HOME›REPORTS›CEE STARTUP FUNDINGQ3 2026 UPDATE

REPORT / Q3 2026 UPDATE / DATA TO 30 SEPTEMBER 2026

CEE startup funding report

Startup funding data in Central and Eastern Europe is messy. Rounds are announced in a dozen languages, often months after they close, and no single database has them all or has them right.

This report builds one record from many sources. We cross-check startup databases against company, investor and press announcements, fix the mistakes we find, and add rounds that were never fully published.

It covers venture rounds and exits across ten CEE countries: every kind of startup, software and hardware, business and consumer, including companies that started here and moved their headquarters abroad.

We add a quarter every three months and set the year so far against the same months a year earlier. If you are raising, it shows what rounds like yours look like now: how many close, at what size, and who writes the cheques.

Highlights

€1.72bn
Raised in 9M 2026
+24% on 9M 2025

Startups from the region raised €1.72bn in the first nine months of 2026, up 24% from €1.39bn a year earlier. Most of the rise is at growth stage, where five rounds, Mews, EnduroSat, Preply, Oxylabs and Exaforce, raised €827m, nearly half of all capital. Pre-seed to Series A raised €705m, 3% more than a year earlier.

272
Venture rounds in 9M 2026
-30% on 9M 2025

We count 272 venture rounds so far this year against 389 by September 2025. Most of the drop is at pre-seed, where the record of recent rounds is least complete. Excluding pre-seed, rounds are down 11%, 208 against 235, and seed capital rose 21%.

21
Venture-backed exits in 9M 2026
31 in 9M 2025

21 venture-backed companies were acquired or listed by September, against 31 in the same months of 2025. Buyers include Apple, Coupa, Pipedrive, Veriff and Sectra.

01 / THE MARKET

The market

Fewer rounds at every stage, offset by a handful of large rounds: capital is up 24%, rounds are down 30%.

Capital raised by stage, € millions
SHOW DATA
Capital raised by stage
RowPre-seedSeedSeries AGrowthTotal
2024693722299671637
2025573514639751846
9M 20262331736510161722

Growth rounds raised €1.02bn against €706m a year earlier, and five of them account for nearly half of all capital this year: Mews (€273m), EnduroSat (€186m), Preply (€136m), Oxylabs (€118m) and Exaforce (€114m). Pre-seed to Series A raised €705m against €684m.

9M 2026 covers January to September 2026. The dashed line marks the same months of 2025.

Number of rounds by stage
SHOW DATA
Number of rounds by stage
RowPre-seedSeedSeries AGrowthTotal
20242322644038574
20252042245046524
9M 2026641562923272

Round counts fell in every quarter of 2026 against the year before, most of all at pre-seed. A small part of the drop is reporting lag: some rounds are announced months after they close, and each update adds them to the quarter they closed in. Pre-seed is also the stage public data records least fully. Seed and later rounds are down 11%.

Same months, like for like: 9M 2026 against 9M 2025
Year to date against the same months last year
Row9M 20259M 2026Change
Capital€1.39bn€1.72bn+24%
Rounds389272-30%
Pre-seed rounds15464-58%
Seed rounds166156-6%
Series A rounds3929-26%
Growth rounds3023-23%
Capital by quarter, € millions

Quarter by quarter, capital swings with the timing of large rounds. The count of rounds is the steadier signal.

The latest quarter is still filling in and will rise.

02 / COUNTRIES

Countries

Rounds fell in nine of ten countries. Capital rose in four: Czechia, Romania, Ukraine and Bulgaria. Only Ukraine grew without its largest round.

A company counts in the country where it is headquartered, or, if it moved its headquarters abroad, in the country where it started.

