Underline Ventures Research
Investment Thesis
Underline Ventures is a solo-GP, concentrated venture capital fund focused on supporting analytical, action-oriented Eastern European founders building hard technology and deep tech solutions. The fund emphasizes founder-led strategy, long-term alignment, and hands-on operational support from pre-seed through Series A. They believe founders should remain in control of their companies while benefiting from critical guidance and strategic counsel.
The fund's investment philosophy is built on three core principles:
- Founder Control: Founders drive strategy; the fund aligns interests for the long term
- Strategic Partnership: Beyond capital, the fund helps define strategy, milestones, and priorities
- Through Thick and Thin: Long-term support through challenges, with proactive guidance and network access
Sector and Industry Focus
Underline Ventures concentrates on three primary technology domains:
Space Tech: Satellite technology, space infrastructure, launch services, space insurance, and on-orbit services. Notable investments include Charter (space insurance), Absolut Sensing (satellite monitoring), and GoCosmic (space scaling). The fund is deeply engaged with the Romanian Space Initiative (ROSPIN) ecosystem.
Defence Tech: Security infrastructure, cybersecurity, offensive security automation, and defense-adjacent technologies. Investments like Trickest (adversarial emulation platform) exemplify this focus.
Industrial Tech: Advanced manufacturing, automation, process analytics, robotics, and agricultural technology. Portfolio companies include Deltia (AI-based process analytics), SERA (greenhouse management), and Uvionix (autonomous flying robots for inventory).
Secondary themes include developer tools and infrastructure (with AI/ML components), creator economy tools, and business software for SMEs.
Investment Stage and Ticket Size
Stage Focus: Pre-seed, Seed, Late Seed
- Pre-seed: $250K-$500K for early concept validation
- Seed: $500K-$1M for product-market fit signals
- Late Seed: Up to $1M for strong scaling indicators
Typical Check Size: $500,000 average (core range: $500K-$1M)
The fund invests alongside other investors and helps portfolio companies find co-investors through their network. They typically take board observer or board seat positions in their investments.
Recent Activity and Fund Status
Fund Details:
- Fund I: Closed at $20M (November 2023)
- Status: Actively deploying, private-only fund
- Model: Solo-GP structure with concentrated portfolio
Recent Investments (2025):
- February 2025: Uvionix (autonomous flying robots for inventory, hardware)
- December 2025: EnduroSat participation (satellite technology)
- November 2025: BibleChat and other portfolio development
- October 2025: Ongoing follow-on investments in existing portfolio
Portfolio Size: 15+ investments from Fund I with focused concentration strategy
Portfolio Company Examples
The fund's portfolio spans their three core sectors:
Space Tech Portfolio:
- Charter (space insurance and commercial space services)
- GoCosmic (space startup scaling services)
- Absolut Sensing (satellite-based monitoring)
- Related portfolio in satellite and space infrastructure
Defence/Security Portfolio:
- Trickest (SaaS platform for offensive security orchestration and automation)
- Security and cybersecurity related investments
Industrial/Manufacturing Portfolio:
- Uvionix (autonomous flying robots for real-time inventory, 99.9% accuracy)
- Deltia (AI-based process analytics platform)
- SERA (cultivation management and analytics for greenhouses)
- Nestor (people intelligence platform with predictive analytics)
- Turneo (hospitality marketplace for in-destination experiences)
Software/Developer Tools:
- DesignVerse (design system to functional code translation)
- Genezio (serverless backend development)
- Collabwriting (research knowledge management)
- Veridion (business data enrichment)
B2B SaaS:
- SaleSqueze (Visual CPQ platform)
- Goodlegal (legal compliance automation)
- MixRift (mixed-reality games)
- Videowise (video infrastructure for commerce)
Team and Operating Partners
Core Investment Team:
- Bogdan Iordache (General Partner): Venture capital since 2013, founder of How to Web (Europe's top 10 startup conference), serial entrepreneur with Conectoo exit. Focus: investment, strategy, product positioning
- Milana Slobtcova (Principal): Startup enthusiast, sourcing specialist, previously with Renderro (Techstars Berlin 2022)
