November was not very abundant in terms of the number of financing rounds, but the value of funding secured this month in Central & Eastern Europe exceeded €50M due to the huge investment in Estonian Skeleton Technologies. The market is still under significant influence of the COVID-19 pandemic and its restrictions that result in fewer finance rounds. In November, Poland and Estonia were on the leading edge of the number of secured investment rounds, and among the top areas that attracted investors’ attention are education and cleantech.
Let’s have a look into our TOP November funding rounds in CEE!
Skeleton Technologies
Location: Tallinn, Estonia
Launch date: 2009
Funding Round: Series D €41.3M
Funding Source: Adyen, FIRSTFLOOR CAPITAL, Harju Elekter Group, EIT InnoEnergy, MM Grupp
Total funding received: €93M
Estonia-based, Skeleton Technologies is a Cleantech company disrupting the world of energy storage by manufacturing ultracapacitor-based cells, modules, and other components. The company’s goal is to help its customers reduce CO2, save energy and therefore save our planet. The company has recently secured €41.3M in the November series D round and the proceeds will be spent on further technology development and expanding their product’s portfolio. Among the investors participating in the round are Adyen, FIRSTFLOOR Capital, Harju Elekter Group, MM Grup, and well-known for its dedication to sustainable development EIT InnoEnergy.
Questpass
Location: Poznan, Poland
Launch date: 2020
Funding Round: Seed €225K
Funding Source: Shape.vc
Total funding received: €225K
Polish Questpass, founded in 2020, is a content gateway based on the idea of questvertising, developing the approach created within the Adquesto system. It is a service that changes the balance of power in the advertising and publishing market through a completely new approach towards the advertising industry. Instead of displaying huge amounts of adverts, Questpass displays only one ad and ask recipients to read it and understand the message. The startup has recently secured €225K in a seed round and the obtained financing will be allocated for the development of the system towards new targeting methods, advertising formats, and business models. The funding round was led by Shape.vc.
F3
Location: Riga, Latvia
Launch date: 2018
Funding Round: Seed €3.2M
Funding Source: AdFirst.vc, Alex Hofmann, Mail.Ru Group, Mamba, Marat Kichikov
Total funding received: €3.2M
Riga-based F3 is a social media startup developing a new communication app aimed at young people so-called Generation Z. The app allows its users to send photos, videos, questions, and reply to them using a wide range of customized formats. The startup since its founding has attracted the attention of more than 25 million users and this number is growing each day! It recently secured a seed round in the amount of €3.2M that was led by Mamba and among others was supported by Mail.Ru group, its founder Alex Hofmann and well-recognized private investor like Marat Kichikov. The proceeds will be used for further app’s development.
Xeropan
Location: Debrecen, Hungary
Launch date: 2018
Funding Round: Series A €2.3M
Funding Source: Bonitas Ventures, Hiventures Investment Fund
Total funding received: €3.7M
Hungarian Xeropan, founded in 2018, is an EdTech powered by AI company that is focused on helping people with learning English in the most pleasant way by introducing interesting video lessons, lifelike expressions, practice speaking, and grammar guides. The latest round in the amount of €2.3M was led by Bonitas Ventures and was accompanied by Hiventures Investment Fund. Funds provided by the mentioned investors will be allocated to further solution development and expansion in other international markets.
BOOKR Kids
Location: Budapest, Hungary
Launch date: 2015
Funding Round: Series A €2M + another €2M in form of the convertible note
Funding Source: Bonitas Ventures, Hiventures Investment Fund
Total funding received: €3M
Budapest-based BOOKR Kids is an educational service provider. The startup is building an edutainment tool allowing kids between the age of 3 and 11 years to improve their literacy skills, reading comprehension, and also learn English. The content used in the app is based on texts and researches prepared by language teachers and educational experts to guarantee the most entertaining and effective way of learning. BOOKR Kids has recently secured a series A round in the amount of €2M from Bonitas Ventures and Hiventures Investment Fund and was further expanded by another €2M in the form of a convertible note. The proceeds will be used for boosting the expansion and further development of the solution.
Warren.io
Location: Tallinn, Estonia
Launch date: 2017
Funding Round: Seed €1.2M
Funding Source: Lemonade Stand, Marek Kiisa, Passion Capital, Paul Melin
Total funding received: €1.9M
Estonian Warren.io is a cloud-based solution provider allowing its customers to build the technologically modern and architecturally reliable infrastructure necessary for handling the business. Among others, services available in Warren.io are virtualization, storage, networking, billing system, and administration tools. The startup has recently secured €1.2M in a seed round led by Passion Capital and accompanied by Lemonade Stand as well as private investors Marek Kiisa and Paul Melin. Secured funds will be allocated to the further development of the technology.
GoRamp
Location: Vilnius, Lithuania
Launch date: 2017
Funding Round: Pre-seed €450K
Funding Source: Presto Ventures, Startup Wise Guys
Total funding received: €570K
Lithuanian GoRamp is a software as a service solution revolutionizing the world of logistics management. The solution allows manufacturers to optimize the whole logistics process by providing them with features like order fulfillment & management, carrier management, advanced analytics, and many others. GoRamp has secured €450K in a pre-seed round from well-recognized investors like Startup Wise Guys and Presto Ventures. The proceeds will be allocated to further expansion to Poland and other Western European markets.
Omnipack
Location: Warsaw, Poland
Launch date: 2016
Funding Round: €2.5M (Round type undisclosed)
Funding Source: Nunatak Capital, Florian Drabeck
Total funding received: €5M
Warsaw-based, Omnipack was founded in 2016 and provides medium-sized e-commerce companies with logicists services. Basically, Omnipack will take all the processes into its hands - starting from storage, through packing, ending on delivery, and returns management. The startup has recently closed the round in the amount of €2.5M from Nunatak Capital supported by private investors like Florian Drabeck, former CFO of Westwing Group AG and other business angels. Secured funds will help the company to take further steps into the DACH market, develop technology, and expand the warehouses.
drukuje.to
Location: Warsaw, Poland
Launch date: 2019
Funding Round: Pre-seed €225K
Funding Source: INNOventure
Total funding received: €285K
Founded in 2019, Polish drukuje.to is building a marketplace where B2B companies can optimize their time and costs by outsourcing printing activities. The startup offers basic services like preparing business cards, flyers, envelopes, or any type of gadgets, but also advertising stands, POS materials, roll-ups, banners as well as tents and deckchairs. After receiving two grants, drukuje.to secured €225K during the pre-seed round from INNOventure. The raised amount will be spent on further marketplace development.
RAISON
Location: Tallinn, Estonia
Launch date: 2017
Funding Round: €125K (round type undisclosed)
Funding Source: Undisclosed
Total funding received: €1M
Estonian RAISON is a fintech developing blockchain-powered platform allowing its users to invest less than €100 in companies before the IPO, which opens the world of private investments to smaller investors. Apart from standard transactions, the startup also offers the service of trading crypto-currencies. RAISON has recently secured €125K and the amount will be allocated to new features development.
Sources: Vestbee VC & startup community, startup press releases, web & social media monitoring, Crunchbase
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