Capital and rounds by country, 9M 2026 against 9M 2025, largest capital first
Country€m 9M 2026Change on 9M 2025Rounds 9M 2026Change on 9M 2025Largest round 9M 2026
Czechia458▲ +98%33▼ -25%Mews, €273m
Ukraine269▲ +427%37▼ -12%Preply, €136m
Poland226▼ -10%62▼ -23%Viktor, €68m
Bulgaria209▲ +120%13▼ -35%EnduroSat, €186m
Lithuania177flat29▼ -41%Oxylabs, €118m
Romania131▲ +43%29flatCyber Swarm, €46m
Estonia121▼ -51%36▼ -50%Skeleton Technologies, €33m
Hungary79▼ -26%20▼ -33%Turbine AI, €21m
Slovakia42▼ -35%9▼ -18%GA Drilling, €23m
Latvia12▼ -85%4▼ -64%Giraffe360, €9.1m

PL

Poland

€226m
9M 2026, -10%
62
rounds, 81 a year ago

Still the most active market, but losing ground: 62 rounds against 81, and capital down 10% to €226m. Viktor's €68m Series A and Pathway's €27m round lead. Pathway's Polish founders keep a team in Wrocław, with headquarters in Palo Alto.

LARGEST: Viktor €68m, Pathway €27m, Ingenix.ai €13m

BALTICS / EE

Estonia

€121m
9M 2026, -51%
36
rounds, 72 a year ago

The largest fall in the region in absolute terms: capital down €127m to €121m, and rounds halved to 36 from 72. Latvia fell further in percentage terms, from a much smaller base. Skeleton Technologies (€33m) and Frankenburg Technologies (€30m) are the largest rounds.

LARGEST: Skeleton Technologies €33m, Frankenburg Technologies €30m, Mesh Wallet €9.1m

BALTICS / LT

Lithuania

€177m
9M 2026, 0%
29
rounds, 49 a year ago

One round holds Lithuania level: Oxylabs' €118m, its first outside capital. Without it Lithuania raised €59m, and rounds fell to 29 from 49.

LARGEST: Oxylabs €118m, Saltz App €20m, Copla €6.0m

BALTICS / LV

Latvia

€12m
9M 2026, -85%
4
rounds, 11 a year ago

Activity has nearly stopped: four recorded rounds against 11, and €12m against €75m. The largest is Giraffe360's €9m. The company started in Riga and is now headquartered in London.

LARGEST: Giraffe360 €9.1m, Birdychat €1.7m, Spotwiseai €0.4m

CZECHIA AND SLOVAKIA / CZ

Czechia

€458m
9M 2026, +98%
33
rounds, 44 a year ago

Capital nearly doubled, on two companies: Mews (€273m), started in Prague and now in Amsterdam, and Exaforce (€114m), built largely by its Prague engineering team. Without them Czechia raised €71m, and rounds fell to 33 from 44.

LARGEST: Mews €273m, Exaforce €114m, ValkaAI €12m

CZECHIA AND SLOVAKIA / SK

Slovakia

€42m
9M 2026, -35%
9
rounds, 11 a year ago

A small market that shrank: nine rounds against 11, and capital down 35%. GA Drilling's €22m is the largest round.

LARGEST: GA Drilling €23m, Sapience AI €8.0m, Sloneek €5.5m

RO

Romania

€131m
9M 2026, +43%
29
rounds, 29 a year ago

Capital up 43% to €131m on the same number of rounds, 29. Cyber Swarm's $50m Series A leads. The company started in Ploiești, where its research team still works, and is now headquartered in California. Without it Romania raised €85m against €91m.

LARGEST: Cyber Swarm €46m, FintechOS €26m, Veridion €18m

UA

Ukraine

€269m
9M 2026, +427%
37
rounds, 42 a year ago

The only country where capital grew even without its largest round. Preply's €136m lifts the total to €269m. Without it, Ukraine raised €132m against €51m a year ago, led by Uforce (€46m) and HOLYWATER (€20m).

LARGEST: Preply €136m, Uforce €46m, HOLYWATER €20m

HU

Hungary

€79m
9M 2026, -26%
20
rounds, 30 a year ago

Fewer rounds and less money: 20 rounds against 30, and €79m against €106m. Turbine AI (€21m) and Ominimo (€20m), headquartered in Budapest, are the largest.

