M&A, Corporate and Private Equity

Kinstellar advises (VC) Eleven Ventures on its USD 2 million investment in Romanian startup Frisbo

December 2021 – Kinstellar and Dewi Advisory have successfully advised the leading VC Eleven Ventures (joined by GapMinder, Roca X and Neogen Capital) on a USD 2 million investment in Frisbo, a Romanian-based e-commerce startup.

Eleven Ventures is one of the largest venture capital funds in Southeast Europe, investing in startups since 2012. With 150 collective investments in the last nine years, the company has played a key role in developing the regional startup ecosystem. Eleven Ventures was joined by GapMinder, Roca X and Neogen Capital, all previous investors in Frisbo.

Founded in 2014, Frisbo matches retailers (more than 200 online stores) with a network of operators & smart logistics. It has a rich network of warehouses for next-day deliveries and is active in 15 European countries, including Romania. The company intends to use the latest investment to expand its operations and gain wider access to the regional market.

The team assisting on the matter was coordinated by Răzvan Popa, partner at Dewi Advisory, and included Senior Associate Patricia Piticaș and Associate Cosmin Vasilescu.

Victor Constantinescu, Managing Partner of Kinstellar’s Bucharest office, comments: “Very happy to have assisted Eleven Ventures. A great client led by a great team, with Valeri Petrov and Martin Ouzounov in charge – congratulations to you all! And thanks for having us part of it. Also a shout out to Dewi Advisory – thanks again, Razvan Popa, for your help. Another tech deal closed and hope to do more!

Răzvan Popa adds: “Happy to have worked, together with Kinstellar, on a mandate that is representative for the actual trends of the local market. We continue to maintain our focus on the agri and tech sectors, helping the growth ambitions of the Romanian eco-systems”.

 For more information please contact Victor Constantinescu, at