The startup scene in Romania: €11.3m raised & €72m in exits, in 2016 alone

This analysis of the Romanian startup ecosystem showcases investments, exits, key startups, founders and important actors that you need to know if you are or if you are planning to become a startup founder.

Additionally, my hope with this document is to create a better positioning of the Romanian startup scene, more transparency within the ecosystem while highlighting the current state and showcasing comparisons between different markets. Consider it a 10-minute crash course on the local tech scene.


The Romanian tech ecosystem is growing. Our analysis shows that in Romania 20 startups raised €11.3m in total in 2016. Comparatively 15 deals with a value of €10.7m were concluded in 2015. To put it in perspective, European startups raised €16.2b last year — an increase of 12% in terms of capital and 32% in terms of rounds over the previous year.

Capital raised in Romania in Q1 2015 — Q1 2017. Find all the companies here.

In comparison with the neighbor countries of Romania: in Serbia €1.7m were raised in 2 deals, in Hungary €10.7m in 6 deals and in Ukraine €8.2m raised in 19 deals. Bulgaria or Moldova had almost no investment activity last year. The analysis has been built on public data. It is not exhaustive and cannot be considered as such.

Companies that received capital last year in Romania include:

Although Pegas Bikes, Tracia Caravan and Noah Watch received investment last year they are not in the tech field, and will not be counted.

Besides the above mentioned local companies, here are some startups with Romanian founders launched abroad:

Many other bootstrapped companies are set to flourish soon or are already doing great. For a long time, there has been in Romania a lack of risk capital. The culture of becoming a tech founder was not mainstream due to few role models and success stories. This is about to change as the number of successful exits increase and external capital is flowing into the country.

The number of tech companies will grow as the possibilities to self-learn how to start a startup, build an app, or a game, while dealing with marketing, computer science, machine learning, electronics, cryptography, self-driving cars or deep natural language processing are improving. Also it is much easier than a decade ago to connecting with the ever growing number of investors and founders that are defining future industries.

The venture firms Catalyst Romania, Gecad Ventures and 3TS Capital Partners made the large rounds possible. eMag became a corporate investor leading the round in Zitec. In terms of pre-seed, the MVP Academy and Spherik Accelerator helped some of the early stage deals happen.

In terms of funding by source country, most of the capital came from Romania. However there are capital inputs from Hungary, Poland, Israel, Austria and UK in above-mentioned startups. A huge amount of work needs to be done here in order to be able to attract foreign capital into the country.

As key industries, there is solid activity in eCommerce, cyber security, hardware, games, and marketing. A new wave of startups are entering the SAAS, fintech, healthcare, agritech, consumer apps, big data, HR and artificial intelligence industries.

Although there are big players in automotive (Dacia, Ford, Continental or Daimler) and aerospace (Airbus), new players in these industries are still to emerge. I hope to see some corporate accelerators launch since there is a lot of talent, potential available and massive history of 100 years behind the aeronautics and automotive industries.

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The Coanda- 1910, the world’s first jet aircraft created by Henry Coanda.
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Marta Double Phaeton 1910, made in Arad.


Romania has a market that is difficult to ignore. It is the seventh most populated country from the EU with 19.760m people that is 3.9% of the total population of the EU, after DE, FR, UK, IT, ES & PL. It has 426.000 active businesses that employ 2.71m professionals. IT firms account for more than 6% of Romania’s GDP. There are 100.000 engineers working in outsourcing, 11m internet users, 7.93m smartphone users plus the internet speed ranks #9 in the world. On top of these, there are 17.000 startup fans on the Romanian Startups group.

Opportunities have never been greater since the cost of starting a company has been reduced. Rent is cheap and spaces to lease aren’t hard to find. As the web gets bigger, the world gets smaller and mobile adoption is exploding. Scaling a company costs money and traction is the new intellectual property.

With large companies such as Amazon, Microsoft, Intel, Google or Oracle attracting and hiring a large portion of the talent available, in a country where salaries are low, money matters. New international players are like Uber or BlaBlaCar have tapped into the market recently. For sure more will come, and hopefully they will invest in new entrepreneurial campuses and startups.

