The Seed Starter program, which was created three years ago under the leadership of Äeská spoÅitelna, is heading to Romania â the aim of the newly established BCR Seed Starter program is to support Romanian startups. Innovations and solutions that are born in the local ecosystem can be used in mutual cooperation with the financial institution and open the way to the bank's clients. Äeská spoÅitelna and Slovenská sporiteľÅa can also benefit from the expansion of a proven concept â some innovations from the Romanian environment can be beneficial for other Erste Group banks and their clients.
The Seed Starter program, which was created three years ago under the leadership of Česká spořitelna, is heading to Romania – the aim of the newly established BCR Seed Starter program is to support Romanian startups. Innovations and solutions that are born in the local ecosystem can be used in mutual cooperation with the financial institution and open the way to the bank's clients. Česká spořitelna and Slovenská sporiteľňa can also benefit from the expansion of a proven concept – some innovations from the Romanian environment can be beneficial for other Erste Group banks and their clients.
After last year's successful expansion to Slovakia, Seed Starter is now expanding to Romania. "BCR Seed Starter is opening a new chapter in the Romanian banking sector, becoming the first CVC program launched by a bank in Romania. It will give startups the opportunity to cooperate, test, develop and adapt value-added products to the bank and its customers," says Carmen Dibus, CEO of BCR Seed Starter, adding that Romania lags far behind in the value of venture capital investments compared to other European countries. BCR Seed Starter plans to invest EUR 5 million in local startups over the next five years. However, the program will not only provide them with financial investment, but also long-term comprehensive support in incubation and acceleration.
The success of the Seed Starter program has impressed the Erste Group
Banca Comercială Română (BCR) becomes the third bank of the Erste Group, after Slovenská sporiteľňa, to support promising technological innovations. Over the course of three years, the program has supported eight startups, investing a total of over EUR 7.5 million. The current value of the portfolio is over EUR 16.5 million.
After last year's successful expansion to Slovakia, Seed Starter is now expanding to Romania. "BCR Seed Starter is opening a new chapter in the Romanian banking sector, becoming the first CVC program launched by a bank in Romania. It will give startups the opportunity to cooperate, test, develop and adapt value-added products to the bank and its customers," says Carmen Dibus, CEO of BCR Seed Starter, adding that Romania lags far behind in the value of venture capital investments compared to other European countries. BCR Seed Starter plans to invest EUR 5 million in local startups over the next five years. However, the program will not only provide them with financial investment, but also long-term comprehensive support in incubation and acceleration.
The success of the Seed Starter program has impressed the Erste Group
Banca Comercială Română (BCR) becomes the third bank of the Erste Group, after Slovenská sporiteľňa, to support promising technological innovations. Over the course of three years, the program has supported eight startups, investing a total of over EUR 7.5 million. The current value of the portfolio is over EUR 16.5 million.
âThe results of Seed Starter in the Czech Republic have been met with a positive response across the Erste Group and it was only a matter of time before we extended this proven model to other countries. During the existence of the program, we have been able to start a functioning cooperation with all invested startups. Thus, I see Seed Starter's expansion as a clear signal heading to the Romanian startup ecosystem â for innovations that carry synergies with a financial institution, BCR Seed Starter can be not only an investor but also a strong partner on the way to nearly three million clients.â
JiÅà Skopový, Seed Starter program leader
„The results of Seed Starter in the Czech Republic have been met with a positive response across the Erste Group and it was only a matter of time before we extended this proven model to other countries. During the existence of the program, we have been able to start a functioning cooperation with all invested startups. Thus, I see Seed Starter's expansion as a clear signal heading to the Romanian startup ecosystem – for innovations that carry synergies with a financial institution, BCR Seed Starter can be not only an investor but also a strong partner on the way to nearly three million clients.”
Jiří Skopový, Seed Starter program leader
Easier expansion for startups and access to new clients
The expansion of Seed Starter to other countries significantly helps the scaling of the supported startups. "All eight startups we have invested in are going to enter other markets where Erste Group operates in the near future. The presence of the program in more countries will make it easier for them to expand into these markets," describes Jiří Skopový, adding that the same opportunity for foreign scaling will also be open to startups from BCR's viewpoint.
„We expect the flow of innovation to go both ways. Therefore, Česká spořitelna will also be open to supported Romanian projects that could have a positive impact on our bank and clients.”
Jiří Skopový, Seed Starter program leader
Supporting startups across the region
In addition, the expansion of the program also opens up the possibility of joint investments. This year, the co-investment of Seed Starter of Česká spořitelna a Slovenská sporiteľňa was obtained by the startups SmartHead and Blockmate, and with the establishment of BCR Seed Starter there may be many more similar examples of banks working together to support startups in the coming years.
„In some cases, another bank from the Erste Group turns out to have more potential to scale a startup quickly. And thanks to the expansion of Seed Starter, we can support invested startups in this area as well.”
Jiří Skopový, Seed Starter program leader
