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Early Game Ventures

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Overview

Early Game Ventures is an early-stage venture capital firm based in Bucharest, Romania, investing in technology and IP-driven startups across Central and Eastern Europe, particularly in deep tech sectors like AI, cybersecurity, biotech, spacetech, and enterprise software.27 It leads Pre-Seed, Seed, and Series A rounds, often at idea stage, with tickets from €500K to €2M and up to €6M per company, backed by the European Investment Fund and Romanian investors for its funds.123

History

Early Game Ventures was founded in 2018 by Cristian Munteanu as Managing Partner, along with partners Bogdan Pasca and Dan Calugareanu.2 Fund I, launched in 2018, invested in 28 startups, achieved four exits with 45% yield, and its portfolio generated over €43M in annual revenue and employed more than 400 people as of 2024.1 The firm raised Fund II, a €60M vehicle capitalized by the Recovery Equity Fund via the European Investment Fund and Romania's PNRR, with recent investments like USD 600,000 in Tryll in April 2026.36

Notable Products

  • Early Game Fund I - €28M fund invested in 28 CEE startups since 2018, with four exits and €43M portfolio revenue.
  • Early Game Fund II - €60M fund backed by EIF and PNRR, targeting early-stage tech investments across Europe.
  • Investment in Vatis Tech - $700K Seed round in 2023 for tech startup.
  • Investment in Licenseware - $1.0M Seed round in 2022 with multiple co-investors.
  • Investment in Tryll - USD 600,000 pre-seed in April 2026 for AI in video games.
  • Investment in OxidOS - Early-stage investment in automotive safety OS.

Reputation

Early Game Ventures is recognized as one of Romania's most active VC funds, leading 17 deals in H1 2022 and topping local rankings for early-stage investments in emerging tech.4 Professionals note its conviction-based approach in high-risk pre-seed and seed stages, providing capital and connections for CEE ecosystem growth.21 Its Fund I outcomes, including exits and revenue growth, demonstrate effective execution, though as a young firm, it focuses on regional rather than global scale.15

Sources (7)
  1. https://therecursive.com/what-early-game-ventures-learned-and-won-t-do-again-from-fund-i/
  2. https://startupintros.com/orgs/early-game-ventures
  3. https://www.romania-insider.com/early-game-ventures-tryll-april-2026
  4. https://en.ain.ua/2022/10/19/active-romanian-vc-funds/
  5. https://www.trendingtopics.eu/cristian-munteanu-only-people-with-very-superficial-knowledge-of-the-industry-think-we-can-replicate-the-silicon-valley-in-cee/
  6. https://vestbee.com/insights/articles/vc-of-the-month-early-game-ventures
  7. https://earlygame.vc