Launchub Ventures closes $19m fund

The European Investment Fund is among the limited partners of the fund that will focus on startups in Bulgaria and the wider southeastern Europe region.

Launchub Ventures, a Bulgaria-based VC firm, has closed its latest fund at €18m ($19m) with commitments from investors including EU agency European Investment Fund (EIF), TechCrunch wrote yesterday.

Remaining limited partners include a range of private individuals, including local entrepreneurs.

Founded in 2012, Launchub focuses on very early-stage companies in Bulgaria and southeastern Europe. The firm previously raised a €9m fund that invested up to €200,000 in pre-seed capital per startup.

The new fund will invest between €300,000 and €700,000 at the seed stage, with follow-on investments available up to a total commitment of €2m per company.

Its first portfolio business is HiCharlie, a US-based fintech company that uses a text message bot to manage personal finance and was co-founded by two Bulgarian entrepreneurs. Norwest Venture Partners, which manages funds on behalf of financial services firm Wells Fargo, and software company Softech also participated in that round.

Lyuben Belov, co-founder of Launchub Ventures, said: “We believe there is a fantastic opportunity in the currently underserved, but quickly growing southeastern Europe region. Our strategy is to become the obvious first choice for entrepreneurs in our region.”

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