51682 - GapMinder II

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Summary of Investment Information

Project Number

51682

Company Name

GapMinder Fund II Cooperatief U.A

Date SPI Disclosed

Oct 27, 2025

Country

Romania

Region

Europe

Projected Board Date

Dec 1, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 15, 2026

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Feb 2, 2026
Signed : Feb 10, 2026
Invested : Mar 12, 2026

Sector

Venture Capital Fund

Project Description

IFC is considering an equity investment of up to EUR10 million in GapMinder Fund II Coöperatief U.A. (the “Fund”) an early-stage venture capital fund that will invest in pre-seed and seed stage technology companies in Romania and Central-Eastern European Regions.

Associated Advisory Engagement

There are no advisory engagements with the Fund.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	23.90

Development Impact

The Fund is expected to increase access to early-stage venture capital financing and value creation services for technology startups that are mainly active in Romania and Central and Eastern Europe, resulting in business growth. Additionally, the Fund is expected to invest in at least 25 percent in startups co-founded by women, helping to address gender disparities in access to venture capital financing in the region. Beyond the project IFC investment is expected to strengthen the competitiveness of the traditional real, digital, and financial sectors in Romania and Central and Eastern Europe, through the expansion of investees with disruptive business models, via demonstration and replication and/or competition and innovation channels.

IFC additionality is both financial and non-financial. Financial additionality involves the provision of IFC’s own account equity, as IFC’s participation, along with other DFIs, will enable the fund manager to achieve its target fund size thereby enable it to implement its investment strategy at a larger scale. Non-financial additionality includes non-commercial risk mitigation, as IFC's participation will help signal confidence in the Fund Manager, thereby potentially crowding in new investors.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Level of aggregated follow-on funding raised by investee companies as a proportion to the size of total investments made by the Fund	Multiple		Not Available	Not Available	Not Available
Percentage of investees with female founders/co-founders	%	GapMinder will commit, for the first time and on a best-effort basis, to investing in at least 25 percent female or co-founded companies in Fund II portfolio. Analysis of Fund I track record indicates around 35 percent of GapMinder’s investees have incidentally included a female co-founder. With Fund II, GapMinder will translate this into an intentional investment strategy to target investments into companies with female co-founders.	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Fund will focus focusing on Seed and Late Seed stage technology companies primarily in Romania and selectively in the Central and Eastern European (CEE) region. Potential E&S risks and impacts are low to medium and are typically associated with occupational health and safety, labor and gender issues, and working conditions. The project has therefore been categorized as FI-2 in accordance with IFC Sustainability Policy.
The Fund will not invest in any activities on IFC Exclusion List, coal-related activities, or higher risk business activities that may involving (i) involuntary resettlement; (ii) risk of adverse impacts on indigenous peoples; (iii) significant risks to or impacts on the environment, community, health and safety, biodiversity or cultural heritage; (iv) significant retrenchment; or (v) significant occupational health and safety risks (e.g., risk of serious injury or fatality to workers). IFC’s applicable E&S requirements for this Project will be the IFC Exclusion List, the host country’s laws and regulations, and IFC’s Performance Standards as and when the Fund's investments reach a certain level of operation. The Fund will also be required to be in line with the requirements of life and fire safety in addition to IFC Performance Standards 2 on Labor and Working Conditions.

The Fund is a new IFC client who has recently developed its Environmental and Social Management System (ESMS) based on requirements of IFC and other investors which includes an Environmental, Social and Governance (ESG) policy and formalized E&S risk management processes, responsibilities, and tools for undertaking E&S risk management of its investment activities prior to commitment. The Fund has assigned an ESG officer and additionally engages external qualified consulting companies to conduct E&S due diligence prior to investments (if needed). As part of the Project, the Fund will be required to: enhance its ESMS in line with the E&S requirements, improve the E&S tools particularly on managing gig-economy relevant risks including the labor and working conditions of the investee companies, formalize the external communication mechanism, maintain internal/external capacity with E&S background/experience; provide E&S due diligence (ESDD) reports for the first three investments; and provide an annual E&S performance report for the Fund and its investments. IFC will disclose relevant investments on a yearly basis, including their names, sectors, and locations.

S.no	Title	Anticipated Completion Date
1	Enhancement of the ESMS in line with the IFC E&S requirements	07/01/2026
2	Establish External Communication Mechanism	07/01/2026

Contacts

For Inquiries About the Project, Contact

GapMinder Ventures B.V
Dan Mihaescu
Founding Partner
+40 722 532 541
dan.mihaescu@gapminder.vc
De Lairessestraat 145A, 1075 HJ Amsterdam, The Netherlands
https://gapminder.vc/

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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