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1、CEE PolandCzech RepublicSlovakiaHungarySloveniaCroatiaEstoniaLatviaLithuaniaMacedoniaSerbiaMontenegroRomaniaBulgariaBosnia and HerzegovinaAlbaniaMoldovaGeorgiaUkraine?Greece?Belarus?Moldova?Armenia?Third Edition,November 2022Central and Eastern European startups 2022Page/2 FOREWORD BYIts been a turb
2、ulent year for everyone,but nobody has been closer to the epicentre than the Ukraine,and more broadly Central and Eastern Europe.Reading the data,it strikes me just how deeply rooted resilience is within our regional DNA.Harnessing this resilience is proving vital to the growth of our technology eco
3、system.Despite enormous challenges,technology companies are continuing on a mission of improving the lives of millions.Since its inception is 2006,Atomico has stood firm on an idea that great founders and companies can come from anywhere.Whats becoming obvious,and is starting to be seen through the
4、data,is that CEE has emerged not only as a cradle to great human minds helping others in building products,but also a birthplace of the most innovative and efficient companies.And that those firms are increasingly maintaining a strong presence in the region.Its never been more important to combine a
5、mbition with a sustainable approach to growth,so its no surprise that CEEs approach to company building works.But what excites me is the future potential,as operators in those early success stories re-emerge as founders of the great companies of tomorrow.Its important to share these voices and inspi
6、re people to build bolder,faster,and better.We couldnt be more excited to take these findings to the world.Sasha VidiborskiyPosition and roleAt AtomicoSasha Vidiborskiy Partner at Atomico“Its been a turbulent year for everyone,but nobody has been closer to the epicentre than the Ukraine,and more bro
7、adly Central and Eastern Europe.Reading the data,it strikes me just how deeply rooted resilience is within our regional DNA.Harnessing this resilience is proving vital to the growth of our technology ecosystem.Despite enormous challenges,technology companies are continuing on a mission of improving
8、the lives of millions.Since its inception is 2006,Atomico has stood firm on an idea that great founders and companies can come from anywhere.Whats becoming obvious,and is starting to be seen through the data,is that CEE has emerged not only as a cradle to great human minds helping others in building
9、 products,but also a birthplace of the most innovative and efficient companies.And that those firms are increasingly maintaining a strong presence in the region.Its never been more important to combine ambition with a sustainable approach to growth,so its no surprise that CEEs approach to company bu
10、ilding works.But what excites me is the future potential,as operators in those early success stories re-emerge as founders of the great companies of tomorrow.Its important to share these voices and inspire people to build bolder,faster,and better.We couldnt be more excited to take these findings to
11、the world.Sasha VidiborskiyPartnerat Atomico“Its been a turbulent year for everyone,but nobody has been closer to the epicentre than Ukraine,and more broadly Central and Eastern Europe.Reading the data,it strikes me just how deeply rooted resilience is within our regional DNA.Harnessing this resilie
12、nce is proving vital to the growth of our technology ecosystem.Despite enormous challenges,technology companies are continuing on a mission of improving the lives of millions.Since its inception is 2006,Atomico has stood firm on an idea that great founders and companies can come from anywhere.Whats
13、becoming obvious,and is starting to be seen through the data,is that CEE has emerged not only as a cradle to great human minds helping others in building products,but also a birthplace of the most innovativeand efficient companies.And that those firms are increasingly maintaining a strong presence i
