After the really generous December 2020, the beginning of 2021 was not very abundant in terms of the value of startup financing as well as the number of CEE funding rounds. The biggest investment was secured by Twisto, a Prague-based cash flow management platform with its series C round in the amount of €16M. The disclosed funding on the market in CEE exceeded €30M and among the top areas that attracted investors’ attention were fintech, AI, biotechnology, and e-commerce.
Let’s have a look into our TOP January funding rounds in CEE!
Twisto
Location: Prague, Czech Republic
Launch date: 2013
Funding Round: Series C €16M
Funding Source: Elevator Ventures, Finch Capital, ING Ventures, UNIQA, Velocity Capital Fintech Ventures, Zip Co
Total funding received: €50.5M
Prague-based, Twisto is a cash flow management platform. The startup allows its customers to buy the product now and pay for it later - therefore improves family budgets as well as lets them better manage the cash flow. The company has recently secured €16M in the January series C round and the proceeds will be spent on further expansion in Europe in order to make Twisto the leading platform in CEE. Among the investors participating in the round are Elevator Ventures, Finch Capital, ING Ventures, UNIQA, Velocity Capital Fintech Ventures, and Zip Co.
Turbine
Location: Budapest, Hungary
Launch date: 2015
Funding Round: Pre-series A €5.7M
Funding Source: Accel, Atlantic Labs, Boston Millennia Partners, Delin Ventures, O2h Ventures, XTX Ventures
Total funding received: €8.7M
Hungarian Turbine, founded in 2015, is developing a simulation-based, scalable drug discovery platform and delivering an AI-powered oncology pipeline for PARP resistance and other unmet needs. The startup has recently secured €5.7M in a pre-series A round and the obtained financing will be allocated for further development of the solution. The funding round was led by new investor Accel accompanied by Atlantic Labs, Boston Millennia Partners, Delin Ventures, O2h Ventures, and XTX Ventures.
Druid
Location: Bucharest, Romania
Launch date: 2018
Funding Round: Series A €2M
Funding Source: Early Game Ventures, Gapminder VC
Total funding received: €4.6M
Romania-based Druid is a startup developing an AI-powered chatbot platform allowing its customers to reduce time consumption, costs and enhance the user experience by building intelligent virtual assistants. Their efforts have been noticed thus they have recently secured a series A round in the amount of €2M that was led by Gapminder VC and was accompanied by Early Game Ventures. The proceeds will be used for further platform development.
Vue Storefront
Location: Warsaw, Poland
Launch date: 2017
Funding Round: Seed €1.2M
Funding Source: Movens Capital, SMOK Ventures
Total funding received: €1.2M
Polish Vue Storefront, founded in 2017, is a startup offering front-end as a service solution for e-commerce companies. Allowing customers to improve their site’s performance company is currently used by over 250 e-stores and more than 100 partner agencies. Its latest round in the amount of €2M was led by leading polish Venture Capital funds - Movens Capital and SMOK Ventures. Funds provided by the mentioned investors will be allocated to maintaining and further product development.
Droplet Genomics
Location: Vilnius, Lithuania
Launch date: 2016
Funding Round: Seed €1M
Funding Source: Practica Capital
Total funding received: €1M
Vilnius-based, Droplet Genomics was founded in 2016 and is a biotechnology startup providing droplet microfluidics technology. Mentioned technology enables researchers to study single cells and single molecules what makes uncovering new facets of human biology. Droplet Genomics has recently closed the seed round from Practica Capital and secured funds will help the company in the commercialization of the solution.
FINQware
Location: Bucharest, Romania
Launch date: 2018
Funding Round: Seed €500K
Funding Source: Elevator Ventures, Gapminder VC
Total funding received: €500K
Bucharest-based FINQware is a startup developing disruptive technology and solutions to implement the open banking technologies at work. Fintech allows companies to integrate financial products into one portal and get updates from across multiple bank accounts with better insights through the custom-built data enhancers. The startup has recently secured a seed round in the amount of €500K from Elevator Ventures and Gapminder VC. The proceeds will be used for boosting the expansion and further development of the solution.
Pergamin
Location: Warsaw, Poland
Launch date: 2017
Funding Round: Seed €660K
Funding Source: JR Holding, Nunatak Capital
Total funding received: €660K
Founded in 2017, Polish Pergamin is a SaaS tool allowing customers to create, negotiate and sign contracts in one place. Apart from services like editing and uploading documents, companies can also use popular contract templates from their lawyers. Recently secured funds during a seed round in the amount of €660K led by JR Holding and accompanied by Nunatak Capital will be allocated to the further growth of the contract automation platform.
Biomatter Designs
Location: Vilnius, Lithuania
Launch date: 2018
Funding Round: Seed €500K
Funding Source: Practica Capital, 70Ventures
Total funding received: €500K
Lithuanian Biomatter Designs is a pioneer in the field of generative protein design technology, which has many important applications like highly functional protein libraries, novel enzymes designing (for therapeutic and manufacturing purposes), and deep learning-driven optimization of desired protein properties. The startup has secured €500K in a seed round led by Practica Capital and accompanied by 70Ventures. The proceeds will be allocated to further develop the company's protein design technology and product pipeline.
Attention Insight
Location: Vilnius, Lithuania
Launch date: 2019
Funding Round: Seed €285K
Funding Source: Movens Capital, Open Circle Capital
Total funding received: €905K
Founded in 2019, Lithuanian Attention Insight is a startup developing visual attention prediction algorithms based on deep learning. The company provides marketers with a platform for instant pre-launch marketing campaign optimization to save their time, make data-driven decisions, and implement instant A/B testing. Attention Insight has recently secured the seed round in the amount of €285K from investors like Movens Capital and Open Circle Capital. The raised amount will be spent on expanding the core team supporting further expansion of the solution.
Single.Earth
Location: Tallinn, Estonia
Launch date: 2020
Funding Round: Pre-seed (undisclosed amount)
Funding Source: Icebreaker.vc, Ragnar Sass
Total funding received: undisclosed amount
Estonian Single.Earth is a platform that trades natural resources as tokenized virtual goods, such as carbon allowance and biodiversity offset. The startup connects landowners with businesses that pay them to preserve trees and balance out their own carbon footprints while becoming “carbon neutral”. Single.Earth has recently secured an undisclosed round from Icebreaker.vc and well-recognized private investor Ragnar Sass. Secured funds will be allocated to accelerate the platform development and further expansion.
Sources: Vestbee VC & startup community, startup press releases, web & social media monitoring, Crunchbase
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