The EBRD is an international financial institution founded in 1990 and headquartered in London that provides project financing and advisory services to support private sector development and transformation in emerging markets. It finances banks, industries, and businesses, supports new ventures and investments in existing companies, and helps privatize and restructure municipal services in publicly owned entities. Through its banking and treasury activities, it offers loans, equity and quasi-equity investments, guarantees, and equity funds for smaller enterprises, along with trade finance and loan syndication. It works with commercial partners to invest in private enterprises across sectors including energy, manufacturing, ICT, infrastructure, agribusiness, and real estate, across Europe, the Middle East and beyond, including a significant footprint in Central and Eastern Europe, the Baltics, and the Caucasus. It provides policy reform dialogue and advisory services to support market modernization, governance, and reform. It has invested over €130 billion in more than 5,000 projects.

IFU is a venture capital and private equity firm based in Copenhagen, Denmark, that specializes in providing equity, mezzanine financing, loans, and guarantees to projects in developing countries. Established in 1967, IFU focuses on creating and financing new businesses, joint ventures between Danish companies and local partners, and acquiring existing ventures. The firm primarily invests in sectors such as commercial services, biofuels, renewable energy, and irrigation systems, with a particular emphasis on climate and agribusiness. Investments are targeted at countries with a low gross national income per capita, as defined by specific criteria, and include regions across Africa, Asia, Europe, and Latin America. IFU typically invests between DKK 0.5 million and DKK 100 million and often seeks co-investment opportunities with Danish firms. The firm also supports small and medium-sized enterprises and provides advisory services for business investments in developing markets. With a preference for board membership, IFU aims to exit investments within five to seven years, ensuring a positive return for its stakeholders.

Eleven Ventures is a Sofia, Bulgaria-based venture capital firm and accelerator that backs early-stage technology startups in Southeast Europe. Founded in 2012, it has supported hundreds of ventures and focuses on fintech, healthcare, the future of work, and the future of food, with broad exposure to software-enabled sectors. The firm runs accelerator programs that provide capital, office space, back-office services, and mentorship, along with subsequent funding options to help portfolio companies scale in Bulgaria and neighboring markets.

ZAKA Ventures is a Prague- and Bratislava-based venture capital firm that invests in pre-seed and seed software startups across Europe, with a particular focus on Central and Eastern Europe and the DACH region. It backs early-stage companies across sectors such as AI, analytics, B2B SaaS, consumer apps, gaming, crypto, retail, financial services, ad tech, e-commerce, marketing tech, real estate, and utilities. The firm pursues a pan-European strategy supported by scouts in Berlin, the United Kingdom, the Baltic states, the Balkan region and Turkey, and operates from Prague and Bratislava. Founded in 2019, ZAKA Ventures seeks to partner with founders at the earliest stages to accelerate product development and market entry.

Gapminder Venture Partners is a venture capital firm founded in 2017 that invests in early-stage B2B startups across Central and Eastern Europe and the SEE region. The firm backs IT software and services, SaaS, machine learning and artificial intelligence, cybersecurity, fintech, and data-driven and digital transformation initiatives. It typically engages at pre-seed, seed, and Series A rounds, with seed investments ranging from approximately 0.5 to 5 million euros and follow-on investments up to around 12 million euros. The firm emphasizes hands-on support to portfolio companies, assisting with scaling operations, go-to-market, and financial planning to help teams expand internationally and compete in global markets. The team includes former operators and entrepreneurs, leveraging operational experience to add strategic value beyond capital.

Roca X is a privately funded Romanian venture capital firm based in Bucharest that invests in early-stage technology startups, including MVP or prototype phases, with a global reach and a focus on disruptive ideas and social impact.

Oktogon Ventures is a Budapest-based venture capital firm that backs early-stage technology-driven startups in Central and Eastern Europe. It leverages local knowledge, operational experience, and a broad network to help portfolio companies achieve rapid growth, with a focus on technology-heavy businesses that can scale globally from early stages. The firm emphasizes regional reach across Hungary, Slovakia, Czech Republic, Poland, Croatia, Romania, Slovenia, and Bulgaria, and maintains strong connections to US and Western European co-investors, mentors, and talent pools. Its portfolio includes Bitrise, Recart, and Enduraid, illustrating emphasis on software and technology-enabled solutions. Oktogon engages with founders through a hands-on approach and aims to support companies with global appeal from day one, enabling scalable, extraordinary growth.