14、n the region.Its never been more important to combine ambition with a sustainable approach to growth,so its no surprise that CEEs approach to company building works.But what excites me is the future potential,as operators in those early success stories re-emerge as founders of the great companies of
15、 tomorrow.Its important to share these voices and inspire people to build bolder,faster,and better.We couldnt be more excited to take these findings to the world.Page/3 Source:Key takeaways.CEE has shown resilience through uncertain market conditions.CEE has diversified investment into promising new
16、 sectors.CEE startups are ranked among the highest in Europe for jobs created per Euro of venture capital invested.The experience in scaling efficiently can be an advantage in aiming to minimize the effects of a market downturn.Combined venture capital investment in CEE has doubled since 2020.The re
17、gion is on track to break its yearly venture capital investment record and raise 6.2B.CEE has made a name for itself as a pioneering region for Enterprise Software and Gaming companies.As the startup ecosystem matures,CEE is now home to promising startups in many other segments including disruptive
18、technologies such as Web3 and Crypto.20022YTD5.3B Combined venture capital investment into CEE2.1x40302010CEEDACHEuropeExcl CEENordicsJobs created by M raised in venture capitalCEE is among the most efficient creators of value in Europe.Dealroom.co Top 5 Industries by venture capital inve
19、stment,Q1-Q3 2022Transportation1.6B|32%FoodFintechEnterprise SoftwareSecurityValue Invested%of Total VC Funding880M|18%764M|15%337M|7%332M|7%6.1B2.5B Page/4 FOREWORD BYJoanna NagadowskaVC and Startups Partnershipsat GoogleYou have in your hands the third edition of the Central Eastern Europe(CEE)Rep
20、ort.In last years report,we saw how the region positioned itself as a solid startup hub,attracting the attention of many local and international investors.This year saw the ecosystem mature and expand its reach by developing and investing in disruptive technologies such as gaming,Web3,and crypto.How
21、ever,the progress made by CEE founders and investors has been disrupted and challenged by the geopolitical fallout of the invasion of Ukraine.The CEE is a patchwork region of 20+countries that speak different languages,each with unique political landscapes and complex histories.Each of these countri
22、es is also bound together by shared experiences of threats to their livelihoods and their collective fight to gain independence.Weve held our breaths watching our Ukrainian neighbors face the same decade-spanning threat once again.The latest edition of the CEE report will shed light on how the tech
23、ecosystem has maintained hopeful resilience during these turbulent times,the investors that did not lose their confidence in the region,the regions strong culture of creating value internally rather than relying on external resources,and the determined CEE founders who stayed focused on innovating t
24、heir businesses and keeping their employees safe.Having worked alongside CEE founders for the last 10 years,Im humbled by their courage and determination to build global solutions in spite of the dangers they face.This report is a thank you to all the brave CEE founders from our region who do not gi
25、ve up,who believe in their dreams,and are fighting to make them happen.“Joanna NagadowskaVC and Startups Partnershipsat Google for StartupsPage/5 Central and Eastern European startups 2022Ecosystem Overview-Value CreationPulse check of CEE amid uncertain times.Current&future successes.Rising Stars.C
26、EE startups&investment in context.Resilience.Bootstrapping.Funding.Value creation for entrepreneurs,investors&society.2.VC activity&exits in CEEThe whole picture.Early stage to megarounds.Tallinn to Sofia,via Berlin&San Francisco.3.Deep dives:Enterprise software,Gaming,Web3 With the support of 4.1.S
27、potlight on UkraineWith the support of 5.Co-authors:Sasha Vidiborskiy Partner at AtomicoJoanna NagadowskaVC Partnerships at Google for StartupsMaciej GnutekGeneral Partner at Credo VenturesJakub KrikavaInvestment Analyst at Credo VenturesLouis Geoffroy-TerrynGovernment Research Lead at DealroomChris
