Investment fund manager Mozaik Investments has been approved to manage EUR 25 million worth of venture capital under Romania's National Recovery and Resilience Plan (PNRR) that is administered by the European Investment Fund (EIF), the Ministry of European Investment and Projects (MIPE) reported on Tuesday.The Investment Committee designated by the Romanian Government for the Recovery Equity Fund (REF) approved funds for a new investment fund that will receive an allocation under PNRR. Managed by the European Investment Fund, the PNRR venture capital instrument finances funds that invest in small and medium-sized enterprises, mid-cap enterprises and infrastructure projects.Mozaik will focus on funding SMEs in Romania and Central and Eastern Europe that will get significant minority stakes and support entrepreneurs through strategies to quickly scale operations, enter new markets or develop new product lines, mergers and acquisitions operations, implementing corporate governance and supporting the management team.The fund will be generalist and designed to invest in 7-9 companies primarily operating in retail and specialised distribution, healthcare, food production and retail trade, logistics, financial services and technology.According to what was discussed at the working meeting of the Investment Committee on July 25, Mozaik will receive investment funds under PNRR to the tune of EUR 25 million euros, that will also be supported by contributions from private investors.In December 2021, the Government of Romania and the European Investment Fund signed an agreement on the establishment of Romania Recovery Equity Fund of Funds, toward which a contribution of EUR 400 million is specified off Component 9 of PNRR - "Support for the private sector, research , development and innovation." It is anticipated that by 2026 approximately twenty investment funds will get resources to invest in Romanian companies.The call for the selection of financial intermediaries was launched in August 2022 and is still open.The National Recovery and Resilience Plan, approved in October by the Council of Europe, has a total budget of EUR 29.2 billion euros. Romania qualifies for EUR 14.2 billion from the European Union in the form of non-reimbursable funding and EUR 14.9 billion in loans under PNRR within the Mechanism for Recovery and Resilience.PNRR is built on six pillars that cover Romania's needs and simultaneously follow the priorities of the European Union: green transition, digital transformation, smart growth, social and territorial cohesion, healthcare and resilience and next generation policies. The plan includes measures regarding sustainable transport, education, healthcare, renovation of buildings and digital transformation in public administration.Component 9 of PNRR, called "Support for the private sector, research, development and innovation", includes a series of reforms and investment aimed at strengthening the business environment in Romania, including "Investment 2 - Financial instruments for the private sector." Investment 2 includes several sub-components in the form of financial instruments, totalling EUR 1.25 billion, including the creation of the Recovery Equity Fund of Funds on an allocation of EUR 400 million.The Recovery and Resilience Mechanism is the centerpiece of the NextGenerationEU initiative that will provide up to EUR 800 billion euros (in current prices) to support investments and reforms throughout the European Union. PNRR is part of an unprecedented coordinated EU response to the crisis caused by the COVID-19 pandemic aimed at addressing common European challenges by adopting the green and digital transition, as well as strengthening economic and social resilience and the cohesion of the single market.
The SIGNAL IDUNA companies concluded 2024 with a total gross written premium volume of approximately RON 424 million, marking an aggregated growth of 16% compared to the previous year. These financial results reflect the consolidation of a sustainable development strategy, supported by portfolio expansion, digitalization, the launch of new solutions for both individual and corporate […]
Kantar Romania launched, during an event dedicated to their clients, "The Trust Factor – Building Brands That Endure Uncertainty", the top 20 brands that manage to inspire the greatest confidence among the Romanian consumers, based on the analysis of 162 brands from 12 sectors*. In a period marked by uncertainty and skepticism, trust becomes the […]
Balancing career success with personal growth is a challenge many professionals face today. As the pressure to achieve and perform increases, many begin to crave more than just success: they want clarity, alignment, and a deeper sense of purpose. For Lin Holmquist, business coach and one of Europe’s most acclaimed experts in Tantra, Yoga, and […]
CFR Călători, the state-owned railway company for passengers, announced that the first train entirely made up of rolling stock modernized with funds from the EU-backed Recovery and Resilience Fund (PNRR) was introduced on the Bucharest North – Constanța route. The train, which is already running, consists of a locomotive delivered by the Softronic factory in […]
The first edition of Urban Habits (nUH), a festival aiming to be “a space for ideas, debates, co-creation, and experimentation,” takes place between April 26 and April 27 at Lokal and on Erou Ion Călin Street, which will be temporarily transformed into a pedestrian space. The program will address themes ranging from innovation, design, and […]
Mall Moldova, the largest shopping center in the Moldova region, officially opened on April 17 in Iași, covering 110,000 sqm. Developed by Prime Kapital, in partnership with MAS P.L.C., Mall Moldova is part of a large-scale investment plan carried out by the two investors in Iași, worth approximately half a billion euros, which also includes […]