LARGEST: Turbine AI €21m, Ominimo €20m, ABZ Innovation €7.0m

BG

Bulgaria

€209m
9M 2026, +120%
13
rounds, 20 a year ago

One round makes the year: EnduroSat's €186m, the largest ever for a Bulgarian company. Without it Bulgaria raised €23m against €95m, on 13 rounds against 20.

LARGEST: EnduroSat €186m, Tiger Technology €9.1m, Paypercut €5.0m

03 / STAGES AND ROUND SIZES

Stages and round sizes

The largest rounds got much bigger at Series A and growth, and seed grew. The number of rounds fell at every stage.

Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.

Pre-seed

Fewer pre-seed rounds on record, and larger ones: 64 so far against 154 a year ago, with the median round at €0.41m against €0.25m. Read both with care. Small cheques surface latest, so the count will rise and the median is likely to fall.

Pre-seed round size, middle half and median
SHOW DATA
Pre-seed round size
RowLower quartileMedianUpper quartileRounds
2024€0.1m€0.3m€0.5m225
2025€0.1m€0.3m€0.5m187
9M 2026€0.2m€0.4m€0.6m55
Pre-seed by country, 9M 2026 against 9M 2025
Pre-seed rounds and capital by country
Row€m 9M 2026ChangeRounds 9M 2026Change
Poland€4.0m▼ -51%13▼ -46%
Estonia€3.6m▼ -29%9▼ -61%
Ukraine€2.8m▼ -47%7▼ -61%
Romania€2.6mflat8▼ -20%
Bulgaria€2.4m▲ +50%4flat
Hungary€2.0m▼ -9%6▼ -68%
Czechia€2.0m▼ -74%5▼ -76%
Lithuania€1.9m▼ -68%8▼ -71%
Slovakia€1.3m▲ +160%2flat
Latvia€0.8m▼ -53%2▼ -60%

Seed

Seed is where early-stage money grew: capital up 21% on slightly fewer rounds, 156 against 166. The rise comes from the smaller seed rounds getting bigger: the lower quartile is €1.4m against €1.2m a year ago, while the median has stayed close to €2m for three years.

Seed round size, middle half and median
SHOW DATA
Seed round size
RowLower quartileMedianUpper quartileRounds
2024€1.1m€2.0m€2.9m158
2025€1.1m€1.7m€3.0m145
9M 2026€1.4m€2.0m€3.2m110
Seed by country, 9M 2026 against 9M 2025
Seed rounds and capital by country
Row€m 9M 2026ChangeRounds 9M 2026Change
Poland€87m▲ +9%38▼ -7%
Czechia€48m▲ +66%21▲ +31%
Romania€39m▲ +405%18▲ +64%
Ukraine€38m▲ +59%21▲ +5%
Estonia€35m▼ -45%21▼ -43%
Lithuania€30m▲ +87%16▲ +33%
Hungary€22m▲ +32%9▲ +13%
Bulgaria€11m▲ +100%7▼ -30%
Slovakia€4.9m▼ -27%4▼ -43%
Latvia€1.7m▼ -86%1▼ -75%

Series A

Fewer Series A rounds, 29 against 39, but the largest got larger: the top quarter of Series A rounds starts at €15m this year, against €10m in 2025, led by Viktor (€68m) and Cyber Swarm (€46m). Capital is 4% lower at €365m.

Series A round size, middle half and median
SHOW DATA
Series A round size
RowLower quartileMedianUpper quartileRounds
2024€4.5m€6.1m€8.7m35
2025€4.7m€7.8m€10m48
9M 2026€6.0m€8.0m€15m27
Series A by country, 9M 2026 against 9M 2025
Series A rounds and capital by country
Row€m 9M 2026ChangeRounds 9M 2026Change
Poland€125m▲ +50%6▼ -40%
Romania€64m▲ +20%2▼ -60%
Estonia€47m▲ +18%3▼ -50%
Ukraine€46m▲ +111%7▲ +133%
Lithuania€26m▼ -24%2▼ -60%
Czechia€21m▼ -79%4flat
Slovakia€14m▲ +69%2▲ +100%
Hungary€13m▼ -6%2flat
Bulgaria€9.1m▼ -60%1▼ -50%
Latvia----

Growth

The largest growth rounds got much larger. The top quarter of this year's growth rounds starts at €116m, against €47m in 2025, while the typical growth round, €25m at the median, has barely moved. Five rounds raised four fifths of growth capital.

