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Funding Report in CEE - 4Q 2020
02 February 2021·16 min read

Konrad Koncerewicz

Head of VC & Startups, Vestbee

VC Funding In CEE Report - 4Q 2020

In this report we have included the disclosed VC rounds that have been made public before the end of the quarter. It does not include grants and transactions below €50k. Additionally, although we’re always happy to see a CEE element in successful companies around the world, we have decided to focus only on companies that originated in the CEE region.

Sources: Vestbee VC & startup community, startup press releases, web & social media monitoring, Crunchbase, PFR (Polish Development Fund).

Startup investment rounds in CEE in Q4 2020

> Number of funding rounds: 192
> Total value of funding closed  in CEE: over €500M*
> The biggest disclosed investment round: Bolt - Series D - €150M, Brainly - Series D - €66M, Booksy - Series C - €60M
> Countries with the majority of funding rounds: Poland - 100, Hungary - 34, Estonia - 22 rounds
> The most active VC fund: Hiventures, Fil Rouge Capital, Lemonade Stand, Startup Wise Guys
> The most appreciated industries: Mobility, AI, FinTech, Beauty, Marketing, Education, Analytics, AI

*22 rounds undisclosed in terms of the transaction value


In the 4th quarter of 2020, 192 investment rounds were closed in Central and Eastern Europe, while only 111 were fully disclosed in terms of company details, funding amount, date and participating investors. According to fully disclosed data, 41 funding rounds took place in October, 31 in November, and 39 in December. Each subsequent month of the fourth quarter, despite the prevailing pandemic, was getting more and more interesting in terms of the amount of funds present on the market. We started the quarter with a quite lazy October with total VC funding of over €30M, then went through a more active November with its €90M, to finally end with a really strong December, in which startups secured more than €250M. The total value of fully disclosed investments reached over €500M. 

The most active countries in terms of the majority of funding rounds in Q4 were Poland and Hungary, which secured 100 and 34 rounds respectively. Poland, as the biggest VC ecosystem in CEE, with many active funds and private investors reached an astonishing number of investments compared to other countries, but Hungary's outcome we may also assume as a pleasant and unpredictable surprise. The biggest funding rounds were secured by startups from Poland and Estonia. Estonian Bolt closed €150M, Polish Brainly - €66M, Polish Booksy - €60M and Estonian Skeleton Technologies €41M, while among other popular countries were Croatia, Hungary, and Lithuania. 

Taking a look at sectors, in the fourth quarter, funds were mainly investing into Mobility, AI, FinTech, Beauty, Marketing, Education, Analytics and the most active investors in terms of number of financing rounds were Hiventures, Fil Rouge Capital, Lemonade Stand, and Startup Wise Guys.

All transactions secured on the market during 2020 will be covered in the annual Vestbee report so stay tuned and in the meantime, let’s dig deeper into the startup and VC market in CEE in the 4Q 2020. 

Now let’s move to an overview of monthly analysis. The summary information was prepared based only on fully disclosed investment rounds (startup details, a month of investment closure, amount, participating investors).

Investment rounds in December

> Number of funding rounds: 39
> The biggest investment rounds: Bolt - Series D - €150M, Brainly - Series D - €66M, Eneba - Series A -  €6.55M
> Total value of funding secured in CEE: over €250M 
> Countries with the majority of funding rounds: Hungary - 16 rounds, Estonia - 9 rounds
> The most active VC fund: Hiventures, Fil Rouge Capital, Lemonade Stand
> The most appreciated industries: Mobility, EdTech, AI, Analytics, CleanTech

Despite the prevailing pandemic, the last month of the year 2020 was really generous in terms of the number of investments and the variety of industries that drew investors’ attention. In December, the money raised on the market in Central & Eastern Europe exceeded €250M due to the significant investments in Estonian Bolt and Polish Brainly, which attracted €155M and €66M, respectively. In terms of fully disclosed rounds, among the areas that gained the most interest from investors are mobility, education, AI, analytics and cleantech and Hungary was on a leading edge in the number of closed rounds (16), followed by Estonia (9). The most active VC funds were Lemonade Stand, Fil Rouge Capital and Hiventures.

