This is the 6th time, I’m looking at venture rounds which have been announced in CEE. For those of you, who are reading this update for the first time — here is a primer on why I started this research.
It seems that on one hand, 2020 was a tough year for startups in CEE. Each month has seen a YoY drop in the number of announced rounds. On the other hand, we have seen some massive rounds in the region as some early winners started to emerge. #spoileralert Brainly (Poland) just raised $80M for its homework platform. Bolt raised another $180M for A.I. drive. Pipedrive the Estonian CRM company was acquired by Vista. I think these examples show that great companies can come from anywhere. What we should focus on now, is how to increase the density of the ecosystem in CEE.
Here is a snippet of the most important numbers:
📣 22 rounds announced (up from 16 last month)
💰 ~ €66,2M raised (all rounds converted into EUR, 4x from last month)
🚀 The largest round was raised by Skeleton Technologies (announcement) ~ €41M
🌍 Active international VCs include Passion Capital (Warran) and a host of investors backing Skeleton like Adyen, Innoenergy, Firstfloor Capital.
🇭🇺 Hungary was the most active country with 5 rounds. Hiventures continues to be a very active investor in the region.
📣 If you would like to get access to the actual spreadsheet — please reach out.