Organization · Private Equity
Black Sea Fund
Black Sea Fund is a private equity firm based in The Hague, Netherlands, focusing on growth equity investments in mid-sized enterprises across the Black Sea region, particularly Romania, Bulgaria, and Ukraine.
Overview
What Black Sea Fund does
What Black Sea Fund is
Black Sea Fund is a private equity firm based in The Hague, Netherlands, focusing on growth equity investments in mid-sized enterprises across the Black Sea region, particularly Romania, Bulgaria, and Ukraine.
How it participates in the startup ecosystem
The current public profile supports funder capabilities. Each capability below is shown separately so organization identity and role-specific information do not get conflated.
Operational profile
Organization status and context
Organization status describes the entity itself. Funding and program availability appear within the relevant capability profile.
- Operational status
- Active
- Organization type
- Private Equity
- Founded
- Founded in 2018
- Approximate age
- About 8 years
- Structured capabilities
- Funder
- Last reviewed
- March 29, 2026
Official channels
Find Black Sea Fund elsewhere
Open the official website or a supported primary organization account.
Capability profile
Black Sea Fund as a funder
Investment thesis
Black Sea Fund focuses on investing in Romanian mid-sized companies with sound business models and sustainable competitive advantages, aiming to support their growth through capital increases and partial buy-outs.
Focus narrative
Black Sea Fund I targets Romanian mid-sized companies with annual revenues between EUR 5 million and EUR 50 million and a minimum EBITDA of EUR 0.5 million. The fund typically invests between EUR 3 and 6 million, focusing on businesses with sound models and sustainable competitive advantages, aiming for growth through capital increases and partial buy-outs.
Value beyond capital
Black Sea Fund provides hands-on support in strategy, business development, and operational processes, aiming to protect downside risk through efficient structuring and focusing on industry verticals with consolidation potential.
Terms and economics
- Typical check
- $3,200,000–$6,400,000
Focus and fit
- Regions
- Europe
Availability
- Currently deploying
- Yes
Portfolio and track record
- Recorded portfolio count
- 3
Portfolio context
Notable portfolio companies include Theta, a leader in fit-out services and custom-made furniture in Romania; DigiRay, a leader in dental imaging with 11 offices serving over 600,000 patients; and D-Toys, the largest Romanian manufacturer of puzzles and children's games, focusing on educational products.
Common questions
What to know about Black Sea Fund
Upseed classifies Black Sea Fund under the Private Equity organization type. Its current public profile includes funder capabilities.
Source and update disclosure
Know what this page is based on
Source basis
Public organization and program material, official websites, and structured Upseed records.
Last reviewed
March 29, 2026
Known limits
Capability profiles appear only when a structured public profile also contains decision-useful role evidence. Terms and availability can change.
Upseed is an independent guide. It is not affiliated with or endorsed by the organization described on this page.