Angel networks in Romania that startups should know about

Romania’s angel investment ecosystem has developed significantly over the past decade, and much of its growth is tied to the evolution of TechAngels, the country’s first and most prominent network of tech-focused business angels.  The idea of forming a community of early-stage investors took root in 2012, with a small group of successful entrepreneurs and early tech experts, like Andrei Pitiș, Radu Georgescu, and Bogdan Iordache, coming together to support local startups when traditional financing options weren’t accessible. 

‍“The tech startup ecosystem in Romania has evolved significantly in recent years. The success of several companies achieving exits, with the now-classic example of UiPath leading the way, is becoming increasingly visible. We’re seeing more experienced teams, successful founders reinvesting smart money, and a growing culture of sharing know-how and best practices on how to scale a startup into a major business,” Radu Georgescu, Co-Founder of SeedBlink.

Today, we are learning about the history and activities of the three active angel networks, their support for founders, and expectations for the future.

‍BRAVVA

Founded in 2022 by Ilinca Păun, Bravva Angels is a Bucharest-based community of business angels dedicated to investing in early-stage startups, encouraging female founders to grow their companies through VC financing, and trusting themselves to develop tech-innovative businesses. Although not exclusively financing female founders, the community signed up many female investors as a way to increase diversity in the cap table and return more interest and support for female founders. They developed BFF (Bravva Female Founders) division (co-founded with Monica Aliman and Cristina Pastesan to offer consultancy and education programs for women - a recent success being the program “Incubator de Incredere”).  The community facilitated the signing of 15 co-investments, including more recent ones such as Questo, Jobful, Sales Partners, Bright Spaces, and the all-Romanian female-founded Filmchain. The amount invested is a little under 1,000,000 euros. 

‍“The hard truth is that women entrepreneurs do business with the breaks on, taking more calculated risks, looking more for profit than growth. Partially is the social setup of their personal lives, partially is the fear of failure, and partially is the lack of ecosystem support - they feel they are outliers and have to fight their way into the tech world. ‍Our mission is to bring gender equality into the VC world, so that more companies are created to increase the chances of wealth and fame for Romanian founders," Ilinca Paun, founder of Bravva Angels.   ‍

TechAngels Romania

TechAngels was born out of a simple but powerful idea: to support tech startups in their most vulnerable stage, after bootstrapping, but before venture capital is realistic. Today, with over 130 members, it is Romania’s largest and most ambitious network of angel investors, offering not only funding but also deep operational expertise and mentorship. Rooted in a mission to catalyze early-stage innovation, TechAngels continues to be a vital launching pad for ambitious founders across the country and in the region.

In the past 12 years, TechAngels has injected more than €46 million into 270+ startups, creating momentum in the ecosystem and across industries. The group’s flexible, founder-first approach enabled rapid adaptation during the pandemic, shifting to weekly pitch sessions and expanding its reach nationwide. In 2024 alone, the network invested €3.8 million, with a surge in the second half of the year, proof of a thriving ecosystem with growing investor confidence.

Looking forward, TechAngels has set its sights high: creating 10 unicorns in the next 10 years. This ambition is anchored in a collaborative approach, especially with VCs, ensuring startups benefit from both personalized angel support and structured growth capital. More than a funder, TechAngels is a connector, mentor, and long-term partner in scaling Romanian innovation to global heights.

“Our region came later to the game and was often underestimated because of it. But we have the talent, resilience, and ambition to lead. TechAngels encourages founders to think big, to move past the small-market mindset, and to connect bold local ideas with regional and European opportunities. Europe is now doubling down on innovation and tech leadership, and in this momentum, angel investors have a key role, not just with capital, but with guidance and trust. We’re aiming for 10 unicorns in 10 years. Step one: Never walk alone. That means building stronger bridges across the ecosystem, locally, regionally, and across Europe. TechAngels is here to be a team player in that journey. #growingtogether,” Marius Istrate, Chairman of TechAngels.

As the network looks ahead to its next decade, it remains focused on scaling its impact, supporting founders with capital and know-how, and aims for 10 unicorns in 10 years.

If you want to learn more about TechAngels, check out their brochure.

Transylvania Angels Network (T.A.N.)

Transylvania Angels Network (T.A.N.) is a Cluj-Napoca-based angel investment community that is working to grow and mature the entrepreneurial ecosystem in Transylvania and beyond. It sources opportunities for its investors, who invest their own capital, into promising startups that need funding and guidance.

They focus on early-stage investments and support Romanian startups which are creating scalable tech-driven solutions. T.A.N. also helps new members to learn the unique aspects of angel investing by offering educational resources and networking opportunities. Since 2018, their members have invested €3.7M in over 35 Romanian startups. “We’re now at 110 members, most of them from Transylvanian cities, but we have people joining from the Romanian diaspora (EU, US, UK, Singapore). Our aim is to continue growing a solid community of members, investing in and supporting startups, and enabling new business collaborations and projects to be developed.  In the past half year, a few new projects evolved from discussions among the members. Thus, we’re expanding and diversifying our activities to include other types of entrepreneurial projects and investments,” Mircea Vădan, Founding Board Member. 

What else should you know about Romania’s startup ecosystem?

Romania’s startup ecosystem has matured significantly, driven by some of its local success stories and a growing network of accelerators and startup programs like Techcelerator, InnovX-BCR, Impact Hub Bucharest, and Rubik Hub. These programs provide structured support, mentorship, education, access to funding, and community building across diverse industries, including fintech, e-health, sustainability, and food technology.

The venture capital landscape in Romania complements this ecosystem, with a mix of early-stage and sector-specific investors. Firms like GapMinder VC, Underline Ventures, Early Game Ventures, and ROCA X focus on seed-stage startups, while Catalyst Romania, eMAG Ventures, and Bitdefender Voyager Ventures support later-stage growth and strategic sectors, such as cybersecurity and digital infrastructure.

As equity culture becomes more deeply embedded in Romania, through direct investment and mechanisms such as employee stock option plans, local investors expect the venture landscape to mature even further, connecting local innovation with European capital markets. Check out the full list of venture capital firms in Romania here!

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This article is part of a series that presents the top angel networks across Europe. Stay tuned as we continue to cover more European countries!