Now, let's spotlight significant funding rounds within Central and Eastern Europe. Discover the recent successes across diverse sectors as we showcase the top funding rounds for CEE startups in the past month!
Arbonics
Location: Tallinn, Estonia
Launch date: 2022
Funding Round: Seed, €5.5M
Funding Source: NordicNinja VC, Plural Platform, Tilia Impact Ventures
Total funding received: €5.3M
Arbonics, a leading nature tech firm, secured €5.5 million in seed funding from NordicNinja, Plural Platform, and Tilia Impact Ventures. The platform uses diverse data sources for precise carbon removal calculations, appealing to investors and landowners alike. This brings their total funding to €7.3 million. The investment will aid Arbonics in scaling its innovative forest carbon removal platform across Europe, covering 50% of European forests next year.
Hydrogrid
Location: Vienna, Austria
Launch date: 2016
Funding Round: Series A, €7.7M
Funding Source: CNB Capital, Inven Capital, Karma Ventures, SET Ventures
Total funding received: €92.7M
Austrian company Hydrogrid has closed an €7.7M Series A round, led by Inven Capital and Karma Ventures. Hydrogrid offers a production planning solution for hydro power assets, utilising machine learning for forecasting and optimization. The startup, operating in Europe and India, aims to save over 50M tonnes of CO2 by 2033.
UP Catalyst
Location: Tallinn, Estonia
Launch date: 2019
Funding Round: Seed, €4M
Funding Source: Extantia Capital, Little Green Fund, Scottish Baltic Invest, SmartCap, Sunly, UniTartu Ventures
Total funding received: €6M
Estonian nanotech startup UP Catalyst secured €4M in a seed round led by Extantia and supported by SmartCap and existing investors. Specialising in converting CO2 into sustainable carbon nanomaterials and graphite, UP Catalyst aims to influence the electric car battery industry. The secured funds will be used to build an industrial pilot reactor, positioning the company as a supplier of green graphite and contributing to Europe's sustainable electric mobility supply chain, with a goal to power around 4M cars with batteries made from green graphite by 2030.
Salv
Location: Tallinn, Estonia
Launch date: 2018
Funding Round: Series Unknown, €3.9M
Funding Source: ff Venture Capital, Giesecke+Devrient Ventures, Passion Capital
Total funding received: €11.3M
Tallinn-based regtech startup Salv secured €4M in a seed extension led by ffVC. Founded by ex-Wise and Skype employees, Salv leverages network power to combat financial crime. The funds will fuel product development and international expansion, particularly in Poland. Previous backers include Fly Ventures and Passion Capital.
Sentante
Location: Kaunas, Lithuania
Launch date: 2017
Funding Round: Seed, €6M
Funding Source: European Innovation Council, Practica Capital
Total funding received: €8.5M
Sentante, a teleoperated robotic system, secured funding in a seed round led by Practica Capital, a Baltic-focused VC, and received support from the European Innovation Council fund. The innovation allows remote endovascular interventions, reducing X-ray exposure for medical teams. The funds will be used for a clinical trial and the international launch of Sentante.
Hackless
Location: Kyiv, Ukraine
Launch date: 2021
Funding Round: Pre-seed, €1M
Funding Source: Cosima Capital, DAO Maker, DeltaHub Capital, Factorial, Halvings Capital, Insignius Capital
Total funding received: €1M
Hackless, a leader in blockchain security, raised €1M in a pre-seed round with participation of Cosima Capital, DAO Maker, DeltaHub Capital, Factorial, Halvings Capital and Insignius Capital. The investment will boost the development of their security solutions, focusing on countering threats in the DeFi sector.
Quesma
Location: Warsaw, Poland
Launch date: 2023
Funding Round: Pre-seed, €2.1M
Funding Source: Heartcore Capital, Inovo VC
Total funding received: €2.1M
Polish startup Quesma raised €2.1M in a pre-seed round led by Heartcore and Inovo. Quesma serves as a seamless compatibility and translation layer that links applications with the contemporary database platforms of customer’s choice. The company plans to launch a database gateway in 2024, offering flexibility to ElasticSearch/OpenSearch.
Woola
Location: Tallinn, Estonia
Launch date: 2023
Funding Round: Seed, €2.3M
Funding Source: Future Ventures, Lemonade Stand, Metaplanet
Total funding received: €2.3M
Estonian company Woola has raised €2.5 million led by Metaplanet to replace plastic packaging with sustainable alternatives made from sheep wool. Woola aims to cut global fossil fuel-based bubble wrap usage by 50% by 2030. The company repurposes up to 200,000 tons of discarded sheep wool for eco-friendly packaging. Originally targeting e-commerce, Woola is expanding into the luxury goods market, with adoption by two LVMH Group houses.
Naco
Location: Riga, Latvia
Launch date: 2023
Funding Round: Seed, €1.2M
Funding Source: Impact Ventures Hungary, The Untitled Venture Company
Total funding received: €12.7M
Naco, a nano-coating manufacturer for green hydrogen systems, raised €1.2 million in a pre-Series A round led by Impact Ventures and The Untitled Ventures. The funds will back international expansion and strengthen partnerships, with plans to enhance R&D facilities and grow the team. Naco has recently opened a pilot plant for coating hydrogen system components.
Inspectle Food
Location: Tallinn, Estonia
Launch date: 2022
Funding Round: Pre-seed, €400K
Funding Source: Change Ventures, FIRSTPICK, Heartfelt Capital
Total funding received: €400K
Tallinn-based startup Inspectle Food secured €400K in a Pre-Seed round. The company streamlines the management of non-conforming food. With 1,154 food recalls in Europe in Q1 2023 and an estimated 600 million annual food poisoning cases worldwide, Inspectle Food's B2B SaaS offers automated tracking and assignment of non-conformities. Clients like Lallemand and Saarioinen have witnessed improved hygiene standards, reduced costs, and minimise food waste.