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According to the 2016 StackOverFlow Developer Survey Results, developers value salary in Romania more than other employee benefits compared to more developed contries.

There are more than 7000 computer scientists that speak English graduating every year from the Romanian universities. Romanian students rank very high at international math, science or IT Olympiads, however you will not hear about university endowment funds or venture funds yet.

Innovation happens all around the country. These companies are headquartered mainly in Bucharest, Cluj and Timisoara. There are also companies located in Brasov, Oradea and Ploiesti. We will hear about them in the future. Some of the rising stars in different locations include:

As the number of startups in these ecosystems grows, so does their ability to gain bigger market share. The concentration of talent, capital, startups, companies and events around these hubs are increasing. These are clear signals of success.

Enrico Moretti, author of The new geography of jobs states that “the knowledge economy has an inherent tendency towards geographical agglomeration. The success of a city fosters more success, as communities that can attract skilled workers and good jobs tend to attract even more.

Venture Capital

Gecad Ventures is committed to support early stage entrepreneurs to achieve their business vision. Their commitment, experience, and perseverance fuelled the creativity of some of the most exciting startups in Europe. They focus primarily on software and hi-tech companies, including: FinTech, security software, cloud technologies, eCommerce and wearable. Gecad Ventures has successfully exited from three of its major investments: RAV Antivirus was acquired by Microsoft in 2003, ePayment by Naspers in 2010, Avangate in 2013 by Francisco Partners, Axigen by Modulo Consulting in 2014, Coinzone by Coinify in 2015 and Vector Watch by Fitbit in 2016. The fund was created by Radu Georgescu.

3TS Capital Partners is one of the leading European technology-focused private equity and venture capital firms. 3TS provides expansion capital and buyout funding for small and medium-sized businesses in growth sectors including Technology & Internet, Media & Communications and Technology-Enabled Services. 3TS investments in Romania include Marketizator, Smart Bill, LogMeIn, Avangate or Internet Corp. 3TS is administrating as fund manager Catalyst Romania.

Catalyst Romania is a private equity and venture capital fund designed for Romania, initially supported by 3TS Capital Partners. In their portfolio: 123ContactForm, Elefant, Vola, Simartis, AvocatNet, Vector Watch or GreenHorseGames. They typically invest in the range of €200,000 to €2 million to support early stage growth and development. In 2016, Catalyst got the investor of the year recognition at Central European Awards and invested in 5 companies: SmartBill, Omniconvert, Vector Watch, SmartDreamers and Elefant. Marius Ghenea is the partner at Catalyst.

Earlybird is a venture capital investor focused on European technology companies. Founded in 1997, Earlybird invests in all growth and development phases of a company. Amongst the most experienced venture investors in Europe Earlybird offers its portfolio companies not only financial resources but also strategic and operational support as well as access to an international network and capital markets. Their investments in Romania include dcs plus, TJobs or UiPath (co-investment together with Credo and Seedcamp). A key partner is Dan Lupu.

International investment firms like Accel and Atomico have now in their teams Romanian professionals such as Luciana Lixandru, Andrei Brasoveanu and Elena Mustatea.

Seed programs

MVP Academy acceleration program supports exceptional founding teams to define their product and go-to-market strategy, build their team, generate early traction and obtain pre-seed or seed financing. Alumni’s include: InnerTrends, ReflexHelp, TypingDNA, SafeDrive or Axosuits. Bogdan Iordache, Mircea Vadan and Daniel Dragomir can guide you on how to be part of the next program. They have just announced the finalists for their latest batch.

RiskyBusiness ia a new acceleration fund located in Cluj is targeted towards pre-seed support, and an innovate step forward in supporting the growth and sustaining of Romanian startups. The program is led by led by Jennifer Austin.