Global Finance is an independent investment firm founded in 1991 in Athens, Greece, and has been a pioneer of private equity and venture capital in Southeast Europe. Its operations include private equity fund management, real estate development, and advisory services, with equity investments in mid-market companies across sectors such as manufacturing, information technology, specialty retail, media and entertainment, healthcare, telecommunications, and services. The firm concentrates on opportunities in Greece and neighboring Southeast European markets and maintains a regional footprint with offices and activity in Sofia, Belgrade, Bucharest, and London. Typical investments are up to €40 million in Greece and up to €15 million for Eastern European ventures. Exit options include trade sales, initial public offerings, management buybacks, and sales to other investors. Global Finance aims to create value for investors and dynamic companies by supporting growth and improving operational performance in Southeast Europe.

Fil Rouge Capital is a Europe-focused venture capital firm that backs early-stage technology and tech-enabled companies. It pursues investments across sectors such as IT, software as a service, e-commerce, consumer and business products and services, IoT, artificial intelligence and machine learning, advanced manufacturing, and infrastructure, typically deploying equity or debt and aiming to complement founders' technical and entrepreneurial backgrounds. The firm operates across Europe, with activity reported in Luxembourg, Croatia and Central and Eastern Europe, including Slovenia, Austria and Southern Germany, and has shown willingness to invest opportunistically in other European markets. Typical investment sizes range from 0.5 to 5 million euros.

European Investment Fund (EIF) is a public institution established in 1994 to improve access to finance for Europe's small and medium-sized businesses. It designs and develops venture capital and guarantee instruments to support SMEs and to catalyse private investment, aiming to build a robust European equity ecosystem. EIF engages in venture capital, growth capital, and guarantee operations, backing innovative entrepreneurs primarily in technology and life sciences, as well as across other sectors. Through cornerstone investments and fund participation, EIF seeks to crowd in private investors and stimulate venture activity across Europe. Its equity portfolio has grown substantially, with assets under management exceeding EUR 14 billion, reflecting its broad role in strengthening SME finance and supporting entrepreneurship and growth.

Early Game Ventures is an early-stage venture capital firm based in Bucharest, Romania. Founded in 2018, it invests in startups across Europe's emerging markets, focusing on innovative sectors such as enterprise technology and cybersecurity. The firm prefers to be the first institutional investor in companies with vested founders addressing big markets.

South Central Ventures is a venture capital firm founded in 2015 with a focus on the Balkans and Adriatic region. It conducts direct startup and growth investments and collaborates with other investment vehicles to back technology companies across sectors such as ICT, software-as-a-service, mobile, IoT, HealthTech, FinTech, and digital media, with regional emphasis on Croatia, Serbia, Slovenia, and North Macedonia. The firm operates from offices in Ljubljana, Zagreb, Belgrade, and Skopje to support local founders and accelerate regional growth. It targets early- to growth-stage opportunities and typically takes minority stakes to help companies scale internationally, often backing ventures capable of competing in global markets. By combining regional network strength with selective capital, South Central Ventures aims to connect Balkan tech firms with international investors and customers while building a sustainable local start-up ecosystem.

DBH Group provides a broad business infrastructure and professional consulting services in Central and Eastern Europe, offering serviced offices, industrial facilities, and IT infrastructure along with advisory expertise in finance, taxation, and project management. The group supports domestic and regional expansion by delivering outfitted offices and industrial environments, IT systems, local tax and administrative expertise, and secretarial services, enabling clients to focus on core activities.

