• SeedBlink held an insightful webinar dedicated to VC strategies, funding rounds, and the key traits investors look for in startups
• The event took place online via Zoom on November 7th 2024
• The guest speakers were Cristian Munteanu of Early Game Ventures and Stoyan Nedin of Vitosha Venture Partners

On November 7th, the established Romanian co-investment platform SeedBlink is holding a webinar on VC strategies, funding rounds, and the key traits for which investors look in startups. SeedBlink’s managing director SEE Angel Hadjiev moderated the webinar, and the speakers were Early Game Ventures’ founder and managing partner Cristian Munteanu and Vitosha Venture Partners’ partner Stoyan Nedin.

Speakers and Topics

Cristian Munteanu is the founder and managing partner of Early Game Ventures, a prominent venture capital firm focused on early-stage technology startups in Romania and Eastern Europe. With a strong background in both entrepreneurship and investment, Mr Munteanu has extensive experience in supporting startups that leverage technology to create scalable solutions. Before establishing Early Game Ventures, he held leadership roles in various companies and was active as an entrepreneur, giving him firsthand insights into the challenges founders face. His approach emphasizes close partnerships with entrepreneurs, helping them build long-term, sustainable growth strategies. Under his guidance, Early Game Ventures has become known for its hands-on investment philosophy, contributing actively to the startup ecosystem in the region.

Stoyan Nedin is a partner at Vitosha Venture Partners, a venture capital firm that invests in early-stage startups across Bulgaria and Southeastern Europe. With a rich background in entrepreneurship and technology, Mr Nedin has co-founded and led multiple successful ventures, gaining a deep understanding of the startup landscape and the challenges faced by emerging companies. His expertise spans areas like fintech, e-commerce, and SaaS, where he focuses on identifying high-potential startups with innovative solutions. At Vitosha Venture Partners, Mr Nedin plays a key role in guiding portfolio companies toward growth, offering strategic mentorship and operational support. Known for his commitment to fostering local talent, he actively contributes to the development of a sustainable startup ecosystem in Bulgaria.

Angel Hadjiev is the Managing Director for Southeast Europe at SeedBlink. With a strong background in finance and venture capital, Mr Hadjiev has accumulated years of experience in fostering the growth of innovative startups and connecting them with investors. Prior to joining SeedBlink, he held leadership roles in investment firms, gaining extensive expertise in startup funding and growth strategies. At SeedBlink, he is responsible for expanding the platform’s reach in Southeast Europe, working closely with founders and investors to create value and support the regional tech ecosystem. Mr Hadjiev is passionate about democratizing access to venture capital, helping both startups and investors benefit from Europe’s rapidly growing innovation landscape.

Key Takeaways

• Importance of Team and Industry Fit: The panel highlights that a startup’s team is critical for investment. Investors look for a trustworthy, competent, and committed team. Additionally, alignment with the investor’s preferred industries is crucial. For example, Mr Munteanu prefers AgriTech but avoids hardware-heavy projects due to their slow return on investment cycles.
• Common Sense in Startups: Mr Nedin stresses the need for startups to show ‘reasonable’ ambitions. He prefers founders who provide realistic and evidence-backed strategies, especially for scaling in new markets.
• Early-Stage Support: The VCs discuss their approach to supporting startups, highlighting that some are hands-on while others prefer a light-touch approach. The balance is to avoid being detrimental, as noted by Mr Munteanu referencing Vinod Khosla’s critique that 70% of VCs unintentionally add negative value to their portfolio companies.
• Building Traction Without Revenue: Both VCs stated that they are willing to invest in startups pre-revenue, as long as there are clear signs of traction. This could include having a strong team, a prototype, customer engagement, or industry partnerships.
• Valuation Strategies: The webinar touched on valuation methods for early-stage startups, emphasizing the target of acquiring around 15% equity. Valuations are tailored based on the startup’s potential to scale, with a focus on long-term growth over immediate revenue.
• Importance of Local Ecosystems: Both speakers stress the role of local startup ecosystems in providing support, networking, and resources to startups. They highlight the growing support in Eastern Europe, particularly in Romania and Bulgaria, as crucial for entrepreneurial success.

You are welcome to watch the full recording of the webinar here.