Spherik Accelerator is not just a business accelerator, but a community for tech startups. The program supported firms like Printivate, Primul Medic or Planable. Located in Cluj within the Liberty Technology Park, startups grow side by side SMEs and large multinational firms, exchanging culture, ideas, and fostering innovation.

Carbon supports indies so that they have their breakthrough in the world of gaming. Link Twin and Tap Busters are two projects they are incubating.

Innovation Labs is a pre-acceleration program for students and young professionals that want to build successful tech startups.

RICAP helps innovators in Romania unlock the business potential of their technologies and take them to international markets.

Romanian founders have also been accepted to programs like StartupBootCamp such as Woogie, Hub:Raum where companies like CTF365 or DeviceHub participated or Highway1 where Lampix got selected. Hopefully in the future these accelerators or others like Techstars or EntrepreneurFirst will open one local branch.


In terms of angel investing Dan Calugareanu (Axosuits, CyberSwarm, DCommander, InnerTrends, bookblog), Adrian Gheara (Axosuits, TypingDNA, 123ContactForm), Andrei Pitis (Clevertaxi) or Malin Stefanescu (Greenhorse Games, Smartdreamers) are some of the names to know. They have seen some interesting opportunities at the post-seed, pre-A level. They are part of the TechAngels group.

“Romanian startups seem to tackle more ambitious projects than before, moving beyond outsourcing or cloning international projects locally. I finally see those “impossible projects” and the entrepreneurs crazy enough to pursue them getting financed by local investors. There is still a gap in the financing, between the angels and series-A it’s still hard to find financing, but I’m sure this will correct soon, as money always follows the talent.” Adrian Gheara, Tech Startups Advisor & Investor

Crowdfunding platforms

Kickstarter and Indiegogo helped Romanian founders to launch new games or hardware products:

Although operating abroad, Jooki the Jukeboks for kids raised $66k, THINO a device to charge your phone got 33k and FLARE the smart home security system got $265k. In 2015, Andrei Chivote Amărășteanu raised $1.3M with Lampster while Antonio Meze also had a successful campaign with Meze Headphones raising $50k. Hopefully the Romanian tech startups will tap into Equity crowdfunding soon, and start raising >€1m rounds.

App economy

Romanians started to build strong apps that get millions of downloads. Mondly languages is the app that offers 34 languages in 500 bite-size lessons and 14 conversational modules. Redraw, an app that has gathered more than 6.5 million users, with close to 600,000 of those using it every day, gives extra powers to your keyboard.


The best way to meet the founders of that are building the Romanian champions of tomorrow is to attend HowToWeb in Bucharest, TechSylvania in Cluj or specialized conferences like Dev-Play focused on game development.

In the clip below you can watch Robert Knapp, a native German, founder of CyberGhost explaining the advantages of creating a company in Romania:

Robert Knapp, CEO CyberGhost at How To Web conference in Bucharest

In terms of meetups and tech communities, Bucharest is seeing traction, as spotted in the State of European Tech by Atomico and Slush. And this means that talent is hungry for education in innovative topics.

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Bucharest seen an increase of 96% in the number of the tech meetup groups from 46 to 90 last year.
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In Bucharest there is an increase of 93% of the number of participants at tech meetups from 2015 to 2016.


Startarium, the city of entrepreneurs, was a great opportunity for 80 startups to pitch while raising awareness of the new generations of entrepreneurs. The winner team was Tracia Caravan, a new tourist and caravan factory.

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Tracia Caravan

Innovation Labs is the mentorship and training program for young people passionate about creative technologies and entrepreneurship. The winners of last year program include uRADMonitor a pollution tracker product, or ENTy a high-tech medical device.

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uRadMonitor Environmental Device

Startup Spotlight — brought 50 startups from Europe to attend tailored mentoring sessions and pitch at HowToWeb conference. Winners include SafeDrive, ENTy or Symme3D.

Startup Avalanche from Techsylvania offers a very cool place where innovation gets showcased and wins a trip to Silicon Valley. The winner from last year is Planable.

