Sofia-based LAUNCHub Ventures has reached the first close of its third fund, securing €65 million. The firm aims to raise a total of at least €75 million. The capital comes from international financial institutions, family offices, and over ten founders from the firm's previous portfolios.
Key backers of the new fund include the European Investment Fund, the European Bank for Reconstruction and Development, and programs from the Romanian and Bulgarian governments. The International Finance Corporation is also considering participation in the second close of the fund.
Founded in 2012, the firm focuses on pre-seed and seed-stage startups in Central, Eastern, and South-Eastern Europe. To date, LAUNCHub has supported nearly 100 companies, achieving 18 exits. Portfolio companies have raised over €700 million in follow-on funding from investors like Sequoia and Index Ventures.
With the new fund, LAUNCHub plans to complete approximately 25 investments over five years. Initial ticket sizes will range from €300 000 to €3 million, with the firm aiming to lead or co-lead rounds up to €7 million. The fund has already backed Nanogram, Lenz, and 1Club.
The firm announced leadership changes alongside the fund's first close. Raya Yunakova and Petar Tsachev have been promoted to General Partners. Additionally, Vedran Blagus has joined as an Associate Partner to oversee operations in Croatia, Slovenia, and the Western Balkans.
