E2VC Fund III (EBRD-56510)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Albania
  • Bosnia and Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Estonia
  • Greece
  • Hungary
  • Latvia
  • Lithuania
  • Moldova
  • Montenegro
  • Poland
  • Romania
  • Serbia
  • Slovakia
  • Slovenia
  • Turkiye
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Specific Location
Central and Eastern Europe
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 24, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
E2VC Fund III C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 17.44 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 15
Converted using 2025-10-24 exchange rate.
Project Cost (USD)
$ 116.25 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 100
Converted using 2025-10-24 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 12, 2025

Disclosed by Bank Oct 23, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of an equity investment of up to EUR15 million in the Fund, which is seeking to raise EUR100 million in total capital. The Fund will make pre-seed and seed-stage equity and quasi-equity investments in early-stage technology companies in Turkiye as well as selected countries in Central and Eastern Europe ("CEE"), expected to be Poland, Hungary, Croatia, Slovenia, Estonia, Lithuania, Latvia, Bulgaria, Romania, Serbia, Moldova, Ukraine, Slovakia, Czechia, Albania, Montenegro, Bosnia & Herzegovina and Greece (collectively, the "Target Region").

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised FI (ESP 2024). The Fund will not invest in Category A projects. The Fund Manager will provide annual E&S reporting to the EBRD on compliance with applicable ESRs and any other E&S matters arising during the year.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

An equity investment of up to EUR15 million in the Fund, which is seeking to raise EUR100 million in total capital.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

E2VC Fund III C.V. is a limited partnership to be established under the laws of the Netherlands.

e2vc invests in globally focused early-stage startups from Emerging Europe. The Company is registered in the Netherlands, and has more than 100 investors, including development institutions such as EBRD, IFC and TIF, as well as public institutions, and more than 30 entrepreneurs, 5 banks, 20 corporations and individual investors.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Enis Hulli
enis@e2.vc
+905324764881
https://e2.vc/
Keizersgracht 620, 1017ER Amsterdam, the Netherlands

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works