On February 28th, 2024, the Investment Committee designated by the Romanian Government for the Recovery Equity Fund, part of PNRR (National Program for Recovery and Resilience), cofinanced by European Union through NextGeneration EU, approved an important financing for the new investment fund Early Game Ventures II. Managed by the European Investment Fund (EIF), PNRR’s venture capital instrument finances investments in small and medium-sized enterprises, mid-caps and infrastructure projects. This is an important milestone in the prelaunch process of the second VC fund managed by Early Game Ventures team (EGV). The subscription agreement between the EIF and the EGV will be signed in the following period. Simultaneously, subscription agreements between EGV and other private investors (LPs) will also be signed. Early Game Ventures II will continue the investment strategy of the previous fund, EGV I, which benefited from a contribution through the equity financial instrument financed by the Competitiveness Operational Program 2014-2020 and ended the active investment period. EGV I fund is still active but will only invest in the companies from its own portfolio. New investments will be done from the EGV II Fund, with a total value of 60 million euros. https://outsourcing-today.ro/?p=10580

Full Speed Ventures, a European VC firm co-founded by Polish investors, announced the launch of its second, €50M tech fund. The initial ticket size is €1-4М with significant reserves for follow-on rounds. The new fund will focus on tech founders, making a number of selective investments, only where it can provide extensive, practical, and execution-focused support.The firm’s strategy emphasizes being involved in the processes of their portfolio companies. They are able to provide valuable insights across various sectors including Cybersecurity, Medtech, AI, and consumer software, particularly in the CEE region with a strong focus on Poland. Full Speed Ventures was founded by Wojciech Fedorowicz, MBA graduate from Stanford University Graduate School of Business, and Daniel Star, with a background as investment manager and corporate adviser, both having considerable experience as tеch investors. The firm has offices in Warsaw, Luxembourg, and Tel Aviv. https://therecursive.com/new-e50m-cee-fund-providing-hands-on-assistance-to-tech-founders/

Romanian medtech startup Rayscape, a provider of AI solutions for radiology, has received EUR 500,000 in funding as the winner of the Rubik Garage's accelerator's Scale to USA edition. Romanian fund Fortech Investments provided the funding. The Timișoara-founded startup, which changed its name from XVision to Rayscape in 2022, has developed solutions that aid radiologists with in-depth analysis of medical images such as X-rays and CTs. https://www.romania-insider.com/rayscape-funding-mar-2024

Entrepreneurs from Bacău, a city in eastern Romania, can learn how to create and develop their own businesses at Hub Orizont, a space launched by the City Hall to support startups in the cultural and creative industries. One of the new hub’s main activities is running an incubator program that includes group workshops, individual mentoring sessions, and events to promote participants. https://www.romania-insider.com/bacau0hub-orizont-startups-march-2024

Accelerate Estonia provides start-ups with a regulatory sandbox to test their technology. Estonia, through the Accelerate Estonia program, has expanded its regulatory sandbox initiative to support UK startups. The sandbox is intended to remove specific regulatory barriers for UK start-ups that could be hindering their growth. Accelerate Estonia works with a small group of start-ups, creating collaboration between companies and the Estonian Government. According to Accelerate Estonia, nearly one-in-five start-ups that fail name regulatory changes as the principal reason for their failure. For 2024, Accelerate Estonia has aimed their focus at UK start-ups, inviting them to apply for the programme. Accelerate Estonia has already selected two such companies to present their business to the programme: medical start-up Your Cue and clean energy start-up O-Innovations. https://www.verdict.co.uk/estonia-launches-regulatory-sandbox-for-uk-start-ups/?cf-view

Under the 'Prototech' program of the Technology Business Center of the Investment and Development Agency of Latvia (LIAA), 30 entrepreneurs and authors of ideas have received support for the development of a prototype. More than a third of the prototypes were developed in the field of bioeconomy, biomedicine and biopharmaceuticals, reports LIAA. https://eng.lsm.lv/article/economy/business/28.02.2024-young-latvian-entrepreneurs-developing-bioeconomy-prototypes.a544748/

INSRD reinvents commercial insurance to better serve fast-growing companies driven by innovation yet frequently encountering new risk exposures. Berlin-based insurtech startup INSRD announced today that it has raised a €500K Pre-Seed round. INSRD is a startup that is participating in Cohort 5 of Earlybird Venture Capital's Vision Lab Program, which provides funding, mentorship, and network. INSRD reinvents commercial insurance to better serve fast-growing companies driven by innovation yet frequently encountering new risk exposures. https://tech.eu/2024/03/07/insrds-adaptive-insurance-for-emerging-industries-bags/