Daria Solovieva
CZECH REPUBLIC
CEE Tech Ecosystem Thrives: $1.3B Funding in H1 2024, AI and HealthTech Lead the Charge
The Central and Eastern European (CEE) tech startup ecosystem has seen a resurgence in the first half of 2024, with funding reaching over $1.3 billion (€1.15 billion). The Czech Republic leads in funding value, while AI startups represent a significant portion of the ecosystem, with 1 in 3 startups either developing AI technologies or offering AI-related services. Despite challenges such as geopolitical tensions and a lagging European economy, the region has witnessed the birth of three new unicorns and increased deal flow driven by European organizations and international investors. [Source: The Recursive]
Czech Startup Knihobot & Bookbot Secures €4M for Second-Hand Book Platform Expansion
Knihobot & Bookbot, a Czech digital platform for buying and selling pre-owned books, has raised €4 million in a Series A funding round led by Genesis Capital Equity, valuing the company at over €20 million. The startup, which has sold over 5 million books since its 2019 launch, plans to double its revenue to €24 million by the end of 2024 and expand further in the DACH market. The platform offers innovative book collection methods, including mail-in, drop-off points, and home pickup services in select cities. [Source: Vestbee]
Latvian VC Backs AI-Powered Gambling Analytics Platform Blask
Riga-based theIntelligent VC has invested an undisclosed amount in Blask, a SaaS platform providing data analytics for the gambling and betting industry. Founded in 2021 and based in Limassol and Lisbon, Blask uses AI and machine learning to offer real-time market insights, including brand market share, player demographics, and revenue estimates. The investment aligns with theIntelligent VC’s focus on early-stage AI-powered startups showing market traction. [Source: BalticVC]
LITHUANIA
CBRX Raises €275k to Revolutionize Cybersecurity Incident Analysis
CBRX, a Vilnius-based cybersecurity startup founded in 2023, has secured €275,000 in pre-seed funding led by ScaleWolf and FIRSTPICK. The company’s platform aims to automate incident analysis for cybersecurity teams, claiming to boost productivity by 90%. With this investment, CBRX plans to launch its product, expand its team, and further develop its technology, focusing on leveraging advanced solutions to predict and prevent future cyber attacks. [Source: Vestbee]
Defense Tech Boom: Baltic Sandbox Ventures Hunts for Next-Gen Military Startups
Baltic Sandbox Ventures (BSV) is ramping up its focus on defense technology startups, citing the sector’s rich history of dual-use innovations. The venture capital fund, backed by INVEGA, has already invested €2 million across nearly 30 companies, targeting deep tech solutions with potential military and civilian applications. BSV partners highlight the Baltics’ rapid prototyping capabilities and the increasing government interest in defense tech as key drivers for this strategic shift. [Source: Labs of Latvia]
Lithuanian EV Charging Startup Inbalance Grid Expands to Poland with Stokrotka Supermarket Deal
Inbalance Grid, a Lithuanian electric vehicle charging solution developer, has inked a partnership with Polish supermarket chain Stokrotka to install charging stations at their stores. The deal marks Inbalance Grid’s entry into the Polish market, with plans to deploy 276 charging stations across Stokrotka’s network by 2025. This expansion follows the startup’s recent €10M investment in a partnership with Orlen Baltics Retail, signaling aggressive growth in the Central and Eastern European EV infrastructure market. [Source: BalticVC]
Tingit Secures €500k to Revolutionize Fashion Repair Market with AI-Powered Platform Tingit, a Vilnius-based fashion repair marketplace, has raised €500,000 in a pre-seed round led by FIRSTPICK, with participation from BADideas.fund, PurposeTech, and HEARTFELT_. The startup, founded in 2023, simplifies clothing and accessory repairs through a user-friendly platform that provides quick quotes and streamlined logistics. With the new funding, Tingit plans to launch a Service Provider Gateway and expand its operations into new markets and product categories beyond fashion. [Source: Vestbee]
ESTONIA