LAUNCHub Ventures is a Bulgaria-based venture capital firm founded in 2012 and based in Sofia that invests in seed- and early-stage technology startups in Southeastern and Central Europe. The firm typically makes initial investments from €300,000 to €2 million and can provide follow-on support up to around €4 million across portfolio rounds. It backs startups across AI/ML, SaaS, future of work, proptech, crypto and blockchain, devtools, marketplaces, health tech, fintech, hardware, robotics, and related enterprise and consumer sectors, prioritizing scalable businesses with initial traction. LAUNCHub Ventures focuses on founders from SEE and CEE regions, partnering with them beyond capital and offering programs such as a Series A academy to help achieve milestones and raise subsequent rounds. The approach aims to strengthen the regional startup ecosystem and attract attention from global investors.

Sparking Capital is a venture capital firm based in Bucharest, Romania, founded in 2017. It makes pre-seed and seed investments in early-stage startups across sectors, with a preference for consumer internet, marketing technology, supply chain technology, financial technology, property technology, and circular economy technology. The firm remains industry agnostic, backing ventures that offer differentiating value propositions and the potential to scale nationally or internationally.

Gecad Ventures is a Bucharest-based venture capital firm that supports early-stage and expansion-stage hi-tech companies in Central and Eastern Europe with potential for international growth. The firm focuses on cybersecurity, fintech, AI/ML, AR/VR, IoT, transportation, agritech, healthcare, software and e-commerce, among other technology sectors. It typically invests equity in the range of €1 million to €7 million and provides strategic guidance and resources to help portfolio companies scale and access international markets. With over two decades of history, Gecad Ventures traces its roots to the Gecad Group and has a track record of notable exits to major global players, underscoring its experience in nurturing companies through growth. The firm emphasizes close collaboration with founding teams to support objectives and accelerate international presence.

Fortech Investments is the venture capital arm of Fortech, based in Cluj-Napoca, Romania. Founded in 2021, it provides early-stage funding for startups in sectors including B2B, energy, healthcare, manufacturing, automotive, and fintech, with a focus on Central and Eastern Europe and particularly Romania. The firm supports portfolio companies with capital and strategic guidance, leveraging Fortech's network and industry expertise to help early-stage ventures scale.

Eldorado Gold Corp is a Canadian gold and base metals producer with mining, development, and exploration projects in Europe, Asia, and South America, and operations in Turkey, Canada, and Greece. It maintains a portfolio of assets including Kisladag, Efemcukuru, Skouries, Perama Hill, and Certej, and emphasizes responsible operations, safety and environmental standards, and partnerships with local communities.

Underline Ventures is a venture capital firm based in Bucharest, Romania, founded in 2022. It backs startups across seed, early, and growth stages with a focus on Eastern Europe. The firm seeks opportunities in information technology, big data, e-commerce, the Internet of Things, software as a service, and telecommunications, media, and technology sectors. It partners with Eastern European founders pursuing global ambitions, providing capital at early stages (with typical checks around €500,000) and supporting portfolio companies as they scale. By combining seed-stage funding with hands-on support and access to a network of co-investors, Underline Ventures aims to help high-growth startups accelerate product development, market entry, and expansion across the region and beyond.

Neogen Capital is a venture capital firm based in Targu Mures, Romania, established in 2000. It focuses on marketplaces and related sectors including internet retail, e-commerce, fintech, human resources, and mobility, with a Europe-wide remit. It makes minority investments across seed, early, and later stages and provides hands-on operational support to help marketplace businesses scale.

Vitosha Venture Partners is a venture capital firm founded in 2020 and based in Sofia, Bulgaria. It focuses on investing in early-stage and growth-stage companies that are based in or connected to Bulgaria.

Rockaway Capital is a Prague-based venture capital firm and sector-focused holding founded in 2013 by Jakub Havrlant. It concentrates on digitally enabled businesses across e-commerce, online grocery, last-mile logistics, e-travel, fintech, media and blockchain, with portfolio activity across the DACH region, Central and Eastern Europe and the Balkans. The firm takes an active role in its portfolio, supporting management and operations where needed to accelerate growth. Portfolio companies have achieved substantial scale, with aggregated sales of over 2.5 billion euros and more than 5,000 employees across 17 European countries. The group emphasizes leveraging the digital economy to disrupt traditional business models and seeks opportunities across digitally enabled sectors throughout Europe.

