About
Romania
Healthcare
Fund II
January 2025
In Portfolio
Integral Capital Group, (“Integral”, formerly Integral Venture Partners), an investment firm, is pleased to announce that it has completed the acquisition of a majority stake in Embryos, a leading Romanian specialized IVF (in-vitro fertilization) clinic. The transaction comprises a secondary share purchase from the three founding doctors of the business, who will remain as minority shareholders and partners for the next stage of growth.
Supported by Integral as its new majority investor and under the continued leadership and medical expertise of its founders, Embryos aims to strengthen its leading market position in Romania by expanding its flagship clinic in Bucharest and penetrating the available white space in other cities across the country, while also enhancing its operations and corporate infrastructure. Moreover, Embryos will serve as the anchor for Integral’s strategy to develop a pan-regional IVF platform by consolidating similar players in neighboring markets.
Integral manages institutional private equity and growth capital and is focused on investments in leading medium and small sized companies active in Central and South-Eastern Europe and Adria regions. Integral’s fund is backed by leading international institutional investors including the EIF, the EBRD and the IFC. Integral covers its pan-regional target market out of hub offices in Budapest and Belgrade, and satellite offices in London, Bratislava, Bucharest, and Sofia.
Embryos, founded in 2018 by doctors Andreea Carp-Veliscu, Ionela Anghelescu and Tarig Massawi, is a fertility and gynecology clinic specialized in assisted reproduction technology, offering an integrated suite of fertility treatments, including IVF. Currently, the business operates one state-of-the-art clinic in downtown Bucharest, with a modern laboratory, operating theatre, and dedicated outpatient facilities.
This acquisition marks Integral’s first investment from its second fund, Evolving Europe Principal Investments Fund II, launched in December 2024, and highlights its focus on Romania as well as the CEE healthcare sector in general. In addition, two female founders (out of three) will remain in leadership positions following the acquisition, underlining Integral’s strong commitment to gender equality.
The terms of the investment were not disclosed.
The Transaction is funded by the European Union – NextGenerationEU with the financial backing of the Government of Romania under the Romania Recovery Equity Fund, and the Government of Bulgaria under the Bulgaria Recovery and Resilience Plan.