Ogre AI
Location: Bucharest, Romania
Launch date: 2021
Funding Round: Seed, €625K
Funding Source: Soulmates Ventures, Early Game Ventures, MMC Ventures
Total funding received: €2.6M
Romanian data science startup, Ogre AI, specialising in machine learning and artificial intelligence solutions for the energy sector, has secured €2 million in seed funding. The platform offers insights into consumption, network/grid technicalities, commercial losses, and anomalies. The funding round was led by EGV, with participation from London-based VC fund MMC Ventures and international business angels.
TokWise
Location: Sofia, Bulgaria
Launch date: 2019
Funding Round: Series Unknown, €3M
Funding Source: EIT InnoEnergy, Encavis, Innovation Capital, Vitosha Venture Partners
Total funding received: €3M
Bulgarian SaaS platform TokWise secured €3M in a round led by German renewable energy producer Encavis, with participation from Vitosha Venture Partners and EIT InnoEnergy. TokWise's software aids renewable energy players in market participation and decision-making. The funds will support market expansion and EU presence.
Orbital Matter
Location: Warsaw, Poland
Launch date: 2022
Funding Round: Pre-seed, €1.1M
Funding Source: Sunfish Partners
Total funding received: €1.1M
Space tech company Orbital Matter secured over €1 million in a pre-seed funding round led by Sunfish Partners. The funding accelerates Orbital Matter's mission to revolutionise in-space manufacturing using a spacecraft with a 3D printer. With an MoU signed with Thales Alenia Space, the company plans microgravity demonstrations and prioritises strategic partnerships and securing contracts. Orbital Matter aims to reshape space infrastructure through innovative in-space manufacturing.
Gotiva
Location: Warsaw, Poland
Launch date: 2021
Funding Round: Seed, €1.1M
Funding Source: Movens Capital, SMOK Ventures, Angels Investors
Total funding received: €1.1M
Gotiva, a technology company founded in 2021 by a team of mobile and gaming industry experts, empowers independent graphic artists globally through their first product, Jigsaw Puzzle Universe, and their creator economy platform. Gotiva has raised €1.1M in a seed round and it is backed byMovens Capital, SMOK Ventures and Angeles Investors.
Biteful
Location: Tallinn, Estonia
Launch date: 2022
Funding Round: Pre-Seed, €220K
Funding Source: Specialist VC, Startup Wise Guys, Angel Investors
Total funding received: €285K
Biteful is reshaping supply ordering for restaurants, cafes, and bars, providing them with a streamlined approach. The startup offers suppliers a smart alternative, allowing them to join the platform rather than investing resources in building individual ones. The platform has recently secured €220K and is backed by Specialist VC, Startup Wise Guys and Angel Investors.
Wempler
Location: Tbilisi, Georgia
Launch date: 2022
Funding Round: Pre-seed, €301K
Funding Source: Presto Ventures, Angel Investors
Total funding received: €301K
Wempler facilitates connections between customers and local businesses or individual experts, addressing errands, cleaning, handyman tasks, deliveries, and various daily chores. Users can request assistance on Wempler through text messages, voice messages, or calls, receiving immediate or scheduled help from specialised partner companies or verified, experienced local experts. The company has raised its seed round with the support from Presto Ventures, securing over €301K.
Mindly
Location: Kyiv, Ukraine
Launch date: 2021
Funding Round: Series Unknown, €2M
Funding Source: Inovo
Total funding received: Undisclosed
Mindly offers advanced solutions for mental health care, overcoming geographical limitations. The platform, aiming for accessibility and simplicity, addresses social media and mental health problems. Recently, Mindly secured a $2 million investment from Inovo VC.
MIM Fertility
Location: Warsaw, Poland
Launch date: 2019
Funding Round: Seed, €1.8M
Funding Source: Peleton, Tangent Line Ventures
Total funding received: €1.8M
MIM Fertility raised €1.8M in a seed funding round led by Tangent Line and Peleton. The startup focuses on AI technology for infertility treatment. MIM Fertility's platforms automate follicle measurement and embryo selection, reshaping reproductive medicine, and predicting optimal egg retrieval scheduling, while improving embryo selection precision using time-lapse images.
Born Digital
Location: Prague, Czech Republic
Launch date: 2019
Funding Round: Series Unknown, €2M
Funding Source: Ceska Sporitelna, Erste Group, J&T Ventures
Total funding received: €2.6M
Prague-based Born Digital secured €2M from Česká Spořitelna, Erste Group, and J&T Ventures. The startup's AI omni-channel platform transforms contact centres, serving 100+ B2B clients across various countries. The funding will aid platform expansion beyond the region, with plans for a Series A round within the next 18 months.
SKYCORP Technologies
Location: Tartu, Estonia
Launch date: 2023
Funding Round: Pre-seed, €305K
Funding Source: Baltic Sandbox Ventures, Destiny Energy, Syda Ventures, Angel Investors
Total funding received: €305K
SKYCORP Technologies aims to bring extended flight times, reduced environmental impact, and versatility to the emerging hydrogen drone market. The company secured €305K in pre-seed funding from Destiny Energy, Baltic Sandbox Ventures, Syda Ventures, and Angel Investors. The funding will accelerate the commercialization of its Generation 2 e-Drone Zero and expand operational capabilities in 2024.
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TOP CEE Funding Rounds Closed In October 2023 (by Katarzyna Skoneczna, Editor, Vestbee)
TOP CEE Funding Rounds Closed In September 2023 (by Katarzyna Skoneczna, Editor, Vestbee)