AlpVent is a Swiss investment company based in Zug that specializes in supporting promising start-ups. Founded in 2016, the firm leverages 25 years of entrepreneurial experience to understand and address the needs of entrepreneurs. AlpVent provides not only investment capital but also management consulting services, offering what is often referred to as "smart money" support. Recognizing that many founders excel in product development but struggle with promotion, AlpVent has created a dedicated sales department. This team offers sales analyses and consulting services, and can even act as an agent or distributor for start-ups. Their services are tailored for the competitive German-speaking markets and South-Eastern Europe, including Germany, Switzerland, Austria, Slovenia, and Croatia. The firm focuses on investments in sectors such as transportation, commercial products, software, and manufacturing.

Founded in 2020, Sofia Angels Ventures is a venture capital firm based in Sofia, Bulgaria. It focuses on co-investing in technology startups at the seed and angel stages across Bulgaria, Southeastern Europe, and Central & Eastern European countries.

BrightCap Ventures is a venture capital firm established in 2018 with activity in Europe, including Amsterdam, Netherlands, and Sofia, Bulgaria. It invests in early‑stage and small to medium‑sized companies operating in artificial intelligence, big data, medical technology, blockchain, and financial technology. The firm focuses on global founders who leverage local engineering talent and benefits from its entrepreneurial experience and international network to help portfolio companies scale.

Empower Capital is a EUR 21 million fund established to provide equity and quasi-equity funding to growing Bulgarian companies. Financed by the European Investment Fund - JEREMIE Initiative Bulgaria, the team offers extensive international operating experience, expertise, and industrial knowledge to support SMEs. With a successful track record in investing and managing companies in Bulgaria, they specialize in raising funds from various investors and facilitating exits to international buyers. Empower Capital plays a crucial role in helping companies reach their potential by identifying valuable organizations and providing growth capital, strategic guidance, and operational support to strong management teams.

New Vision 3 is a Sofia, Bulgaria-based venture capital firm focused on seed and early-stage technology startups. It targets sectors such as fintech, blockchain, artificial intelligence, IoT and big data, 3D printing, robotics, nanotech and biotech, cybersecurity, cleantech, as well as augmented and virtual reality, and also considers shared economy platforms. The firm pursues investments in Bulgaria and internationally, including Europe and the United States, backing early rounds in tech-driven ventures across healthcare, agtech, cryptocurrency and other AI-enabled areas.

Founded in 2023, Fifth Quarter Ventures is a venture capital firm based in Novi Sad, Serbia. It focuses on investing in early-stage startups operating in open-source software, Industry 5.0, artificial intelligence, development tools, cryptocurrency, web3, and other technology sectors across the Adriatic region.

Trind Ventures is a Tallinn-based venture capital firm that backs early-stage European startups. It invests across Northern and Central Europe in marketplaces, consumer solutions, and PLG-driven B2B products, as well as software and information and communications technology, supporting both business-to-business and business-to-consumer models.

HBM Healthcare Investments is a Switzerland-based investment firm founded in 2001 and based in Zug. It concentrates on the healthcare sector, spanning human medicine, biotechnology, medical technology and diagnostics. The firm maintains a diversified portfolio that includes private companies, public companies, funds, cash and other assets, reflecting exposure across different stages and sectors within healthcare.

HPS Investment Partners is a global investment firm focused on non-investment grade credit across the capital structure. Founded in 2007 and headquartered in New York, it operates a worldwide network of offices. The firm originated as a unit of Highbridge Capital Management, a subsidiary of J.P. Morgan Asset Management, and was acquired by its principals in 2016 after Highbridge’s hedge fund strategies remained with J.P. Morgan. HPS manages a variety of strategies, including syndicated leveraged loans, high-yield bonds, privately negotiated senior secured debt, mezzanine, asset-based lending, and private equity, and serves clients across industries such as insurance, healthcare, media, retail, logistics, and marine.

