Morphosis Capital Fund II plans to develop a national ophthalmology network following the acquisition of the Dr. Mrini Eye Hospital in Constanța.
The fund plans a network that will expand nationwide through a combination of acquisitions of established, doctor-led clinics and greenfield openings. It said discussions are already under way with several established clinics across Romania, “guided by a strong focus on clinical quality, medical technology and partnerships with surgeons.”
Healthcare has been a core sector for Morphosis Capital since its first fund, which invested in Medima Health, Cronos Med and Dr. Leahu Dental Clinics, later sold to Regina Maria. Building on this experience, as well as the expertise gained in developing networks in private education and elderly care, Morphosis Capital said it would continue to apply its buy-and-build model to ophthalmology, “with the ambition of creating the country’s leading eye care network.”
Ophthalmology represents one of the most attractive long-term opportunities in Romanian healthcare, Morphosis explained. The private eye care market is growing rapidly, driven by an ageing population, growing demand for cataract and refractive surgery, and the increasing need for the treatment of chronic eye conditions. At the same time, the market remains highly fragmented, offering significant opportunities for consolidation and the development of an integrated national network.
Starting from Constanța, the network will expand across Romania’s major cities, where it will find the right clinics and surgeons to partner with. Across all locations, the network will cover the full spectrum of eye care, from consultations, diagnostics and optical services to cataract, refractive, retina and glaucoma surgery, and will continue to serve patients both privately and under CNAS.
Dr. Mrini Eye Hospital, founded by Dr. Hicham Mrini, operates a 30-bed day hospital, an outpatient clinic and integrated optical retail, and reached a turnover of more than EUR 5 million in 2025. Founded in 2011, the hospital has recently completed a newly built and fully equipped extension of more than 1,200 sqm, which allows it to double its capacity, while the clinic in Tulcea extends its reach across the Dobrogea region. Morphosis Capital acquired a majority stake in Dr. Mrini Eye Hospital, with Dr. Mrini remaining a significant shareholder. The transaction remains subject to customary regulatory approvals.
Horia T. Stanca, the head of the Ophthalmology Clinic of the “Prof. Dr. Agrippa Ionescu” Clinical Emergency Hospital, joined the project as Senior Adviser. In this role, he will shape the clinical strategy and play a central role in attracting surgeons and identifying the right clinic partners as the network grows.
“Romania is home to exceptional clinical talent in ophthalmology. At the same time, access remains uneven: Romania performs roughly a third of the cataract surgeries per inhabitant that the European average does, and too many patients wait too long or travel too far for procedures that should be routine. We believe the country is ready for a national ophthalmology network that attracts the best surgeons, invests in modern technology and brings the same high standard of care to every city where it operates,” Gabriela Dumitru, partner at Morphosis Capital, said.
This is a high-conviction investment in a fragmented market with a clear patient need.
“This is a high-conviction investment in a fragmented market with a clear patient need. We see the opportunity to build a stronger national business while making high-quality eye care more accessible to patients across the country. Dr. Mrini has built in Constanța exactly the kind of hospital we want to replicate across Romania, and together with Prof. Univ. Dr. Habil. Dr. h.c. Horia T. Stanca we have the clinical leadership to do it,” she added.
Morphosis Capital Partners BV is a private equity firm established by four entrepreneurs: Simona Gemeneanu, Gabriela Dumitru, Dragos Petre, and Andrei Gemeneanu. The European Investment Fund (EIF), co-financed through the Regional Operational Programme, the NextGenerationEU with the financial backing of the Government of Romania under the Romania Recovery Equity Fund and the InvestEU Fund of the European Union, is the anchor investor in Morphosis Capital. International and local institutional investors and entrepreneurs, as well as the founders themselves, are co-investors in the fund.
Morphosis Capital invests in high-growth Romanian and CEE companies from sectors such as healthcare, technology, niche manufacturing, consumer products and retail, and B2B services, which have a strong potential for international expansion and an EBITDA between EUR 1 – 5 million. Morphosis Capital’s portfolio includes Medima Health, EMI, Cronos Med, Romania Education Alliance, EnduroSat and Echo Elderly Care. In 2023, the fund completed its first full exit by selling its minority stake in Dr. Leahu Dental Clinics to Regina Maria, followed by a full exit from DocProcess to AGENA3000 in 2025 and from Supermarket La Cocos in 2026. In October 2026, the fund signed the full exit from Stay Fit Gym, which joins forces with 18GYM, backed by Enterprise Investors.
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