Services · II. Capital & Funding
Your business deserves better access to capital.
Romania has €79.9 billion in EU funds available. Start-Up Nation grants up to €50,000. PNRR digitalisation programmes. Regional development grants. Angel investors. Series A rounds. We help you navigate all of it, and we only succeed when you do.
- EU funds, 2021–27
- €79.9B
- Engagements
- Grant Navigator · Investment readiness · Fundraising · Funding calendar
- Fee model
- Preparation fee plus a success fee, paid only if funded
01 — The opportunity
Romania's absorption rate for EU structural funds is approximately 2%.
Of nearly €80 billion allocated to Romania for 2021–2027, barely 2% has been effectively accessed. Not because the money doesn't exist, and not because businesses don't qualify. Because the application process is complex, the scoring criteria are opaque, the documentation requirements are overwhelming, and most businesses don't have the expertise, time or patience to navigate it.
It represents the single largest untapped growth opportunity for Romanian businesses.
We exist to close that gap. We reverse-engineer evaluation criteria, optimise every section of your application, prepare the financial projections and sustainability plans evaluators look for, and manage the process from programme identification to post-approval compliance. When we submit an application, it's a finished product.
- EU funds allocated to Romania, 2021–2027
- €79.9B
- PNRR, National Recovery Plan budget
- €28.5B
- SME digital transformation allocation
- €1.8B
- Disbursed to 2,000+ SMEs through InvestEU
- €610M+
- Start-Up Nation 2024–2026 budget
- €444M
Source: European Commission, Ministry of European Investments, EIF.
02 — Engagements
Four ways we help you raise capital.
From a single grant application to a full fundraise. Open an engagement to see the scope.
01EU Grant NavigatorEnd-to-end management of your EU funding application.4–12 weeksDetails
We handle everything: programme identification, eligibility verification, complete application preparation, scoring optimisation, submission and post-approval compliance. We know what evaluators look for because we've studied the published evaluation grids. Every section is optimised for maximum points, from the business plan and financial projections to the sustainability analysis and job creation commitments.
Our success-fee model means our incentives are aligned with yours. If you don't get approved, you don't pay the success fee.
Best for
SMEs applying for Start-Up Nation or regional grants. Companies seeking digitalisation or green transition funding. Research institutions applying for R&D grants. Any business that has heard about EU funds but doesn't know where to start.
Programmes we cover
- Start-Up Nation 2024–2026 (grants up to RON 250,000 / ~€50,000)
- Regional Operational Programmes (€25,000–€300,000 for SME modernisation)
- PNRR: National Recovery and Resilience Plan (digitalisation, green transition, innovation)
- Digital Europe Programme (AI, cybersecurity, digital skills)
- Horizon Europe (R&D consortia, with MAST as consortium partner)
- InvestEU (better loan terms through 12 partner banks in Romania)
- AFIR (agricultural investment: solar, wind, farm modernisation)
- Modernisation Fund (energy efficiency, renewable energy)
- Timeline
- 4–12 weeks, depending on programme and deadline
02Investment Readiness ProgramWe make your company investable.6–8 weeksDetails
Investors see hundreds of companies. Most are unprepared: vague narratives, unfounded projections, messy data rooms, and founders who can't answer hard questions. We fix that in 6–8 weeks.
We build your investor narrative from scratch, specific to your company, market and traction. We construct a financial model that withstands scrutiny: 3-year projections with scenario analysis, not hockey sticks. We structure your data room so investors find what they need instantly, and we rehearse your pitch until you can deliver it under pressure.
Best for
Startups preparing for pre-seed, seed or Series A. Companies exploring private equity interest. First-time founders who have never raised capital and don't know what investors expect.
What you get
- Investor narrative and pitch deck (10–15 slides, custom designed)
- 3-year financial model with base, upside and downside scenarios (Excel, fully editable)
- Data room structure, population and quality review
- Investor targeting strategy: who to approach, in what order, and why
- 2 full pitch rehearsal sessions with structured feedback
- Term sheet education: what to expect, negotiate and avoid
- Timeline
- 6–8 weeks
03Fundraising AdvisoryWe manage your fundraise from start to close.3–6 monthsDetails
The Investment Readiness Program prepares your company. Fundraising Advisory runs the entire process: investor identification, outreach, meeting preparation, follow-up, due diligence coordination, term sheet review and negotiation support. We act as your external fundraising arm until the round is closed.
This is for companies raising €500K and above, where the fundraise itself becomes a full-time job. Instead of the founder spending six months in investor meetings, we manage the pipeline and keep the process moving.
Best for
Companies raising €500K or more. Founders who can't afford to spend six months fundraising instead of building. Technical founding teams that need commercial and financial support to run the raise.
