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08 August 2023·6 min read

Katarzyna Skoneczna

Editor, Vestbee

TOP CEE Funding Rounds Closed In July 2023

July witnessed a surge of technological advancements while startups in the Central and Eastern European were reaching their goals, successfully securing investments to propel their diverse missions. Dive into the article and explore top CEE startups that successfully secured funding last month!


Location: Kaunas, Lithuania
Launch date: 2017
Funding Round: Series B, € 89M 
Funding Source: Elephant, Energize Capital, Highland Europe
Total funding received: € 113M

PVcase is a startup headquartered in Vilnius that aims to compress the solar project design timeline from weeks to a mere 20 minutes. Through its platform, PVcase introduces automation and enhances precision in the initial phases of project planning. By integrating 3D topographical data coordinates, the software effectively emulates the precise geographical context of the solar facility. PVcase's latest funding round was secured from Highland Europe, Energise, and Elephant. 


Location: Ljubljana, Slovenia
Launch date: 2008 
Funding Round: Series B, € 20M
Funding Source: Black Peak Capital, Darwin, Fidelity Management and Research Company, Kolektor Ventures
Total funding received: € 30M 

GenePlanet is a Ljubljana-based startup that specialises in preventive genetic tests, including NIPT, cancer screening, lifestyle DNA tests, and assessments of individual genetic predispositions to conditions like cancer and heart disease. Secured funding enables GenePlanet to expand its product range, invest in big data infrastructure, and bolster global expansion efforts. The startup is backed by Black Peak Capital, Kolektor Ventures, Darwin, and Fidelity Management and Research Company.


Location: Bucharest, Romania
Launch date: 2018 
Funding Round: Seed, € 4M
Funding Source: SeedBlink, Roca X, Early Game Ventures
Total funding received: € 9.5M 

The Romanian SaaS startup, Bunnyshell, is currently in the final stages of its latest funding round, with aims to raise €4 million. Bunnyshell offers DevOps automation platform for deploying, scaling, and optimising applications. The company has already secured a capital amount of €3.5 million from VCs like Early Game Ventures, Roca X and Angel Investors. This capital raised will drive Bunnyshell's growth and facilitate its market expansion.


Location: Vilnius, Lithuania
Launch date: 2017
Funding Round: Seed, € 2.7M
Funding Source: Lead Ventures, Presto Ventures, Startup Wise Guys, Willgrow
Total funding received: € 5.3M

Lithuanian SaaS solution, GoRamp, has successfully concluded a €2.7 million late seed funding round. The startup's mission is to address the persistent challenge of manufacturing companies dealing with outdated and non-digitized logistics processes. GoRamp's platform enables businesses to streamline logistics procurement, reduce warehouse congestion-related costs, and make data-driven decisions for optimising the entire supply chain. The secured funding will strategically support GoRamp's expansion into new markets and strengthen its presence in the US. GoRamp is backed by Lead Ventures, Presto Ventures, Startup Wise Guys and Willgrow.


Location: Budapest, Hungary 
Launch date: 2023
Funding Round: Seed, € 2.3M
Funding Source: 500 Emerging Europe, Credo Ventures, Notion Capital and Angel Investors
Total funding received: € 2.3M

Axoflow, a Hungarian platform, supports businesses in enhancing data supply chain management and maximising observability investments. The company’s solution optimises complete lifecycle of machine data, catering to both conventional and cloud-based settings. Axoflow has raised a $2.5 million seed funding round and is backed by Credo Ventures, 500 Emerging Europe, and Notion Capital.


Location: Tallinn, Estonia 
Launch date: 2020
Funding Round: Seed, € 2M
Funding Source: Change Ventures, Hyde Park Venture Partners, Mana Ventures, Startup Wise Guys
Total funding received: € 2.2M

Estonian startup Formaloo offers a freemium no-code platform, empowering businesses to craft tailored data-driven applications, automate processes, and engage audiences. The platform equips users with database infrastructure and intuitive drag-and-drop components for fast and effective application creation. The created solution is targeted towards businesses, not developers or data experts. The recent investment will fuel marketing strategies across existing and new markets, including the UK, Canada. Foramloo secured its funding from Change Ventures, Hyde Park Venture Partners, Mana Ventures and Startup Wise Guys. 


Location: Tallinn, Estonia 
Launch date: 2018
Funding Round: Seed, € 2M 
Funding Source: EstBAN, SmartCap, The Footprint Firm
Total funding received: € 2.6M

Estonian startup CupLOOP introduces innovative reverse vending machines that enable customers who buy food or beverages in reusable packaging to easily return the packaging and retrieve their deposit with a simple tap. The company has secured a €2 million investment co-led by SmartCap Green Fund, EstBAN, and Footprint Firm. This funding will empower CupLOOP to extend its reach by developing reusable packaging solutions for other industries.


Location: Ljubljana, Slovenia
Launch date: 2021
Funding Round: Seed, € 1.7M 
Funding Source: High-Tech Grunderfonds, OCCIDENT, RUG Ventures, xista science ventures
Total funding received: € 1.7M

Slovenian company ReCatalyst is working on development and commercialization of catalyst composites for use in hydrogen fuel cells. These materials are specifically designed for integration into hydrogen fuel cells, functioning much like cutting-edge batteries powered by hydrogen to generate environmentally friendly energy.  ReCatalyst secured funding amounting to € 1.7M, which will help the company to enhance market readiness and accelerate process development for ReCatalyst’s solution. Startup is supported by High-Tech Grunderfonds, OCCIDENT, RUG Ventures and xista science ventures.


Location: Budapest, Hungary
Launch date: 2019
Funding Round: € 940k 
Funding Source: Hiventures
Total funding received: € 940k

Access4you is a Hungarian startup with the mission to gather comprehensive accessibility data on the built environments' accessible to people with special mobility, visual, hearing, and cognitive needs, while driving the advancement of accessibility measures across a wide spectrum of businesses. The validated accessibility information is available to users through the Access4you platform. Currently, the startup has closed its round with the support amounting to € 940k from Highventures.

Munch - (B)eat food waste!

Location: Budapest, Hungary
Launch date: 2020
Funding Round: Seed
Funding Source: Fiedler Capital, Silicon Gardens and Angel Investors
Total funding received: Undisclosed

Hungarian startup Munch is reaching its goal to combat food waste, while raising an undisclosed amount of investment and being backed by Fiedler Capital, Silicon Gardens and Angel Investors. Munch’s platform assists businesses in selling surplus food, reducing waste and losses, including environmental, social, and economic perspectives. The secured investment will fuel expansion across the CEE region and beyond, including countries like Slovenia, Croatia, Serbia, Romania, and more.


Related Posts:

TOP CEE Funding Rounds Closed In June 2023 (Katarzyna Skoneczna, Editor, Vestbee)

TOP CEE Funding Rounds Closed In May 2023 (Katarzyna Skoneczna, Editor, Vestbee)

TOP CEE Funding Rounds Closed In April 2023 (Katarzyna Skoneczna, Editor, Vestbee)

TOP CEE Funding Rounds Closed In March 2023 (Konrad Koncerewicz, Editor, Vestbee)

TOP CEE Funding Rounds Closed In February 2023 (Aleksandra Woszczyk, Editor, Vestbee)

TOP CEE Funding Rounds Closed In January 2023 (Paweł Pliszka, Editor, Vestbee)


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