Enterprise Venture Fund I (EVF), the venture capital fund managed by Enterprise Investors (EI), inked its first investment in Romania. According to fund’s officials, EVF will provide EUR 3 million of expansion capital to become 56 percent stakeholder of Smartree Romania, the leading Romanian human resources outsourcing company.
“The Romanian HR outsourcing market is expected to grow fast within the next few years from its current very early stage of development. We believe that more Romanian companies will externalize their HR needs in search for better, faster and lower-priced services. With the help of our investment, Smartree will be able to maintain its leading position by expanding its offer and winning new customers”, said Rafal Bator, Enterprise Investors partner who leads the venture capital team.
Smartree Romania, previously owned by Eric Kish, former Rompetrol VP, provides high-quality HR outsourcing services such as payroll calculation and personnel administration services to more than 100 renowned multinational and local companies operating in Romania. The company serves more than 30,000 employees each month, using state-of-the-art software that it developed internally. Revenues have been growing at double digit rates over the last few years, and last year sales reached approximately EUR 3.5 million.