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Founded in 2013 and based in Bucharest, Romania, Underline Ventures is a pioneering venture capital firm recognized as the first solo GP venture fund in Eastern Europe. With a fund size of $20 million, Underline Ventures is dedicated to supporting startup founders by providing both financial investment and strategic guidance throughout their growth journey. The firm primarily focuses on early-stage investments, specifically in pre-seed, seed, and seed+ (extension) rounds, with an average check size of $500,000. Underline Ventures aims to empower founders with global ambitions, ensuring they have the necessary resources and expertise to thrive in competitive markets. The firm has built a reputation for its commitment to fostering innovation and entrepreneurship in the Central and Eastern European regions, actively investing in sectors such as AI, cybersecurity, industrial technology, defense, climate tech, fintech, healthcare, biotech, commerce, and proptech. Underline Ventures collaborates with other investors to help founders define their strategies, milestones, and priorities as they transition from seed funding to Series A. This collaborative approach not only enhances the support provided to portfolio companies but also strengthens the overall startup ecosystem in the region.
Underline Ventures primarily invests at the seed stage, including pre-seed, seed, and late seed rounds. The firm has a strong focus on sectors that are poised for growth and innovation, such as artificial intelligence, cybersecurity, industrial technology, defense, climate tech, fintech, healthcare, biotech, commerce, and proptech. By concentrating on these sectors, Underline Ventures aims to back companies that are not only addressing local market needs but also have the potential for global expansion. The firm typically invests an average check size of $500,000, collaborating with other investors to provide comprehensive support to founders. This includes helping them define their business strategies, set milestones, and prioritize their objectives as they prepare for Series A funding. Underline Ventures is particularly interested in startups that demonstrate a clear vision for scaling their operations and have a strong team in place. The firm seeks out founders who are ambitious and possess a deep understanding of their respective markets, as well as the ability to adapt to changing conditions. By focusing on these criteria, Underline Ventures aims to identify and support the next generation of innovative companies emerging from Eastern Europe.
Underline Ventures has built a diverse portfolio of 13 companies, showcasing its commitment to supporting innovative startups across various sectors. Notable portfolio companies include **Uvionix**, based in Bulgaria and the US, which develops autonomous flying robots for real-time inventory monitoring with an impressive 99.9% accuracy. Another significant investment is **DesignVerse**, a Romanian design platform that translates existing design systems into components and creates functional code and interactive prototypes. **Deltia**, a German company, offers an AI-based process analytics platform aimed at enhancing productivity and quality in manufacturing processes. The firm also backs **MixRift**, a gaming company focused on developing mixed-reality games, and **Charter**, a US-based company scaling spaceflight with new program management standards in the space industry. Other notable investments include **SaleSqueze**, a Visual CPQ platform from Slovenia designed to streamline complex product sales, **Genezio**, a Romanian platform for real-world simulation and automated testing for Gen AI agents, and **BibleChat**, an app offering a conversational experience centered around faith. This diverse portfolio reflects Underline Ventures' strategy of investing in B2B software and data-heavy companies with global ambitions, particularly those emerging from the Central and Eastern European region.
Bogdan Iordache - Founding General Partner. Bogdan is well-known in the Central and Eastern European startup ecosystem and is recognized for organizing the 'How to Web' conference. He plays a pivotal role in guiding the firm's investment strategy and supporting portfolio companies.
To pitch Underline Ventures, founders should send their proposals to contact@underline.vc. The firm welcomes both warm introductions and cold applications. It is important to include a clear overview of your business model, market potential, and team background in your pitch.
As of February 2025, Underline Ventures has made 11 investments, with a target of approximately 20 startups from its first fund. In the last 12 months, the firm has completed 4 new investments, including notable companies such as Bible Chat and Uvionix Aerospace Corporation. Earlier investments include Sera (agtech), Videowise (e-commerce video), Veridion (business data enrichment), Nestor (people intelligence), Goodlegal (legal compliance), Turneo (Croatia), and Collabwriting (Serbia). In total, Underline Ventures has deployed $6 million across 13 startups over the past two years.
Underline Ventures invests primarily at the seed stage, which includes pre-seed, seed, and seed+ (extension) rounds. The firm focuses on supporting startups as they transition from early funding stages to Series A.
Founders interested in pitching Underline Ventures can reach out via email at contact@underline.vc. It is advisable to provide a clear overview of the business model, market potential, and team background in the pitch.
Underline Ventures has a broad investment focus that includes sectors such as AI, cybersecurity, industrial technology, defense, climate tech, fintech, healthcare, biotech, commerce, and proptech. The firm seeks to back companies that have global market ambitions.
The typical check size for Underline Ventures is $500,000. This investment amount is aimed at supporting startups in their early growth stages.
Underline Ventures primarily invests in startups located in Europe, with a specific focus on Central and Eastern Europe. The firm aims to empower local founders with global ambitions.
To apply for funding from Underline Ventures, founders should prepare a detailed pitch and send it to contact@underline.vc. The firm encourages clear communication of the business strategy and growth potential.
Underline Ventures adds value to its portfolio companies by providing strategic guidance, helping define business strategies, milestones, and priorities. The firm collaborates with other investors to ensure comprehensive support for founders as they navigate their growth journey.
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