3TS Capital Partners is a Helsinki-based European technology-focused private equity and venture capital firm that provides expansion capital and buyout funding to small and mid-sized technology-enabled businesses across Europe. It targets growth sectors such as technology and internet, media and communications, and technology-enabled services, and augments its investments with sector partners and co-investors to deliver value beyond financing. The firm typically seeks minority or majority stakes and often takes seats on the board; it pursues exits within three to five years through trade sales or IPOs. It maintains active industry involvement through international associations and networks and operates with offices in the United States and across Europe.

Established in 2020, the European Innovation Council supports innovative startups and researchers with promising ideas, focusing on early-stage companies with positive environmental, social, or governance impacts. It co-invests alongside private investors.

CV VC is a Switzerland-based investment firm focused on blockchain and crypto technology, blending traditional venture capital practices with digital asset innovation. Based in Crypto Valley, it invests across all stages of crypto and blockchain development, from incubation to growth, and maintains its own ecosystem to support portfolio companies. The firm provides advisory services spanning startup development, including business model design, technology assessment and token economics, communications strategy, and assistance in attracting capital and strategic partnerships, helping founders connect with investors and partners within Crypto Valley and beyond.

Emma Capital is a private equity and holding firm founded in 2012, with offices in Prague, Nicosia and London. It focuses on investments in the retail and consumer-oriented sectors, including opportunities in Asia, Greece and the republics of the former Soviet Union, and tends to take an active management role in portfolio companies.

Lunar Ventures is a Berlin-based, Europe-focused deep-tech venture firm that backs seed-stage startups developing advanced technologies. Founded in 2017, the firm operates with a small team of three deep-tech experts who come from science and business backgrounds. It principally invests in European technology companies across AI and machine learning, blockchain, cybersecurity, big data, analytics, and related fields, including AI infrastructure, privacy-enhancing technologies, cryptography, data infrastructure, and other deep-tech areas. The firm aims to support founders building high-potential startups by providing early capital and strategic guidance to accelerate product development and market entry.

Shasta Ventures is a California-based venture capital firm founded in 2004 that focuses on early-stage software investments in the United States. It backs startups in software as a service, cybersecurity, infrastructure, data intelligence, and consumer subscription sectors, typically supporting seed to Series B rounds. The firm operates from Portola Valley, California, and provides tailored resources to help founders navigate early-stage challenges rather than offering a one-size-fits-all program.

Launch Africa Ventures is a venture capital firm based in Ebene, Mauritius, founded in 2020. It invests in early-stage technology and platform-enabled businesses across Africa, with a focus on fintech, healthtech, climate tech, agritech, edtech, transportation, logistics, mobility, e-commerce, software as a service, artificial intelligence, big data, and analytics, spanning both business-to-business and business-to-consumer models.

PostScriptum Ventures is a Luxembourg-based private equity and venture capital firm that makes direct investments across seed to growth stages, including early and middle-market opportunities. The firm focuses on renewable energy and related technology sectors, while also engaging in business products, business services, information technology, and other technology-driven opportunities. It seeks to invest outside Western Europe and the United States, targeting international markets and development of new businesses. By combining capital with sector expertise, PostScriptum Ventures aims to support startups and growth companies in realizing scalable, long-term value in the energy and technology landscape.

MFG Invest is an angel investment group based in Sofia, Bulgaria, founded by a consortium of angel investors focused on financing venture capital. The firm aims to support early-stage startups across various sectors, providing the necessary capital and resources to foster growth and innovation. By targeting emerging businesses, MFG Invest seeks to play a pivotal role in the entrepreneurial ecosystem, helping to drive economic development in the region.

Pario Ventures is a United Kingdom-based venture capital firm founded in 2010 that backs early-stage startups across sectors such as automotive and mobility, hospitality, fintech and payments, blockchain, software, technology, and communications. The firm participates in seed, Series A, and Series B rounds and provides strategic support to founders, including guidance on growth and exit options for founders or shareholders. With a global footprint through offices in major markets, Pario Ventures aims to help portfolio companies scale and navigate exits when appropriate.

