Earlybird Digital East Fund



Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

09 Jul 2013



PSD disclosed:

06 Jun 2013

Project Description

The EBRD is considering an equity investment of up to USD 35 million in Earlybird Digital East Fund 2012 SCA SICAR (“EDEF” or the “Fund”), a private equity investment fund registered as an investment company in risk capital under the laws of Luxembourg.

EDEF will seek to make equity and equity-related investments in early-stage and expansion-stage technology companies primarily in Turkey but also in Bulgaria, Hungary, Slovakia, Slovenia, Poland, Romania, Albania, Bosnia-Herzegovina, Croatia, Kosovo, Macedonia, Montenegro, Serbia, Estonia, Latvia, Lithuania, Ukraine, Moldova and Jordan.

Transition Impact

The EBRD’s potential investment in the Fund will facilitate market expansion in the venture capital industry and the provision of value-additive support and long-term growth financing to technology companies in the target markets. The investment is also expected to contribute to the promotion of best practices in corporate governance and integrity within investee companies.

The Client

The Fund will be managed by Earlybird Luxembourg EDEF Management S.A., a public limited liability company incorporated under the laws of Luxembourg.

EBRD Finance

The EBRD is proposing an equity investment of up to USD 35 million.

Project Cost

The target size of the Fund is USD 130 million at final closing.

Environmental Impact

Categorised FI.

The Fund will be required to comply with the EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries).

The Fund will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit annual environmental and social reports to the EBRD.

Technical Cooperation


Company Contact

Evren Ucok
e-mail: ucok@earlybird.com
Cevdetpasa Cad. Germencik Sok No. 1/6 Bebek
Istanbul , Turkey
Tel: +90 530 232 7233

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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