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CEE Startups Funding Rounds
07 September 2020·7 min read

Konrad Koncerewicz

Head of VC & Startups, Vestbee

TOP CEE Funding Rounds Closed in August 2020

Let’s have a look at the August startup investment rounds closed within the CEE region. This month Lithuania is on the leading edge of the amount of closed CEE funding rounds, whereas among the top areas that attracted investors’ attention are healthcare and analytics verticals. 


Location: Wroclaw, Poland
Launch date: 2012
Funding Round: Series A  $10.25M 
Funding Source: Karma Ventures, Inovo Venture Partners, Heal Capital, European Bank for Reconstruction and Development, Dreamit Ventures
Total funding received: $15M 

Poland-based Infermedica developing AI-driven platform that delivers rapid symptom triage and instructions to speed up patient healthcare has secured $10.25M in August series A round. This patient-centric company develops smart technology which makes it easier to guide patients to the right medical care. Infermedica which operates in a B2B model aims to increase the efficiency of insurance companies, telemedicine companies and healthcare systems through fast, digital symptom checks. Their tools have already been used by over 6 million users worldwide and their solutions have been appreciated by companies like Microsoft, Allianz Worldwide Partners and PZU Zdrowie. The latest round of funding will be allocated to increase their presence in the US and European markets as well as to further develop the technology. Among the series A leading investors participating in the round are names like Karma Ventures, Inovo Venture Partners, European Bank for Reconstruction and Development and Heal Capital. 


Location: Warsaw, Poland
Launch date: 2014
Funding Round: Series A  €12.6M 
Funding Source: Tiga Investments, TDJ Pitango Ventures, OTB Ventures.
Total funding received: €22.8M 

Poland - Chinese Cosmose, developing an AI-driven platform for predicting and influencing the consumers’ shopping habits has recently secured a series A round in the amount of  €12.6M. The startup uses phone’s data to help customers understand the behaviors of over 1 billion smartphone users. Thanks to that, it is able to support companies with recovering from COVID-19 by predicting when the shop should be opened again or what products will be in demand in the nearest future. The investment round was led by Tiga Investments accompanied by TDJ Pitango Ventures and OTB Ventures. Secured funds will be used for further expansion and development of Cosmose’s solution.

Location: Vilnius, Lithuania 
Launch date: 2017 
Funding Round: Seed $550K 
Funding Source: Iron Wolf Capital, Genesis Investments 
Total funding received: $550K founded in 2017, is the affiliate marketing tracking & analytics platform. They make it easy for media buyers to consolidate and report data through sophisticated technology and human assistance. is a leading provider for affiliates, publishers, and ad agencies to consolidate their campaigns and data in one easy-to-use interface. Today, the team works in 5 countries and engages with the customers from 107 countries daily! A Lithuanian adtech company has just raised $550K. The funding was brought by Iron Wolf Capital, a seed stage VC fund based in Vilnius and London, and Genesis Investments, a Ukrainian VC fund. The funds raised will help RedTrack expand product features with machine learning and speed up the automation of the advertising purchase process.


 Location: Bucharest, Romania 
Launch date: 2019 
Funding Round: Seed €550K 
Funding Source: Gapminder VC
Total funding received: €550K 

Innoship is the advanced multi-carrier shipping software for retail businesses allowing its clients to manage more efficiently their own courier contracts. Moreover, it gives access to all couriers and their services without any new integrations which leads to better efficiency in the fields like delivery costs and quality of orders, order and cash on delivery tracking, management of returns. Finally, it also provides access to real-time reports and analysis. 

Romanian technology startup has recently secured €550K seed investment from local venture capital fund Gapminder. The seed Investment round received from Gapminder VC will stimulate the accelerated growth of Innoship adoption among retailers active on the Romanian market and its first steps towards internationalization while speeding up the development of new functionalities for its platform.


