Early Game gets green light to launch second venture capital fund

Yesterday, on February 28th, 2024, the Investment Committee designated by the Romanian Government for the Recovery Equity Fund, part of PNRR (National Program for Recovery and Resilience), cofinanced by European Union through NextGeneration EU, approved an important financing for the new investment fund Early Game Ventures II.

Managed by the European Investment Fund (EIF), PNRR’s venture capital instrument finances investments in small and medium-sized enterprises, mid-caps and infrastructure projects.

This is an important milestone in the prelaunch process of the second VC fund managed by Early Game Ventures team (EGV). The subscription agreement between the EIF and the EGV will be signed in the following period. Simultaneously, subscription agreements between EGV and other private investors (LPs) will also be signed.

Early Game Ventures II will continue the investment strategy of the previous fund, EGV I, which benefited from a contribution through the equity financial instrument financed by the Competitiveness Operational Program 2014-2020 and ended the active investment period. EGV I fund is still active but will only invest in the companies from its own portfolio. New investments will be done from the EGV II Fund, with a total value of 60 million euros.

“We are honored to be invested again by the EIF with such trust, based on the results of the first Early Game venture capital fund. For the Romanian and regional startup ecosystem, this new validation of EGV’s professionalism is a guarantee that we are an investment partner who understands the founders’ goals, the challenges they are up to and supports them to reach their maximum potential in business”, says Cristian Munteanu, Founder and Managing Partner of EGV.

Recently, Florin Vișa, an expert with 24 years of experience in private equity investments, venture capital, M&A and corporate finance in Central and Eastern Europe, joined Early Game Ventures.

Dan Călugareanu continues its activity as a professional investor in both funds managed by Early Game, contributing with his experience as an entrepreneur, business angel and mentor to the development of the entire ecosystem. Before becoming a Partner at Early Game, Dan Călugareanu was the Chairman of Tech Angels, the largest organization of business angels in Romania and invested his own capital in many early-stage Romanian startups.

Radu Stoicoviciu, one of the most well-known professionals in M&A, will continue his activity within the first Early Game fund. With an impressive 25-year career at PwC where, in the last 10 years, led the firm M&A efforts in Central and Southern Europe, Radu Stoicoviciu was involved in more than 200 major transactions. His experience is extremely valuable in managing the exits that Early Game Fund I has planned.

Early GameEarly Game Ventures IIEGVsecondventure capital fund
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