Moldovan start-ups to benefit from €10 million EBRD GapMinder investment
Tech start-ups in Moldova will be able to access new funding opportunities from the GapMinder Fund II, a venture capitalist fund backed by the European Bank for Reconstruction and Development (EBRD).
The EBRD announced a €10 million investment in GapMinder Fund II, with the aim of supporting the development of the venture capital ecosystem and digitalisation. GapMinder Fund II is managed by Romanian venture capital firm GapMinder. The fund offers opportunities for tech entrepreneurs, predominantly in Romania but also in Moldova, Bulgaria, Croatia, Serbia, and Slovenia.
The EBRD investment supports GapMinder in building a diversified portfolio and providing capital and quasi-capital investments to ensure that early-stage technology companies can prosper and bring new technologies and business models to EBRD markets. As the capital markets of Moldova are closely linked to Romania, this is an important opportunity for tech entrepreneurs from both countries.
The EBRD said that a lack of long-term risk financing and an absent venture capital ecosystem “remain key impediments to the development of innovative early-stage companies in the economies where EBRD invests”. The new investment is seen as critical for overcoming these barriers.
The EBRD is one of the principal institutional investors in Romania and is the largest in Moldova. In 2023, EBRD directed €350 million to Moldova to support energy security, improve infrastructure and connectivity, and provide access to financing for the private sector, with particular emphasis on small and medium-sized enterprises (SMEs). So far, the bank has invested over €2.2 billion in 170 projects in Moldova.