# GapMinder Ventures
GapMinder Ventures is a Bucharest-based venture capital fund manager that invests in technology companies born in Romania and [Eastern Europe](https://www.edgepedia.org/eastern-europe); it is managed through GapMinder Ventures B.V. and headed by partners Dan Mihăescu, Sergiu Roșca, Cosmin Ochișor, and Alexandru Ruff.[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) According to the firm's own announcement, it runs two funds: a €50 million Fund I established in 2018 and GapMinder Fund II, a fund with a €80 million target launched in February 2024 and described by the firm as the largest venture capital fund with a primary focus on the Romanian tech start-up market.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
| Fact | Detail |
|---|---|
| Headquarters | Bucharest, Romania[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) |
| Fund manager legal name | GapMinder Ventures B.V.[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) |
| Partners | Dan Mihăescu, Sergiu Roșca, Cosmin Ochișor, Alexandru Ruff[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) • [2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) |
| Fund I | Per the firm: €50 million, established 2018, financed by the EIF from Romania's Competitiveness Operational Programme 2014-2020[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) |
| Fund II | €80 million target, first closing 14 February 2024[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) |
| Strategy | DeepTech B2B, seed and late seed, first tickets up to €2.5 million[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) |
| Status | Active; latest independently verified events from February 2024[3](https://www.ebrd.com/home/news-and-events/news/2024/ebrd-invests-10-million-in-gapminder-fund-ii.html) |
## History and people
According to the firm's announcement, its first vehicle, GapMinder Fund I, was established in 2018 as a €50 million fund financed by the European Investment Fund (EIF) from Romania's Competitiveness Operational Programme 2014-2020.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
Partner backgrounds, per the firm's website: Dan Mihăescu leads investments in B2B platforms enabled by machine learning and AI, cybersecurity, enterprise software, automation, and fintech, and previously held CxO roles at Microsoft, UPC/LGI, and GTS. Sergiu Roșca, a serial entrepreneur and M&A lawyer with more than 21 years at firms including PwC and Schoenherr, led Fund I investments in Xvision, Finqware, Beez, UndeLucram, and Aggero. Cosmin Ochișor previously worked at [Deutsche Telekom](https://www.edgepedia.org/deutsche-telekom), including as Investment Manager at its Hubraum incubator, and led Fund I investments into Frisbo, Smart Dreamers, Soleadify, DeepStash, Machinations, Innoship, Planable, and Yarooms.[4](https://gapminder.vc/) Alexandru Ruff is named as the fourth partner in the IFC disclosure and the firm's Fund II announcement.[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) As of the Fund II first closing, Robert Herșcovici was promoted to Investment Director.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
## Strategy
DeepTech B2B, seed and late seed is the stated strategy for Fund II: first investments up to €2.5 million with significant follow-on capability, targeting Fintech, Cybersecurity, Enterprise Automation, and Data/[Analytics](https://www.edgepedia.org/analytics) companies, with most deployment in Romania, Moldova, Serbia, Croatia, Slovenia, and Bulgaria, and a portfolio goal of 18 to 22 companies.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) The firm's site frames the overall focus as AI/Deeptech and B2B SaaS.[4](https://gapminder.vc/)
One stage description differs between sources: the IFC disclosure describes Fund II as investing in pre-seed and seed stage companies,[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) while the firm's own announcement says seed and late seed.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
## Funds, by the numbers
Fund II was announced on 22 February 2024 with a €80 million target and became operational after its first closing on 14 February 2024.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) Its disclosed commitments are:
- **EIF: €30 million** via the EU InvestEU program and the Recovery Equity Fund, part of Romania's National Recovery and Resilience Plan co-financed by [NextGenerationEU](https://www.edgepedia.org/nextgenerationeu).[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