Find out more: TOP CEE Funding Rounds Closed in December

Investment rounds in November

> Number of funding rounds: 31
> The biggest investment round: Booksy - Series C - €60M, Skeleton Technologies - Series D - €41.3M, BOOKR Kids - Series A - €2M + €2M convertible note
> Total value of funding secured this in CEE: over €100M
> Countries with the majority of funding rounds: Hungary - 9 rounds, Croatia - 5 rounds
> The most active VC fund: Hiventures, Fil Rouge Capital
> The most appreciated industries: AI, Marketing, Automotive

November was less active than December in terms of startup funding rounds within the CEE region. The total investment was valued at approximately €55M and the biggest funding rounds were secured by Polish Booksy with a series C round of €60M, Estonian Skeleton Technologies with series D round of €41.3M, and Hungarian BOOKR Kids with its series A plus a convertible note of €4M in total. Hungary also showed its strong position in the startup community by securing 9 out of 31 investment rounds this month. The second country worth noticing is Croatia with 5 funding rounds. The most active VC funds were Hiventures and Fil Rouge Capital while the most appreciated industries were AI, Marketing and Automotive.

Find out more: TOP CEE Funding Rounds Closed in November

Investment rounds in October

> Number of funding rounds: 41
> The biggest investment round: Vectary - Seed - €5.9M, Stex - Seed - €4.1M, 3commas - Seed - €2.5M
> Total value of funding secured in CEE: over €30M
> Countries with the majority of funding rounds: Estonia - 8 rounds, Poland - 7 rounds
> The most active VC fund: Startup Wise Guys, Hiventures, Fil Rouge Capital
> The most appreciated industries: Marketing, Analytics, FinTech, Financial Services

October was the weakest month in the 3rd quarter in terms of the total value of funding which exceeded €30M. Top investment rounds were secured by Vectary - €5.9M, Stex with its seed round of €4.1M, and Nasekomo with a round of €2.5M. Estonian and Polish startups secured 15 rounds together while Marketing, Analytics, FinTech, Financial Services were the most popular areas of investment in October. VC funds worth distinguishing are Startup Wise Guys, Hiventures and Fil Rouge Capital.

Find out more: TOP CEE Funding Rounds Closed in October


Want to explore funded startups? Let’s take a look at a brief overview of CEE startups that had their funding rounds closed in the 4th quarter of 2020.


CEE startup funding rounds closed in December:

  • Rendin - Estonian home renting service that replaces security deposits and guarantees rental income.
  • E-Ventor Tech - Hungarian company developing object recognition solutions for the retail industry.
  • Zyntern - Hungarian platform helping fresh graduates with finding interesting job opportunities.
  • AIQA Technologies - Polish company providing customers with testing process technology backed by machine learning.
  • R8tech - Estonian company that uses Artificial Intelligence to improve building management systems.
  • Eneba - Kaunas-based Eneba is a startup building the marketplace for gamers.
  • Seasonal Kft - Hungarian company taking care of the whole frozen fish and seafood cargo - from importing to wholesaling.
  • TrustMate - Polish SaaS tool allowing customers to collect and manage customers’ reviews online, increase web traffic, attract more clients and increase conversion.
  • Amberlo - Lithuanian startup providing law firms with a legal software.
  • GOmontir - Hungarian platform connecting bikers with vehicle workshops and mechanics.
  • Mr Wash - Lithuanian platform helping society with getting access to handy cleaning solutions.
  • Ondato - Lithuanian startup provides a complete know-your-customers solution for the verification of people and legal entities.
  • Yaw VR - Hungarian manufacturing company that specializes in consumer goods, electronics, and audio & video equipment manufacturing.
  • Brainly - founded in 2009, a Polish online learning platform where students can get help with their homework or any other queries concerning education.
  • Fyma - Estonian company using vision algorithms to help companies with analyzing and predicting camera feeds.
  • Heavykinematic - Polish startup introducing workout tracking system introducing sensors to gym equipment to make your workout more efficient.
  • Synetiq - Hungarian company connecting neuroscience with marketing to help companies with creating high performing video ads.
  • Platio - Hungarian company focused on creating sustainable building materials.
  • Bolt - Estonian leading mobility platform providing ride-hailing, micromobility, and food delivery services.
  • SMEO - Polish startup offering factoring services for small and medium-sized businesses.
  • Orapa - Polish marketplace connecting sales representatives with qualified leads (decision-makers).
  • Kevin - Lithuanian company offering online checking, in-app payments and pos payments services.
  • Webkey - Hungarian android remote access tool.
  • Herbow International - Hungarian manufacturing company producing premium plant-based laundry care goods.
  • CodersRank - Hungarian company allowing developers to create CVs based on storytelling.
  • - Hungarian marketplace for transportation services.
  • Cargo-Viszed - Hungarian provider of shipping and logistic solutions for Hungary and other countries in Europe.
  • PSC CEE - Hungarian company providing payment consultancy services.
  • Scolvo - Hungarian mobile application for work planning during a hard time of COVID crisis.
  • Bankzee - Hungarian age adaptive banking solution prepared especially for Generaztion Z.
  • Modularbank - Estonian fintech company disrupting the banking sector.
  • Smartlook - Czech behavior analytics company that helps companies with understanding what their customers are doing and are looking for while using websites and mobile apps.
  • ORIANA International - Hungarian low-code platform allowing to design, develop and deploy solutions within weeks.
  • Hackrate - Hungarian platform helping companies with reducing cybersecurity risks.
  • Salv - Estonian anti-money-laundering platform backed by smart technology.
  • ImmunoGenes - Hungarian biopharmaceutical company whose goal is to improve the immune system's response.
  • Soundeon - Estonian company helping artists with monetizing their activities.
  • Lili - Croatian AI assistant for your health improvement.
  • Supermindengine - Croatian Customisable sound platform for therapeutic use.
  • DriveX - Estonian vehicle verification tool.
  • Woola - Estonian Cleantech producing packaging made of sheep wool leftovers.

