Underline Ventures

Underline Ventures is a Bucharest-based, early-stage venture fund founded in 2022 by Romanian investor Bogdan Iordache, and is widely described as Eastern Europe's first solo-GP venture fund. The firm partners at the earliest stages, pre-seed, seed and late-seed, with Eastern European founders building high-growth technology startups with global ambitions, writing average cheques of around $500,000, and it is willing to lead. Underline closed its debut fund in November 2023 at roughly EUR 18.4 million, about $20 million, reaching its target with capital raised predominantly from successful tech founders and operators, alongside other business leaders and international funds-of-funds; operators from companies such as UiPath, Telerik and Bitdefender advise its portfolio companies. Investment themes centre on enterprise automation, artificial intelligence, cybersecurity, industrial and vertical software, IoT, fintech, climate and defence technologies, with a strong B2B and enterprise-software orientation. Iordache is a developer-turned-founder-turned-investor who founded the influential How to Web conference, co-founded TechAngels, Romania's first business-angel network, built and exited the email-marketing startup Conectoo, and has worked in venture capital since 2013 across Springboard, 3TS Capital Partners, MVP Academy and Gecad Ventures. To date the fund has made roughly 13 investments in startups across Romania, Croatia, Serbia and the broader Eastern European diaspora, spanning big data and AI, cybersecurity and e-commerce infrastructure. As a pioneering solo-GP fund backed by the region's leading operators, Underline Ventures gives Eastern European B2B and deep-tech founders an early, hands-on partner with global ambition.