Orbit Capital Closes Growth Debt Fund II at $118 Million

Jan de Vries · 2026-07-02

Orbit Capital, a Central and Eastern Europe (CEE) fund with offices in Prague and Warsaw, has announced the second closing of its Growth Debt Fund II at $118 million (€107 million). That’s well above its original target, and it solidifies the firm’s standing as a leading venture debt platform in the region. This isn’t just another funding round. It’s a signal that the market for smart, flexible financing is heating up. Anchor investors include big names like the European Investment Fund (EIF), Rentea, Česká spořitelna/Erste, and Conseq. There’s also a chunk from PFR Ventures. So far, Orbit has backed over 20 companies with growth capital. ### A Strong Start, Then a Bigger Finish Back in June 2025, the fund had a first close of $77 million (€70 million). Now, with this second close, they’ve added another $41 million to the pot. That’s a solid climb, and it shows investor confidence. “As companies mature, they need smart and flexible financing that preserves equity,” says Radovan Nesrsta, Partner at Orbit Capital. “We provide the strategic runway they need to scale efficiently.” ### The Bigger Picture: 2026’s Funding Landscape This $118 million raise fits into a broader trend. Across Europe, specialist capital providers, venture funds, and debt-linked platforms have been busy raising money. Here are a few comparable examples from this year: - Montis VC (Warsaw) – $55 million first close - SlateVC (Paris) – $146 million growth fund first close - Osney Capital (London) – $76 million final close And it’s not just equity. There’s a wave of credit and venture-debt deals too. Think InSoil’s $132 million facility, BioLamina’s $22 million EIB venture debt, Optics11’s $28 million EIB venture debt, BCAS’s $33 million debt round, equipal’s $21 million combined facility, and 9fin’s $163 million Series C. All told, these 2026 announcements add up to roughly $675 million in disclosed capital. That’s a lot of money chasing growth. “At growth stages, access to debt financing can significantly accelerate expansion while limiting dilution for founders,” adds Bartłomiej Samsonowicz, Investment Director at PFR Ventures. “Orbit Capital’s track record and deep understanding of the regional technology ecosystem make them a strong partner in supporting the next generation of CEE technology leaders.” ### Who Orbit Capital Invests In Orbit Capital was founded in 2019. Today, it manages over $220 million in assets through venture debt and growth equity. The firm’s sweet spot is technology leaders in CEE, but it also keeps an eye on opportunities in the DACH region and broader European markets. Fund II targets post-Series A tech companies with at least $3.3 million in revenue and 30% year-over-year growth. Check sizes range from $3.3 million to $16.5 million. That capital can fuel international expansion, acquisitions, working capital, or capital expenditures. The fund is already putting money to work. It’s made five investments so far, including Czech startups Sloneek and IAG, and Polish startup Talkin’ Things. Other portfolio companies include household names like Preply, Booksy, MEWS, Rohlik, CloudTalk, ThreatMark, Boataround, and Jutro Medical. “We decided to invest as there are few players in the CEE who are as experienced as Orbit in venture debt,” says Jaroslav Baier, Partner at Havel & Partners. “Apart from that, we see potential in venture debt as a financial product as the role of startups and scale-ups will grow in all CEE economies.” ### What This Means for the Market Orbit’s latest close is more than just a number. It’s a vote of confidence in the CEE startup ecosystem. Venture debt is becoming a go-to tool for founders who want to grow without giving away too much equity. And with players like Orbit leading the charge, the region’s tech scene is only going to get stronger.