bittnet. The company turnover amounts to some EUR 500,000 annually, and, according to Bittnet’s estimations, will go over EUR 8 million in the next five years.

Bittnet was founded by Mihai and Cristian Logofătu, while Căpăţînă runs a direct marketing business with a turnover of around EUR 0.6 million a year, which works with clients in the IT&C sector. The three investors knew each other from off road competitions, but it was an article in Romanian media that sparked the idea of an investment, according to daily newspaper Ziarul Financiar.

VentureConnect is a dedicated pitching session, addressing projects in the IT, Technology, Online and E-Commerce areas. It was launched in 2010 with the support from Dan Visoiu (Partner Biris Goran), Ana Maria Andronic (Senior Associate Biris Goran), Marius Ghenea (Business Angel), Radu Georgescu (Chairman GECAD Group), Peter Barta (Executive Director Foundation Post-Privatization) and Dragos Roua (On-line Entrepreneur). The next VentorConnect meeting is scheduled for May 31, 2012.

Irina Popescu, irina.popescu@romania-insider.com