Integral Capital Group (formerly Integral Venture Partners) – the leading pan-regional private equity fund focused on the mid/small market – has completed a significant majority investment in Embryos, one of Romania’s premier in vitro fertilization (IVF) clinics. The transaction, which represents a secondary share purchase from the three founding doctors of the business, establishes a strategic foothold in this rapidly growing healthcare sector within Central and Eastern Europe.

The investment addresses crucial demographic and societal trends driving increased demand for fertility treatments, including an aging population, changing sociocultural patterns with couples prioritizing careers before starting families, and rising prevalence of fertility-affecting health conditions. Importantly, Romanian patients can now access world-class IVF treatments domestically, matching Western European quality standards, with eligible patients benefiting from public funding support.

Founded in 2018, Embryos has established itself as a comprehensive fertility center under the leadership of Dr. Andreea Carp-Veliscu, Dr. Ionela Anghelescu, and Dr. Tarig Massawi – renowned specialists with over 20 years of experience in reproductive medicine. The clinic provides a holistic approach to fertility care, offering advanced IVF treatments complemented by specialized services in obstetrics, gynecology, maternal-fetal medicine, endocrinology, andrology, urology, and psychological counseling.

At Embryos, couples experiencing fertility challenges find world-class medical solutions combined with accessible, comprehensive care. The clinic’s team of highly experienced specialists utilizes state-of-the-art IVF procedures and advanced technology to deliver treatment outcomes matching international standards. From its modern facility in Bucharest, Embryos provides patients with both medical excellence and the comprehensive support needed throughout their fertility journey.

Under the terms of the partnership, the founding physicians will retain minority ownership and continue their integral roles in the clinic’s operations and strategic leadership & development. Integral Capital Group plans to strengthen the management team by bringing in international IVF and healthcare executives to support the business’s mission of making advanced fertility healthcare services accessible to a broader patient base.

Since the establishment of Embryos, the core founding team understood the importance of accessible, high-quality fertility care services that can address the multifaceted challenges faced by modern couples. As society continues to evolve, the role of specialized fertility clinics becomes increasingly vital in helping individuals and couples achieve their dreams of parenthood.

The investment will fuel an ambitious expansion strategy focused on:

• Enhancing and expanding the flagship Bucharest clinic’s capabilities by supporting and promoting Embryos’ further activity to enhance its visibility, and grow the business
• Establishing new facilities across key Romanian cities
• Implementing advanced operational systems and corporate infrastructure & governance
• Creating a foundation for a pan-regional IVF platform through strategic acquisitions in neighbouring markets
• Supporting and promoting Embryos’ further activity to enhance its visibility, and grow the business

” This investment marks a significant milestone in both Embryos’ journey and Integral’s commitment to the Romanian market. We were impressed with Founders’ achievements to date and are excited to provide our institutional support in the next phase of Embryos’ development.” said [Evtim Chesnovski – Integral Capital Group Partner].

Dr. Andreea Carp-Veliscu, co-founder of Embryos, added: “Partnering with Integral Capital Group opens exciting possibilities for Embryos. Their support will enable us to extend our reach, enhance our services, and help more couples achieve their dreams of parenthood while maintaining our commitment to clinical excellence.”

The transaction strengthens Integral’s presence in Romania, building on its successful investments in Medima Health, O’Fresh and now Embryos. As one of the most active and largest international investors in Romania, Integral remains committed to supporting local entrepreneurs in transforming national champions into regional or global leaders through its extensive regional infrastructure and global networks.

With its €300 million in raised, syndicated and managed capital across two funds and with hub offices in Budapest and Belgrade, and local infrastructure spanning London, Bratislava, Bucharest, and Sofia, the firm has established itself as one of the leading pan-regional investors with particularly strong presence in Romania.

The transaction also aligns with Integral’s ESG principles, notably through its support of women in leadership positions, with two of the three founding doctors continuing in key management roles.

The transaction also aligns with Integral’s ESG principles, particularly through the support provided to women in leadership positions, with two of the three founding doctors continuing to hold key management roles. The transaction is financed by the European Union – NextGenerationEU with financial support from the Government of Romania and the Government of Bulgaria through the National Recovery and Resilience Plan.

Integral Capital Group is a leading investment firm specializing in private equity and growth capital investments in Central and South-Eastern Europe and the Adria regions. The firm focuses on medium and small-sized companies with strong growth potential, supported by prominent international institutional investors.

Its latest fund, targeting €150 million, builds upon the success of its predecessor fund, positioning Integral as one of the largest and most diversified institutional investors focused on medium and small-sized companies in the CEE region.

The firm’s latest fund is backed by prestigious international institutional investors, including the European Investment Fund (EIF), European Bank for Reconstruction and Development (EBRD), and International Finance Corporation (IFC).

Established in 2018, Embryos has rapidly emerged as a leading Romanian fertility center, offering comprehensive IVF treatments and related medical services from its modern facility in downtown Bucharest. The clinic is led by a distinguished medical team of Dr. Andreea Carp-Veliscu, Dr. Ionela Anghelescu, and Dr. Tarig Massawi. Embryos provides a complete spectrum of fertility services including specialized IVF treatments, obstetrics, gynecology, endocrinology, and andrology, supported by state-of-the-art laboratory facilities and a dedicated surgical center. The clinic delivers Western European quality standards in fertility care while offering local accessibility and public funding support for eligible patients, eliminating the need for international travel. With a growing patient base and strong reputation in the Romanian healthcare sector, Embryos is positioned for strategic expansion into other Romanian cities while maintaining its commitment to personalized patient care and comprehensive treatment protocols.

(P)