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The Venture Codex

Underline Ventures

12 Vuetului street, District 4, Floor 3, Bucharest, Bucuresti, 00000, Romania

Overview

Seed-stage venture capital for Eastern European high-growth startups.

Founded

2022

Deals · 12mo

4

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

Germany
Ireland
Romania
Serbia
...

Sector focus

—

Investment portfolio

13rounds
NAMEDATESIZE
Veridion
Sep 2026Participated
$20 MSeries A
Embedd
Aug 2026Participated
$3 MSeed
Almetra
Jun 2026Participated
$19 MSeries A
DesignVerse
May 2026Participated
$6 MSeed
UVIONIX
Feb 2025Participated
$4 MSeed
Turneo
Sep 2024Participated
$2 MSeed
MixRift
Aug 2024Led
$2 MSeed
SaleSqueze
Jun 2024Led
$2 MSeed
Genezio
Apr 2024Participated
$2 MSeed
Collabwriting
Oct 2023Participated
$0.93 MOther Equity
Videowise
Mar 2023Participated
$3 MSeed
Nestor
Dec 2022Participated
$2 MSeed
Veridion
Sep 2026Participated
$20 MSeries A
Embedd
Aug 2026Participated
$3 MSeed
Almetra
Jun 2026Participated
$19 MSeries A
DesignVerse
May 2026Participated
$6 MSeed
UVIONIX
Feb 2025Participated
$4 MSeed
Turneo
Sep 2024Participated
$2 MSeed
MixRift
Aug 2024Led
$2 MSeed
SaleSqueze
Jun 2024Led
$2 MSeed
Genezio
Apr 2024Participated
$2 MSeed
Collabwriting
Oct 2023Participated
$0.93 MOther Equity
Videowise
Mar 2023Participated
$3 MSeed
Nestor
Dec 2022Participated
$2 MSeed
13
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Insights

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Deal Distribution

Underline Ventures: 13 funding rounds are recorded in the selected participation categories.All available history.
Underline Ventures: 13 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed28
Series A02
Other Equity01

Monthly Deal Activity

Underline Ventures: 13 deals are recorded across 48 months.All available history.
Underline Ventures: 13 deals are recorded across 48 months. All available history
MonthDeals
Nov '221
Dec '221
Jan '230
Feb '230
Mar '231
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '231
Nov '230
Dec '230
Jan '240
Feb '240
Mar '240
Apr '241
May '240
Jun '241
Jul '240
Aug '241
Sep '241
Oct '240
Nov '240
Dec '240
Jan '250
Feb '251
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '260
Apr '260
May '261
Jun '261
Jul '260
Aug '261
Sep '261
Oct '260

Sector Breakdown

Underline Ventures: AI & Machine Learning is the largest displayed sector by deal count (6 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Underline Ventures: AI & Machine Learning is the largest displayed sector by deal count (6 deals). All available history
SectorDeals
AI & Machine Learning6
Enterprise Software4
Networks, Cloud & Communication4
Developer Tools4
Transportation & Logistics3
E-Commerce & Retail2
Data, Analytics & IT2
Space & Frontier Tech2
Hardware & Robotics2
Marketing & Advertising2
Manufacturing2
Professional Services2
Travel & Hospitality1
Education & Workforce1
Consumer & Lifestyle1
Fintech1
Media & Entertainment1
Health & Life Sciences1
Gaming & eSports1
Social & Community Platforms1

Deal Size Distribution

Underline Ventures: 13 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Underline Ventures: 13 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M10
$5M-$10M1
$10M-$25M2
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Underline Ventures: Europe has the largest recorded deal count among the displayed regions (10 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

Underline Ventures: Europe has the largest recorded deal count among the displayed regions (10 deals). All available history
RegionDeals
Europe10
United States3
Underline Ventures: 20 co-investors are shown, with GapMinder sharing 3 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Underline Ventures: 20 co-investors are shown, with GapMinder sharing 3 recorded deals. All available history
Co-investorShared deals
GapMinder3
Robin Capital3
Credo Ventures2
Fortech Investments2
LAUNCHub Ventures2
2100 Ventures1
Begin Capital1
Bessemer Venture Partners1
blisce/1
Cocoa Ventures1
Common Magic1
Connect Ventures1
Critical Ventures1
Day One Capital1
Earlybird1
Eleven Ventures1
Fiedler Capital1
Founder Collective1
Hoxton Ventures1
Klub 201

Investment Strategy

Underline Ventures: Led accounts for 15% and participating for 85% of round participation.All available history.
Underline Ventures: Led accounts for 15% and participating for 85% of round participation. All available history
CategoryDeals (count)Share (%)
Led215%
Participating1185%
Underline Ventures: Single-lead accounts for 50% and co-led for 50% of lead dynamics.All available history.
Underline Ventures: Single-lead accounts for 50% and co-led for 50% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead150%
Co-led150%

Team

Adriana Spulber

Head of Comms

Bogdan Iordache

General Partner

Iulian Circiumaru

Partner

Leonard Leca

Private Investor

Vlad Ionescu

Partner