TOP CEE Funding Rounds Closed In September 2020

Konrad Koncerewicz VC Community Builder, Vestbee
CEE Startups Funding Rounds

September was very interesting both in terms of the number of financing rounds and the variety of industries that secured funds. Once again, we weren’t surprised by the fact that Estonia is on the leading edge of the amount of closed CEE funding rounds, whereas among the top areas that attracted investors’ attention are customer service, healthcare, big data, and automotive. Now, Let’s have a look into our TOP September funding rounds!


Location: Tallinn, Estonia
Launch date: 2017
Funding Round: Series A  €4.6M
Funding Source: Global Founders Capital, Andrus Purde, Creandum,
Total funding received: €6.2M

Customers are the most important factor in every business and no one knows that better than Estonian Klaus - a startup disrupting the world of customer service by providing companies with a conversation’s review tool. Klaus’ solution makes the internal feedback process easier and systematic at scale and therefore, improves customer service quality. Furthermore, the startup helps companies with identifying gaps in specific teams’ knowledge and provides them with trends analytics. Klaus has already supported customers with more than 4 million feedback messages and that amount continues to grow every day. The company has recently secured €4.6M in September Series A round to expand the solution and suit the needs of increasingly growing customer teams. Among the Series A investors participating in the round are names like Andrus Purde, Creandum, Global Founders Capital and


Location: Warsaw, Poland
Launch date: 2016
Funding Round: Series A €3.7M
Funding Source: Cogito Capital Partners, Founders
Total funding received: €3.7M

Polish HomeDoctor, founded in 2017, is a healthcare company allowing  patients to contact a doctor in the form of home visits or teleconsultations. Within the use of HomeDoctor, patients gain a quick diagnosis and access to over 350 doctors from over 20 specializations. The service may be provided by phone, appointment booking service enabling home visits, or dedicated mobile application which guarantees access to a needed help from anywhere. The startup has recently secured €3.7M in a Series A round, and the proceeds will be used for further development within Poland as well as for the global expansion preparations. The funding round was led by Cogito Capital Partners and supported by the founders.

Elaphe Propulsion Technologies

Location: Ljubljana, Slovenia
Launch date: 2006
Funding Round: Series A €4.2M
Funding Source: EIT InnoEnergy
Total funding received: €15.3M

Slovenia-based Elaphe Propulsion Technologies is developing and producing propulsion technology. Among their products, we can find various applications of this innovation, but the most promising is in-wheel propulsion which is enabling automotive companies to optimize each in-wheel motor in real-time and getting on a higher level of cost optimization, efficiency, and vehicle performance. Elaphe has secured in September a Series A round in the amount of €4.2M which was led by known for his dedication to a sustainable future - EIT InnoEnergy. The proceeds will be used for further hardware and software development. 

IP Fabric

Location: Prague, Czech Republic
Launch date: 2015
Funding Round: Series A €3.5M
Funding Source: Senovo, Presto Ventures, Credo Ventures
Total funding received: €4.3M

Prague-located IP Fabric, founded in 2015, is a network assurance platform providing network analytics solutions for large enterprises. Through the introduction of network automation solutions, the startup helps companies to prevent incidents and allows them to improve predictability and time & cost consumption connected with network maintenance. The latest round in the amount of €3.5M was led by new investors: Senovo and Presto Ventures, but in the round participated also an existing one - Credo Ventures. Provided by mentioned VC funds funding will be used for further solution development and expansion on other international markets. 


Location: Warsaw, Poland
Launch date: 2016
Funding Round: Seed €2.5M
Funding Source: FIDIASZ, Movens Capital, RST Ventures For Earth, SpeedUp Venture Capital Group
Total funding received: €4M

Warsaw-based VersaBox is a Polish robotics company that produces autonomous robots and smart-logistics solutions to enable the digital transformation of the manufacturing and logistics industries. The startup is a brilliant answer to current market problems - human workforce deficit and work efficiency. To deal with it VersaBox has developed a fully autonomous robots system and cutting-edge process management platform. The company's services and the possibility of its application have been noticed by customers like Lubella, HUF, Faurecia, and Autoliv. VersaBox has recently secured a seed round in the amount of €2.5M from FIDIASZ, Movens Capital, RST Ventures for Earth, SpeedUp Venture Capital Group, and the proceeds will be used for international expansion.


Location: Tallinn, Estonia
Launch date: 2018
Funding Round: Seed €2.5M
Funding Source: Target Global
Total funding received: €2.5M

Tallinn-based Mercuryo is a cryptocurrency wallet for buying, selling, and even paying with cryptocurrency anywhere in the world. The startup allows customers to buy the most popular cryptocurrencies like bitcoin, ethereum, tether or tron, and (with help of the developed technology and Mercuryo cryptocurrency card) to use them in the payment process worldwide. Mercuryo payments are accepted by more than 40M merchants making them the leading cryptocurrency payments provider in the EU. Their efforts were noticed by Target Global - VC fund with over €800M under management which led the Seed round valued at €2.5M and intended for further expansion.


