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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

BCR Seed Starter is the corporate venture capital arm of Banca Comercială Română, based in Bucharest, Romania. It provides funding and strategic support to early-stage startups, aiming to foster collaboration with portfolio companies and help them scale.

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.

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.

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.

Delta-v Capital is a Boulder, Colorado-based private equity firm that provides liquidity solutions and growth equity to private technology companies and their shareholders. Founded in 2009, the firm focuses on secondary liquidity for minority investors and growth investments to support growth-stage technology businesses. Delta-v manages over $500 million in capital commitments and makes investments typically ranging from $3 to $30 million in sectors including enterprise software, information services, cybersecurity, data analytics, cloud and communications infrastructure. The firm maintains an office in Dallas, Texas, and pursues opportunities across the United States.

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.

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.

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.

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.

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.

Hoxton Ventures is a London-based venture capital firm founded in 2013 that backs early-stage technology startups, primarily in Europe, from seed to Series A rounds. It provides capital and supports portfolio companies through the life of the company, typically writing checks in the low hundreds of thousands to several millions of dollars. The firm tends to take minority stakes, maintains a multi-year horizon, and makes a limited number of investments each year. It targets sectors such as internet, mobile and software, and often includes artificial intelligence, financial services, cloud computing, online advertising, digital media and gaming.

Karma Ventures is a Tallinn-based venture capital firm that backs early-stage technology companies across Europe, with a focus on late-seed and Series A rounds. It invests in software, deep-tech, and ICT startups that demonstrate strong technology, customer traction, and international ambition. The firm targets European teams and supports them through multiple rounds, typically committing up to a few million euros per company and pursuing follow-on investments as needed. Karma Ventures operates from Estonia with additional offices in Luxembourg, and it partners with entrepreneurs to define paths to growth across commercial, strategic, and technical dimensions.

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.

Day One Capital is an early-stage venture capital firm based in Budapest, Hungary, investing in technology startups across Central and Eastern Europe. It works with entrepreneurs to support business-to-business software and other technology ventures at the early stage and manages privately financed funds to help European teams pursue a global mission.

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.

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.

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.

VEF is a Stockholm-based venture capital firm founded in 2015 that focuses on fintech companies in emerging markets. It invests in early and growth-stage startups, takes minority stakes, and provides active governance through board representation in portfolio companies. The firm aims to support innovative financial technology businesses across the emerging world, helping drive digital financial inclusion and efficiency as markets evolve.

Verve Ventures is a Switzerland-based venture capital firm and digital investment platform that connects qualified private and institutional investors with startups across Europe. Founded in 2010, it operates a fully digital platform that enables investors to build diversified portfolios with investments starting at 10,000 CHF or EUR. The firm maintains a pan-European network of investors, including family offices and pension funds, and is backed by Zürcher Kantonalbank. An in-house investment team screens thousands of startups annually and selects the top 1% after rigorous due diligence. Verve Ventures sources deals, structures rounds, and facilitates investor participation while also supporting portfolio companies with hiring, client introductions, and access to an expert network. Its portfolio spans sectors such as science and technology, climate energy, robotics, industrial data analytics, advanced manufacturing, digital health, and clean energy infrastructure, and the firm operates with offices in Zurich, Lausanne, Berlin, Paris, and Cambridge as it engages across Europe.

Smedvig Capital is a London-based, family-backed private equity and venture capital firm founded in 1996. It makes investments across early to growth stages in technology and technology-enabled companies, with a focus on B2B software such as B2B SaaS. The firm primarily targets opportunities in the United Kingdom, the Netherlands and Nordic markets, and prefers to back companies from early traction through expansion. Typical deal sizes range from £2 million to £15 million, with the ability to co-invest in larger financings and to participate across the spectrum from early-stage to small buyouts. The firm also invests across sectors such as information management, financial services, consumer goods and retail. Smedvig Capital emphasizes supporting a select portfolio with hands-on input to accelerate growth, drawing on over two decades of experience.

Endeavor is a nonprofit organization that supports high‑impact entrepreneurs through a global network spanning nearly 40 countries. It backs more than 2,000 entrepreneurs whose companies generate over $28 billion in combined revenues, employ more than 3.9 million people, and attracted more than $4 billion in capital in 2020. The organization offers an entrepreneur‑first model that connects founders with mentors, peers, and opportunities to scale and pay it forward. Its global ecosystem includes affiliates such as Endeavor Miami, which focuses on early‑stage technology firms and reflects the network’s regional and sectoral reach.

