Bogdan Axinia, investor, on the dedication of startup founders: ”Founders put everything on the line, they have skin in the game”

The documentary "Romanian Startups: Roaring Tigers of Europe", made by the start-up.ro team, spans across 33 years of history, from the first entrepreneurs in the transitional years to the initial technology company transactions that brought Romania into the international spotlight.

Romanian Startups: Roaring Tigers of Europe - The Extended Series will present the people who built the Romanian ecosystem and who discussed with the VideoCorp and start-up.ro team for this documentary. In this series you will find the extensive interviews and find out the stories of those who built entrepreneurship in Romania.

For the Romanian Startups: Roaring Tigers of Europe documentary we’ve talked with Bogdan 2 years ago, when he was still the head of eMAG Ventures, but even though he went on a separate professional road, his story and how even eMAG transformed itself over the years, how Bogdan and his team chose the startups they invested in and the products that they believed that could bring the most added value in eMAG and what it can offer its customers is still valid and represents a good example of strategic growth.

Bogdan Axinia recounted his journey from being a developer at eMAG, to managing the marketplace and eventually leading eMAG Ventures, the corporate venture capital arm responsible for strategic investments in startups. 

Over more than a decade, the company transformed from a small ecommerce marketplace with just three sellers into a vast technology-driven ecosystem with tens of thousands of sellers and over 500 employees.

"I liked the energy, it felt like a startup. This is why I made the shift to go closer to startups. Eleven years ago, we were a small team managing a few sellers, now we have 40,000 sellers and over 500 employees in the tech and product department. The bold plans laid out back then actually happened and more", says Bogdan.

The story highlights the critical role of technology in scaling operations, the importance of strategic partnerships (notably with international investor Naspers), and the deliberate approach to investing in startups that complement and extend eMAG’s core business.

Bogdan talked about the venture investment strategy, which focuses on acquiring startups with strong teams and proven traction, rather than building everything from scratch. 

This approach has allowed eMAGVentures to nurture companies like Sameday (logistics), TAZZ – nowadays acquired by Wolt (food delivery), and Flip (refurbished smartphones), helping them grow regionally.

The challenges of entering new markets, particularly in B2C sectors, are candidly discussed, including the necessity of local presence, understanding cultural nuances, logistics complexities, and regulatory environments.

The conversation also delves into the dynamics of corporate venture capital (CVC) versus traditional VC, highlighting the benefits of deep know-how, network access, and capital, while cautioning about slower decision-making processes and the cultural adjustments founders must make when partnering with a corporate entity.

"Founders put everything on the line, they have their skin in the game and are dedicated more than 100%. My role is to advocate for them within our company and help bridge the gap between the corporate mindset and the startup culture. There are conflicts sometimes, but it’s important to maintain healthy business relationships and understand their perspective."

• eMAG is fundamentally a technology company, not merely an ecommerce platform, enabling massive scalability.
• Strategic partnership with Naspers was pivotal in eMAG’s growth and international know-how transfer.
• eMAG Ventures invests in startups with proven products and strong teams, accelerating growth in logistics, food delivery, and tech apps.
• Expanding into new markets, especially B2C, is complex and requires local adaptation, operational presence, and cultural understanding.
• Corporate venture capital provides unique benefits but requires founders to navigate slower processes and alignment challenges.
• The Romanian startup ecosystem is growing but needs more boldness, experience, and regional/global success stories to mature fully.

• Corporate Venture Capital as a growth lever: eMAG Ventures’ approach to investing is pragmatic—they prefer startups that already have a product and paying customers rather than early-stage ideas. This reduces risk and accelerates time-to-value. Moreover, the corporate VC model offers startups access to eMAG’s technology, operational experts, and customer base, providing unique synergies beyond just funding. However, founders must be prepared for slower decision cycles and more complex governance than with traditional VCs.
• People and teams are more important than ideas alone: When selecting startups, eMAG Ventures prioritizes the quality, dedication, and alignment of the founding team. The belief is that strong, energetic teams are the key to overcoming obstacles and scaling successfully. Additionally, eMAG creates opportunities for internal talent to join startups, fostering cross-pollination of skills and leadership development, which is a strategic advantage for both parties.

• Ecosystem maturity depends on boldness and shared knowledge: The Romanian startup ecosystem, while growing, still lacks sufficiently bold regional/global success stories that can serve as role models. Building a stronger network of experienced founders, investors, and mentors who actively share knowledge and connections—similar to ecosystems like Israel’s—is crucial for accelerating growth and encouraging startups to think bigger. Corporate VCs like eMAG Ventures play a critical role in this ecosystem development by reinvesting capital and expertise.

"We are not bold enough to think big yet, and we need more success stories to build know-how for becoming truly regional or global companies. Another key is building a bigger network for sharing knowledge and connections. Israel’s ecosystem impressed me with how connected and supportive they are; Romania still has work to do to think beyond its borders." 

• Balancing startup autonomy with corporate support: The relationship between startups and a corporate investor like eMAG Ventures requires careful management of expectations and egos. Founders often have high ownership and pride in their products, while the corporate side brings structure, process, and strategic direction. Facilitating mutual respect and open communication is vital to maintaining healthy partnerships, enabling startups to innovate while leveraging corporate resources.
• Corporate VC vs. traditional VC dynamics: Founders working with corporate VCs gain access to unique resources and networks but must adjust to slower decision-making and more layers of approval. This trade-off requires early alignment on expectations and strategic goals. Corporate VCs, unlike pure financial investors, often have strategic interests that can both benefit and constrain startups, so clear communication is essential.

Roaring Tigers of Europe is a production by start-up.ro and Videocorp, part of the Romanian publishing company InternetCorp, active for almost 20 years on the market. The documentary was made with the support of partners BCR, Orange, and 2Performant. Community partners included Guran Consulting Global, How to Web, Launch, Impact Hub Bucharest, Flaviu Simihaian, Rubik Hub, SoftServe, and the Romanian-American University.