About private equity

How private equity invests in privately-owned businesses, supports jobs and creates prosperity.


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Private equity in action - Case Study


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Country Romania
Region Sud-Muntenia
Investor Earlybird Digital East Fund

When Earlybird Digital East Fund organized a consortium for the seed funding round of UiPath in 2015, the company consisted of just 12 people operating from a cramped apartment in Bucharest. With no product presentation, commercial model or even pricing formula, the company had big ambitions: to eradicate tedious, repetitive tasks, letting software robots do the grunt work. Over the next three years, the venture capital investors, joined in later rounds by Accel, CapitalG and KPCB supported the small, but highly entrepreneurial team in building what is today a global business, employing more than 1,000 people across 21 offices in 14 countries. With more than 1,500 customers worldwide, the company’s annual recurring revenues now exceed $100m growing more than 10x per annum between 2015 and 2018. The company has strategic partnerships with many of the world’s best-known technology and software companies.

Daniel Dines

Founder and CEO


Earlybird was extremely active in helping us in the early days. They provided key customer introductions and helped me recruit our first new executives. They drove the creation of the investor syndicate and introduced me to our lead Series A investor. Quotation Marks Graphic

annual recurring revenues in USD at June 2018


offices, from one in 2015

What did the business need?

  • Creation of a sales and marketing function
  • International expansion through local offices
  • Capital to build its team across all functions

How did private equity backing create lasting value?

  • Assisted with recruitment of senior level hires
  • Supported expansion into the US, Europe and the Middle East
  • Introduced the business to key early customers and strategic partners
  • Provided strategic and pricing insight to create a business model that has led to UiPath attracting more than 1,500 customers
  • Invested across a number of rounds, with the latest $153m Series B investment valuing the business at $1.1bn

What outcomes did private equity investment achieve?

  • Grew from 12 to more than 1,000 employees
  • Grew a business from one to 21 offices across 14 countries throughout North America, Europe and Asia
  • Signed strategic partnerships with global blue chips companies such as Oracle, IBM, Accenture, Capgemini and Cognizant
  • Built award-winning global business, recognised for “leader in RPA” (Forrester Wave 2018) and “Best use of AI in the enterprise” (CogX London 2017)

More information




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