CEE SaaS Index

A simple tool for startups and investors to value SaaS companies in Central & Eastern Europe based on revenue multiples from publicly traded SaaS companies from the CEE region, developed by Vestbee and Warsaw Equity Group.

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Why we created the CEE SaaS Index

While revenue multiples from publicly traded SaaS companies can provide a helpful starting point for valuation, currently available indexes are only based on US-listed SaaS companies, leaving the CEE region without relevant benchmarks, despite the region's thriving startup ecosystem and quadrupled VC funding over the last three years.

With projected growth and increased investment in CEE tech companies, a more appropriate valuation benchmark for regional startups and investors is required. To meet this need, Vestbee and the Warsaw Equity Group have collaborated to develop the CEE SaaS Index, providing a relevant benchmark for both regional and international investors.

CEE Revenue Multiple

Data as of April 30, 2023

CEE Median Revenue Multiple
Median Revenue Growth Rate (YoY)
Total Market Cap
No. of SaaS companies in the index

CEE vs US Revenue Multiple (Median)

Data as of April 30, 2023

This chart provides a comparison of the median revenue multiples of listed SaaS companies in the CEE region and the US. The US data is based on the BVP Nasdaq Emerging Cloud Index.

CEE Median Revenue Multiple
CEE Median Revenue Growth Rate (YoY)
US Median Revenue Multiple
US Median Revenue Growth Rate (YoY)

Everything you need to know

About the CEE SaaS Index

The Index is developed by Vestbee and Waraw Equity Group teams.
Companies included in the Index generate at least 50% of their total revenue from sales of SaaS products.
Service providers, integrators, ecommerce stores, and ecommerce marketplaces are excluded from the CEE SaaS Index.
The revenue multiple is calculated by dividing market capitalization by historical annualized quarterly revenue, based on the last available quarter's revenue multiplied by four (x4).
The Index is regularly updated on a monthly basis for valuations and quarterly basis for the list of companies in the index, their market cap, and revenue data (if available). Not all companies in the index report financial data on a quarterly basis.
The CEE region covers 20 countries including Albania, Belarus, Bosnia & Herzegovina, Bulgaria, Croatia, Czechia, Estonia, Latvia, Lithuania, Hungary, Kosovo, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.
The Index is based on a relatively small number of companies, which means that the results can be significantly influenced by just a few companies.

Companies included in the index:

  • Estonia: TextMagic, Modera
  • Poland: Brand24, LiveChat, R22, Shoper, Vercom, Woodpecker, InteliWISE (delisted in 2022), DataWalk
  • Romania: Ascendia
  • Slovenia: DataLab

Companies that we thought about, but decided not to include (BTW: if you feel like we missed some companies, let us know!):

  • Czech Republic: eMan, Hardwario
  • Hungary: Kulcs-Soft
  • Poland: Optigis
  • Romania: AROBS, Bento, 2Performant
  • Serbia: Informatika

Source of data: financial reports, individual exchanges websites, Pitchbook and Koyfin.

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About WEG

Warsaw Equity Group (WEG) is a private equity/venture capital fund that invests up to €10m in innovative B2B solutions within the High-Tech/Industry 4.0 space.


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