Location: Tallinn, Estonia
Launch date: 2018
Funding Round: Pre-seed €1.1M
Funding Source: byFounders, Lemonade Stand, Markus Villig, Martin Villig, Omnisend (previously Soundest), Paua Ventures, Ragnar Sass, Robin Daniels, Sten Tamkivi
Total funding received: €1.1M

Estonian Outfunnel faces the problem with which small and medium businesses are struggling - aligning marketing and sales. To do that, the startup has developed a solution allowing for marketing automation combined with 2-way CRM integration and creating continuous feedback and dependencies between the sales and marketing data. Outfunnel has recently secured €1.1M in a pre-seed round led by byFounders, Paua Ventures with the participation of Omnisend, Lemonade stand, and well-known business angels like Bolt co-founders Markus and Martin Villig, and other investors.


Location: Tallin, Estonia
Launch date: 2019
Funding Round: Seed €900K
Funding Source: Jaan Tallinn, Martin Henk, Ragnar Sass, Taavet Hinrikus, United Angels VC
Total funding received: €1.1M

Having access to truthful information is crucial for many businesses. That is why Tallinn-located Sentinel introduced an AI-powered solution allowing governments, media agencies, and other companies to protect themselves against fake news and disinformation. Technology developed by the startup enables companies to strengthen their cybersecurity standards and through this remove uncertainty, save time, and what is the most important - stay credible. Sentinel has recently secured a seed round in the amount of €900K from United Angels VC and recognized private investors: Jaan Tallinn, Martin Henk, Ragnar Sass, and Taavet Hinrikus.


Location: Tallin, Estonia
Launch date: 2018
Funding Round: Seed €1.1M
Funding Source: Barclays Accelerator powered by Techstars - London, Chris Adelsbach,, Kartik Varma, Lemonade Stand, Martin Cass, Richard Howard, Techstars
Total funding received: €1.1M

Tallinn-based Cachet is a platform connected with the gig-economy and operates as a marketplace allowing drivers to get insurance fitted to individuals’ unique needs and lifestyles. Cachet’s customers are able to buy on-demand insurance operating for several hours which is appreciated by Uber’s and Bolt’s drivers on the Estonian market. Apart from the mentioned services, the startup also provides fleet and casco insurances for both enterprises and individuals. The seed round in the amount of €1.1M was led by and supported by previous round investors like Lemonade Stand, Techstars and Barclays. Additionally, the venture also received support from well-recognized VC world  business angels like Chris Adelsbach, Kartik Varma, Martin Cass, and Richard Howard. Secured funds will be used for developing offered services and launching marketplaces in Poland, UK, and Nordic region.


Location: Bialystok, Poland
Launch date: 2019
Funding Round: Seed €1.1M
Funding Source: SATUS Starter
Total funding received: €1.1M

Polish EsportsLAB is disrupting the world of online gaming introducing a scientific approach to the e-sport industry. Startup develops a platform supporting players and teams with advanced analytics which enable them to improve their performance. Among features available for platform users are onsite and remote assessments, performance monitoring, team management, data analytics and insights. EsportsLAB has attracted the attention of Polish SATUS Starter, whose seed round investment of €910K will be allocated to the development of the platform, increasing functionality and marketing activities. Simultaneously to the fund, a private investor, Michał Pazdan, also invested in the start-up whereas current partners increased their share involvement bringing the amount of financing to the value of €1.1M.

Here are additional interesting startups' rounds closed in September - take a look!

  • Remato - Seed €450K - Lemonade Stand, Martin Henk, Martin Tajur, Martin Villing, Thorgate Ventures, Zenith Family Office
  • PRNEWS.IO - Undisclosed
  • Sparq - Seed €450K - Baltic International Bank AS
  • Kontomatik - Undisclosed - Amadeus Capital Partners, Runa Capital
  • Cyscale - Pre-seed €350K - Gapminder VC
  • Teamscope - Convertible note €590K - Black Pearls VC, Jaan Tallinn, Martin Tajur, Siena Capital, Spring Capital, Timo Rein
  • Surveily - Pre-seed €235K - Shape VC
  • Soleadify - Undisclosed - Gecad Ventures
  • Indoorway - Seed €460K - SATUS Starter
  • Accomango - Undisclosed - ENERN Investments
  • Nervtech - Undisclosed
  • GDPR Register - Undisclosed
  • Orgnostic - Pre-seed €760K - 122 West Ventures, South Central Ventures, Angel investors


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


Related Posts:

10 TOP CEE Funding Rounds Closed In August 2020 (by Konrad Koncerewicz, Community Builder, Vestbee)

10 TOP CEE Funding Rounds Closed In June 2020 (by Anna Kazmierczak, Analyst, Next Road Ventures)

10 TOP CEE Funding Rounds Closed In July 2020 (by Anna Kazmierczak, Analyst, Next Road Ventures)

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