REPORT / Q3 2026 UPDATE / DATA TO 30 SEPTEMBER 2026
Romania startup funding report
Romanian startups raised €105m in 30 rounds in the first nine months of 2026, against €92m in 32 rounds a year earlier.
Funding data for Romanian startups is scattered. Rounds are announced by companies, funds, angel networks and the press, often months after they close, and no single database has them all or has them right.
This report builds one record from all of them. We cross check startup databases against company, investor and press announcements, take out grants and loans that are reported as rounds, and add the rounds that were never fully recorded.
It covers venture rounds and exits of startups headquartered in Romania, and of startups that started here and moved their headquarters abroad. It uses the same record and rules as our CEE startup funding report, so Romania can be set against the other nine countries.
We add a quarter every three months. If you are raising in Romania, it shows how many rounds close, at what size, and who writes the first cheques.
Highlights
€105m in the first nine months, up 14% on a year earlier (€92m). The largest round is Cyber Swarm's €46m Series A round, 43% of the total.
19 seed and later rounds this year, against 20 a year earlier, and 30 rounds in all against 32. Pre-seed is where the record of recent rounds is least complete, and its count will rise as late rounds surface.
Three venture-backed exits by September, against 3 in the same months of 2025. Buyers include CenterPoint Group and MidEuropa.
01 / THE MARKET
The market
Capital up 14% on the same months of 2025. Rounds: 30 against 32.
SHOW DATA
| Row | Pre-seed | Seed | Series A | Growth | Total |
|---|---|---|---|---|---|
| 2024 | 9.3 | 25 | 25 | 55 | 115 |
| 2025 | 4.5 | 14 | 61 | 86 | 165 |
| 9M 2026 | 3.1 | 38 | 64 | 0.0 | 105 |
Romania raised €115m in 2024 and €165m in 2025. The largest 2025 round, TMT ID's €36m, was 22% of that year. 2026 has €105m so far.
9M 2026 covers January to September 2026. The dashed line marks the same months of 2025.
SHOW DATA
| Row | Pre-seed | Seed | Series A | Growth | Total |
|---|---|---|---|---|---|
| 2024 | 29 | 27 | 4 | 3 | 63 |
| 2025 | 15 | 17 | 6 | 7 | 45 |
| 9M 2026 | 11 | 16 | 2 | 1 | 30 |
63 rounds in 2024, 45 in 2025 and 30 so far in 2026. Some rounds are recorded months late, so the latest quarters will rise.
| Row | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|
| Capital | €92m | €105m | ▲ +14% |
| Rounds | 32 | 30 | ▼ -6% |
| Pre-seed rounds | 12 | 11 | ▼ -8% |
| Seed rounds | 12 | 16 | ▲ +33% |
| Series A rounds | 5 | 2 | ▼ -60% |
| Growth rounds | 3 | 1 | ▼ -67% |
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 / ROMANIA IN THE REGION
Romania in the region
Romania raised €9 per person in 2025, 9th of the ten countries.
The same record and rules for all ten countries, so the comparison is like for like. Capital per person divides each country's capital by its population.
| Country | €m 9M 2026 | Change | Rounds 9M 2026 | Change | € per person 2025 | € per person 9M 2026 |
|---|---|---|---|---|---|---|
| Estonia | 133 | ▼ -48% | 39 | ▼ -49% | 258 | 97 |
| Lithuania | 182 | ▲ +3% | 28 | ▼ -42% | 75 | 63 |
| Czechia | 513 | ▲ +101% | 47 | ▼ -15% | 28 | 47 |
| Bulgaria | 199 | ▲ +91% | 22 | ▼ -4% | 32 | 31 |
| Hungary | 122 | ▲ +3% | 22 | ▼ -35% | 13 | 13 |
| Slovakia | 55 | ▼ -24% | 11 | ▼ -39% | 21 | 10 |
| Ukraine | 282 | ▲ +336% | 50 | ▼ -29% | 2 | 7 |
| Poland | 226 | ▼ -10% | 67 | ▼ -27% | 10 | 6 |
| Latvia | 12 | ▼ -84% | 4 | ▼ -73% | 43 | 6 |
| Romania | 105 | ▲ +14% | 30 | ▼ -6% | 9 | 6 |
Population on 1 January 2025.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Romania | 115 | 165 | 105 |
| Bulgaria | 81 | 206 | 199 |
| Hungary | 59 | 122 | 122 |
| Ukraine | 272 | 84 | 282 |
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Romania | 63 | 45 | 30 |
| Bulgaria | 33 | 28 | 22 |
| Hungary | 48 | 45 | 22 |
| Ukraine | 68 | 89 | 50 |
In 2025, Romania closed 45 rounds, against 28 in Bulgaria, 45 in Hungary and 89 in Ukraine.
03 / STAGES AND ROUND SIZES
Stages and round sizes
The typical seed round in 2025 was €1.7m.