Estonian Startup Ecosystem Booms: Investments Double to €238.9M in H1 2024 Estonian startups have seen a dramatic surge in investments, reaching €238.9 million in the first half of 2024, doubling the €119.3 million raised in the same period of 2023, according to a report by Startup Estonia. The growth was driven by major funding rounds in sectors such as autonomous delivery, renewable energy, and fintech. Despite a slight dip in employment, the startup sector continues to contribute significantly to the Estonian economy, with €169.4 million paid in labor taxes and a total turnover of €1.698 billion. [Source: BalticVC]
Estonian Giant Nortal Buys UK’s 3DOT Solutions, Expands Cybersecurity Services
Nortal, an Estonian digital transformation company, has acquired UK-based cybersecurity consultancy 3DOT Solutions, expanding its global presence and enhancing its cybersecurity capabilities. This strategic move allows Nortal to strengthen its position in the UK market and broaden its cyber defense services across Europe, the US, and the Gulf region. The acquisition will integrate 3DOT’s expertise in secure design and operations with Nortal’s existing digital transformation services, positioning the company to better serve both private and public sector clients, including defense and intelligence organizations. [Source: BalticVC]
Estonian Green Tech Startup UP Catalyst Raises €2.36M for CO2 Technology
UP Catalyst, an Estonian startup founded in 2019, has raised €2.36 million in seed funding from SmartCap Green Fund and Warsaw Equity Group. The company specializes in converting CO2 into carbon nanomaterials and graphite for use in various industries, including EV batteries and electronics. With this investment, UP Catalyst plans to accelerate the construction of a new plant and develop an industrial pilot reactor, aiming to significantly increase its production capacity and CO2 utilization by 2030. [Source: BalticVC]
POLAND
Polish EV Startup ChargeEuropa Raises Funds to Expand Innovative Charging Network
ChargeEuropa, a Polish EV charging startup founded in 2018, has secured new funding led by Shift4Good, with participation from several other investors. The company, known for integrating digital advertising with EV charging stations, plans to use the investment to expand its team, enhance its technology, and deploy more chargers across Poland and new markets. ChargeEuropa’s unique approach combines DOOH advertising with EV charging, positioning it as a key player in the growing CEE electric vehicle infrastructure sector. [Source: Vestbee]
ROMANIA
Romania Launches €450M Start-Up Nation Program with Focus on Education
Romania is set to launch the fourth edition of its Start-Up Nation program this October, with a substantial €450 million budget allocated over the next five years. This new phase emphasizes educational support, dedicating €300 million to training aspiring entrepreneurs, while enhancing individual project grants to €50,000. The government will also introduce an online platform to streamline access to professional training and funding opportunities for young entrepreneurs. [Source: The Recursive]
UKRAINE
Ukraine Tech Sector Marks Independence Day with ‘Atlas of Good Deeds’
Ahead of August 24, Ukraine’s 33rd Independence Day, the tech sector’s “Atlas of Good Deeds” highlights the pivotal role IT companies are playing in the nation’s defense and recovery efforts amid the ongoing war. This initiative showcases life-saving medical supplies, financial aid, and educational support, underscoring the sector’s remarkable resilience and unwavering commitment to both national and humanitarian causes. [Source: Tech Ukraine]
Ukrainian Syndicate Toloka.vc Leads $645K Investment in US Telemedicine Startup Persimmon’s $5.2M Round
Persimmon, a San Francisco-based telemedicine startup offering at-home aesthetic treatments, has raised $5.2 million in funding, with a significant $645,000 contribution from Ukrainian venture syndicate Toloka.vc. Founded in 2022, Persimmon’s app connects patients with doctors for online consultations and in-home cosmetic procedures. The startup, which serves over 20,000 paying users and partners with 800+ medical professionals, plans to use the funding to expand its services and user base across the United States. [Source: Vestbee]
U.S. VC Fund Invests in Ukrainian Anti-Drone Developer Karadag Technologies
Green Flag Ventures, led by American entrepreneurs Justin Ziff and Deborah Fairlamb, has invested in Karadag Technologies, a Ukrainian firm specializing in anti-drone systems. This investment will enhance Karadag’s capabilities and expand its market presence in the rapidly growing global counter-UAV sector. [Source: Ukraine Business News]
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