As 2025 comes to an end, the Romanian tech ecosystem looks different from previous years. Public data aggregated from TechAngels’ internal analyses, based on startup announcements and combined with the perspectives of TechAngels investors, outlines a market that is moving beyond the phase of unfiltered enthusiasm and entering one of rigorous selection.
The visible capital in motion reached approximately €398 million — €372.8 million in confirmed rounds and €25.6 million in rounds being prepared. But the distribution tells a more important story than the volume itself: over €350 million went into large rounds, while the seed and early-stage area barely exceeded €20 million. It is the typical polarization of a maturing ecosystem: a few globally positioned companies attracting significant capital, while the emerging pipeline matures more slowly.
A considerable share of this capital comes from international rounds raised by startups with Romanian founders — a clear indicator that Romanian technological DNA already operates on global markets, and the local ecosystem is beginning to reflect this reality.
If in previous years AI was often added on top of the product as a mandatory presentation element, in 2025 investors drew a firm distinction between native solutions — built on proprietary data and deeply integrated into the business model — and those that treat AI as an additional layer with no real function. The market response was clear: the companies that raised substantial rounds are those with applied AI; the others didn’t pass the initial filter.
A clear sign of maturity was the shift in the balance between form and substance. As noted by Marius Istrate, Chairman of the Board at TechAngels:
“In 2024 we had good pitches but weak companies. In 2025 we had weak pitches but good companies.”
Founders focused on real problems, numbers, and expansion routes. Still, the pre-seed segment remains the most vulnerable: many pitches are insufficiently prepared, market research is superficial, and solutions have not yet reached product–market fit. Polarization persists: solid companies attract capital, while unprepared ones don’t enter the conversation.
Ana Maria Andronic, member of the TechAngels Board, summarizes the ecosystem’s evolution:
“Romanian tech entrepreneurship has evolved tremendously. The community is more vibrant than ever, but achieving product–market fit and scaling remain the hardest stages. At the same time, we are seeing a new wave of serial founders and an increasingly mature investor community — excellent foundations for the years ahead.”
More and more founders treat international expansion as an operational step. We saw expansion plans into DACH, France, the Nordics, pilots in the U.S., and openings in Canada and Asia — all with precise plans. Romania remains the place where companies are built, but no longer the place where ambition is measured.
In this context, the observation of Mălin Ștefănescu, one of the most experienced TechAngels Board members, carries additional weight:
“Romania is on the right side of history, and that should give us the confidence to try more, to build, and to innovate. We are living through some of the best years in our country’s history.”
Against a backdrop of stricter filtering from VC funds, angel investors played a decisive role. They formed syndicates for rounds under €1 million, accelerated discreet deals, facilitated access to new markets, and became the first validators of companies that later raised larger rounds. Investment appetite increased in the second half of the year, but the quality of deal flow remains the main determinant of capital deployed.
2025 was not a spectacular year — it was one of consolidation. A year of stricter filters, founders more grounded in reality, and capital deployed with discernment. Or, as Marius Istrate puts it again: “We are not in a boom, but we are on the right track.”
If 2025 was the year of maturation, 2026 can be the year of execution. And execution — unlike noise — delivers results.