Location: Vilnius, Lithuania 
Launch date: 2019  
Funding Round: Seed €500K 
Funding Source: Contrarian Ventures
Total funding received: €550K 

Inion company from Lithuania develops control and monitoring software mainly for solar plants, biotechnology and health industry. With these solutions customers can collect information from various devices and transfer information to cloud servers to analyze information and send commands to Inion controllers. The startup provides a significant impact on productivity increase, cost saving and accident prevention. The pocketed seed round of €500K from Lithuanian venture capital fund Contrarian Ventures will help Inion with further solutions development, expansion and acquisition of clients.

FuseBox OU

Location: Tallinn, Estonia
Launch date: 2014 
Funding Round: €200K 
Funding Source: Contrarian Ventures
Total funding received: €250K 

Energy-saving and helping our planet be cleaner is becoming more and more popular these days. Estonian startup FuseBox is a great response to mentioned problems. It creates an opportunity for companies to earn money by reducing unused energy consumption and making the planet cleaner. Fusebox integrates consumers and energy systems to enable better integration of renewables and reducing CO2. Therefore their customers contribute to greener society and earn revenue without interrupting their core business. They have already helped to reduce 324 tonnes of CO2. FuseBox has recently secured €200K seed investment which was an extension of previous pre-seed financing round from the same investor Contrarian Ventures that is an early-stage venture capital firm focusing on investments in emerging technologies.


Location: Vilnius, Lithuania 
Launch date: 2007 
Funding Round: Series B round, n/d amount 
Funding Source: Sumitomo Corporation, Octopus Investments, European Bank for Reconstruction and Development, Aioi Nissay Dowa Insurance
Total funding received: $14M+

Founded in 2007, Lithuanian company Trafi is the most technologically advanced platform for mobility solutions, powering the world's leading companies and cities. It fuels the world's largest MaaS in Berlin - Jelbi, and the most comprehensive regional MaaS in Switzerland - yumuv. Trafi’s advanced technology is also used to enhance mobility products developed by Google, Apple, Lyft, and Gojek. The funding, which has financial details undisclosed, was led by new investors from Japan, Sumitomo Corporation and Aioi Nissay Dowa Insurance, and included follow-on investment from EBRD and Octopus Investments. Funds secured by Trafi will be used to accelerate Trafi's strategy to bring innovative mobility solutions to cities worldwide, and to Asia in particular.

Kira Core

Location: Prague, Czech Republic 
Launch date: 2019
Funding Round: Seed $2.2M
Funding Source: WeStaking, Origin Capital, BTC12 Capital, TRG Capital, NGC Ventures, Alphabit Fund, Ascensive Asset Management
Total funding received: n/a

Prague-based Kira Core is a decentralized finance technology company that focuses on blockchain and cryptocurrency. They develop the first decentralized solution that enables permissionless asset exchange. Kira aims to enable users to generate revenues from staking any cryptocurrencies, stablecoins, digital fiat, or even NFT’s while maintaining full liquidity via natively supported staking derivatives.  The company has recently closed $2.2M funding round and according to CEO Milana Valmont and CTO Mateusz Grzelak the funds will be spent on further expansion and development.


Location: Tallinn, Estonia 
Launch date: 2020
Funding Round: Early investment round €600K 
Funding Source: Eerik Oja, Kristjan Mitt, Madis Toomsalu, Marten Orgna
Total funding received: €600K

Tallinn-based So.Fa.Dog is an Estonian startup, founded in February 2020, which already has a team of around 40+ people from 17 different countries. The ambition of So.Fa.Dog is to change the way people consume news by providing exclusive 10-second video news in a visually appealing and user-friendly app. The startup will allow you to scroll your way through innovative video newsfeed that delivers the hottest and most crucial news straight to your phone or tablet.
The early investment round of €600K has recently been secured. Among some of the investors are CEO of LHV Group Madis Toomsalu, entrepreneur Kristjan Mitt and Planet 42 founders Eerik Oja and Marten Orgna.

Related Posts:

10 TOP CEE Funding Rounds Closed In May 2020 (by Anna Kazmierczak, Analyst, Next Road Ventures)

10 TOP CEE Funding Rounds Closed In June 2020 (by Anna Kazmierczak, Analyst, Next Road Ventures)

10 TOP CEE Funding Rounds Closed In July 2020 (by Anna Kazmierczak, Analyst, Next Road Ventures)


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