Romanian business services software startup FieldOS has secured a EUR 500000 investment by BCR Seed Starter, Romania’s first bank-led venture capital company (CVC), dedicated to equity investments in technology startups.
FieldOS, an innovative platform that transforms the way organizations manage their employees, contractors, assets and locations, was brought to life in 2017 by Cristian Dragomir and Ion Gavrilescu. The two were inspired from their decade of experience of mananging assets and their deep understanding of field services teams. They noticed that one of the biggest problems in these industries were the lack of intuitive centralised solution, that perfectly combined complexity and ease-of-use, keeping the end-user at heart.
The funds secured by FieldOS will be used for product development, accelerating growth locally and expanding operations in North America. The startup expects to close 2024 with annual revenues of approximately €400,000 — more than double the previous year — and over 20 clients, including multinational companies from various sectors such as retail, facility and property management, education, security services and hotels, restaurants and catering (HoReCa).
Cristian Dragomir (L), CEO & founder, Ion Gavrilescu (R) co-founder at FieldOS (Images Credit: FieldOS)
Launched in January 2024 with a financial commitment for investments totaling EUR 5 million in the next five years, BCR Seed Starter provides equity to a portfolio of innovative start-ups that have the potential to optimize internal banking processes, enhance the portfolio of services offered to BCR clients or support BCR’s ESG goals.
In exchange for a minority stake in the invested startups, BCR Seed Starter aims to stimulate sustainable growth by diversifying the available capital sources for start-ups, while offering a flexible alternative to the traditional bank financing model.
While venture capital activities in Romania have increased significantly from virtually nil in the last decade, it still lags behind the EU average and other CEE countries. Seed Starter is thus positioned as a strategic partner in changing this dynamic, amplifying the innovative potential of Romanian startups, in a moment when the tech startup capital is scarcer.
BCR Group’s net profit increased by 30.6% year-on-year in the first nine months of 2024, staning at RON2.217 billion lei (EUR446 million). BCR is part of Austria’s Erste banking group.
BCR Group at a Glance
Founded: 1990 Headquarters: Bucharest, Romania Net profit (9M 2024): RON 2,217 million (EUR 446 million) NPL ratio: 2.7%
