Underline Ventures is a seed-stage venture capital firm based in Bucharest, Romania, founded by Bogdan Iordache, who has been active in venture capital since 2013. The firm invests at pre-seed, seed, and late seed stages alongside co-investors, writing average cheques of $500,000. Underline focuses on technical founders building in industrial tech, space tech, defence tech, and agentic AI. The firm takes a founder-aligned approach, helping portfolio companies define strategy and milestones from seed to Series A, connecting them with capital and talent while providing critical feedback. Underline maintains that founders should remain in control of the companies they build and supports them through challenges with a long-term perspective. Recent investments include London-based Embedd, which raised €2.3 million to build software infrastructure for physical AI.

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