Growth round size, middle half and median
SHOW DATA
Growth round size
RowLower quartileMedianUpper quartileRounds
2024€8.8m€20m€34m28
2025€18m€26m€47m28
9M 2026€15m€25m€116m15
Growth by country, 9M 2026 against 9M 2025
Growth rounds and capital by country
Row€m 9M 2026ChangeRounds 9M 2026Change
Czechia€386m▲ +306%3flat
Bulgaria€186m▲ +186%1▼ -75%
Ukraine€182mNew2▲ +100%
Lithuania€119m▼ -1%3▼ -25%
Hungary€41m▼ -43%3▲ +200%
Estonia€35m▼ -75%3▼ -50%
Romania€26m▼ -10%1▼ -67%
Slovakia€23m▼ -55%1flat
Poland€9.1m▼ -88%5▼ -17%
Latvia€9.1m▼ -84%1flat

04 / SECTORS

Sectors

AI took 69% of all capital, up from 48%, and grew at every stage from seed up. Defence and security raised less than a year earlier.

AI took 69% of all capital this year, €1.18bn against €667m a year earlier, on fewer rounds (113 against 139). It grew at every stage from seed up: seed capital rose 57%, Series A 37%, and growth rounds doubled. The only other large sector to grow at both seed and Series A is enterprise software, which overlaps heavily with AI. Hardware and robotics and fintech raised more in total, but only because of one or two large rounds each. Defence and security raised €222m against €245m despite the attention the sector gets. Energy and climate and health and bio closed less than half as many rounds as a year earlier. A company can sit in several sectors, so sector totals overlap.

Capital by sector, € millions
SHOW DATA
Capital by sector
Row202420259M 2026
AI4149041182
Hardware and robotics344385390
Fintech332377389
Enterprise software315479388
Energy and climate350382276
Defence and security106287222
Education5030147
Marketing and media2945376

Ranked by 9M 2026 capital. Sectors overlap.

Rounds by sector
SHOW DATA
Rounds by sector
Row202420259M 2026
AI189188113
Hardware and robotics697554
Fintech707035
Enterprise software12912766
Energy and climate536522
Defence and security597448
Education21148
Marketing and media764633

Same sectors, counted by number of rounds.

05 / LARGEST ROUNDS

Largest rounds

Five rounds raised nearly half of this year's capital.

Ten largest rounds, 9M 2026
Ten largest rounds 9M 2026
CompanyCountryStageAmountLead or first investor
MewsCzechiaGrowth€273mEQT Group
EnduroSatBulgariaGrowth€186mRiot Ventures
PreplyUkraineGrowth€136mWestCap
OxylabsLithuaniaGrowth€118mWarburg Pincus
ExaforceCzechiaGrowth€114mKhosla Ventures
ViktorPolandSeries A€68mAccel
UforceUkraineGrowth€46mLakestar
Cyber SwarmRomaniaSeries A€46mFalanga Invest
Skeleton TechnologiesEstoniaGrowth€33mAxon Partners Group
Frankenburg TechnologiesEstoniaSeries A€30mPlural
Largest round per country and stage, 9M 2026
Largest round per country and stage
RowPre-seedSeedSeries AGrowth
PolandTesterArmy €1.1mIngenix.ai €13mViktor €68mNomagic €9.1m
EstoniaInvestly €1.0mCreem €5.0mFrankenburg Technologies €30mSkeleton Technologies €33m
LithuaniaSuperpal €0.5mAxiology €5.0mSaltz App €20mOxylabs €118m
LatviaSpotwiseai €0.4mBirdychat €1.7m-Giraffe360 €9.1m
CzechiaFLAE ROBOTICS €0.7mValkaAI €12mWultra €6.8mMews €273m
SlovakiaTrollWall €0.8mDefinic €2.5mSapience AI €8.0mGA Drilling €23m
RomaniaPEMARKET.ro €0.8mOutcome1AI €9.0mCyber Swarm €46mFintechOS €26m
UkraineTrinity Robotics €0.5mYope €11mHOLYWATER €20mPreply €136m
HungaryAuxiliis Biomarker €0.9mAllonic €6.5mABZ Innovation €7.0mTurbine AI €21m
BulgariaQuillon €1.4mPaypercut €5.0mTiger Technology €9.1mEnduroSat €186m

Publicly reported rounds only.

