Banca Comercială Română (BCR) is launching the BCR Seed Starter venture capital program – in addition to the EUR 5 million it plans to invest in Romanian startups over the next five years, the program offers comprehensive support through mentoring and real collaboration with a strong financial institution.
Thanks to the program's operation in multiple countries, Romanian startups gain opportunities for quick scaling in the markets where Erste Group operates.
“BCR Seed Starter is opening a new chapter in the Romanian banking sector, becoming the first CVC program launched by a bank in Romania. BCR Seed Starter will give startups the opportunity to cooperate, test, develop and adapt value-added products to the BCR and Erste ecosystem or directly to the bank customers,” says Carmen Dibus, CEO of BCR Seed Starter.
“BCR Seed Starter is opening a new chapter in the Romanian banking sector, becoming the first CVC program launched by a bank in Romania. BCR Seed Starter will give startups the opportunity to cooperate, test, develop and adapt value-added products to the BCR and Erste ecosystem or directly to the bank customers,” says Carmen Dibus, CEO of BCR Seed Starter.
BCR Seed Starter plans to invest EUR 5 million in local startups over the next five years. However, the program will not only provide them with financial investment, but also long-term comprehensive support.
With the arrival of Seed Starter, Romanian startups will have the opportunity to participate in incubators and acceleration programs, such as regular Startup Bootcamps or Silicon Valley Accelerator, through which they can gain experience and contacts for global expansion.
In this way, BCR wants to help create a favorable environment for the emergence and growth of innovation in Romania.
“BCR Seed Starter brings a fresh approach to Romania's CVC landscape, with more flexibility, and long-term support, accelerating entrepreneurial development and reinforcing our role in European innovation” says Thomas Kolarik, Chair of the Board of Directors at BCR Seed Starter.
Venture capital as a catalyst for development
While venture capital activities in Romania have increased significantly from virtually nil in the last decade, it still lags behind the EU average and other CEE countries. According to the Romania Venture Report 2022, Romania has placed as fifth country in CEE for VC funding raised in 2022, behind Estonia, Czechia, Croatia, and Poland.
The goal of BCR Seed Starter is therefore to expand financing options for startups and offer a flexible alternative to conventional bank financing.
More than just an investment
But Seed Starter is not just about investment. By linking the program with a stable bank, startups are able to truly collaborate with a strong financial institution and its clients.
“I see Seed Starter's expansion as a clear signal heading to the Romanian startup ecosystem – for innovations that carry synergies with a financial institution, BCR Seed Starter can be not only an investor but also a strong partner on the way to nearly three million clients.” says Adrian Rosoaga, Chief Investment Officer BCR Seed Starter
The advantage is also the prestige that comes with a strong brand, which will undoubtedly give startups an advantage in business opportunities, reaching out to other investors and entering new markets.
Potential for scaling within the Erste Group
The program's expansion into Romania was preceded by its success in the Czech Republic and Slovakia. BCR thus becomes the third Erste Group bank to support promising technological innovations.
“The results of Seed Starter in the Czech Republic have been met with a positive response across the Erste Group and it was only a matter of time before we extended this proven model to other countries. This opens up new opportunities for startups in all countries where Seed Starter is operating to expand into other markets.” says Katerina Manley, Seed Starter CS Head of Investments.
Seed Starter´s presence in several countries also greatly helps the scaling of the supported startups. Evidence of this can be seen in the success stories of startups that have already been invested. “All the startups we have invested in are going to enter other markets where Erste Group operates. The presence of the program in more countries will make it easier for them to expand into these markets. Similarly, the Romanian innovations with a positive impact on the financial institution and its clients, have the open door to other Erste Group banks,” confirms Katerina Manley.
In addition, the expansion of the program also opens up the possibility of joint investments. This year, two startups have received co-investment of the Seed Starter of Česká spořitelna and Slovenská sporiteľňa, and with the establishment of BCR Seed Starter there may be many more similar examples of banks working together to support startups in the coming years.
What kind of startups are we looking for?
- Young technological companies with a remarkable product or service, a clear vision and high ambitions
- Functional MVP (Minimum Viable Product)
- In a stage beyond the idea phase, with existing clients and generating some revenues
- A dedicated team
- At a phase requiring seed investment
- Bringing synergies with BCR Group
- Long-game potential
If the above criteria fit your startup, we are looking for you! 😊