Rounds by company stage. Where one round can move a stage's total, the count and the typical round tell more than the capital.
| Row | Rounds 2024 | €m 2024 | Rounds 2025 | €m 2025 | Rounds 9M 2026 | €m 9M 2026 | Median 2024 | Median 2025 | Median 9M 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Pre-seed | 29 | €9.3m | 15 | €4.5m | 11 | €3.1m | €0.3m | €0.3m | €0.3m |
| Seed | 27 | €25m | 17 | €14m | 16 | €38m | €1.2m | €1.7m | €2.0m |
| Series A | 4 | €25m | 6 | €61m | 2 | €64m | €7.0m | €7.8m | - |
| Growth | 3 | €55m | 7 | €86m | 1 | - | - | €25m | - |
Median shown where at least three rounds of the stage disclosed an amount.
Pre-seed
29 rounds in 2024, 15 in 2025 and 11 so far in 2026. The typical pre-seed round in 2025 was €0.3m.
Seed
27 rounds in 2024, 17 in 2025 and 16 so far in 2026. The typical seed round in 2025 was €1.7m.
Series A
Four rounds in 2024, 6 in 2025 and 2 so far in 2026. The typical Series A round in 2025 was €7.8m.
Growth
Three rounds in 2024, 7 in 2025 and 1 so far in 2026. The typical growth round in 2025 was €25m.
04 / SECTORS
Sectors
Defence and security raised the most this year: €50m in four rounds.
By number of rounds since 2024, the largest sectors are AI (47), enterprise software (38) and marketing and media (18). A company can sit in several sectors, so sector totals overlap.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Defence and security | 0.2 | 36 | 50 |
| AI | 24 | 81 | 40 |
| Enterprise software | 70 | 68 | 34 |
| Hardware and robotics | 7.5 | 5.3 | 6.4 |
| Marketing and media | 15 | 13 | 5.8 |
| Mobility and logistics | 15 | 1.6 | 3.3 |
| Education | 0.7 | 22 | 2.2 |
| Fintech | 71 | 29 | 2.1 |
Ranked by 9M 2026 capital. Sectors overlap.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Defence and security | 2 | 3 | 4 |
| AI | 17 | 17 | 13 |
| Enterprise software | 16 | 13 | 9 |
| Hardware and robotics | 4 | 3 | 4 |
| Marketing and media | 7 | 5 | 6 |
| Mobility and logistics | 8 | 3 | 2 |
| Education | 2 | 3 | 1 |
| Fintech | 10 | 4 | 3 |
Same sectors, counted by number of rounds.
05 / LARGEST ROUNDS
Largest rounds
The largest round this year: Cyber Swarm, €46m.
| Company | Stage | Amount | Month | Lead or first investor |
|---|---|---|---|---|
| Cyber Swarm | Series A | €46m | May 2026 | Falanga Invest |
| Veridion | Series A | €18m | Sep 2026 | Hoxton Ventures |
| Outcome1AI | Seed | €9.0m | Aug 2026 | Undisclosed |
| DesignVerse | Seed | €5.0m | May 2026 | GapMinder Venture Partners |
| Voxa | Seed | €4.0m | Apr 2026 | Catalyst Romania |
| AppFactor | Seed | €3.6m | Feb 2026 | Tensor Ventures |
| OxidOS | Seed | €2.5m | May 2026 | 42dot |
| Kinderpedia | Seed | €2.2m | Feb 2026 | Simpact VC |
| Qognifly Systems | Seed | €2.0m | Mar 2026 | Undisclosed |
| ASO | Seed | €2.0m | Mar 2026 | Undisclosed |
Rounds with a disclosed amount.
| Company | Stage | Amount | Month | Lead or first investor |
|---|---|---|---|---|
| TMT ID | Growth | €36m | Nov 2025 | Business Growth Fund (BGF) |
| DRUID | Growth | €28m | Sep 2025 | Cipio Partners |
| Digitail | Growth | €21m | Nov 2025 | Five Elms Capital |
| Xmoney | Series A | €20m | Sep 2025 | Sui Foundation |
| Bible Chat | Series A | €14m | Feb 2025 | True Ventures |
| Deepstash | Series A | €8.2m | Oct 2025 | PvX Partners |
| Nexity Network | Series A | €7.5m | Jan 2025 | Rollman Management |
| Neurolabs | Series A | €6.8m | Apr 2025 | Nauta Capital |
| .lumen | Series A | €5.0m | Jan 2025 | Catalyst Romania |
| Footprints AI | Seed | €2.3m | Feb 2025 | Catalyst Romania |
06 / STARTED IN ROMANIA, BASED ELSEWHERE
Started in Romania, based elsewhere
13 rounds since 2024 by companies that started in Romania and are based elsewhere. They count in the totals.
