The landscape of publicly Funded VC in Romania: Insights at the End of Q3 2025

Authors: Ionuț Țața, Loredana Gavrilescu, Paul Ștefănuț, Mircea Vădan

Romania’s venture capital (VC) market is experiencing an unprecedented surge in public funding, largely driven by European Union initiatives designed to strengthen the national startup ecosystem, especially in emerging technology sectors and digital transition technologies.

Despite persistent challenges—such as the historical shortage of local capital and lower fund-raising rates relative to GDP compared to other EU countries—these public programmes are set to significantly reshape the investment landscape.

Private equity–backed companies in Romania have already demonstrated notable economic impact, recording a net 7.1% increase in job creation in 2022 (compared to 2.3% for the overall economy) and a €5.2 billion rise in turnover between 2019 and 2022.

This article provides a comprehensive overview of the current state of publicly funded venture capital opportunities in Romania as of mid-2025, highlighting key programmes, their progress, and what lies ahead.

PNRR Recovery Equity Fund (REF): the main catalyst accelerating the growth of Romania’s VC Market

At the centre of Romania’s strategy for publicly supported venture capital stands the Recovery Equity Fund (REF), a substantial €400 million fund-of-funds allocated under the National Recovery and Resilience Plan (PNRR) and managed by the European Investment Fund (EIF).

This initiative requires beneficiary VC and private equity funds to invest at least an equivalent amount in Romania, ensuring direct and measurable impact on the local economy.