Observed Signal · Nov 9, 2026 · Funding · Source: EU-Startups (European Venture) · Impact: 3/5 · Sentiment: Positive
BlackPeak Capital Reaches €125M First Close for SE Europe Fund
BlackPeak Capital, a Bulgarian private equity firm, announced the first close of its new BlackPeak Southeast Europe Growth Equity Fund II SCSp (BPSEEF II) at €125 million. The fund targets fast-growing companies in Southeast Europe, focusing on Bulgaria, Romania, Croatia, Slovenia, and Serbia, with a target size of €150 million and a hard cap of €200 million. Anchor investors include the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), Erste Asset Management, and the International Finance Corporation (IFC). The EIF committed €35 million, EBRD €30 million, and IFC €20 million. New investors include HBOR and Universal Pension Fund Doverie. The fund will invest €7-20 million per transaction, taking minority or majority stakes, and expects to build a portfolio of 10-12 companies. BlackPeak Capital has raised over €280 million cumulatively across three funds and has offices in multiple regional hubs. The first investments are expected in early 2027.
The first close of a €125 million growth fund dedicated to Southeast Europe signals continued investor confidence in the region's tech and startup ecosystem, providing growth capital for digitalisation, e-commerce, and sustainability sectors relevant to AdTech and MarTech.
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Key Takeaways & Evidence Grounding
- BlackPeak Capital announced the first close of BPSEEF II at €125 million.
- The fund targets €150 million with a hard cap of €200 million.
- EIF committed €35 million, EBRD €30 million, and IFC €20 million.
- BPSEEF II will invest €7-20 million per transaction in Southeast European companies.
- BlackPeak Capital has raised over €280 million in cumulative commitments across three funds.
Connected Companies & Entities
“The EIF has committed €35 million comprising €10 million under the Romania Recovery Equity Fund and €25 million under the Bulgaria Recovery ...”
“The EBRD and IFC have committed €30 million and €20 million respectively.”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
LAUNCHub Ventures Closes €65M for Third Fund
LAUNCHub Ventures, a Sofia-based venture capital firm, has announced the first close of its third fund at €65 million, targeting €75+ million total. The fund will continue its pre-seed and seed investment strategy across Central and Eastern Europe (CEE) and South-Eastern Europe, with first checks ranging from €300,000 to €3 million and reserves for Series A follow-ons, with follow-on capacity up to €7 million. The firm plans around 25 investments over five years. Additionally, LAUNCHub has promoted Raya Yunakova and Petar Tsachev to General Partners and added Vedran Blagus as Associate Partner. The fund is backed by the European Investment Fund, the European Bank for Reconstruction and Development, and the International Finance Corporation, with additional support from the EU's NextGenerationEU programme and Romanian/Bulgarian governments. Fund III has already invested in Nanogram, Lenz, and 1Club. LAUNCHub has backed nearly 100 companies with 18 exits and a 40% Series A conversion rate.
WAD Capital Hits €67.5M First Close for Debut Fund
Belgian investment firm WAD Capital has completed the first close of its debut fund at €67.5 million, with a €25 million investment from the European Investment Fund (EIF), making EIF the largest backer. The Ghent-based firm, founded in 2023, specializes in 'Entrepreneurship Through Acquisition,' acquiring small and mid-sized European companies facing succession issues and handing them to vetted operators. The fund targets profitable SMEs with EBITDA of €1-5 million in the Benelux, northern France, and western Germany, focusing on healthcare, energy, and business services. WAD uses data-driven sourcing and AI-assisted legal due diligence to accelerate deals. The firm's first cohort of thirteen 'CEOs in Residence' has completed eight acquisitions, with five more in final stages. The proceeds will fund a second cohort of twelve CEOs, expanding the portfolio to 25 companies by the end of 2027. The fund aims for a €130 million target with a hard cap of €132.5 million.
Connect Ventures hits first close of $80M Fund V
Connect Ventures, a European early-stage VC firm, announced the first close of its fifth fund at $55 million, targeting a total of $80 million. The fund will focus on investing in technical founders building the next generation of European technology companies. The British Business Bank serves as the anchor investor, with returning limited partners including Aldea Ventures, Sella Venture Partners, and Molten Ventures. New investors include European family offices and founders of previously backed companies. Connect Ventures leads pre-seed rounds with cheques ranging from $500,000 to $5 million. The fund emphasizes founding teams with deep technical expertise at their core. Connect's GP-only team, including Pietro Bezza, Sitar Teli, and Rory Stirling, maintains a low-volume, high-support investment approach.
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