CEE startup funding rounds closed in November:

  • Supermind - Croatian healthcare company that helps transform a sound environment to fit user’s desired activity.
  • Booksy - Poland-based booking platform for the beauty industry.
  • Topoguru - Hungarian mobile application for climbers.
  • - Polish marketplace where B2B companies can optimize their time and costs by outsourcing printing activities.
  • GIGACO - Polish automated inventory for animals.
  • Omnipack - Polish startup providing medium-sized e-commerce companies with logistics services.
  • F3 - Latvian social media startup developing a new communication app aimed at young people so-called Generation Z.
  • Salarify - Hungarian company allowing users to get their salary whenever they want.
  • DicomLab - Hungarian healthcare startup that offers a powerful all in one, centralized, case-specific platform for implant manufacturing companies.
  • Open Quiz - Polish game developer offering users a quiz-based game where they can win real money.
  • GoRamp - Lithuanian software as a service solution revolutionizing the world of logistics management.
  • BOOKR Kids - Hungarian startup building an edutainment tool allowing kids between the age of 3 and 11 years to improve their literacy skills.
  • Xeropan - Hungarian EdTech powered by AI company that is focused on helping people with learning English in the most pleasant way - by introducing interesting video lessons.
  • OrthoPred - Hungarian Artificial Intelligence company analyzing orthopedic medical data to assist radiologists.
  • Questpass - Polish content gateway based on the idea of ​​questvertising, developing the approach created within the Adquesto system.
  • CyberSmithy - Estonian producer of jewelry for gamers.
  • Topite - Czech provider of heating and cooling systems.
  • Fanatic5 Solutions - Hungarian startup creating companion apps and content for role-playing games.
  • MG Entertainment - Croatian provider of developer tools and games.
  • Skeleton Technologies - Estonian Cleantech company disrupting the world of energy storage by manufacturing ultracapacitor-based cells, modules, and other components.
  • VoxiKids - Romanian mobile app to assist kids with language development.
  • ServoMovement - Hungarian provider of light electric vehicles also called LEV to minimize the time spending in traffic.
  • - Estonian cloud-based solution provider allowing its customers to build the technologically modern and architecturally reliable infrastructure necessary for handling the business.
  • enty - Estonian company that takes care of the whole paperwork, while you can focus on what really matters for your business.
  • Cogvio - Czech technology and data science startup developing software as a service solution for healthcare and pharmaceutical companies.
  • Bin-e - Polish smart waste management system backed by artificial intelligence.
  • Raison - Estonian 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.
  • Perfume Tech - Croatian designer of electronic pumping system for perfumes.
  • This is better - Croatian tool for visualizing the effectiveness of digital marketing.
  • Sendbee - Croatian web app that integrates with WBA and allows businesses to chat, automate conversations and send one-way notifications.
  • AdApp - Croatian advertising video catalog that allows users to interact with a provider through a single click on the television remote controller