TQ Ventures is a New York–based venture capital firm founded in 2018 by Schuster Tanger and Andrew Marks. It backs early-stage and growth-stage companies across industries with a generalist, bottom-up approach, emphasizing exceptional founders, durable competitive advantages, scalable business models, and meaningful market opportunity. The firm supports both B2B and B2C ventures, with investments spanning AI and machine learning, infrastructure, software as a service, enterprise software, fintech, healthcare, consumer technology, and related sectors. With a global reach that includes Europe and North America, it has built a portfolio of more than 80 companies and manages over $1 billion across multiple funds, including a third fund of roughly $500 million. TQ Ventures focuses on helping founders scale through active involvement and a broad network, aiming to back teams building the future.

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.

Investment Spiltan is a Swedish venture capital and private equity firm based in Stockholm that provides multi-stage financing to Swedish businesses. It invests roughly 60% in private companies and 40% in firms that are already listed, with typical ticket sizes from SEK 1 million to SEK 10 million and a preferred amount of SEK 2–4 million, aiming for exits within three to five years. The firm targets opportunities across sectors, including technology, finance, and real estate, and emphasizes a capable management team. It supports portfolio companies through its extensive network of angels and professionals, and private and public investments are managed through direct deals and affiliated platforms.

Orange is a leading digital operator that provides mobile and internet services in Europe and Africa, with a global corporate telecommunications arm that serves large enterprises, local authorities and SMEs worldwide. Through Orange Business Services, the group offers integrated voice and data, IT and cloud solutions, data center and network management, security, and unified communications designed to manage international operations. It supports complex projects across industries with end-to-end services, including IP voice, WAN-LAN design, application management and managed services. The company also maintains an innovation network and startup ecosystem through initiatives like Orange Fabs. Founded in 1991 and headquartered in Paris, France, Orange operates in around 30 countries and serves hundreds of millions of customers globally.

Index Ventures is a venture capital firm founded in 1996 and based in London with additional offices in San Francisco and Geneva, supporting entrepreneurs shaping technology-driven global businesses by investing across early and growth stages in software, TMT, and related sectors including artificial intelligence, data, fintech, healthcare, and mobility, and partnering with founders to scale companies globally.

Hiventures is a venture capital investment firm headquartered in Budapest, Hungary. It backs startups across multiple sectors and supports high-growth small and medium-sized enterprises, with the aim of fostering a sustainable and competitive SME and enterprise ecosystem in Hungary and the broader Central and Eastern Europe region. The firm is described as one of the largest and most active venture capital partners in Central and Eastern Europe.

Turn/River Capital is a San Francisco–based growth equity firm focused on software, web, and SaaS companies. The firm targets capital-efficient, data-driven technology businesses and pairs growth capital with an extensive operational team to help management scale. Its internal growth-focused agency offers expertise in search marketing, demand generation, and recruiting, and can place Sales Directors, Marketing Directors, and Customer Success Directors as a Service to implement best practices and accelerate go-to-market efforts. Turn/River supports founder-driven or bootstrapped companies, divisions of larger firms, or ventures seeking a new direction, and can facilitate liquidity for founders, spin-outs, or acquisitions through its capital and strategic partnerships. Based in San Francisco, the firm emphasizes helping portfolio companies accelerate growth and achieve scale through funding and hands-on operational support.

OTB Ventures is a European venture capital firm founded in 2017 with offices in Amsterdam and Warsaw. It specializes in deep tech investments across Europe, targeting late seed to Series A/B rounds for startups developing technologies in SpaceTech, AI and data, Enterprise AI, Physical AI, Novel Computing, FinTech and Cybersecurity. The firm emphasizes access to Central and Eastern European deal flow and is described as the largest VC originating from the CEE, managing over $300 million in assets.

Balderton Capital is a London-based venture capital firm that focuses on early-stage investments in European technology companies, including information technology, fintech, consumer products, healthcare tech, and related sectors. It supports founders throughout the journey, offering strategic advice, introductions to professional service providers, and opportunities to participate in workshops and a founder community. Balderton primarily targets Series A opportunities and backs companies from seed through growth phases, aiming to help them scale in Europe with a strong network and hands-on support.

