Orbit Capital closes €107M venture debt fund as CEE scaleups look beyond banks
What's the deal? Czech investment manager Orbit Capital has held a second closing of its Growth Debt II fund at €107 million, surpassing the €100 million target it set at launch. The fund provides non-dilutive growth capital to post-Series A tech and tech-enabled companies across Central and Eastern Europe (CEE).
Who's backing it? Backers include the European Investment Fund (EIF), Česká spořitelna and RenteaDealroom has a profile for this one. Try Dealroom →. Poland's state-backed PFR Ventures joins as a new limited partner, marking its first commitment to the asset class.
Why now? Venture debt is gaining ground in CEE as cautious banks and a softer equity market leave a financing gap. Orbit targets companies with proven product-market fit, at least €3 million in annual revenue and strong growth, but limited access to bank credit.
What's the endgame? Orbit launched Growth Debt II in mid-2025 with a €70 million first close. It has already deployed into several Czech and Polish startups, signalling active investment rather than idle capital.
"With this latest close, we're even better positioned to provide ambitious founders across the region with flexible, non-dilutive growth capital," the firm said.
The signal: The upsized close ranks Growth Debt II among the larger dedicated venture debt vehicles in the region. Backing from public fund-of-funds like PFR Ventures points to the growing institutionalisation of venture debt in CEE.
Read more: EU-Startups · Vestbee
