Daria Solovieva
BULGARIA
Bulgarian Tech Firm Cloud Office Raises €2M to Expand Google Cloud Services
Sofia-based Cloud Office, a leading provider of cloud services and 2024 Google Cloud Partner for EMEA, has secured €2 million from Eleven Ventures to strengthen its market position. Founded in 2019, the company serves over 650 customers with a team of 60+ engineers, offering services from cloud migration to GenAI solutions, and plans to use the funding to expand into Greece, where it aims to become the first established Google Cloud partner. [Source: Vestbee]
CROATIA
Croatian Chain Management SaaS Secures €300K from Czech VC Purple Ventures
Croatian startup Bitreport, which develops software to streamline multi-location business operations, has secured €300,000 from Czech venture capital firm Purple Ventures as part of their new €40 million fund. The SaaS platform, which reduces audit and checklist completion time by 90%, currently serves major brands across Croatia, Serbia, and Slovenia, including Boso and Galileo, and plans to expand its operations throughout Europe. [Source: Vestbee]
ESTONIA
Estonian AI Sales Tool Raises Pre-Seed Round, Backed by Bolt’s Founder
Estonian startup Sera, founded in 2024, has secured undisclosed pre-seed funding led by Specialist VC, with notable participation from Bolt CEO Markus Villig and Ready Player Me co-founder Kaspar Tiri. The company, which leverages AI to automate sales research across a database of 150M verified companies, plans to enhance its lead generation accuracy, marking a significant development in the Baltic region’s AI-powered sales technology sector.
[Source: BalticVC]LATVIA
Global Defense Alliance SAPRA Launches in Latvia, Boosting NATO
The International Association of Defense Products Manufacturers (SAPRA) has officially launched in Riga, Latvia, marking a significant development in international defense cooperation. The initiative brings together defense industry experts, company representatives, and government officials from various countries, positioning Latvia as a strategic hub for military innovation and technology development. SAPRA’s establishment aligns with NATO’s collaborative approach, focusing on fostering research partnerships and technology transfers while creating a robust ecosystem where defense manufacturers and research institutions can work together to enhance global security capabilities. [Source: Labs of Latvia]
Latvian Fintech Indemo Raises €556K to Democratize Real Estate Debt Investments
Riga-based Indemo secured €556,000 from international investors at a €7.5M valuation to expand its platform that allows retail investors to access Spanish real estate debt investments with just €10. The fintech startup, which currently manages €5.5M in assets, plans to launch a secondary market for mortgage debt trading and expand its product offerings, marking a significant step in making previously institutional-only real estate debt investments accessible to everyday investors. [Source: BalticVC]
LITHUANIA
Lithuanian BSV Ventures Secures $15M from NATO Innovation Fund
BSV Ventures (formerly Baltic Sandbox Ventures) has secured $15 million in fresh funding from NATO’s Innovation Fund and Lithuania’s state-owned ILTE fund, bolstering its capacity to invest in early-stage Baltic startups. The Lithuanian venture fund, which has already backed over 30 projects across the Baltics, Finland, and France, will focus on deep tech, life sciences, and dual-use technologies, offering investments up to €400K at seed stage. [Source: BalticVC]
KAZAKHSTAN
Kazakh AI Startup Draws Interest from US Companies, Targets Billion-Dollar Valuation
Kazakhstan-based Call2action.ai, an Astana Hub tech park resident, has attracted attention from 40 US transportation companies, with two already becoming commercial clients and three engaging in pilot projects. The startup, which offers AI-powered recruitment automation for the transport and logistics sectors through a SaaS platform, has opened its investment round and caught the eye of major Japanese corporations including Persol Group and Mitsui Group. According to CEO Yersultan Jussakinov, the company expects to reach a billion-dollar valuation within several years and has been selected for Mitsui Group’s 2025 acceleration program.
KYRGYZSTAN
EBRD Commits €17M to Modernize Water Infrastructure in Kyrgyzstan
The European Bank for Reconstruction and Development (EBRD) is investing €17 million to upgrade water infrastructure in northern Kyrgyzstan, including a €7.6 million loan matched by grants and €1.8 million in technical cooperation funding. The initiative, targeting the municipalities of Kemin, Shopokov, and Talas, aims to combat water security challenges caused by climate change and glacier melting, marking the EBRD’s 31st water project in the country since 1992 and bringing its total investment in Kyrgyzstan to nearly €998 million across 250 projects. [Source: Daryo.uz]
POLAND
Polish Benefits Giant Benefit Systems Acquires Mental Health Platform Wellbee
Benefit Systems, Poland’s leading employee benefits provider, has acquired mental health platform Wellbee, marking a successful exit for investors Tar Heel Capital Pathfinder and WP2 Investments with a 10x return on investment. Founded in 2020 by former Booksy R&D head Paweł Chrzan and strategist Dariusz Milewski, Wellbee connects users with over 300 mental health experts and serves major corporate clients like Canon and EPAM, and will continue operations under Benefit Systems’ umbrella with a focus on B2B expansion. [Source: Vestbee]
SLOVAKIA
SuperScale Secures €1.14M to Scale Game Analytics Platform
Slovak game analytics firm SuperScale raised €1.14 million ($1.2 million) in fresh funding to launch SuperPlatform, an AI-powered solution that consolidates gaming business metrics across marketing, product, and finance channels. The Bratislava-based company, which currently serves 60 gaming studios, secured backing from existing investors Across Private Investments and LevelUp Ventures, alongside newcomer Strecko Investments, as gaming analytics emerges as a critical tool for developers seeking to optimize revenue streams in the competitive gaming market. [Source: The Recursive]
UKRAINE
Norway Backs Ukraine’s Defense Industry with Direct Funding, Following Danish Model
Norway is adopting Denmark’s direct financing approach to support Ukraine’s domestic weapons production, while Estonia announces a new aid package and plans for competitive defense contracts. This development comes as 14 nations in the artillery coalition discuss Ukraine’s military needs through 2027, marking a shift toward long-term support for Ukraine’s defense industrial capabilities. [Source: Ukraine Business News]
Italy Pledges €200M for Ukraine’s Energy Sector, Expands Raw Materials Partnership
Italy and Ukraine are strengthening economic ties through a new critical raw materials agreement and a €200M investment in Ukraine’s war-damaged energy infrastructure. The partnership spans five key sectors – metallurgy, renewable energy, defense, agro-processing, and engineering – with Italy set to host a reconstruction conference in 2025, emphasizing the need for immediate investment in Ukraine’s recovery. [Source: Ukraine Business News]
Ukraine Launches Mass Production of EW-Resistant Drones, Tests New Missiles
The country has begun industrial-scale production of electronic warfare-resistant attack drones equipped with advanced Skynode computers, promising 90% accuracy in hitting moving targets. The defense initiative, backed by an $18.7 billion budget for 2025, includes the development of four new missile types, building on the success of naval drones that have proven effective against Russia’s Black Sea Fleet. [Source: Ukraine Business News, WSJ]
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