Underline Ventures

Bogdan Iordache serves as General Partner and is the firm's primary decision-maker. He operates with a lean team of venture partners who contribute sourcing and diligence capacity across specific technology verticals and geographies. No external investment committee or family-office oversight was disclosed in public filings.

The firm sources primarily through the How to Web conference network, direct relationships with technical university faculties in Romania and Bulgaria, and a scout network of US-based venture capitalists who refer teams ready for institutional capital. Iordache's decade-plus visibility as a conference organizer gives Underline early access to founders who often raise their first round.

Underline is structured as a traditional venture capital firm managing external limited partners, not as a single-family office. It raised a debut fund of approximately €20 million from institutional and individual backers and invests on behalf of that commingled vehicle.

The firm focuses on pre-seed and seed rounds, writing initial checks between €500,000 and €1,000,000. It occasionally reserves capital for follow-on investments in breakout portfolio companies, but its primary mandate is to provide first institutional capital to Eastern European founders.

Underline executes only direct equity investments into operating companies. There is no public record of the firm making fund-of-funds commitments or purchasing secondary stakes.

Underline maintains a network of US-based operators and co-investors who participate in structured introductions for portfolio companies. The firm positions Eastern European engineering teams to sell into enterprise customers in North America, using the cost advantage of the region while generating revenue in dollars.

Bogdan Iordache co-founded How to Web before launching Underline, and the firm continues to support the conference as a strategic partner. The event functions as a proprietary top-of-funnel sourcing mechanism, concentrating Eastern Europe's most ambitious early-stage founders in one location annually.