Romania's private investment growth and EU recovery fund challenges

Private equity and venture capital in Romania account for only 0.030% of GDP, far below the European average of 0.551% according to the ROPEA 2024 study. The country captured 65% of the 2024‑2025 regional fund volume, driven by 53% government support through the PNRR and 39% from family offices and private individuals. Angel investor networks are consolidating; 80% of top Romanian startups have angel backing. TechAngels, the oldest and largest angel network founded in 2013, has invested over €46 million to date and €1.6 million in 2025 alone.

In contrast, Bulgaria has received 68% of its PNRR grant allocation, amounting to €896 million, while Romania has reached only 61% and risks losing up to €770 million due to delays linked to the ANI law. The European Commission highlighted Bulgaria’s reforms and investments and noted that further actions are required for Romania to complete its remaining milestones.