BlackPeak Capital is a growth equity and private equity firm based in Sofia, Bulgaria, with offices in Bucharest, Ljubljana and Vienna. It targets high-growth SMEs in Southeast Europe and parts of the EU, investing equity, mezzanine and other hybrid forms of capital, as well as follow-on rounds. The firm operates as a generalist investor across niche manufacturing, FMCG, information technology, industrials and healthcare, favouring export-oriented companies or those with unique technology or strong local market positions. Typical ticket sizes are in the low to mid single-digit millions of euros per transaction, with the potential for significant minority or majority stakes and co-investments. Investments can involve early and mid-venture, small buyouts and inorganic growth through acquisitions, and exits are pursued via trade sales or IPOs. The firm was founded in 2014 and focuses on Southeast Europe, including Romania, Bulgaria, Slovenia, Croatia and Serbia.

Global Founders Capital is a Berlin, Germany-based venture capital firm with a global focus that invests across seed, early, and later-stage companies. It maintains a stage-agnostic approach, seeking innovative ideas with potential impact and feasibility in global markets.

MOST Ventures is a Kazakhstan-based venture investment firm focused on technology startups across Europe, Asia and the Central Eurasian region. Based in Almaty, the company operates within the MOST Ecosystem, a mature network that provides financial and non-financial support to technology ventures, including those involved in fintech and digital financial services. The ecosystem comprises UMAY Angels Club, MOST Business Incubator, MOST Hub and MOST Media. MOST Ventures backs early-stage companies, typically in seed and Series A rounds, aiming to help founders build globally scalable products and businesses across software, hardware, IT services and related technology sectors.

HV Capital is a Munich- and Berlin-based venture capital firm that supports founders in building internet and technology companies. Founded in 2000 as HV Holtzbrinck Ventures, it has financed around 200 startups across growth stages and has backed notable portfolio companies such as Zalando, Delivery Hero, FlixMobility and SumUp. The firm invests across a broad range of sectors including fintech, B2B, e-commerce, enterprise, travel, education, mobility, healthcare and retail, and provides capital from early to growth rounds, reflecting its ability to fund companies through multiple growth phases.

Fortino Capital Partners is a Belgium-based private equity and venture capital firm headquartered in Antwerp, established in 2013. It focuses on growth and early-stage technology investments in Western Europe, with emphasis on the Benelux region, and occasionally broader Europe. The firm backs B2B software and SaaS, IT services, and information technology companies, providing expansion capital and strategic support to accelerate growth, product development, and go-to-market initiatives, including international expansion and brand building for SMEs and technology-enabled businesses.

Impetus Capital is a venture capital firm and growth equity investor based in Sofia, Bulgaria. Founded in 2015, it provides capital across seed to growth stages to European companies operating in B2B, B2C, healthcare and technology sectors.

Insight Partners is a global software investor that partners with growth-stage technology and software companies. Headquartered in New York City with offices in London, Tel Aviv, and Palo Alto, it concentrates on growth-stage software, internet, and data services, with notable focus areas including fintech, cybersecurity, AI/ML, DevOps, and healthcare. Founded in 1995, Insight Partners manages over $75 billion in regulatory assets under management and has invested in more than 750 companies worldwide, with over 55 portfolio companies achieving an IPO. The firm combines capital with hands-on, right-sized software expertise to support portfolio companies on their growth journey from first investment to IPO.

Big Bets is a venture capital investment firm based in Sao Paulo, Brazil, founded in 2019. The firm focuses on software-intensive companies—businesses built around code and data—and pursues opportunities in industries undergoing a shift from physical assets to digital platforms. Its investment approach is industry-agnostic but leans toward companies that leverage software to transform sectors such as financial services, identity, pharmaceuticals, diagnostics, media, education, energy distribution, and development tools, backing entrepreneurs positioned to accelerate the atoms-to-electrons transition.

Benhamou Global Ventures is a venture capital firm founded in 2003 by Eric Benhamou and headquartered in Palo Alto, California, with an office in Tel Aviv. It makes early-stage technology investments globally, focusing on enterprise IT, cloud technologies, cybersecurity, mobility, and the Internet of Things, with particular emphasis on artificial intelligence and machine learning, productivity software, and web-scale infrastructure. The firm backs startups across regions including North America, Europe, and Israel, providing strategic guidance and operational support to help portfolio companies scale internationally.