Bonapp, invested by Early Game Fund I, will merge with Munch, a leader in CEE in preventing food waste
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Early Game will remain a shareholder in the new entity created through the merger
Early Game Ventures, the most active investment fund in Romania and among the most active VC funds in Central and Eastern Europe, according to Vestbee and ROPEA, announces a prestigious transaction within Early Game Fund I.
Bonapp.eco, the local startup active in the field of preventing food waste and which has been part of the Early Game Fund I portfolio since 2021, announced today the merger with Munch, the industry leader in CEE, the entity created through the merger would thus strengthen its position as a European player.
Early Game Ventures will remain a shareholder in the new entity.
“The alliance with a major leader at a time when the field of fighting food waste is going through a period of consolidation is very good news for both Bonapp and the startup ecosystem in Romania. We are happy to remain shareholders in the company that will certainly become a very strong player in this field,” said Cristian Munteanu, Managing Partner of Early Game Ventures. The fund participated in the seed financing round announced by Bonapp.eco in early 2022, just two months after the launch of the application.
Bonapp.eco was launched in November 2021 by Grégoire Vigroux, Diego Roy de Lachaise, and Luka Zivkovic and immediately raised an investment round of 800,000 euros.
Munch was founded in 2020 by entrepreneurs Botond Zsoldos, Bence Zwecker, Albert Wettstein, and Kirill Perepelica, and became a leader in Central and Eastern Europe in the field of applications for fighting food waste. In December 2023, the company announced a Series A investment round led by Piton Capital, with participation from FJ Labs and Christopher Muhr, the co-founder of Groupon.
According to European Union statistics, approximately 2.55 million tons of food are thrown away annually in Romania.
Restaurants, bakeries, grocery stores, and hotels use Bonapp and Munch to market unsold, high-quality food at reduced prices, thus combating food waste.
“Our role as a fund in the lives of the companies we invest in is not only to provide them with financing or participate in syndicated rounds but also to subsequently support them to take the most appropriate steps towards another chapter in their lives. We are happy to continue to be part of the next stage of the combined Bonapp-Munch business,” adds Cristian Munteanu, Managing Partner of Early Game Ventures.
Early Game invested in 28 companies from its first fund between 2019 and 2023. In April 2024, the Early Game Fund II was launched with a total value of 60 million euros, seeking the most innovative early-stage technology startups in Romania and CEE. So far, four investments have been made from the new fund in cybersecurity, AI, and health tech startups.
Early Game Ventures (EGV) is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.
The content of this material does not necessarily represent the official position of the European Union or the Government of Romania.