28、topher DbereinerEcosystem Analyst at DealroomLiselore HavermansHead of Research at DealroomSkirmantas JanukasCo-Founder&CEO at DappRadarAndrew WrobelFounding Partner at Emerging EuropeTable of contentsSasha Vidiborskiy Partner at AtomicoJoanna NagadowskaVC Partnerships at Google for StartupsMaciej G
29、nutekGeneral Partner at Credo VenturesJakub KrikavaInvestment Analyst at Credo VenturesChristopher DbereinerEcosystem Analyst at DealroomLiselore HavermansHead of Research at DealroomSkirmantas JanukasCo-Founder&CEO at DappRadarAndrew WrobelFounding Partner at Emerging EuropeMatj MicekAssociate at C
30、redo VenturesAudrius JanuliusIndustry Managerat Google BalticsMartin SvobodaIndustry Manager at Google CzechiaWith contributions from:Martin,Audtrius,Jakub,Matej,Christopher,Andrew,SkirmantasMartin SvobodaIndustry Manager at Google CzechiaAudrius JanulisIndustry Managerat Google BalticsMatj MicekAss
31、ociate at Credo VenturesJakub KrikavaInvestment Analyst at Credo VenturesChristopher DbereinerEcosystem Analyst at DealroomMaciej wikiewicz CEOat PFR VenturesSkirmantas JanukasCo-Founder&CEO at DappRadarMaciej GnutekGeneral Partner at Credo VenturesMaciej GnutekGeneral Partner at Credo VenturesLouis
32、 Geoffroy-TerrynGovernment Research Lead at DealroomAndrew WrobelFounding Partner at Emerging EuropePage/6 Source:Dealroom.co.Combined enterprise value by region refers to the sum of the latest disclosed or estimated public and private valuations of companies Headquartered or founded in respective r
33、egions.Double counting may occur on a marginal scale.China is excluded from global average in 2022 in order to provide a more accurate picture of the global trend.CEE NORDICS EUROPE AVERAGE 4.0 x3.6x3.1xCEE is one of the fastest growing regions in Europe by enterprise value.GLOBAL AVERAGE EXCL.CHINA
34、3.3x$22.8T2022$6.9T2017$3.4T2022$1.1T2017$190B2022$47B2017$468B2022$129B2017Enterprise value of startups founded since 1990,founded and/or HQed in selected regions.Last Updated:20/10/2022Page/7 Source:Dealroom.co.VC activityInvestment volume(year-to-date)CEE is one of the fastest growing regions for
35、 VC funding in Europe,growing 7.6x since 2017.Growthin VC activity,2017-2022(year-to-date)CEENordicsEurope(excl CEE)DACH7.6x3.8x3.8x2.9xEurope(excl CEE)DACH regionNordicsCEE84.9B14.7B9.0B5.3BLast Updated:24/10/20221.Ecosystem Overview-Value CreationPage/9 Source:Combined enterprise value of CEE star
36、tups has quadrupled in the last five years,now totalling 190B.Current HQ in CEEDealroom.co.As part of the CEE ecosystem,Dealroom includes both(1)organizations with current headquarters located in CEE and(2)those founded in CEE that relocated beyond CEE as part of the CEE ecosystem.Combined enterpris
37、e value of the CEE tech ecosystem view online200B150B50B100B250BCEE founded,relocated190B 47B 4.0 x23B 94B 2002020212022 YTDLast Updated:20/10/2022Last Updated:20/10/2022Page/10 Source:Among CEE countries,Croatia,Lithuania&Ukraine have grown fastest since 2017 in combined enterprise value
38、.Ecosystem value,five-year growth(2017-2022)Dealroom.co.Combined enterprise value of companies based in,or founded in,selected countries in Central Eastern Europe in 2017 and 2022.20172022 YTDValue growth#2 Croatia#4 Bulgaria#6 Hungary#5 Romania#1 Lithuania#3 Ukraine0.6B0.3B2.5B0.6B1.2B1.4B20172022
39、YTDValue growth#8 PolandRest of CEEBelarus#7 Czechia#9 Estonia4.7B4.8B7.6B8.1B10.0B23.3B36.3B20.4B7.8B30.2B36.8B6.9B11.4B11.8B2.6B7.7B16.6x15.7x8.0 x6.8x9.3x5.4x3.0 x2.6x3.2x3.1x4.4xLast Updated:20/10/2022Page/11 Source:“Were preparing for different scenarios to both be ready to accelerate and deal
40、with potential global slowdown.We used to have a pure growth mindset,now its changed to cost-efficient growth.”Adam GrniakChief Revenue Officer at BooksyWe did not make significant adjustments to the current state of affairs.If the rate of change of company operations due to growth is massively larg