What you get
- Everything in the Investment Readiness Program
- Investor longlist: 50–100 potential investors researched and qualified
- Outreach campaign design and execution
- Meeting preparation briefs for each investor
- Due diligence coordination with legal and financial advisors
- Term sheet review and negotiation strategy
- Cap table management advice
- Post-closing investor communication framework
- Timeline
- 3–6 months (typical fundraising cycle)
04Funding Strategy & CalendarEvery programme you're eligible for, mapped and scheduled.1–2 weeksDetails
A one-time mapping of every EU funding programme, state aid scheme and financing instrument that applies to your business, with deadlines, eligibility criteria, estimated grant values and our assessment of success probability.
Most Romanian businesses don't know what they're eligible for. They hear about Start-Up Nation because it's in the news, and miss the regional programme that could give them €300,000, the AFIR call that would fund their solar installation, or the PNRR grant that would pay for their software. We find all of it. The calendar is updated annually, or you can move to a monitoring retainer and get alerts as new calls are published.
Best for
Companies that don't know what funding is available. CFOs who want to factor grant potential into annual budgets. Businesses that want to be systematic about funding instead of reactive.
What you get
- Audit of all applicable funding programmes (EU, national, regional)
- 12-month funding calendar with submission windows and deadlines
- Estimated available funding per programme
- Recommended application sequence, prioritised by return and probability
- Eligibility gap analysis: what to change or prepare to qualify
- Timeline
- 1–2 weeks
03 — Transparent pricing
Our incentives are aligned with yours.
We charge a fixed upfront fee for the preparation work: research, writing, financial modelling and application management. The fee reflects the complexity of the programme.
On top of that, we charge a success fee as a percentage of the approved grant value. It is only payable if your application is approved and funded. If you don't get the grant, you don't pay the success fee.
It means we're not incentivised to take on applications we don't believe will succeed. If we accept your project, it's because we believe we can get it approved.
- 1Preparation feeA fixed fee agreed upfront covers the full application: research, writing, financial modelling and submission management.
- 2Grant approvedOnce your application is approved and disbursed, the success fee becomes payable. No approval, no success fee.
- 3Return on the feeBecause most of the grant is non-repayable, the return on our combined fee is usually significant, often several multiples of the total cost.
Contact us for a fee proposal based on your programme and grant size.
04 — Funding programmes
The programmes we navigate.
Budgets and windows as published by each programme. Calls change; we confirm current status on the first call.
Start-Up Nation 2024–2026Grants up to RON 250,000 (~€50,000) for new businesses.€444MUp to RON 250,000 (~€50,000)UpcomingExpected Q2 2026
Eligibility
New businesses with a 10% personal contribution. Must be incorporated within 3 years of application.
Details
Two pillars: Young Entrepreneurs (under 30) and Start-Up Nation Romania (30–35, disadvantaged groups).
Regional Operational ProgrammesGrants of €25,000–€300,000 for SME growth and modernisation.Varies by region€25,000–€300,000Multiple calls openVaries by region
Eligibility
SMEs in eligible development regions. Criteria vary by call.
Details
Available across Romania's development regions, with different calls and timelines.
PNRR (National Recovery and Resilience Plan)Digitalisation, green transition, healthcare, education.€28.5B€10,000 to €10M+, by componentMultiple callsRolling deadlines through 2026
Eligibility
Depends on the component. Includes businesses, institutions and public entities.
Details
Components: digitalisation, green transition, healthcare, education, innovation.
Digital Europe ProgrammeAI, cybersecurity, digital skills and advanced digital technologies.€7.5B EU-wide€50,000–€2M+, by callOpenMultiple deadlines
Eligibility
Romanian businesses and institutions, individually or in consortia.
Details
Focus: AI, cybersecurity, digital skills, advanced digital technologies, HPC.
Horizon EuropeThe EU flagship R&D and innovation programme.€95.5B EU-wide€150,000–€10M+, by projectOngoing callsMultiple deadlines a year
Eligibility
Research institutions, universities, innovative SMEs. Often requires a consortium.
Details
MAST can participate as consortium partner or help clients join existing consortia.
InvestEUA guarantee facility for better loan terms through 12 partner banks.€672M for RomaniaNot a grant: lower rates, less collateral, longer repaymentAvailableOngoing, through partner banks
Eligibility
SMEs seeking better financing terms, through partner banks.
Details
Available through 12 partner banks in Romania for SME competitiveness and sustainability.
AFIR (Agricultural Investment)Grants for farmers and the food industry: solar, wind, modernisation.€2.5B+€10,000–€500,000+, by measureMultiple measures openVaries by measure
Eligibility
Farmers, agricultural businesses, food processors. Young farmer programmes available.
Details
Focus: solar panels, wind, energy storage, farm modernisation, young farmers.
Modernisation FundRenewable energy, energy efficiency, grid modernisation, prosumers.€6B+ approved€50,000–€5M+, by projectOpenRolling applications
Eligibility
Businesses investing in efficiency, renewables or grid modernisation.
Details
Focus: renewable energy, energy efficiency, grid modernisation, prosumer installations.
Related work
Don't leave money on the table.
Book a free 30-minute call. We'll assess your eligibility, identify the programmes that fit, and give you an honest estimate of what you could access. No commitment.