Daria Solovieva
CENTRAL AND EASTERN EUROPE (CEE)
CEE AI Startups Attract 40% of Tech Funding: Upcoming 2024 Report
The Recursive’s upcoming State of AI in CEE 2024 report shows significant growth of AI startups in Central and Eastern Europe, with these companies attracting 40% of all tech startup funding rounds in the region from January to August 2024. Poland emerges as the leader in both AI startup presence and funding, while the report also notes a market correction in investment levels rather than a downturn.
Vestberry’s Venture Intelligence Day: VCs to Discuss Data-Driven Investing in Prague
Vestberry is organizing the inaugural Venture Intelligence Day on October 16-17 in Prague, bringing together over 150 VC professionals to explore the latest trends in VC technology and data-driven investment strategies. The agenda includes discussions on how data enhances various stages of the investment lifecycle, from deal origination to portfolio management, while also addressing the balance between data analytics and human intuition in venture capital decision-making.
UKRAINE
Ukrainian Startups Outperform US Counterparts in Value for Money: Report
A recent Civitta report highlights the impressive growth of Ukraine’s startup ecosystem, with the IT sector contribution to GDP increasing by 470% from 2013 to 2023. Despite challenging conditions, Ukrainian startups are proving to be more cost-effective than their American counterparts, generating 400% more revenue per dollar invested. The report also notes Ukraine’s emergence as a global leader in defense tech solutions, showcasing the sector’s resilience and adaptability in the face of adversity. [Source: Ukraine Business News]
Tech Giant Ajax Systems Launches Electronics Lab at Ukrainian University
Ajax Systems, a leading European security systems manufacturer, has partnered with Ukraine’s National Aviation University to open a state-of-the-art electronics laboratory. The new facility, equipped with 20 advanced workstations, aims to provide hands-on training for students and foster innovation in electronics. This collaboration is part of Ajax Systems’ broader initiative to modernize university technical laboratories across Ukraine and support the next generation of engineers. [Source: TechUkraine]
YEP Accelerator Offers $25K and Global Connections to Ukrainian Startups
YEP Accelerator has opened applications for its latest program, offering Ukrainian startups non-equity investments up to $25,000, extensive mentorship, and access to a global network of investors. The program, open until October 20th, seeks ambitious founders with validated tech products across all sectors. Selected startups will benefit from over 150 meetings with VC funds, perks worth up to $50,000, and 200+ hours of mentoring, aiming to propel Ukrainian innovation onto the global stage. [Source: TechUkraine]
CZECH REPUBLIC
Czech Startup FaceUp Nabs $3M to Expand Anonymous Reporting Platform Globally
Prague-based FaceUp, an all-in-one anonymous reporting platform promoting speak-up culture in professional and academic environments, has raised $3 million in a late seed round led by Reflex Capital. The startup, which has evolved from a non-profit supporting bullied schoolmates to serving over 1,500 businesses and 2,000 schools across 60 countries, plans to use the funding for international expansion and product enhancement, including AI-powered features and improved whistleblower interfaces. [Source: Vestbee]
LATVIA
Latvian Startup Green Growth Wins EBRD AgVenture 2024 Competition
The European Bank for Reconstruction and Development (EBRD) has announced the winners of its AgVenture 2024 competition, with Latvian startup Green Growth among the top three. Green Growth provides innovative technology for food producers to track harvests, prove carbon capture, and optimize sustainability practices. The winners will receive tailored advisory support worth up to €80,000, a €10,000 grant, and networking opportunities in the global agrifood tech sector. [Source: Labs of Latvia]
Riga to Host AI for Good Innovation Factory, Featuring Baltic AI Solutions for UN SDGs
The AI for Good Innovation Factory, a global startup competition focused on AI solutions for UN Sustainable Development Goals, is coming to Riga, Latvia on December 6th, 2024. The event will feature startups from Latvia, Lithuania, and Estonia, with the winner advancing to the Grand Finale in Geneva in June 2025. Participants will compete for a comprehensive prize package including global exposure, mentorship, and valuable resources to accelerate their AI-powered innovations. [Source: Labs of Latvia]
ESTONIA
Car Subscription Startup Planet42 Liquidates South African Fleet to Repay Investors
Estonian car subscription company Planet42 is selling off its South African vehicle fleet to repay debts to institutional investors, prioritizing secured loans over other obligations. Co-founders Eerik Oja and Marten Orgna have stepped down from the board under investor pressure, as the company faces a complex debt repayment process that could take up to four years and may not fully satisfy all creditors, particularly those in Estonia. [Source: BalticVC]
Estonian IT Giant Uptime Expands into Spanish Energy Sector with Unatec Acquisition Tallinn-based software solutions provider Uptime has acquired a majority stake in Madrid-based software developer Unatec, marking a significant expansion into the Spanish energy sector. The acquisition adds nearly 40 employees to Uptime’s workforce and brings several major energy companies into its client portfolio, aligning with the company’s strategic growth plans in the energy industry. [Source: BalticVC]
Estonian Logistics Startup Waybiller Secures €500K to Expand Digital Waybill Solution
Estonian logistics startup Waybiller has raised €500,000 in a funding round led by existing investors Gorilla Capital and Ambient Sound Investments. The Tallinn-based company, which offers digital waybill and logistics management software, plans to use the funds to enhance its product, grow its team, and expand into new markets including Poland, while strengthening its presence in Finland and Norway. [Source: BalticVC]
LITHUANIA
AI-Powered Marketing Analytics Firm RedTrack Secures €2.9M to Boost US Expansion
Lithuanian startup RedTrack, a marketing analytics platform leveraging AI technology, has raised €2.9 million in a Series A funding round led by Hungarian LeadVentures. The Vilnius-based company, founded in 2017, plans to use the investment to strengthen its development team, accelerate AI product development, and expand its presence in the US market. [Source: BalticVC]
Cybersecurity Unicorn Surfshark Acquires Ironwall, Expanding into U.S. B2G Sector
Lithuanian cybersecurity unicorn Surfshark has acquired California-based Ironwall, a company specializing in online privacy protection and personal information removal. This strategic move allows Surfshark to enter the U.S. Business-to-Government (B2G) sector, leveraging Ironwall’s expertise in protecting sensitive information for businesses, governments, and individuals from cyber threats. [Source: BalticVC]
POLANDPolish Eyewear Firm Kodano Raises €9.3M for European Expansion Krakow-based Kodano, a manufacturer and distributor of lenses and eyewear, has secured €9.3 million from the Vinci Da Gama Fund to expand into European markets. The company, founded in 2016, operates over 100 optical stores and has a strong e-commerce presence in Central and Eastern Europe. Kodano plans to use the funds to grow its store network, enhance its e-commerce platform, and develop its optical lens manufacturing laboratory. [Source: Vestbee]
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