06 / STARTED IN THE REGION, BASED ELSEWHERE

Started in the region, based elsewhere

Companies that started here and moved their headquarters abroad raise some of the region's largest rounds. They count in the totals.

Companies that started in the region, or keep their main team here, but are headquartered elsewhere. They count in the totals, under the country they started in. A company that meets this rule only through a large office here, and whose rounds would on their own outweigh its country's whole year, is shown in this list but left out of the totals, so that one company does not set the trend. Companies that founders from the region built abroad, with no base here, are not included.

Rounds in 9M 2026, largest first
Rounds of companies started in the region and based elsewhere, 9M 2026
CompanyCounted underBased inAmountIn totals
ElevenLabsPolandUnited States€455mNo
ICEYEPolandFinland€450mNo
MewsCzechiaNetherlands€273mYes
PreplyUkraineUnited States€136mYes
ExaforceCzechiaUnited States€114mYes
UforceUkraineUnited Kingdom€46mYes
Cyber SwarmRomaniaUnited States€46mYes
PathwayPolandUnited States€27mYes
FintechOSRomaniaUnited Kingdom€26mYes
YopeUkraineUnited States€11mYes
HaiquUkraineUnited States€10mYes
Giraffe360LatviaUnited Kingdom€9.1mYes
SkySelectEstoniaUnited States€8.2mYes
CargofyUkraineUnited States€5.5mYes
SloneekSlovakiaUnited Kingdom€5.5mYes
Occam IndustriesUkraineUnited Kingdom€3.8mYes
AppFactorRomaniaUnited Kingdom€3.6mYes
Occam IndustriesUkraineUnited Kingdom€3.0mYes
AiSDRUkraineUnited StatesUndisclosedYes
Headway IncUkraineCyprusUndisclosedYes
Spin.aiUkraineUnited StatesUndisclosedYes
SMOBYAHungaryNetherlandsUndisclosedYes
Headway IncUkraineCyprusUndisclosedYes
CAST AILithuaniaUnited StatesUndisclosedYes

07 / FOUNDERS

Founders

More of this year's funded startups have a solo founder or a founder who has built a company before. Fewer have a woman on the founding team.

Solo founders made up 26% of funded startups this year, against 18% in both 2024 and 2025. Teams with a founder who has started a company before rose to 62% from about half, and teams with at least one woman fell to 14% from 18%. Investors are backing more experienced founders, and more of them alone.

26%
Solo-founded, 9M 2026
18% in 2024, 18% in 2025
62%
With a founder who started a company before, 9M 2026
51% in 2024, 53% in 2025
14%
With at least one woman founder, 9M 2026
18% in 2024, 17% in 2025
Funded startups by founding team, by year
SHOW DATA
Share of funded startups by founding team, by year
Row202420259M 2026
Solo founder18%18%26%
Founder who started a company before51%53%62%
Founder with a technical background32%29%36%
At least one woman founder18%17%14%

Startups that raised a venture round, with founder data on record: 351 in 2024, 279 in 2025, 113 in 9M 2026. 2026 covers fewer companies so far, so its shares will move as the year fills in. Public data does not record age, nationality, education or prior employers consistently, so those measures are not in this report.

08 / INVESTORS

Investors

Local funds write the first cheques. From Series A on, nearly every round includes a fund from outside the region.

Local funds do the early work. The most active pre-seed and seed investors this year are all based in the region, led by FIRSTPICK (10 rounds), Hard2beat and NGL (7 each). Investors are ranked by the rounds they joined, led or followed.

