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06 June 2023·7 min read

Katarzyna Skoneczna

Editor, Vestbee

TOP CEE Funding Rounds Closed In May 2023

At the beginning of June, we all eagerly anticipate the unveiling of the latest news on startups that have successfully closed their funding rounds in the preceding month. Are you curious to discover the opportunities that May had to offer? Let’s dive into the article and find out about recent achievements that emerged in the vast and vibrant Central and Eastern European (CEE) region.


Location: Bucharest, Romania
Launch date: 2020
Funding Round: Seria A, €32.7 M
Funding Source: Dawn Capital, Day One Capital, PortfoLion Capital Partners, SeedBlink
Total funding received: €40.6 M

FlowX.ai, a startup based in Romania, that created a platform enabling enterprises to effortlessly develop modern and intuitive web and mobile front-ends for critical business processes.FlowX.ai allows companies with complex technology landscapes to rapidly launch mission-critical digital products. Startup’s solution is more cost-effective, as using FlowX.ai technologies, companies can deliver high-quality mobile and web digital front-ends within just 10 weeks. FlowX.ai has recently raised €32.7 M in Series A funding round, while being backed by Dawn Capital, Day One Capital, PortfoLion Capital Partners and SeedBlink. This infusion of capital will be instrumental in further product development and expanding their business on an international scale. Currently, FlowX.ai focuses primarily on serving financial enterprises, with clients such as BNP Paribas, OTP, Banca Transilvania, and Alpha Bank on board. 


Location: Vilnius, Lithuania
Launch date: 2019
Funding Round: Pre-Seed, €1 M
Funding Source: FIRSTPICK, Practica Capital
Total funding received: €1 M

Amlyze is a startup that takes on the challenge of combating financial crimes through technology. Startup’s team welcomed on board experienced IT professionals, anti-financial crime experts, and former regulators and supervisors with backgrounds in central banking and law enforcement. Amlyze secured funding with the support of the Firstpick accelerator and Practica Capital. The capital raised amounts to €32.7 M and will be allocated to boost Amlyze's scaling and enable international expansion. 


Location: Plovdiv, Bulgaria
Launch date: 2014
Funding Round: Pre-Seed, €500 K
Funding Source: Eleven Ventures
Total funding received: €1.8 M

Cupffee creates edible coffee cups and stirrers. Their manufacturing process stands out as it generates no industrial waste,while the cups are prepared with the usage of clean steam. Furthermore, any remaining materials from cup production are repurposed as ingredients for other delectable edible products. Cupffee secured an investment of half a million euros backed by Eleven Ventures and with this funding, the startup is planning to broaden its product range, introducing edible stirrers, ice cream sticks, and breakfast cups with cereal, among other exciting innovations.

Product Fruits

Location: Prague, Czech Republic
Launch date: 2019
Funding Round: Seed, €1.6 M
Funding Source: LeverageVC, Lighthouse Ventures, Venture to Future Fund
Total funding received: €2 M

Product Fruits provides a comprehensive digital onboarding platform, designed to help businesses enhance user experience and simplify the client onboarding process, as well as to ensure users can quickly understand and navigate the products. The platform's interface allows businesses to create and publish engaging tooltips, provide contextual help that is tailored to specific user actions, and share release notes seamlessly. Product Fruits has successfully secured €1.6 million with LeverageVC, Lighthouse Ventures and Venture to Future Fund. The funding will help in accelerating the company's growth. Product Fruits plans to utilize the capital to expand and refine its sales teams and processes.


Location: Sofia, Bulgaria
Launch date: 2015
Funding Round: Series A, €9.3 M
Funding Source: Ceecat Capital, Freigeist Capital
Total funding received: €26.8 M

EnduroSat specializes in the design and engineering of spacecraft for business applications and space exploration missions. The company’s mission is to provide easy access to space for visionary entrepreneurs, scientists, and technologists, helping them fly their sensors to orbit fast and at a fixed cost. Thanks to tailored satellites created to meet specific customer requirements, the solution provides instant access to space data, eliminating the usual legal, technical or logistical challenges. The investment EnduroSat has received from Ceecat Capital and Freigeist Capital will play a crucial role in scaling their operations and expanding their reach in the satellite market. To support their growth, EnduroSat has established new offices in prominent locations such as Luxembourg, Berlin, Toulouse, Naples, and Delaware. 