CEE startup funding rounds closed in October:

  • Xpass - Lithuanian startup working on digital identity solution to improve business processes.
  • Insimu - Hungarian creator of the virtual patient simulator.
  • Biosystems International - Hungarian biotechnology company engaged in the development of blood-based diagnostics for cancer and chronic diseases.
  • Chameleon Smarthome System - Hungarian developer of smart home solutions.
  • DRONEHUB - Polish company building an ecosystem consisting of autonomous drones, ground infrastructure, and AI-powered software.
  • Stex - Estonian cryptocurrencies trading platform.
  • Safebox24 - Polish solution offering safe deposit boxes.
  • Battlejungle - Hungarian tool to improve employees’ engagement.
  • Soleadify - Romanian search engine solution simplifying the process of lead generation.
  • edrone - Polish marketing technology startup building an e-commerce CRM platform providing customers with marketing automation tools.
  • BotGuard - Estonian startup revolutionizing cyber-security by developing a cloud-based website security system.
  • Realtorify - Czech tool for analyzing data on the Czech real estate market.
  • Heavyfinance - Lithuanian startup allowing customers to invest their money into loans backed by heavy machinery.
  • Dserve - Lithuanian digital ordering solutions provider.
  • Monevio - Lithuanian fintech company providing financial services.
  • PROPERENTY - Lithuanian all-in-one solution for landlords and tenants.
  • ForPeeps - Lithuanian provider of banking and transaction services e-invoicing.
  • IPOhub - Estonian platform for investing into SME Growth Markets.
  • Watalook - Lithuanian booking platform for beauty freelancers.
  • TAIA - Slovenian AI-powered translation platform, which helps companies with the translation of their websites, documents, and other content.
  • cthings - Polish startup developing hardware & IoT solutions and web platform for management and analytics.
  • Zowie - Formerly known as Chatbotize, Polish startup develops an AI-powered customer support system.
  • Yieldigo - Czech AI-powered pricing optimization platform allowing retailers to make strategic and operational pricing decisions based on AI predictions.
  • Royalpate - Hungarian food production company providing healthy products.
  • ICSEC - Polish provider of industrial cyber-security solutions.
  • Eziil - Estonian software as a service developer for production and manufacturing companies.
  • TagThing - Hungarian company producing RFID tags allowing users to mark anything they want.
  • Airly - Polish CleanTech startup which goal is to empower people with knowledge about air quality.
  • Fix24 - Hungarian service search website allowing you to solve all your problems.
  • Postoplan - Estonian marketing platform allowing customers to create, schedule and promote content.
  • Pleme - Croatian marketplace for mattress shopping.
  • Sonarworks - Latvian audio technology startups for listeners and creators.
  • One Assessment - Serbian talent development and analytics startup.
  • MD Agency - Estonian gateway provider for videos and display advertising.
  • Vectary - Slovakian augmented reality design platform providing customers with tools to accelerate and simplify the creation process.
  • 3minutesjob - Croatian recruiting platform for blue-collar workers.
  • Twire - Croatian platform for providing statistics to e-sports broadcasters.
  • Roster - Croatian platform for expense claim tracking.
  • 3commas - Estonian cryptocurrency trading tool.


*If you have some insights regarding our report, drop me a line!

Want to get the more detailed view on the CEE Startup & VC Scene in 4Q 2020?

Discover our monthly reports:
TOP CEE Funding Rounds Closed in October
TOP CEE Funding Rounds Closed in November
TOP CEE Funding Founds Flosed in December

Sources: Vestbee VC & startup community, startup press releases, web & social media monitoring, Crunchbase, PFR (Polish Development Fund).


Related Posts:

VC Funding in CEE Report - 3Q 2020 (by Konrad Koncerewicz, Community Builder, Vestbee)

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