In this report, we have included the disclosed VC rounds that have been made public before the end of the 2Q 2021 or provided by our VC & startup community. It does not include grants and transactions below €50k. Additionally, although we’re always happy to see startups operating in CEE, we have decided to focus only on companies that originate from CEE, self-identify as CEE companies or there is a significant presence of the CEE founder. Please also be informed that the report is focused on the standard understanding of the CEE region (e.g. Turkey is not included).
Sources: Vestbee VC & startup community, startup press releases, web & social media monitoring, Crunchbase, PFR (Polish Development Fund).
Startup investment rounds in CEE in 2Q 2021
> Number of funding rounds: 194
> The biggest disclosed investment round: Vinted - Series F - €250M, Rohlik - Series C - €100M, Uncapped - Series B - €66M, Productboard - Series C - €60.5M, Veriff - Series B - €58M.
>Total value of funding closed in CEE: over €900M*
> Countries with the majority of funding rounds: Poland - 118 rounds, Estonia - 21 rounds
> The most active VC fund: Fil Rouge Capital, Smok Ventures, Next Road Ventures, Knowledge Hub, Accel, Early Game Ventures, Lighthouse Ventures.
> The most appreciated industries: Ecommerce, Fintech, Analytics, Cyber Security, Automotive, AI, Big Data, Media.
*15 rounds undisclosed in terms of transaction value
In the 2nd quarter of 2021, 194 investment rounds were closed in Central and Eastern Europe, while only 110 were fully disclosed in terms of amount, month, participating investors and company details. According to fully disclosed data, 38 funding rounds took place in April, 35 in May and 37 in June. The number of investments each month remained at a similar level throughout the whole quarter, however, May was much more abundant in terms of amounts of investments that reached the value of over €380M mainly thanks to the outstanding round of Lithuanian first unicorn - Vinted (Series F, €250M). In April and June startups raised over €205M and €287M respectively, while the total value of investments in 2Q 2021 reached over €900M. Apart from Vinted, we cannot ignore the contribution of Czech Rohlik, whose latest funding round in the amount of €100M, made it achieve unicorn status.
The most active countries in terms of the majority of funding rounds in Q2 were Poland and Estonia, which secured 118 and 21 rounds respectively. Poland was leading in terms of the number of secured funding rounds, but it was Lithuania where the amount of investment was the highest (€286M) - mainly thanks to a huge contribution of well-recognized Vinted (Series D of €250). The Czech Republic was another country that raised a significant level of funding (over €180M) and among other countries worth mentioning are Estonia, Romania and Croatia.
When it comes to the most popular sectors, in the second quarter funds were mainly invested into Ecommerce, Fintech, Analytics, Cyber Security, Automotive, AI, Big Data and Mediatech, while the most active investors were Fil Rouge Capital, Smok Ventures, Next Road Ventures, Knowledge Hub, Accel, Early Game Ventures, Lighthouse Ventures.
Investment rounds in June
> Number of funding rounds: 37
> The biggest investment rounds: Rohlik - Series C - €100M, MaintainX - Series B - €32.7M, Skeleton Technologies - Series D - €29M
> Total value of funding secured in CEE: over €280M
> Countries with the majority of funding rounds: Poland - 13 rounds, Estonia - 7, Romania - 7
> The most active VC fund: Fil Rouge Capital, Smok Ventures, Next Road Ventures.
> The most appreciated industries: Delivery services, Artificial Intelligence, E-commerce, Healthcare.
In June the amount of financing obtained by CEE startups exceeded the value of €280M secured in 37 rounds. Poland took the leader’s position with 13 rounds, followed by Estonia with 7 rounds. The biggest investment rounds were secured by Czech Rohlik (Series C of €100M), Romanian-USA MaintainX (Series B of €32.7M), and Estonian Skeleton Technologies (Series D of €29M). Among the most active VC funds were Croatian Fil Rouge Capital, Polish Smok Ventures, and Next Road Ventures, whereas among the top areas that attracted investors’ attention were Artificial Intelligence, E-commerce, Healthcare, and Delivery Services.
Find out more: TOP CEE Funding Rounds Closed in June
Investment rounds in May
> Number of funding rounds: 35
> The biggest investment round: Vinted - Series F - €250M, Uncapped - Series B - €66.2M, Interactio - Series A - €24.4M
> Total value of funding secured this in CEE: over €380M
> Countries with the majority of funding rounds: Poland - 8 rounds, Estonia - 5 rounds, Lithuania - 5 rounds
> The most active VC fund: Fil Rouge Capital - in terms of the number of financing rounds, Accel, Burda Principal Investments, EQT, Insight Partners, Lightspeed Venture Partners, Sprints Capital - in terms of participating in the biggest investment round (Vinted’s).
> The most appreciated industries: E-commerce, Artificial Intelligence, Analytics, Marketing.
May was very similar to June in terms of the number of funding rounds secured, however, May was the month when startups raised the most money - over €380M. The biggest funding rounds were secured by Lithuanian Vinted (Series F of €250M), Polish Uncapped (Series B of €66.2M), and Lithuanian Interactio (Series A of €24.4M). Once again, Poland was leading in terms of the majority of funding rounds by landing 8 out of 35 funding rounds, but it was Lithuania that (thanks to the impressive round of its unicorn - Vinted) secured over €280M in total. The most active VC fund in terms of the number of rounds was Fil Rouge Capital, however, Accel, Burda Principal Investments, EQT, Insight Partners, Lightspeed Venture Partners, and Sprints Capital should be singled out as the contributors of the biggest round this month. Among the most appreciated industries were E-commerce, Artificial Intelligence, Analytics, and Marketing.
Find out more: TOP CEE Funding Rounds Closed in May
Investment rounds in April
> Number of funding rounds: 38
> The biggest investment round: Productboard - Series C - €60.5M, Veriff - Series B - €58M, Payhawk - Series A - €16.8M
> Total value of funding secured in CEE: over €205M
> Countries with the majority of funding rounds: Poland - 10, Estonia - 9 rounds
> The most active VC fund: Startup Wise Guys, Fil Rouge Capital in terms of the number of funding rounds and Tiger Global, Sequoia Capital, Kleiner Perkin, Index Capital, Bessemer Venture Partners due to participating in the biggest round of the month - Productboard.
> The most appreciated industries: AI, Cyber-security, Analytics, Advertising.
April, the first month of 2Q 2021, was the most active month in terms of the number of investment rounds (38), but the funding volume secured this month was the lowest in the whole quarter - it slightly exceeded €200M. Polish and Estonian ecosystems were leading in terms of the number of secured funding rounds by landing 10 and 9 rounds respectively, and top investment rounds were allocated to Czech Productboard (Series C of €60.5M), Estonian Veriff (Series B of €58M) and Bulgarian Payhawk (Series A round of €16.8M). Taking a look at industries, AI, FinTech, Advertising, E-commerce, and Legal Tech were the most popular courses of investments in April. Among the most active investors were Startup Wise Guys & FRC (in terms of funding rounds), and Tiger Global, Sequoia Capital, Kleiner Perkin, Index Capital, Bessemer Venture Partners due to participating in the biggest round of the month - Productboard.
Find out more: TOP CEE Funding Rounds Closed in April
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