Which CEE country raises the most VC?
From January to September 2026, Czech startups raised the most capital in Central and Eastern Europe, €513 million, and Polish startups closed the most rounds, 67. The Baltics together raised €326 million on 71 rounds, more capital than Poland, against €506 million on 140 rounds a year earlier.
The figures
| Where the startup counts | Rounds 2025 | Rounds 2026 | Capital 2025 | Capital 2026 | Largest round 2026 |
|---|---|---|---|---|---|
| Czechia | 55 | 47 | €255 million | €513 million | Mews, €273 million |
| Ukraine | 70 | 50 | €65 million | €282 million | Preply, €136 million |
| Poland | 92 | 67 | €251 million | €226 million | Viktor, €68 million |
| Bulgaria | 23 | 22 | €104 million | €199 million | EnduroSat, €178 million |
| Lithuania | 48 | 28 | €177 million | €182 million | Oxylabs, €118 million |
| Estonia | 77 | 39 | €257 million | €133 million | Skeleton Technologies, €33 million |
| Hungary | 34 | 22 | €118 million | €122 million | Zocks, €41 million |
| Romania | 32 | 30 | €92 million | €105 million | Cyber Swarm, €46 million |
| Slovakia | 18 | 11 | €72 million | €55 million | GA Drilling, €40 million |
| Latvia | 15 | 4 | €73 million | €12 million | A growth round, €9 million |
| Baltics | 140 | 71 | €506 million | €326 million | Oxylabs, €118 million |
| All of CEE | 464 | 320 | €1.46 billion | €1.83 billion | Mews, €273 million |
January to September of each year, sorted by capital raised in 2026. In the BADideas funding report, rounds fell in all ten countries. Capital rose in six: Czechia, Ukraine, Bulgaria, Lithuania, Hungary and Romania.
Each country has its own quarterly report, built from the same record, with its stages, sectors, investors and exits: Poland, Estonia, Lithuania, Latvia, Czechia, Slovakia, Romania, Ukraine, Hungary, Bulgaria.
What is changing
One or two large rounds decide most country totals this year.
- Czechia doubled its capital on Mews (€273 million) and Exaforce (€114 million). Without them Czech startups raised €126 million, and rounds fell to 47 from 55.
- Ukraine is the only country where capital grew without its largest round. Without Preply's €136 million, Ukrainian startups raised €145 million against €65 million a year earlier.
- Bulgaria rests on EnduroSat's €178 million, the largest round ever for a Bulgarian company. Without it, Bulgarian startups raised €21 million against €104 million.
- Lithuania rose 3% on Oxylabs' €118 million. Without it, Lithuanian startups raised €64 million.
- Poland is still the most active market but raised 10% less, on 67 rounds against 92.
- Estonia had the largest fall in absolute terms: capital down €124 million and rounds halved, to 39 from 77.
- Latvia recorded four rounds against 15, and €12 million against €73 million.
Across CEE
| Baltics, January to September | Rounds 2025 | Rounds 2026 | Capital 2025 | Capital 2026 |
|---|---|---|---|---|
| Pre-seed | 63 | 19 | €14 million | €7 million |
| Seed | 54 | 39 | €91 million | €78 million |
| Series A | 12 | 6 | €84 million | €78 million |
| Growth | 11 | 7 | €316 million | €163 million |
| All stages | 140 | 71 | €506 million | €326 million |
Baltic rounds fell at every stage. The steepest fall is at pre-seed, the stage public data records least fully.
What it means for you
- A country total says little about your round. In five of ten countries, one round is more than half of the year's capital.
- Look at the number of rounds at your stage. It shows how often investors in your country are writing cheques.
- Read a country without its largest round. Czech startups raised €513 million in total and €126 million without their two largest rounds.
Related questions
How much did Baltic startups raise in 2026?
€326 million from January to September 2026, on 71 rounds: Lithuania €182 million, Estonia €133 million and Latvia €12 million. In the same months of 2025 the Baltics raised €506 million on 140 rounds.
Which CEE country has the most startup funding rounds?
Poland, with 67 rounds from January to September 2026, ahead of Ukraine (50) and Czechia (47). Poland also led the BADideas count in 2024 and 2025, with 133 and 129 rounds.
Is startup funding growing in Poland, Estonia or Lithuania?
No. In 2026 so far, capital fell 10% in Poland and about half in Estonia, and Lithuania rose 3% only because of one €118 million round. Rounds fell in all three.
How we measured it
- On this page: A startup counts in the country where it is headquartered, or, if it started in the region or keeps its main team here and moved its headquarters abroad, in the country where it started. A company that qualifies only through a large office here, and whose rounds would outweigh its country's whole year, is left out of the totals. Venture rounds only: grants, loans and secondary sales are not counted. Amounts in euros at about 1.10 US dollars to the euro. January to September 2026 against the same months of 2025. This is the Q3 2026 edition. Full method: CEE startup funding report.
- Updated: 18 October 2026.
BADideas.fund, "Which CEE country raises the most VC?", updated 18 October 2026. https://badideas.fund/answers/startup-funding-by-country-cee
Ask a follow up
Who we are
We are a pre-seed and seed fund for founders in Central and Eastern Europe. We have built and sold companies ourselves, and since 2022 we have backed more than 40.
We back founders who see something about their market that others do not see yet. They want to change how a whole industry works, and they start small.
Good founders rarely fail on the idea or the product. They fail on selling it. We give your company hands-on help from go-to-market operators who grew Zendesk, Square and Scale AI.