Companies that started in Romania, or keep their main team here, but are headquartered elsewhere. They count in the totals, under Romania. Companies that Romanian founders built abroad, with no base here, are not included.
| Company | Based in | Amount | Month | In totals |
|---|---|---|---|---|
| Cyber Swarm | United States | €46m | May 2026 | Yes |
| AppFactor | United Kingdom | €3.6m | Feb 2026 | Yes |
| FintechOS | United Kingdom | Undisclosed | Sep 2026 | Yes |
| TMT ID | United Kingdom | €36m | Nov 2025 | Yes |
| DRUID | United Kingdom | €28m | Sep 2025 | Yes |
| Digitail | United States | €21m | Nov 2025 | Yes |
| Nexity Network | United States | €7.5m | Jan 2025 | Yes |
| Neurolabs | United Kingdom | €6.8m | Apr 2025 | Yes |
| FintechOS | United Kingdom | €55m | May 2024 | Yes |
| FilmChain Group | United Kingdom | €2.8m | Apr 2024 | Yes |
| Sessions | United States | €2.7m | Jan 2024 | Yes |
| Archbee | United States | €0.1m | Feb 2024 | Yes |
| Chambr | United States | €0.0m | Mar 2024 | Yes |
07 / INVESTORS
Investors
Early Game Ventures joined the most pre-seed and seed rounds since January 2025: 5.
Most active at pre-seed and seed since January 2025: Early Game Ventures (5 rounds), SeedBlink (5 rounds) and Inspire Capital (4 rounds). Investors are ranked by the rounds they joined, led or followed, over 2025 and 2026 together.
| Investor | Based in | Rounds | Led |
|---|---|---|---|
| Early Game Ventures | Romania | 5 | 3 |
| SeedBlink | Romania | 5 | 0 |
| Inspire Capital | Romania | 4 | 0 |
| Catalyst Romania | Romania | 3 | 3 |
| GapMinder Venture Partners | Netherlands | 3 | 3 |
| Aptos Foundation | United States | 2 | 2 |
| Seed Starter | Romania | 2 | 2 |
| Sparking Capital | Romania | 2 | 2 |
| Begin Capital | United Kingdom | 2 | 1 |
| Fil Rouge Capital | Luxembourg | 2 | 1 |
| TechAngels Romania | Romania | 2 | 1 |
| Bravva Angels | Romania | 2 | 0 |
| Crescendo Ventures | United States | 2 | 0 |
| InnoEnergy | Netherlands | 2 | 0 |
| Investor | Based in | Rounds | Led |
|---|---|---|---|
| Cipio Partners | Luxembourg | 2 | 1 |
| Hoxton Ventures | United Kingdom | 2 | 1 |
| LAUNCHub Ventures | Bulgaria | 2 | 0 |
| Underline Ventures | Romania | 2 | 0 |
| Business Growth Fund (BGF) | n/a | 1 | 1 |
| Catalyst Romania | Romania | 1 | 1 |
| Falanga Invest | Czechia | 1 | 1 |
| Five Elms Capital | United States | 1 | 1 |
| Interactive Venture Partners | United States | 1 | 1 |
| Nauta Capital | United Kingdom | 1 | 1 |
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| All rounds | 66% | 65% | 33% |
Rounds with a fund from outside CEE: 66% in 2024, 65% in 2025 and 33% in 2026 so far, of rounds where investor headquarters are known.
Share of rounds where investor headquarters are known: 38 in 2024, 34 in 2025, 21 in 9M 2026.
08 / EXITS
Exits
The most recent: IT Genetics, listed, May 2026.
13 venture-backed exits since 2024: 6 in 2024, 4 in 2025 and 3 in 2026 so far. Deal values are rarely disclosed, so we count exits instead of summing them.
| Company | Month | Type | Buyer |
|---|---|---|---|
| IT Genetics | May 2026 | IPO | Listing |
| Prokuria | Mar 2026 | Acquisition | CenterPoint Group |
| RBC | Jan 2026 | Buyout | MidEuropa |
| dcs plus | Oct 2025 | Acquisition | Abingdon |
| DocProcess | Sep 2025 | Acquisition | AGENA3000 |
| Planable | Aug 2025 | Acquisition | SE Ranking |
| bonapp.eco | Feb 2025 | Acquisition | Munch |
| Connatix | Oct 2024 | Acquisition | JWP Connatix |
| 123FormBuilder | Sep 2024 | Acquisition | Kiteworks |
| Vola.ro (Interactive Travel Holdings) | Sep 2024 | Acquisition | Resource Partners |
| Bware Labs | Aug 2024 | Acquisition | Alchemy |
| Esenca Digital Workwear | Jun 2024 | Acquisition | Mewa |
| CODA Intelligence | Apr 2024 | Acquisition | PDQ |
09 / 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 Romania, and startups that began in Romania or keep their main team here 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, investor and angel network announcements, and the press.
Every round and exit named in the report links to its announcement. Totals, changes and charts are built from all rounds and are not linked.
This edition covers 138 venture rounds (108 with a disclosed amount) at 124 companies, and 13 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, including angel network rounds. Grants, loans, state support programmes, crowdlending, 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, such as established manufacturers, service firms and lenders.
- 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 angel rounds are the most likely to be missing.
- Some rounds are recorded months after they happen. Each update adds them to the month they happened in, so recent quarters, the latest above all, will rise.
- Romania's record includes our own search of local press, investor portfolios and companies based abroad (October 2026), which added rounds the startup databases had missed.
- Where a country raises a few dozen rounds a year, one round can move a total by more than half. Read changes in capital with the largest round in mind.
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