- Violeta Mihai (Space/Defense Analyst): Space tech specialist, member of Romanian Space Initiative, certified pilot with systems engineering background
Operating Partners:
- Alexandru Badut (Venture Partner): Product leadership expert, built and scaled SaaS/digital products across US, Romania, Hungary, Cyprus
- Vlad Ionescu (Venture Partner): Former UiPath Head of Growth (11th employee), drove growth from EUR 200K to EUR 500M ARR, B2B growth specialist
- Ciprian Borodescu (Entrepreneur in Residence): 3x founder, AI entrepreneur, led MorphL acquisition to Algolia, ex-Algolia AI Principal PM building million-ARR AI products
- Iulian Circiumaru (Venture Partner): Founder turned investor, 7card exit to Sodexo, portfolio: food, beverages, agriculture, ecommerce
Support Team:
- Adriana Spulber (Comms & Services): Startup communications, PR, B2C marketing
- Cristina Mogic (Talent Partner): 7+ years tech recruiting, HR consulting founder
- Elena Vrabie (Research Editor): 15+ years in media/business/innovation, content strategy
- Mihaela Ciobanu (Fund Admin): Ex-UiPath Treasury, financial operations
- Sebastian Boureanu (CFO): Software company founder providing CFO services
Geographic and Founder Preferences
Primary Geographic Focus: Eastern Europe (Romania, Poland, Bulgaria, Czech Republic), with secondary focus on Central Europe
Founder Profile Preferences:
- Analytical, action-oriented technical founders
- Eastern European backgrounds and perspectives
- Deep domain expertise (space, defense, industrial tech)
- Proven ability to execute and iterate
- Founders with scalable ambitions (not lifestyle business mentality)
Anti-Thesis:
- Non-technical founding teams
- Consumer social or discretionary apps
- Markets without clear technical moats
- Founders seeking hands-off investor relationships
Decision Process and Timeline
Decision Structure: Solo-GP with operating partner input; concentrated decision-making by Bogdan Iordache with input from principals and partners
Timeline: 3-4 weeks typical from initial meeting to investment decision (variable based on complexity)
Warm Introductions: Appreciated but not required; team actively sources through networks and conferences
Due Diligence: Technical and market validation, founder-market fit assessment, network references
Typical Post-Investment Involvement
Board Involvement: Board observer or board seat (depending on ownership %)
Support: Strategic guidance on go-to-market, product prioritization, team building, fundraising strategy
Network: Access to 10+ operating partners, founder community from portfolio and How to Web network, Eastern European tech ecosystem
Follow-on Support: Help sourcing co-investors for Series A, introductions to distribution partners, technical advisors
Fund Performance and Indicators
Fund I Deployment: $20M fund, investing $500K average checks, implies 40+ investment targets; currently executing against plan
Portfolio Quality Indicators:
- Companies across all three core sectors represented
- Recent activity confirms continued deployment (2025 investments ongoing)
- Mix of hardware (Uvionix), space (Charter, GoCosmic), software (Trickest), and deep tech
- Exit validation: Conectoo (founder's exit), 7card (team exit)
Market Position: Active participant in Eastern European tech ecosystem, visibility through How to Web, Romanian Space Initiative, Techstars networks
Competitive Positioning
Underline Ventures differentiates through:
- Focused Thesis: Clear sector concentration (Space, Defense, Industrial) vs generalist Eastern European VCs
- Founder-Aligned Structure: Solo-GP with operating partners means consistent decision-making and long-term commitment
- Deep Team Expertise: Operating partners with UiPath, Algolia, and founder experience add credibility
- Network Scale: How to Web conference (Europe's top 10) and ROSPIN membership provide ecosystem visibility
- Stage Sweet Spot: Perfectly positioned for seed-stage Eastern European deep tech
Investment Outlook
Current Status: Fund I actively deploying, concentrated portfolio approach
Future Plans: Focus on follow-on rounds for strong performers, continued sourcing in core sectors
Emerging Focus: Increased interest in AI/ML applications within industrial tech, space tech, and defense sectors
Market Tailwinds: European tech policy focus on strategic autonomy, increased space economy opportunities, deeptech valuations stabilizing