Location: Vilnius, Lithuania
Launch date: 2020
Funding Round: Pre-seed, €600 K
Funding Source: Antler, Black Pearls VC, Iron Wolf Capital and Angel Investors
Total funding received: €1.2 M 

Startup from LIthuania, situated at the intersection of technology and retail, develops a solution that integrates into the daily operations of workers and retail store managers thanks to the tools that not only simplify tasks but also enhance the shop-floor productivity and efficiency. Among others, the company attracted a Polish VC fund while raising 600K and has successfully finished its round at €1.2 M. The team is now planning their stronger presence on neighboring markets. Traxlo has secured its funding thanks to support from Antler, Black Pearls VC, Iron Wolf Capital and Angel Investors.


Location: Prague, Czech Republic
Launch date: 2022
Funding Round: Seed, €800 K
Funding Source: Czech Founders VC, Presto Ventures, ZAKA VC
Total funding received: €800 K

CRUXO is the future of marketing for retail, enabling e-commerce players and retailers to gain vibrant visibility on the market with ease. The Czech company enhances the retailer's revenues and profitability through a comprehensive platform that combines data, targeting capabilities, and native ad formats. The company raised an investment of €800 K from Czech Founders VC, Presto Ventures and ZAKA VC. CRUXO will use the secured funding to scale across Europe.


Location: Tallinn, Estonia
Launch date: 2022
Funding Round: Seed, €2.1 M
Funding Source: Amalfi Capital, BADideas.fund, Inventure, Lemonade Stand, Specialist VC, SuperAngel.Fund, Angel Investors
Total funding received: €2.1 M

Value.Space is a risk assessment and monitoring system that operates globally through satellites to detect deformation of assets. The company leverages technologies such as InSAR (Interferometric Synthetic Aperture Radar), AI, predictive analytics, and satellite imagery, minimizing that collection costs to deliver comprehensive infrastructure monitoring reports. The startup, operating from its offices in Tallinn and London, plans to use secured funding that amounts to €2.1 M and is backed by Amalfi Capital, BADideas.fund, Inventure, Lemonade Stand, Specialist VC, SuperAngel.Fund and Angel Investors.


Location: Cracow, Poland
Launch date: 2019
Funding Round: Pre-Seed
Funding Source: bValue Fund, Freya Capital, Sunfish Partners
Total funding received: undisclosed

Liftero, a Polish based startup, is dedicated to transforming space accessibility through the development of reusable spacecraft. To accelerate the realization of their vision, Liftero has secured funding that will be instrumental in advancing the development of their first orbital transfer vehicle, Motus. Setting itself apart, Motus boasts the distinction of being the smallest orbital transfer vehicle available. It incorporates a distinctive, space-efficient green propulsion system, ensuring rapid and efficient deployment of satellite constellations. Liftero has successfully closed its pre-seed round, backed by bValue Fund, Freya Capital and Sunfish Partners. 


Location: Wroclaw, Poland
Launch date: 2019
Funding Round: Seed, €447 K
Funding Source: Level2 Ventures, Angel Investors
Total funding received: €2.4 M

BioCam is a Polish med-tech startup with a life mission to make gastrologic screening more accessible and convenient for every patient. BioCam designs and manufactures an endoscopic capsule for imaging of the digestive system along with AI-powered software for automatic detection and real-time determination of potential threats, such as cancer. The company's goal is to reduce the cost of gastrointestinal examinations, increase patient comfort, and popularization of capsule endoscopy. The startup, created by young doctors and scientists, is now backed by Level2 Ventures with an investment of €447 K. 

Sources: Vestbee VC & startup community, startup press releases, web & social media monitoring, Crunchbase


Related Posts:

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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