Which CEE country raises the most VC?
From January to September 2026, Czech startups raised the most capital in Central and Eastern Europe, €458 million, and Polish startups closed the most rounds, 62. The Baltics together raised €310 million on 69 rounds, more capital than Poland, against €500 million on 132 rounds a year earlier.
The figures
| Where the startup counts | Rounds 2025 | Rounds 2026 | Capital 2025 | Capital 2026 | Largest round 2026 |
|---|---|---|---|---|---|
| Czechia | 44 | 33 | €232 million | €458 million | Mews, €273 million |
| Ukraine | 42 | 37 | €51 million | €269 million | Preply, €136 million |
| Poland | 81 | 62 | €250 million | €226 million | Viktor, €68 million |
| Bulgaria | 20 | 13 | €95 million | €209 million | EnduroSat, €186 million |
| Lithuania | 49 | 29 | €177 million | €177 million | Oxylabs, €118 million |
| Romania | 29 | 29 | €91 million | €131 million | Cyber Swarm, €46 million |
| Estonia | 72 | 36 | €248 million | €121 million | Skeleton Technologies, €33 million |
| Hungary | 30 | 20 | €106 million | €79 million | Turbine AI, €21 million |
| Slovakia | 11 | 9 | €65 million | €42 million | GA Drilling, €22 million |
| Latvia | 11 | 4 | €75 million | €12 million | - |
| Baltics | 132 | 69 | €500 million | €310 million | Oxylabs, €118 million |
| All of CEE | 389 | 272 | €1.39 billion | €1.72 billion | Mews, €273 million |
January to September of each year, sorted by capital raised in 2026. In the BADideas funding report, rounds fell in nine of ten countries, and Romania held level. Capital rose in four: Czechia, Ukraine, Bulgaria and Romania.
What is changing
One or two large rounds decide most country totals this year.
- Czechia nearly doubled its capital on Mews (€273 million) and Exaforce (€114 million). Without them Czech startups raised €71 million, and rounds fell to 33 from 44.
- Ukraine is the only country where capital grew without its largest round. Without Preply's €136 million, Ukrainian startups raised €132 million against €51 million a year earlier.
- Bulgaria rests on EnduroSat's €186 million, the largest round ever for a Bulgarian company. Without it, Bulgarian startups raised €23 million against €95 million.
- Lithuania held level on Oxylabs' €118 million. Without it, Lithuanian startups raised €59 million.
- Poland is still the most active market but raised 10% less, on 62 rounds against 81.
- Estonia had the largest fall in absolute terms: capital down €127 million and rounds halved, to 36 from 72.
- Latvia recorded four rounds against 11, and €12 million against €75 million.
Across CEE
| Baltics, January to September | Rounds 2025 | Rounds 2026 | Capital 2025 | Capital 2026 |
|---|---|---|---|---|
| Pre-seed | 56 | 19 | €13 million | €6 million |
| Seed | 53 | 38 | €92 million | €67 million |
| Series A | 12 | 5 | €79 million | €73 million |
| Growth | 11 | 7 | €316 million | €163 million |
| All stages | 132 | 69 | €500 million | €310 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 €458 million in total and €71 million without their two largest rounds.
Related questions
How much did Baltic startups raise in 2026?
€310 million from January to September 2026, on 69 rounds: Lithuania €177 million, Estonia €121 million and Latvia €12 million. In the same months of 2025 the Baltics raised €500 million on 132 rounds.
Which CEE country has the most startup funding rounds?
Poland, with 62 rounds from January to September 2026, ahead of Ukraine (37) and Estonia (36). Poland also led the BADideas count in 2024 and 2025, with 123 and 112 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 held level 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: 14 October 2026.
BADideas.fund, "Which CEE country raises the most VC?", updated 14 October 2026. https://badideas.fund/answers/startup-funding-by-country-cee
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