Most active at pre-seed and seed, 9M 2026
Most active pre-seed and seed investors
InvestorBased inRoundsLed
FIRSTPICKLithuania104
Hard2beatPoland72
NGLLithuania72
Day One CapitalHungary61
Movens CapitalPoland55
Outlast FundLatvia53
Angel OneUkraine52
24VenturesPoland51
Digital Ocean VenturesPoland50
Coinvest capitalLithuania44
Inovo.vcPoland42
Tensor VenturesCzechia42
BADideas.fundLatvia41
JIC VenturesCzechia41
Slovak Investment HoldingSlovakia41
Hede Capital PartnersSweden40
Tiny Supercomputer Investment CompanyUnited Kingdom40
Simpact VCPoland33
Superhero CapitalFinland33
Early Game VenturesRomania32
ff Venture CapitalUnited States32
Iron Wolf CapitalLithuania32
LAUNCHub VenturesBulgaria32
Practica CapitalLithuania32
Sparking CapitalRomania32
Vitosha VenturesBulgaria32
VO2 Venturesn/a32
BrightCap VenturesBulgaria31
Lost AstronautLithuania31
Smok VenturesPoland31
TesonetLithuania31
Czech Founders VCCzechia30
Markus VilligEstonia30
STRT HoldingHungary30
TechstarsUnited States30
4growth VCPoland22
Green Flag VenturesUnited States22
Seed Starter SKSlovakia22
AxonUnited States21
Begin CapitalUnited Kingdom21
bValuePoland21
e2vcTürkiye21
Electron Capital PartnersUnited States21
Flyer One VenturesPoland21
Front VenturesSweden21
Garage AngelsCzechia21
Kogito VenturesPoland21
LowercapPoland21
Passion CapitalUnited Kingdom21
Prototype CapitalUnited States21
Rockaway VenturesCzechia21
Seed StarterRomania21
TechAngels RomaniaRomania21
Underline VenturesRomania21
500 GlobalUnited States20
AidiomNorway20
Curiosity VCNetherlands20
EstBANEstonia20
Inspire CapitalRomania20
Maciej DudaIndia20
NCBR Investment FundPoland20
Plug and PlayUnited States20
Project EuropeUnited Kingdom20
S20 FundPoland20
WakeUp CapitalIreland20
Most active from Series A, 9M 2026
Most active Series A and growth investors
InvestorBased inRoundsLed
Endeavor CatalystUnited States52
SmartCapEstonia41
3TS Capital PartnersAustria31
European Bank for Reconstruction and DevelopmentUnited Kingdom31
Horizon CapitalUkraine31
J&T VenturesCzechia30
Reflex CapitalCzechia30
Movens CapitalPoland22
AccelUnited States21
AxonUnited States21
Cipio PartnersLuxembourg21
Cogito Capital PartnersPoland21
Hoxton VenturesUnited Kingdom21
Bek VenturesLuxembourg20
Change VenturesEstonia20
Day One CapitalHungary20
Founders FundUnited States20
Inovo.vcPoland20
LakestarSwitzerland20
LAUNCHub VenturesBulgaria20
Lux CapitalUnited States20
Slovakia Venture to Future FundSlovakia20
Rounds with at least one investor based outside CEE
SHOW DATA
Share of rounds with an international investor
Row202420259M 2026
All rounds51%56%64%
Pre-seed39%40%36%
Seed54%58%67%
Series A66%77%92%
Growth76%90%78%

From Series A on, the money comes from outside: 23 of 25 Series A rounds with known investors this year included a fund based outside CEE, against 77% in 2025 and 66% in 2024. At pre-seed the share has held at about two in five every year.

Share of rounds where investor headquarters are known.

09 / EXITS

Exits

A third fewer exits, but two companies listed. Most buyers are foreign companies buying a product.

A third fewer exits: 21 against 31 in the same months of 2025. Two of them were listings, after none a year earlier. IT Genetics of Romania listed, and Swarmer listed on Nasdaq in March, the first Ukrainian defence-tech company to go public. Most buyers are foreign companies buying a product they need, such as Apple, Coupa, Sectra and Polymarket. Pipedrive and Veriff, both built in Estonia, bought companies too. Deal values are rarely disclosed, so we count exits instead of summing them.

