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Underline Ventures is a venture capital firm founded in 2013 and headquartered in Bucharest, Romania. As the first solo General Partner (GP) venture fund in Eastern Europe, it has established itself as a key player in the regional startup ecosystem. The firm focuses on supporting startup founders by providing both financial investment and strategic guidance throughout their growth journey. Underline Ventures has a fund size of $20 million and has invested in 13 companies to date.
The firm primarily targets startups in Europe, particularly in Central and Eastern Europe, and aims to empower founders with global ambitions. Underline Ventures has made significant strides in the venture capital landscape, raising capital predominantly from tech founders, operators, and international fund-of-funds. Notable milestones include the successful closure of its first fund in November 2023, which raised $20 million, and the active deployment of capital across various sectors.
With a commitment to fostering innovation, Underline Ventures has built a reputation for its strategic approach to investment, collaborating with other investors to ensure comprehensive support for its portfolio companies. The firm is well-positioned to capitalize on the growing startup scene in Eastern Europe, leveraging its unique insights and connections to help founders navigate the complexities of scaling their businesses.
Underline Ventures invests primarily at the seed stage, encompassing pre-seed, seed, and late seed rounds. The firm typically writes checks averaging $500,000, allowing it to support startups as they transition from seed funding to Series A. The investment strategy emphasizes sectors such as artificial intelligence, cybersecurity, industrial technology, defense, climate technology, fintech, healthcare, biotech, commerce, and proptech. This diverse sector focus enables Underline Ventures to tap into various emerging markets and technologies.
The firm collaborates closely with other investors to assist founders in defining their business strategies, milestones, and priorities. This collaborative approach not only enhances the support provided to portfolio companies but also fosters a community of like-minded investors committed to the growth of Eastern European startups. Underline Ventures seeks founders who demonstrate global market ambitions, ensuring that their investments are directed toward companies with the potential for significant impact beyond local markets.
Underline Ventures has built a diverse portfolio of 13 companies across various sectors and countries. Notable portfolio companies include:
This portfolio reflects Underline Ventures' commitment to investing in innovative companies with the potential for global reach, particularly in technology-driven sectors.
Bogdan Iordache - General Partner. As the founding GP, Bogdan is well-known in the CEE startup ecosystem and organizes the 'How to Web' conference. He has extensive experience in venture capital and entrepreneurship.
Alexandru Badut - Venture Partner. Alexandru brings a wealth of experience in technology and investment, contributing to the firm's strategic direction.
Milana Slobtcova - Principal. Milana focuses on sourcing and evaluating investment opportunities, leveraging her background in finance and technology.
Violeta Mihai - Space/Defense Analyst. Violeta specializes in analyzing trends and opportunities in the space and defense sectors, providing valuable insights for the firm.
Ciprian (Chip) Borodescu - Entrepreneur in Residence. Chip offers mentorship and operational support to portfolio companies, drawing from his entrepreneurial background.
Vlad Ionescu - Venture Partner. Vlad focuses on strategic partnerships and business development, enhancing the firm's network and reach.
Iulian Circiumaru - Venture Partner. Iulian contributes to investment strategy and portfolio management, leveraging his expertise in technology and startups.
Adriana Spulber - Comms & Services. Adriana manages communications and public relations for the firm, ensuring effective outreach and engagement.
Cristina Mogic - Talent Partner. Cristina focuses on talent acquisition and development, helping portfolio companies build strong teams.
Elena Vrabie - Research Editor. Elena conducts market research and analysis, providing insights that inform investment decisions.
Mihaela Ciobanu - Fund Admin. Mihaela oversees fund administration and compliance, ensuring operational efficiency.
Sebastian Boureanu - CFO. Sebastian manages the financial operations of the firm, ensuring sound financial management and reporting.
To pitch Underline Ventures, founders should reach out via email at contact@underline.vc. A well-structured pitch deck is essential, including key information such as the business model, market analysis, competitive landscape, and team background. Founders should also outline their funding needs and how the investment will be utilized to achieve growth.
While there is no formal application portal, a concise and compelling email introduction can help initiate the conversation. Founders can expect a response within a reasonable timeframe, typically within a few weeks, depending on the volume of inquiries. Warm introductions are encouraged, as they can facilitate a more favorable reception of the pitch.
As of February 2025, Underline Ventures has made 11 investments, with a target of approximately 20 startups from its first fund. Recent investments include:
In total, Underline Ventures has deployed $6 million across 13 startups over the past two years, indicating an active investment strategy and commitment to supporting emerging companies in the region.
What are the investment criteria for Underline Ventures?
Underline Ventures primarily invests in seed-stage startups, including pre-seed, seed, and late seed rounds. The firm focuses on companies with global market ambitions, particularly in sectors such as AI, cybersecurity, and climate technology.
How can founders apply or pitch to Underline Ventures?
Founders can reach out to Underline Ventures via email at contact@underline.vc to discuss potential investment opportunities. A well-prepared pitch deck that outlines the business model, market potential, and team background is recommended.
What makes Underline Ventures different from other VC firms?
As the first solo GP venture fund in Eastern Europe, Underline Ventures offers a unique perspective and commitment to supporting Eastern European founders. The firm emphasizes collaboration with other investors to provide comprehensive support to its portfolio companies.
What is the geographic scope of Underline Ventures?
Underline Ventures primarily focuses on startups located in Europe, particularly in Central and Eastern Europe. The firm aims to support companies that have the potential to expand into global markets.
What is the average check size for investments?
Underline Ventures typically invests an average check size of $500,000 in its portfolio companies, allowing for significant support during the critical seed stage.
What kind of post-investment involvement does Underline Ventures have?
Underline Ventures provides strategic guidance to its portfolio companies, helping them define their business strategies, milestones, and priorities as they grow. The firm collaborates with other investors to ensure comprehensive support throughout the growth journey.
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