41、er than the rate of change of macro;if you have great margins,great NDR,low burn and are operating world-wide,the macro doesnt matter that much.Juraj Masar Co-founder&CEO at BetterstackWeve focused our efforts on the critical path across the board,and put more emphasis on efficiency of the business
42、over short-to-mid-term,setting the right foundation to optimize for the long run when the uncertainty level curtails.“Josip CesicCTO&Co-founder at Gideon Brothers“Weve focused our efforts on the critical path across the board,and put more emphasis on efficiency of the business over short-to-mid-term
43、,setting the right foundation to optimize for the long run when the uncertainty level curtails.Josip CesicCTO&Co-founder at Gideon“Although in the short-term there are valid reasons to be cautiously conservative,in the long-term we are optimistic and confident.Currently,were being more margin and pr
44、ofit driven in our approach,while at the same time increasing our innovation efforts.This is the time to build with the emphasis on innovation.Anton GauffinCo-CEO&Executive Director at Huuuge Games“The mindset of growing at all costs has changed,and companies have become more conservative when it co
45、mes to financial planning.For businesses operating in the CEE region,strong capitalizing combined with a diverse and global client portfolio are an advantage in the current macroeconomic environment.Kaarel KotkasCEO and Founder at VeriffRead the full interview“We did not make significant adjustments
46、 to the current state of affairs.If the rate of change of company operations due to growth is massively larger than the rate of change of macro;if you have great margins,great NDR,low burn and are operating world-wide,the macro doesnt matter that much.”Juraj Masar Co-founder&CEO at BetterstackRead t
47、he full interviewRead the full interviewRead the full interviewStartups in CEE are bracing for uncertain times.Page/12 Source:2021 and 2022 have been the strongest years for unicorn creation in CEE,with the number of unicorns more than doubling since December 2020.Cumulative number of CEE Unicorns v
48、iew online20002+3621171511968 new Unicorns in CEE,year-to-date view onlineAirSlateFounded:UkraineIndustry:SaaS/LegalRimac AutomobiliFounded:CroatiaIndustry:TransportationNord SecurityFounded:LithuaniaIndustry:SecurityGliaFounded:EstoniaIndustry:MarketingPayhawkFounde
49、d:BulgariaIndustry:FintechProductboardFounded:CzechiaIndustry:Enterprise SoftwareVeriffFounded:EstoniaIndustry:FintechLast Updated:25/10/2022Unstoppable DomainsFounded:UkraineIndustry:Hosting/Web3Page/13 Source:Dealroom.co Sofia BULGARIARiga LATVIAUnicorns are being created across the region,even ou
50、tside of major metropolitan areas.Startups-turned-Unicorns in the past 18 months.New CEE unicorn cities in 2022.New unicorns in existing CEE unicorn cities.Existing CEE unicorn cities.CEE countries with 1+unicorn.CEE countries with no unicorn.Last Updated:20/10/2022NEW UNICORN CITY(2022)NEW UNICORN
51、CITY(2022)Page/14 Source:Emerging hubs are becoming more relevant in the region.Historically small countries have experienced fast growth in CEE and increasingly become key players for development in the region.Dealroom.co.Startups verified by Dealroom and currently based or founded in each country
52、are counted.Selected startups shown for each country.CroatiaVilnius LithuaniaN.of Startups:1.1k+Enterprise Value:10BVC Activity 2022:245MVC Activity Growth:8.6xLjubljanaSloveniaN.of Startups:600+Enterprise Value:2.1BVC Activity 2022:71MVC Activity Growth:8.6xBosnia&HerzegovinaN.of Startups:70+RigaLa
53、tviaN.of Startups:600+Enterprise Value:2.6BVC Activity 2022:48MVC Activity Growth:2.0 xSofiaBulgariaN.of Startups:800+Enterprise Value:4.8BVC Activity 2022:181MVC Activity Growth:22.3xBelgradeSerbiaN.of Startups:400+Enterprise Value:1.1BVC Activity 2022:44MVC Activity Growth:16.9xRiga LATVIANr.of St
54、artups:600+Enterprise Value:2.6BVC Activity 2022:48MVC Activity Growth:2.0 xVilnius LITHUANIANr.of Startups:1.1k+Enterprise Value:10BVC Activity 2022:245MVC Activity Growth:8.6xSofia BULGARIANr.of Startups:800+Enterprise Value:4.8BVC Activity 2022:181MVC Activity Growth:22.3xBosnia&HerzegovinaNr.of
