--- title: "LAUNCHub Reaches €65M First Close for CEE and SEE Seed Startups" description: "LAUNCHub Ventures secured €65 million at the first close of Fund III, targeting more than €75 million for about 25 pre-seed and seed investments across CEE and SEE." date: 2026-10-04T00:00:00.000Z source: https://venturecapitaltracker.com/2026-launchub-65m-fund-iii-first-close --- # LAUNCHub Reaches €65M First Close for CEE and SEE Seed Startups > LAUNCHub Ventures secured €65 million at the first close of Fund III, targeting more than €75 million for about 25 pre-seed and seed investments across CEE and SEE. LAUNCHub Ventures has secured **€65 million at the first close of Fund III**, moving the Sofia-based firm toward a target of more than €75 million for pre-seed and seed investments across Central and Eastern Europe, South-Eastern Europe and founders from the region building abroad. The distinction between a first close and a final close is important. LAUNCHub can begin investing the €65 million already committed, but the firm has not announced that the full €75 million-plus target has been raised. Reporting indicates that the International Finance Corporation could participate in a later close; that potential commitment should not yet be counted as secured capital. ## LAUNCHub Fund III at a glance | Item | Detail | |---|---| | Close | First close | | Capital committed | €65 million | | Target | More than €75 million | | Stage | Pre-seed and seed, with reserves for selected Series A follow-ons | | Initial checks | €300,000 to €3 million | | Round capacity | Can lead or co-lead rounds up to €7 million | | Planned portfolio | Approximately 25 companies over five years | | Geography | CEE, SEE and the region's diaspora | | Disclosed cornerstone LPs | European Investment Fund and European Bank for Reconstruction and Development | | Other LP groups | Family offices and more than ten founders from exited portfolio companies | The fund also draws on European recovery-program capital, including support connected to NextGenerationEU, Romania's Recovery Equity Fund and Bulgaria's Recovery and Resilience Plan. ## A concentrated regional strategy Fund III is designed for a market that remains fragmented. CEE and SEE produce strong technical teams, but local seed rounds are often smaller and later-stage capital is less available than in London, Paris or the United States. A manager able to write a €300,000 first check and later help lead a round of up to €7 million can bridge part of that gap. LAUNCHub says it expects about 25 investments over five years. If the vehicle reaches exactly €75 million, the gross arithmetic would average €3 million per portfolio company before fees and reserves. That is not an expected check size: the firm has separately disclosed a €300,000-to-€3 million initial range and plans to reserve capital for Series A follow-ons. The math instead highlights the importance of selective reserve allocation. ## Public institutions anchor the fund The European Investment Fund and the European Bank for Reconstruction and Development are central to the first close. Their participation gives LAUNCHub scale and signals institutional support for an undercapitalized region. It also illustrates a recurring feature of European venture markets: public and multilateral capital often provides the base that allows private family offices and founders to participate around it. This structure is strategically useful, but it should be evaluated on commercial outcomes. The fund still has to produce globally competitive companies and returns, rather than merely distribute capital geographically. The best evidence will be follow-on quality, international revenue and the ability of portfolio companies to attract later-stage investors outside the region. ## Founder LPs create a recycling effect More than ten founders from companies previously backed by LAUNCHub have committed as limited partners, according to coverage of the close. That represents a potentially healthy recycling loop: proceeds and operating experience from one generation of regional companies return to support the next. Two of Fund III's first three investments reportedly involve founders already known to the firm. Its opening portfolio includes Nanogram, Lenz and 1club. Repeat-founder relationships can lower sourcing and diligence risk, although they also make it important to show that access remains open to new teams outside the existing network. ## What the first close says about CEE venture capital LAUNCHub's raise is not a signal that the regional capital gap has disappeared. It shows that a specialist manager can assemble a meaningful seed vehicle when public institutions, family capital and successful founders align. The strategy will be tested on four points: 1. **Final-close execution.** The firm still needs to move from €65 million to its €75 million-plus target. 2. **Reserve concentration.** Follow-on capital must be directed to companies with genuine international traction. 3. **Cross-border scaling.** CEE and SEE startups often need early help entering Western European and US markets. 4. **Manager selectivity.** A five-year deployment window lowers pressure to invest too quickly, but only if the fund maintains discipline during strong fundraising cycles. The first close gives LAUNCHub enough capital to begin. The more important milestone will be whether Fund III converts regional technical depth into globally scaled companies—and whether private LP participation grows alongside public institutional support. ## Sources - [LAUNCHub Ventures](https://launchub.com/) - [EU-Startups: €65M first close and €75M-plus target](https://www.eu-startups.com/2026/10/sofia-based-launchub-ventures-secures-e65-million-first-close-of-fund-iii-targets-e75-million/) - [Tech Funding News: Fund III checks, portfolio and LPs](https://techfundingnews.com/exclsuive-bulgarias-launchub-raises-e65m-for-fund-iii-to-back-cee-startups/) - [Startup.eu: LAUNCHub Ventures Fund III](https://www.startup.eu/blog/post/launchub-ventures-eur65m-fund) **By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy) **Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.