Every six months, The Recursive publishes an overview of the largest funding rounds across Central and Eastern Europe (CEE). As 2025 comes to a close, the picture that emerges is one of a region maturing unevenly—advancing at two distinct speeds.
TL;DR
Poland and Romania captured mega-rounds that reshaped regional ambitions, while more established markets such as the Czech Republic saw a slowdown. The Baltics delivered steady growth, Greece continued its gradual expansion, and the Western Balkans focused on stabilizing around deal quality rather than volume.
From Regional Momentum to Global Ambition
In 2025, Poland completed its transition from a promising regional ecosystem to a global contender. Romania followed closely, with Dexory securing a $165 million Series C—nearly matching the country’s total funding volume for all of 2024. Meanwhile, more mature markets like the Czech Republic struggled to maintain previous momentum.
The Czech ecosystem was dominated by just three rounds—Cera, Mews, and Exaforce—which together accounted for 52% of total capital raised. Notably, none of these companies are headquartered locally. While this signals a cooling compared to 2024, the context matters: 2023 was significantly weaker, allowing the Czech market to still frame 2025 as a relatively solid year.
The Baltics: Stability, Infrastructure, and Investor Confidence
The Baltic states continued to demonstrate resilience and consistency. Lithuania’s ecosystem surpassed €16.4 billion in value, Latvia recorded a 190% increase in investment to €73 million, and Estonia stabilized with approximately €1 billion in capital ready for deployment.
Strong regulatory frameworks, advanced digital infrastructure, and a proven track record of exits continue to attract international investors to the region.
Poland’s Leap Forward
Poland was one of the standout stories of 2025. After achieving unicorn status in 2024, ElevenLabs closed an “astonishing” Series C round in 2025. Spacelift and Nomagic also secured major funding rounds, reinforcing Poland’s position as a serious global player.
Top-tier investors such as a16z and Khosla Ventures are now backing Polish startups competing on the international stage. Deep tech, robotics, and defense emerged as dominant sectors, reflecting a strategic shift away from volume-driven funding toward backing globally scalable outliers.
Greece’s Gradual Acceleration
Greece posted meaningful growth, with its top 10 startups raising 35% more capital compared to 2024. Improved accelerator programs, stronger diaspora engagement, and talent retention efforts have helped attract global investors. Fintech, health tech, and SaaS remain the ecosystem’s primary focus areas.
Croatia: Less Capital, Greater Maturity
Croatia’s total investment volume declined in 2025, a predictable correction after 2024 was heavily skewed by Verne’s €100 million round. Following a funding drought in the first half of the year, the ecosystem closed 2025 with notable exits, including SplxAI and Airt.
Seed rounds for Wasp and GlycanAge signal increasing startup maturity, with founders prioritizing quality and long-term sustainability over rapid capital accumulation.
Serbia and Bulgaria: A Test of Resilience
Serbia and Bulgaria faced a challenging environment amid a global venture capital slowdown. Serbia recorded minimal investment activity but demonstrated the strength of its diaspora through Dren Bio’s nearly $2 billion exit.
In Bulgaria, funding slowed during the second half of the year, with EnduroSat standing out as the most significant round, backed by Peter Thiel. Despite this, overall activity remains modest compared to regional leaders.
CEE startup ecosystems are maturing—but not uniformly. Investors were more cautious in 2025, resulting in fewer deals with greater individual impact. The region is clearly transforming, navigating changing capital flows and recalibrating expectations.
The key question remains: will Warsaw and Bucharest succeed in pulling other CEE markets forward, or will the two-speed dynamic continue to define the region’s investment landscape?
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