What we do
Institutional investors
Equity products
AI Co-Investment Facility
Cleantech Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

Apiary Book: Bee inspired


“Its simple mathematics: if bees disappear so will mankind,” says Bogdan Iordache, founder of Apiary Book. Originally a freelancer in IT and software development, Bogdan changed direction in 2014: “I was comfortable in my career, too comfortable really. So I decided to reinvent myself, go on a different journey, do good, be close to nature. I knew of biodiversity depletion, so beekeeping seemed the obvious choice. Trying to learn more, I got amazing support from the beekeepers’ community. They helped me learn fast, made me aware of their problems”.

A year into beekeeping, Bogdan had designed a smartphone application that analyses the activity of his 20 hives. This management tool collects, monitors and reports data such as bee movements, numbers, behavioural changes, apiary temperature fluctuations via sensors, and pest intrusions. It even includes a voice activated command function “because when you wear protective gloves you can’t use your fingers to operate your smart phone,” he explains. “I am a technical person, developing practical software is in my DNA”.

What started as a personal project soon turned into a fully-fledged business when in 2017, Apiary Book was born. The application has already been downloaded by over 200 000 beekeepers around the world, and is used by 25 000 of them monthly in 19 languages. “We are first and foremost a data company. We analyse different sources and our predictive beekeeping system, based on machine learning, helps beekeepers make better informed decisions. Historical data we gather helps redefine best practices that are applicable to modern apiary management. Our aim is to give bees a better chance of survival but also ensure the sustainability of the apiary sector and make it financially viable today”.

Most of the company’s revenues come from its premium subscriptions. “To make the business a success we need to reach out to as many users as possible, and this can be quite challenging for a start-up like ours. An investment in 2020 from (EIF-backed venture capital fund) Gapminder helped us financially for working capital, equipment, marketing, networking, recruitment but it went much beyond that: they gave us advice on new revenue streams and guidance on how to take the company to the next level. In a nutshell they helped us accelerate and gave us recognition”.

This is only the beginning for Bogdan. He is already planning to develop a solution linking the app to satellites in order to monitor the effects of unusual weather events like the cold temperatures in the summer, or understand bees’ changing health requirements in an environment where climate change affects how some crops flower. However, what Bogdan wants most for the future is “to continue to wake up every morning knowing that I am going to have fun with the bees. It gets me buzzing.”

Company: Apiary Book (Bucharest, Romania)

Type of business: ICT; agriculture

Financial intermediary: Gapminder Fund

EIF financing: ESIF Competitiveness Romania

For further information about EIF intermediaries in Romania, please refer to:

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.