Prepare to dive into the latest startup funding activities in Central and Eastern Europe for August 2023! From software solutions to robotics, construction tech, and gamedev, investors are showing keen interest in promising ventures. Come along with us as we reveal the top 15 most intriguing fundraising rounds in CEE for the month, unveiling noteworthy developments in the startup ecosystem!
Tuito
Location: Prague, Czech Republic
Launch date: 2021
Funding Round: €1M
Funding Source: Nation 1, Purple Ventures
Total funding received: €1M
Founded in 2021, Prague based Tuito enables e-commerce businesses to seamlessly offer insurance to their customers during the purchasing process. They provide embedded insurance technology and collaborate with digital merchants to enhance customer satisfaction and loyalty. Startup is partnering with over three dozen clients, recently securing a €1M funding round led by Purple Ventures and Nation 1 to expand in Central and Eastern Europe.
Swotzy
Location: Riga, Latvia
Launch date: 2022
Funding Round: €500k
Funding Source: Black Pearls VC, FIRSTPICK
Total funding received: €590k
Swotzy, a Latvian logistics SaaS startup, offers e-commerce businesses a simplified shipping tool to optimize last-mile deliveries processes by assisting them in selecting the most suitable carriers for their shipments Startup recently secured a €500k pre-seed funding round, led by Black Pearls VC and FIRSTPICK. Raised funding will be used for product development, market expansion, and data analysis tools. Swotzy simplifies the shipping operation, eliminates the complexities of dealing with contracts and integrations, and helps reduce shipping costs.
SURVIOT Monitoring Kft
Location: Hatvan, Hungary
Launch date: 2021
Funding Round: HUF180M (~€475k)
Funding Source: Hiventures
Total funding received: HUF245M (~€630k)
SURVIOT, located in Hatvan, Hungary, launched in 2021 and specializes in smart monitoring solutions for civil engineering projects and designed to assist experts and decision-makers in the construction industry. Recently, the startup received a HUF 185M (approx. €475k) seed investment from Hiventures', bringing their total funding to HUF 245M (approx. €630k). This investment will support their efforts to improve marketing, sales, and product development. Their platform offers advanced monitoring capabilities for various construction projects, including bridges, tunnels, dams, quarries, and slope stability inspections. Their flexible platform addresses the construction industry's digital needs, serving both new and retrofit projects.
SATIM
Location: Krakow, Poland
Launch date: 2012
Funding Round: €1.8M
Funding Source: Cultivation Capital, Everywhere Ventures, Hustle Fund, Startupist Ventures, The Flying Object, Verissimo Ventures
Total funding received: €2.9M
Satim, a Poland-based startup, specializes in AI-based software using Synthetic Aperture Radar (SAR) satellite imagery. Their technology automates object detection, identification, and classification, functioning regardless of weather or time. They provide precise vessel identification and classification services within SAR satellite imagery. Satim's mission is to convert complex SAR data into actionable insights, primarily for the military, government, and commercial marine sectors. They recently secured €1.8M in funding, led by Cultivation Capital and other investors, to advance their SAR data analysis capabilities and make a significant impact in their target sectors.
Rolla
Location: Mostar, Bosnia and Herzegovina
Launch date: 2019
Funding Round: €6.3M
Funding Source: Hellen's Rock Capital, Mate Rimac
Total funding received: €8.2M
Rolla, a Bosnian startup, has created a social fitness platform that blends real-world and virtual workouts while infusing a sense of gamification and community. Recently, they successfully raised €6.3M in Seed funding. Rolla's platform provides a well-rounded fitness experience, and it has ambitions to venture into areas like diet management and health monitoring. The full platform is scheduled for launch in early 2024, with the goal of making fitness more accessible and personalized for users.
ReadyCode
Location: Warsaw, Poland
Launch date: 2022
Funding Round: €400k
Funding Source: ff Venture Capital
Total funding received: €690K
ReadyCode.io, a Warsaw-based startup, specializes in modding support technology for computer games. They enable game developers to easily integrate modding editors and tools, allowing players to create and use mods to enhance their gaming experience. Recently, ReadyCode secured EUR 400k in funding, led by the ffVC Tech & Gaming fund to further develop their technology and expand their client base to include AA/AAA+ game studios and titles. Modding, where players create in-game content, is a growing trend, and ReadyCode simplifies the process, benefiting game developers by increasing player engagement and revenue opportunities.
DRUID
Location: Bucharest, Romania
Launch date: 2018
Funding Round: €22.4M
Funding Source: TQ Ventures, Karma Ventures, Endeavor, Gapminder VC, Hoxton Ventures, Smedvig Capital, Verve Ventures
Total funding received: €41.6M
DRUID, a Romanian startup, specializes in developing intelligent virtual assistants, commonly known as chatbots, through its conversational AI platform. These virtual assistants are designed to enhance user experiences for both customers and employees by facilitating intuitive, natural, and automated digital interactions. DRUID achieved significant growth, with a 580% increase in recurring revenues in 2020 compared to the previous year. Their recent funding round of €22.4M led by TQ Ventures will support their international expansion efforts.
DevSkiller
Location: Warsaw, Poland
Launch date: 2013
Funding Round: €1.14M
Funding Source: Movens Capital
Total funding received: €2.6M
DevSkiller is a talent acquisition and skills management platform, with a focus on HR tech, upskilling, and reskilling. The Warsaw-based startup recently secured €1.14M in from Movens VC and a group of business angels. DevSkiller helps companies effectively manage and develop their employees' skills, with its TalentBoost tool facilitating personalized career paths based on current and future skill needs. The platform aims to address the global skills gap by enhancing employee development, boosting retention, and aligning talent with the organization's strategy. DevSkiller has already delivered its skills mapping tool to Orange Polska and plans to expand further, with a significant portion of its revenue coming from the USA.