Venture-backed exits by country
Exits by country and year
Row202420259M 2026
Poland1173
Estonia584
Lithuania442
Latvia100
Czechia984
Slovakia000
Romania334
Ukraine242
Hungary332
Bulgaria530
All countries434021
Exits in 9M 2026
Exits in 9M 2026
CompanyCountryTypeBuyer
CostPocket (former Tsekk)EstoniaAcquisitionMynt
HiProMinePolandBuyoutKrzysztof Domarecki
LogmanagerCzechiaAcquisitionWehowsky
OutfunnelEstoniaAcquisitionPipedrive
FluentbePolandAcquisitionSanoma
Spike APILithuaniaAcquisitionRaintree System
CraftHungaryAcquisitionPolymarket
Anima WingsRomaniaAcquisitionEVERGENT Investments
DreamJobsHungaryAcquisitionMobility Group
IT GeneticsRomaniaIPOListing
RossumCzechiaAcquisitionCoupa
SensusQEstoniaAcquisitionQuantum Systems
StockStoryCzechiaAcquisitionVersant Media
MotionvfxPolandAcquisitionApple
OxipitLithuaniaAcquisitionSectra
ProkuriaRomaniaAcquisitionCenterPoint Group
SpaceflowCzechiaAcquisitionHydda Group
SwarmerUkraineIPOListing
VespiaEstoniaAcquisitionVeriff
EvaCodesUkraineAcquisitionYLDLOCK
RBCRomaniaBuyoutMidEuropa

10 / WHAT WE ARE WATCHING

What we are watching

Trends

AI takes most of the money

AI companies raised €1.18bn in the first nine months, 69% of all capital, against €667m and 48% a year earlier. That is already more than AI raised in all of 2025 (€904m). The growth reaches the early stages too: AI seed capital rose 57% and AI Series A capital 37%, while most other sectors raised less. Watch whether the non-AI companies that make up three in five rounds keep finding investors.

Two in five euros go to companies that moved abroad

Companies that started in the region and moved their headquarters elsewhere raised €726m of this year's €1.72bn, against €493m of €1.39bn in the same months of 2025. Watch whether this year's large Series A companies, Viktor and Saltz among them, keep their headquarters here.

Defence is a seed-stage pipeline

Defence and security closed 48 rounds this year, 30 of them seed and only six Series A, for €222m against €245m a year earlier. Investors expect the Series A wave next: NGL says several of its defence companies, with revenue growing 6.5 to 14 times year on year, will raise one within twelve months. Swarmer's Nasdaq listing in March gave the sector its first public exit.

Fewer Series A rounds, larger ones, mostly with foreign money

29 Series A rounds against 39 a year earlier, with the top quarter starting at €15m against €10m, and 23 of 25 including a fund from outside CEE. Watch whether Q4 brings the count back up.

New early-stage funds are closing

LAUNCHub Ventures held a €65m first close on Fund III, Day One Capital reached €45m on Fund III, FIRSTPICK has been raising its second fund, JIC Ventures launched in Brno, and DEPO Ventures will manage a new Czech-backed fund for Ukrainian startups. That capital reaches pre-seed and seed through 2027, the stages that fell most this year.

Space and deep hardware raise the largest rounds

EnduroSat's €186m is the largest Bulgarian round on record, hardware and robotics raised €390m against €282m, and Cyber Swarm's neuromorphic chips raised $50m. Smaller space companies are following: Blackswan Space (€2.5m) and Deep Space Energy, backed by the European Space Agency and NATO DIANA.