Brinc is a Hong Kong-based accelerator and early-stage venture firm that runs 15 multidisciplinary accelerator programs across seven countries. It accelerates startups in blockchain, artificial intelligence, connected hardware, robotics, climate tech, clean energy, food technology, and the Internet of Things, aiming to advance sustainable, inclusive innovation. Brinc also supports corporations with distributed innovation strategies, sourcing of new startups and technologies, and venture-building for Web3-enabled businesses. The company collaborates with a diverse network of global corporations, government bodies, universities, fast-growing companies, and investors to run programs and pilot joint initiatives, helping entrepreneurs access mentorship, pilots, and opportunities for subsequent funding through partnerships. Brinc positions itself as a bridge between startups and strategic partners to accelerate product development and market access.

Horizons Ventures is a Hong Kong-based venture capital firm that focuses on investing in disruptive technology startups across seed, early, and late stages. It backs companies operating in artificial intelligence and machine learning, fintech, healthcare technology, and software-as-a-service, aiming to support transformative innovations. The firm has a track record of notable exits from portfolio companies such as Skype, Siri, Facebook, Waze, and Summly, reflecting its capacity to help scale globally. Horizons Ventures emphasizes early identification of potential in technology-driven ventures and provides strategic value to portfolio companies through its international network and expertise.

Crane Venture Partners is a London-based venture capital firm founded in 2015 that backs seed and early-stage European technology companies, with a focus on enterprise software, SaaS, machine learning, data and artificial intelligence, including intelligent enterprise and deep-technology businesses. The firm invests across Europe, including pre-Series A rounds, and supports founders in developing and executing effective go-to-market strategies.

VentureFriends is a venture capital firm based in Athens, Greece, specializing in seed and pre-seed investments in tech-enabled startups across Europe. It backs early-stage companies in fintech, proptech, marketplaces, B2B software as a service, e-commerce, IT, and related sectors, with typical checks ranging from a few hundred thousand to a couple of million euros and potential follow-ons. The firm emphasizes a founder-friendly approach, drawing on the experience of ex-entrepreneurs and angel investors to support growth and go-to-market efforts. Investments target companies capable of building durable moats and scalable businesses, primarily in Europe, with activity across the broader EMENA region. The firm is credited with establishing a presence in Athens and focusing on a broad tech-enabled toolkit for portfolio development, networks, and strategic guidance.

Piton Capital is a London-based venture capital and growth equity firm that focuses exclusively on network effects businesses, including marketplaces, exchanges and platforms, as well as data network effects, user-generated content, and SaaS models with potential network effects. The firm is stage- and style-agnostic and invests from seed to late stage, with typical investments ranging from €200,000 to €15 million.

Siparex Group is a Lyon, France based private equity firm founded in 1977 that engages in multi-sector investments across software, commercial products, business services, manufacturing, e-commerce, life sciences, educational technology, robotics and drones, fintech and healthcare services, targeting transactions in France and Western Europe as well as the United States; the firm has grown into an independent, international investor over more than three decades, leveraging its regional roots and diverse sector focus to support growth and operational improvement in portfolio companies.

Bek Ventures is a venture capital firm founded in 2013 and based in Luxembourg, with offices in London, New York, Luxembourg and Istanbul. It backs a select group of early-stage tech startups with global ambitions, particularly those with roots in Emerging Europe. The firm emphasizes disciplined, selective investing and hands-on support to help teams reach global scale. It has over $600 million committed across its active funds and has backed notable successes such as UiPath, Payhawk, and Peak. Bek Ventures has gained recognition as a top-performing VC globally since 2010 by HEC-Dow Jones.

Citigroup is a diversified financial services company providing a broad range of financial products and services to consumers, corporations, governments, and institutions worldwide. It operates through two main segments: Global Consumer Banking, which includes retail banking, Citi-branded cards, and consumer finance, and Institutional Clients Group, which covers wholesale banking, investment banking, fixed income and equity sales and trading, foreign exchange, prime brokerage, research, corporate lending, cash management, trade finance, and securities services. The company maintains a global footprint across regions including Asia, Europe, the Middle East, Africa, North and Latin America, and emphasizes sustainability and social responsibility initiatives.