ROCA X VC end the first quarter with major exit and other strategic investments

Business Forum

12 April, 2024 at 6:27 PM

In a context where technology startup investments have stagnated over the past 2 years, and caution has prevailed in the venture capital industry, ROCA X Venture Capital announces a dynamic end to 2023 and a first quarter of 2024. The first significant news is the acquisition of CODA Intelligence, a Romanian startup specializing in cybersecurity solutions, by PDQ, a leading global provider of IT asset management software, with complementary products to CODA.

Following this strategic acquisition, PDQ has also announced the launch of PDQ Detect, an innovative solution developed with the help of the Romanian startup CODA Intelligence, for scanning and managing software vulnerabilities.

CODA Intelligence was one of the first startups identified and selected by the ROCA X in 2019. At the time, they only had a minimum viable product (MVP). To support the founders' ambitions to develop a product primarily for the US market which is cash intensive, , and given the small size or ROCA X at the time a syndicated financing round was required. with trusted co-investors.

"In less than five years since the fund's launch, this notable exit from a startup supported since early stage, demonstrates ROCA X's ability to identify undiscovered gems and cultivate a portfolio of startups with exponential growth potential. This exit also confirms the potential of the Romanian market and, more importantly, our dedication to keeping our promise to our investors, with the resulting IRR from this transaction being 50%," said Alexandru Bogdan, CEO of ROCA X. "We are delighted to celebrate another impactful exit and proud to have played an essential role in CODA Intelligence's growth journey in the cybersecurity domain."

After a period of caution, the startup ecosystem shows signs of optimism. Regarding the activity in the first quarter of this year, ROCA X also announces other investments in its portfolio startups, demonstrating the continued commitment of the Romanian VC to use of disruptive technology to create impact and contribute to the development of the startup ecosystem.

ROCA X participated in the funding round of the fintech FilmChain, a company already in the ROCA X portfolio since 2022. The round was lead by Holt IntersXion, a canadian VC specialized in entertainment and fintech, industries in which FilmChain operates.. Other industry representatives, such as TechAngels Romania, DeBa Ventures, and Hearst, also participated in the funding targeting $3 million (£2.3 million). The round is still open for a $0.5 million investment ticket, to further investors. Filmchain is a financial technology (fintech) company, based in London, founded by two Romanians, specializing in real-time revenue management in the international film, television, and gaming industry.

In this first quarter, the ROCA X fund initiated follow-on funding rounds for iFactor and Munevo startups to further support their growth plans. "At ROCA X, we believe that disruptive technology can bring positive changes to society and create added value. Therefore, in the past 12 months, we continued to support resilient companies through total investments worth 1.5 million euros, representing a considerable percentage of our fund size in companies, such as Bunnyshell, Kinderpedia, Milluu, Medicai, Rayscape, and Munevo, alongside existing and new investors, while also providing know-how and mentoring," added Alexandru Bogdan, CEO of ROCA X.

ROCA X is a €12 million venture capital, entirely privately funded, investing in early-stage disruptive technology startups in the Pre-Seed and Seed stages. In December 2021, the ROCA X management team became the first EuVECA Alternative Investment Fund Manager in Romania, a registration that will allow it to manage venture capital fund portfolios across the European Union, operating under the European Union regulation on European venture capital funds.