Early-stage companies to follow

PRE-SEED AND SEED

Early-stage companies to follow
CompanyCountryLatest roundWhy follow
ValkaAICzechiaReal-time AI digital humans. €12m pre-seed led by Rockaway Ventures, February.A pre-seed round the size of a typical Series A, joined by four Czech investors. It shows how much local capital will back an AI team before a product is in market.
AxiologyLithuaniaTokenised securities infrastructure. €5m seed, February.One of four operators chosen for the European Central Bank's Pontes settlement launch in September, a regulated position few seed-stage companies hold.
AllonicHungaryRobotic manufacturing. $7.2m pre-seed led by Visionaries Club, February.A pre-seed round about fifteen times this year's median, for a hardware company. Its next round will show whether robotics can raise at that scale from Budapest.
Blackswan SpaceLithuaniaAutonomous navigation for spacecraft. €2.5m seed led by Iron Wolf Capital, September.Plans to fly its navigation payload in 2027 and to support an in-space refuelling mission in 2028. That flight is what its next round will be judged on.
PD KinematicsLithuaniaPrecision guidance for drones. €2m seed, June.Typical of the defence seed pipeline, backed by Iron Wolf Capital, Coinvest Capital and NGL, three of the most active investors in the region. Defence Series A rounds are expected within a year.

Later-stage companies to follow

SERIES A AND GROWTH

Later-stage companies to follow
CompanyCountryLatest roundWhy follow
ViktorPolandAI coworker for small businesses. €68m Series A led by Accel, May.The largest Series A in the region this year, raised on a reported $15m in annualised revenue ten weeks after launch. Whether that growth holds shows how far an AI company can scale from Poland.
Cyber SwarmRomaniaNeuromorphic computing chips. $50m Series A, May.A hardware company raising a Series A of growth-round size. Its research team stays in Ploiești while the company is headquartered in California, a model other deep-tech founders may copy.
UforceUkraineDefence systems. $50m in March, and reported to be raising about $500m.If the larger round closes, it is the largest in the series and the first Ukrainian defence company to raise at that scale.
EnduroSatBulgariaSatellite manufacturer. €186m, September.The largest round ever for a Bulgarian company. How it uses the money will show whether space manufacturing can scale in the region.
OxylabsLithuaniaWeb data infrastructure. €118m, July, at a reported $3.6bn valuation.The first outside capital for a company that grew without venture money. A listing or sale would be one of the region's largest exits.

Next edition: Q3 2026 restated as later rounds surface, at pre-seed above all, and Q4 added.

11 / METHODOLOGY

Methodology

What the report covers

Period: January 2024 to September 2026. Past years are shown in full. The current year runs to the end of the last complete quarter.

Companies: startups headquartered in Poland, Estonia, Lithuania, Latvia, Czechia, Slovakia, Romania, Ukraine, Hungary and Bulgaria, and startups that began in one of these countries and later moved their headquarters abroad. Every kind of startup is included: software and hardware, business and consumer.

Events: venture funding rounds, and exits (acquisitions, buyouts and stock market listings).

Sources: public sources only, namely startup databases, company and investor announcements, and the press.

This edition covers 1370 venture rounds (1061 with a disclosed amount) at 1156 companies, and 104 exits. Next update: January 2027, adding Q4 2026.

Stages

Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.

How it is counted

  • Funding rounds are equity and convertible venture rounds: angel, pre-seed, seed, Series A and later venture rounds. Grants, loans, support programmes, secondary sales and investments after a listing are not counted.
  • Amounts are in euros, converted at about 1.10 US dollars to the euro. Rounds without a disclosed amount count toward the number of rounds but not toward capital.
  • Companies that are not startups are left out even when they raise venture money: airlines, utilities, telecoms, sports clubs, distributors, agencies, long-established manufacturers and listed IT groups.
  • A company counts in the country where it is headquartered, or where it started if it later moved abroad. Companies that founders from the region built abroad, with no base here, are not included.
  • Rounds and exits are cross-referenced against company, investor and press announcements where possible.

Limits

  • Public data does not capture every round, so counts are a floor. Small and undisclosed rounds are the most likely to be missing.
  • Some rounds are announced months after they close. They are added to the quarter they closed in at the next update, so recent quarters, the latest above all, will rise.
  • Founder and investor details are incomplete. Shares are calculated only over companies and rounds where the detail is known.
  • Rounds of startups that moved their headquarters abroad, and exits of hardware and consumer startups, are less completely recorded for 2026 than for earlier years.

RESEARCH AND ANALYSIS: BADIDEAS.FUND.

Raising pre-seed or seed in CEE

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