Early-stage venture capital firm e2vc has completed the first close of its third fund, targeting €100 million (approximately $116.7 million) to support technology founders across Central and Eastern Europe, the Baltics, and Turkey. Backed by more than 50 limited partners, advisors, and the firm’s own partners, the close reflects strong investor confidence in e2vc’s strategy and execution. The fund is already active, with commitments to over 10 startups, underscoring a clear preference for deployment over publicity.
Strategic Evolution and Independent Identity
The launch of Fund III coincides with a significant strategic rebrand, marking the firm’s transition from 500 Emerging Europe to e2vc. While the team originally launched in partnership with 500 Global in 2016, it has long operated with full autonomy over regional investment decisions and portfolio management. The rebrand formalizes e2vc’s position as an independent, mature venture firm with a sharpened focus on pre-seed and seed-stage investments.
Today, the firm is led by General Partners Enis Hulli and Arın Özkula, supported by a broader team including COO Esat Acar, Partner Kaan Eren, and Principal Tunya Irkad. Dilan Sisu, part of the investment team, operates as an Associate. The team positions itself as an “early believer,” backing founders from the idea stage through seed, with independence enabling faster decision-making and higher conviction at the earliest stages.
A Formidable Track Record in Emerging Europe
Since its inception nearly a decade ago, e2vc has backed more than 50 companies across the region, with its portfolio producing four unicorn outcomes. The firm’s first fund, launched in 2016, invested in 28 companies and generated three of those billion-dollar outcomes, establishing e2vc as one of the region’s most consistent early-stage performers.
Building on this momentum, the firm raised €70 million for Fund II in 2021, backing a new cohort of companies that are now approaching breakout scale. Across its portfolio, e2vc-backed startups have raised close to $3 billion in follow-on capital, attracting global investors such as Sequoia and Andreessen Horowitz. This follow-on performance has reinforced e2vc’s role as a key early gateway for startups from Emerging Europe entering global markets.
Backing Global Ambition from Technical Foundations
e2vc’s investment philosophy is grounded in the belief that founders from Emerging Europe benefit from strong technical foundations in math, engineering, and science, combined with resilience shaped by historically capital-constrained environments. The firm typically writes concentrated early checks of around $1 million, aiming to help startups build global traction from day one.
Rather than acting as a follower, e2vc focuses on being the first institutional investor for founders targeting large international markets early in their lifecycle, including the United States. The team believes this early global orientation has consistently driven stronger follow-on dynamics and valuation outcomes across its funds.
The first close of Fund III signals sustained confidence in early-stage European talent. With over 50 limited partners backing its vision, e2vc is positioned to support the next generation of globally relevant technology companies emerging from the region, remaining focused on founders capable of building category-defining businesses from the earliest stages.