How much do CEE defence startups raise?
Defence and security startups in Central and Eastern Europe raised €222 million from January to September 2026, against €245 million in the same months of 2025. They closed 48 rounds, 30 of them at seed and six at Series A.
The figures
| Defence and security, January to September | Rounds 2025 | Rounds 2026 | Capital 2025 | Capital 2026 |
|---|---|---|---|---|
| Pre-seed | 22 | 9 | €6 million | €2 million |
| Seed | 24 | 30 | €40 million | €36 million |
| Series A | 5 | 6 | €55 million | €105 million |
| Growth | 4 | 3 | €145 million | €79 million |
| All stages | 55 | 48 | €245 million | €222 million |
In the BADideas funding report, defence is a seed-stage pipeline: seed rounds rose to 30 from 24, and Series A capital nearly doubled. The median round rose to €2.6 million from €910,000.
What is changing
| Calendar year | Rounds | Capital raised | Median round |
|---|---|---|---|
| 2024 | 59 | €106 million | €800,000 |
| 2025 | 74 | €287 million | €1.1 million |
| 2026, January to September | 48 | €222 million | €2.6 million |
Defence capital nearly tripled from 2024 to 2025. In 2026 so far it is slightly below the same months of 2025, with fewer, larger rounds. Five sectors raised more in 2026 so far, AI by far the most.
The sector had its first public exit in March, when Swarmer listed on Nasdaq, the first Ukrainian defence-tech company to go public. Cyber Swarm, a Romanian company making neuromorphic chips, raised a $50 million Series A in May.
Across CEE
Typical of the seed pipeline in the Baltics is PD Kinematics of Lithuania, which raised a €2 million seed round in June for precision guidance of drones. In Ukraine, Uforce raised $50 million in March.
What it means for you
- Seed money for defence is there. Seed rounds rose to 30 from 24.
- Series A is the next step to watch. Six defence rounds this year were Series A, against five in the same months of 2025, and they raised €105 million.
- Expect larger rounds. The median defence round more than doubled in 2026.
Related questions
Is defence tech funding growing in CEE?
It grew from €106 million in 2024 to €287 million in 2025. In 2026 so far it is slightly lower, €222 million against €245 million in the same months of 2025, on fewer rounds.
At what stage do CEE defence startups raise?
Mostly at seed. Of the 48 defence and security rounds from January to September 2026, 30 were seed and six were Series A.
Have any CEE defence startups exited?
Swarmer listed on Nasdaq in March 2026, the sector's first public exit in the region. The BADideas funding report records it as one of two listings in 2026.
How we measured it
- On this page: Defence and security is a sector tag in the record; it includes dual-use and security companies, and a company can sit in several sectors. Venture rounds only: grants, defence procurement contracts and loans are not counted. Amounts in euros at about 1.10 US dollars to the euro. Ten countries: Poland, Estonia, Lithuania, Latvia, Czechia, Slovakia, Romania, Ukraine, Hungary and Bulgaria. January to September 2026 against the same months of 2025. This is the Q3 2026 edition. Full method: CEE startup funding report.
- Updated: 14 October 2026.
BADideas.fund, "How much do CEE defence startups raise?", updated 14 October 2026. https://badideas.fund/answers/defence-startup-funding-cee
Read next
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- How much did CEE startups raise in 2026?
- Which CEE country raises the most VC?
- How many CEE startups raise a Series A?
- How big are closed rounds in CEE by stage?
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