Mozaik Launches €51M Growth Fund
Exciting News from Mozaik Investments: We’re Launching a €51 Million Growth Fund Backed by the EIF Under Romania’s PNRR
We’re thrilled to share a major milestone at Mozaik Investments: the launch of our new €51 million growth equity fund. This marks an important step forward in our mission to back ambitious entrepreneurs and help high-potential businesses scale across Central and Eastern Europe.
We’re especially proud that this fund includes a €25 million commitment from the European Investment Fund (EIF), through the Risk Capital Initiative, a key part of Romania’s National Recovery and Resilience Plan (PNRR). It’s a strong vote of confidence in our team, our approach, and the potential of this region’s founders.
Public-Private Capital, Built to Scale Market Leaders
The Risk Capital Initiative, managed by the EIF and supported by the European Union, is designed to close the equity gap for growing businesses in Romania. It’s about getting the right kind of capital into the hands of the right entrepreneurs—those who are ready to take the next big leap.
At Mozaik, we’re honored to be one of the few selected fund managers deploying this capital. Our goal is simple: to help already-strong businesses scale faster and more sustainably, and become tomorrow’s market leaders.
How We Partner: More Than Just Capital
We don’t just invest money, we invest in people. Our philosophy is based on building long-term, hands-on partnerships with founders. That means working closely at the board level, while leaving operational control in the hands of the teams who know their businesses best.
What we bring to the table goes beyond growth capital. We offer strategic guidance, help strengthen key functions like finance and governance, support talent acquisition, and assist with everything from M&A to follow-on fundraising and exit planning. Plus, our founders gain access to a powerful network across the region and beyond.
Who We’re Looking For
This fund is designed for companies that are already up and running, founder-led, and on the verge of scaling. Most haven’t raised institutional capital before but have solid fundamentals, strong organic growth (typically over 20% per year), proven unit economics, and a healthy cash flow.
We’re especially keen to partner with businesses that are EBITDA-positive or on a clear path to profitability within 12 to 18 months. If you’re at a tipping point where growth capital can unlock the next chapter, we want to hear from you.
Our Investment Terms: Flexible, Clear, Founder-Friendly
We typically invest between €5 million and €8 million per transaction, but we’re flexible, whether that means structuring staged investments or co-investing with trusted partners.
While we usually take significant minority stakes, we can also lead majority investments where appropriate. Our investment horizon is typically 3 to 7 years, matching the growth cycle of the companies we back.
Where We Invest: High-Potential Sectors in Central and Eastern Europe
We’re sector-agnostic but opportunity-driven. We focus on scalable businesses with strong market positions and long-term tailwinds. Some of the areas we’re especially excited about include:
- Digital services
- Education and edtech
- Consumer brands with regional potential
- Niche industrial and manufacturing businesses with IP or innovation advantages
- Specialized retail
We intentionally avoid sectors that bring excessive regulatory, environmental, or reputational risk—our values matter just as much as our returns.
Our geographical focus remains firmly on Central and Eastern Europe. With offices in Vienna and Bucharest, we’re plugged into the talent, innovation, and growth happening across the region.