Coworking spaces

You just spotted some signals of success with your new project. Maybe it’s time to move to a more collaborative space, where you can get honest feedback from other folks like you. You should check TechHub, Impact HUB in Bucharest or ClujHUB in the second biggest startup city. There are many others that launched across the country that you should check. If you are a designer, architect, or maker you should visit NodMakerSpace.


Not enough publications cover the Romanian tech scene, however you can find out what are the latest innovations on and in Romanian language or, 150Sec and Goaleurope in English.


In terms of acquisitions there were 12 exits in 2016 for a total of €72m disclosed as following:

According to, in Europe, there were 658 tech exits worth €160 billion (venture or non-venture backed companies, plus IPOs). The full list of Romanian exits is available here.

“Romanian IT industry has come of age and should step off the “outsourcing plate” where the added value of the local talent is usually bought cheap, packaged nicely, and sold by others elsewhere at a higher price. The Romanian creative industry must emancipate and promote its own ideas and solutions directly to the world. Maybe we lack the courage yet, however this can be cultivated through “Indigenous” success stories.” Valentin Muresan, co-founder of Movidius a mobile vision processor company that got acquired by Intel.

Another three important exits of startups founded by Romanians are Vector Watch to Fitbit, and Brainient to Teads in UK, TalentBuddy to Udemy in Canada and Movidius to Intel in Ireland. These exits are unlocking new opportunities for the founders to become angel investors or LPs in various funds such as Bobby Voicu for SOSV or Andrei Dunca and Sergiu Biris (two co-founders of LiveRail that got acquired by Facebook) for Risky Business, while early employees to become the founders of the startups of tomorrow.

Romania is well known for its IT business, however the prevalent thinking is to build everything internally. Because of the dynamics of the tech market, enterprises should consider seriously M&A strategies to attract more opportunities while expanding in more markets and industries. Some companies started this already: BitDefender purchased French company Profil Technology and Qualitance acquired San Francisco-based LaunchPodium.

These exits are a testament to the increasing interest and confidence of investors in Romanian startups.

*AeRO — the Alternative exchange in Romania — is the equities market segment of the Bucharest Stock Exchange Alternative Trading System (ATS). AeRO is designed for the listing of early stage companies such as start-ups and SMEs that are looking to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment. AeRO was launched on February 25th, 2015. It was established by the Bucharest Stock Exchange in order to provide a market with less reporting obligations for the listed companies, but at the same time with sufficient transparency for investors to motivate them to trade.

To understand the roots of two of the most successful Romanian tech stories, I include two interviews to inspire you further. Bitdefender is the most efficient antivirus available today worldwide and Emag becomes one of the biggest online retailers in South-Eastern Europe. Success takes time and a lot of work as both companies were started in 2001.

The Bitdefender journey, shared by the CEO, Florin Talpes
The eMag story shared by its CEO, Iulian Stanciu

There is no wonder that first or second generation of Romanian immigrants had a huge impact abroad. Names like Eduardo Saverin (co-founder Facebook), David Markus (VP, Messaging Products, Facebook, former President of Paypal), Safra Catz (CEO, Oracle), or natives like Laszlo Bock are crusaders of the global tech industry.


Will 2017 be a better year? It started with Zitec raising €1.7m, however more effort needs to be made in order to stimulate the startup culture, the availability of early and growth stage capital and the involvement of large enterprises.

The Romanian startup ecosystem will grow, the uncertainty is the speed at which it does. There is still a long way to go in assuring a flourishing environment. A proactive approach by all the local actors is encouraging for the future.

Will we see the first investment round greater than €10m this year or a €1B exit in five years in tech? It is possible. Now it is the best time to start building your startup and start investing within the country. It will encourage new talented people to start their own projects, and investors to take advantage of the current opportunities and the ecosystem to grow faster.

Many professionals helped on putting this analysis together. I would like to thank you all, especially Yoram Wijngaarde and Julien Puls from Dealroom for helping to track all the rounds, Tom Wehmeier from Atomico for editorial advice and Vlad Andriescu from for constantly publishing good stories about Romanian founders on his blog.

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