Cargo Stream
Location: Vilnius, Lithuania
Launch date: 2019
Funding Round: €1M
Funding Source: LitCapital
Total funding received: €1M
Vilnius-based Cargo Stream offers a cloud-based logistics management platform that streamlines communication and collaboration among supply chain participants. The platform replaces traditional email and spreadsheet-based logistics processes with notifications and orderly messages, making logistics management more efficient. Cargo Stream recently secured €1M from LitCapital to support its expansion plans. The platform is also used as a learning tool in transport management programs at several higher education institutions. With offices in Vilnius, Warsaw, Hamburg, Birmingham, Dunkerque, and Rotterdam, Cargo Stream is working to revolutionize logistics management and sustainability.
Badu
Location: Petrich, Bulgaria
Launch date: 2015
Funding Round: €2.6M
Funding Source: Silverline Capital
Total funding received: €2.6M
Badu is an Eastern European e-commerce marketplace headquartered in Bulgaria. They aim to improve intercontinental retail trade and offer services like payment on delivery for international purchases.Badu connects with suppliers from around the world to offer fast, reliable, and high-quality service to its customers. One of its key features is the option for payment on delivery for intercontinental purchases, providing added security for customers shopping abroad. With €2.6M in recent funding led by Silverline Capital and Bulgarian angel investors, they plan to enter nine new markets, challenging platforms like AliExpress with faster delivery and better quality. Currently operates in Bulgaria, Greece, Cyprus, and Romania
CityPay
Location: Tbilisi, Georgia
Launch date: 2020
Funding Round: €2M
Funding Source: Tether, Presto Ventures
Total funding received: €2.6M
CityPay.io is a Georgian crypto startup founded in 2020. It provides a cryptocurrency payment system that helps businesses receive payments in cryptocurrency and convert them into fiat currency. CityPay.io has already partnered with over 700 businesses, including well-known names like Radisson Hotels, Wendy's Georgia, and the Fresco supermarket chain. The recent seed round of €2M, was led by Tether and Presto Ventures, with participation from international and Georgian angel investors. The funds will be used for expansion into the CIS region and other markets and the development of a B2C platform. CityPay.io's mission is to transform the way people make payments by providing a decentralized crypto payment solution for financial freedom.
Monetizr
Location: Riga, Latvia
Launch date: 2020
Funding Round: €3.6M
Funding Source: Change Ventures, Ludus Ventures, Techstars
Total funding received: €7.5M
Monetizr is an in-game ad experience platform that integrates brand stories into mobile gaming, focusing on engaging Gen Z and Millennial consumers. The company recently secured €3.6M in funding led by Change Ventures, with plans to expand its US sales team and development hubs in Europe. Monetizr aims to revolutionize in-game advertising by offering targeted, non-disruptive brand experiences that enhance gameplay and provide valuable consumer data to brands. With the gaming industry's growth, Monetizr aims to help brands and game publishers tap into this advertising opportunity effectively.
United Robots
Location: Warsaw, Poland
Launch date: 2016
Funding Round: undisclosed
Funding Source: Aper Ventures
Total funding received: undisclosed
Polish-British startup United Robots creates advanced autonomous industrial cleaning robots powered by AI, optimizing cleaning processes, conserving resources and reducing maintenance costs. These robots are designed for crowded industrial spaces and offer efficient cleaning with potential cost savings of up to 85%. Robots can navigate complex environments and work alongside humans in real-time. United Robots recently secured funding led by Aper Ventures, with participation from other investors. The robots are set to launch in the UK and Germany after successful testing in Poland, addressing staffing shortages in various industries.
Stroom
Location: Kiev, Ukraine
Launch date: 2021
Funding Round: €3.2M
Funding Source: Greenfield Capital, Lemniscap, No Limit Holdings, Cogitent Ventures
Total funding received: €3.2M
Stroom DAO is a Ukrainian crypto startup that provides a financial protocol bridging the Bitcoin Lightning Network and Ethereum. It allows Bitcoin holders to earn fees and yield in Ethereum's DeFi ecosystem while addressing liquidity challenges within the Lightning Network. Stroom opens up new opportunities for Bitcoin holders to participate in the world of decentralized finance (DeFi). Stroom DAO employs DAO-like structures for governance and security, and it recently secured €3.2M in funding to expand its team and launch the Liquid Staking Token on the Ethereum mainnet.
Outfindo
Location: Prague, Czech Republic
Launch date: 2020
Funding Round: €900k
Funding Source: PrestoVentures, Patero, Longevity Fellows
Total funding received: €2M
Outfindo is a Prague-based e-commerce startup that offers an AI-powered product matching solution to enhance the online shopping experience. Founded in 2020, it uses AI to replicate the expertise of skilled experts when assisting customers in selecting complex products, particularly in categories where buyers may not have in-depth knowledge. The platform engages customers in interactive conversations, asking questions to help refine product options based on their requirements, resulting in a 40% interaction rate and up to 70% reduction in returns. Outfindo recently secured €900K in seed funding led by Presto Ventures to support R&D, product refinement, expansion into new verticals, and go-to-market efforts.
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