- **EBRD: €10 million**, the bank's first investment in a fund launched by a team of Romanian partners; the EBRD describes GapMinder as one of Romania's first institutional local venture capital fund managers.[3](https://www.ebrd.com/home/news-and-events/news/2024/ebrd-invests-10-million-in-gapminder-fund-ii.html) • [2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
- **IFC: proposed equity of up to €10 million** (not to exceed 20% of total fund size) plus a €10 million co-investment envelope in GapMinder Fund II Coöperatief U.A.; GapMinder is a first-time IFC client.[1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii)
Independent press put the picture slightly differently: bne IntelliNews and Romania Insider each reported the fund as up to €80 million and 50% financed by the EU and the EBRD.[5](https://www.intellinews.com/gapminder-sets-up-80mn-vc-fund-with-eu-ebrd-among-investors-313798/) • [6](https://www.romania-insider.com/gapminder-fund-ebrd-investors-february-2024) The firm's website states it manages about €130 million across the two funds.[4](https://gapminder.vc/)
## Portfolio and exits
Fund I portfolio companies named by the firm include FintechOS, TypingDNA, Cartloop, DruidAI, Cyscale, Outthink, Xvision, Finqware, Beez, UndeLucram, Aggero, Frisbo, Smart Dreamers, Soleadify, DeepStash, Machinations, Innoship, Planable, and Yarooms;[4](https://gapminder.vc/) the Fund II press release adds Veridion and Siena.Cx to the list.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/)
Fund II deployments announced by the firm are a €2 million investment in Salestools AI, which automates the B2B sales process through digital agents, and a GapMinder-led €1.5 million investment in InsiderCX, an AI-powered patient experience platform.[4](https://gapminder.vc/)
Verified exits are thin. The only exit record retrieved comes from the aggregator [CB Insights](https://www.edgepedia.org/cb-insights), which lists four portfolio exits, the latest being Prokuria acquired by CenterPoint Group on 24 March 2026, and 77 total investments with a latest investment in Genesis Space Flight Laboratories on 29 July 2026. These figures are unverified by any primary or journalistic source.[7](https://www.cbinsights.com/investor/gap-minder)
## Recent developments
The February 2024 Fund II launch is the firm's defining recent event: a first closing on 14 February, commitments from the EIF (€30 million), the EBRD (€10 million), and a proposed IFC ticket of up to €10 million with a €10 million co-investment envelope, and a promotion of Robert Herșcovici to Investment Director.[2](https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/) • [1](https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii) • [3](https://www.ebrd.com/home/news-and-events/news/2024/ebrd-invests-10-million-in-gapminder-fund-ii.html) After that, the firm's own announcements record the Salestools AI and InsiderCX investments.[4](https://gapminder.vc/) [Everything](https://www.edgepedia.org/everything) claimed for 2025 and 2026 beyond those items rests on unverified aggregator data.[7](https://www.cbinsights.com/investor/gap-minder)
## References
1. IFC Project Disclosure 51682 — GapMinder II, https://disclosures.ifc.org/project-detail/SII/51682/gapminder-ii
2. GapMinder unveils €80m target venture capital fund, GapMinder Fund II (firm press release, 22 February 2024), https://gapminder.vc/gapminder-unveils-e80m-target-venture-capital-fund-gapminder-fund-ii-the-fund-is-operational-and-announcing-its-first-investment-imminently/
3. EBRD invests €10 million in GapMinder Fund II, https://www.ebrd.com/home/news-and-events/news/2024/ebrd-invests-10-million-in-gapminder-fund-ii.html
4. GapMinder Ventures — firm website, https://gapminder.vc/
5. GapMinder sets up €80mn VC fund with EU, EBRD among investors (bne IntelliNews), https://www.intellinews.com/gapminder-sets-up-80mn-vc-fund-with-eu-ebrd-among-investors-313798/
6. Romanian GapMinder sets up EUR 80 mln VC fund with EU, EBRD among investors (Romania Insider), https://www.romania-insider.com/gapminder-fund-ebrd-investors-february-2024
7. Gap Minder Portfolio Investments, Funds, Exits (CB Insights, unverified aggregator), https://www.cbinsights.com/investor/gap-minder
---
*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of Europe, the Middle East, and Africa › Venture capital firms of Western Europe*
*Initially written Sep 17, 2026 · Edited: Oct 15, 2026; Oct 21, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license