55、Startups:70+Belgrade SERBIANr.of Startups:400+Enterprise Value:1.1BVC Activity 2022:44MVC Activity Growth:16.9xLjubljana SLOVENIANr.of Startups:600+Enterprise Value:2.1BVC Activity 2022:71MVC Activity Growth:8.6xEmerging hubs are becoming more relevant in the region.Last Updated:20/10/2022Page/15 So
56、urce:ExitedPrivate 1B+Future unicorns200M-1BEstoniaPolandRomaniaHungaryCzechiaUkraineBulgariaLatviaLithuaniaBelarusCroatiaRest of CEECEE is home to many of Europes most renowned unicorns and tech success stories.Dealroom.co.Green outlines represent startups which have transitioned forward between ca
57、tegories since 2021.Grey outlines represent closed startups.EstoniaPolandRomaniaHungaryCzechiaUkraineBulgariaLatviaLithuaniaBelarusCroatiaRest of CEEThis list features startups across all industry verticals.Web3 and Gaming companies are the focus of the industry deep dives in chapter 4,further down
58、the report.Page/16 Source:Dealroom.co.Startups in Gaming and Web 3.0 segments have been excluded from this list and highlighted in distinct parts of the report.The region has a strong pipeline of rising stars ready to write its future.Suggested query for rising stars.Rising stars gives idea of growt
59、h,so taking highest dealroom signal with highest employee growth should a)let local players agree(high employee growth)and b)give us high chances of hitting startups that will raise more(dealroom signal).From a quick view,doesnt seem to have excluded many famous players from the list.Rising Stars200
60、MEstoniaPolandRomaniaHungaryCzechiaUkraineBulgariaLatviaLithuaniaBelarusCroatiaRest of CEECases to review:-Serbia:https:/app.dealroom.co/companies/clockify(suggested by Mladen,no known funding)-Zizooboats(Berlin based,suggested by Mladen)This list features startups across all industry verticals.Web3
61、 and Gaming companies are the focus of the industry deep dives in chapter 4,further down the report.Page/17 Source:Western Europe384B1.2T201720223.1xNordics Dealroom.co.All startups are verified on the Dealroom platform.NordicsCEE Founded Enterprise Value:1BCEE-founded,relocated5 Year Funding:0.3BUn
62、ited KingdomCEE Founded Enterprise Value:17BCEE-founded,relocated5 Year Funding:1.7BWest CoastCEE Founded Enterprise Value:15BCEE-founded,relocated5 Year Funding:2.5BEast CoastCEE Founded Enterprise Value:15BCEE-founded,relocated 5 Year Funding:2.5BGermanyCEE Founded Enterprise Value:0.5BCEE-founded
63、,relocated 5 Year Funding:0.1BThe NetherlandsCEE Founded Enterprise Value:0.3BCEE-founded,relocated 5 Year Funding:0.2B200+CEE-born,relocated funded startups17%of CEE startups with 1M+in funding have moved abroad.Top destinations include the US West and East coasts,and London.Last Updated:20/10/2022
64、Page/18 Source:Although many successful CEE startups move their HQ abroad,they tend to keep a strong presence in the region.Dealroom.co.Analysis based on most valuable companies which relocated HQ outside of CEE.Scaling is accelerating in CEE.Younger star first-generation unicorns,younger startups t
65、ook almost a third of the time to hit billion dollar status.Share of the workforce based in Central Eastern Europe.25%50%100%Selected CEE-born startups which relocated their registered address abroad.Page/19 Source:Dealroom.co Distribution of combined enterprise value,Oct/2022for CEE startups by pla
66、ce of incorporation Startups relocate as they scale.CEE startups are far more likely to do so than European average,although the picture differs by country.CEE-basedCEE born,relocated54%Based in CEE46%Relocated from CEE Enterprise value of CEE startupsby place of incorporation89%Based in EuropeBelar
67、us0.3B Ukraine22.4B 0.9B BulgariaSlovenia1.4B 0.7B Hungary21.6B 13.2B LatviaEstoniaSlovakiaCroatiaSerbia30.7B Czechia3.2B 27.0B Lithuania76%96%68%64%63%60%45%34%30%11%8%7%Share of ecosystem value startups abroad.CEE born,HQ in CEECEE born,HQ relocatedEnterprise value of European startups by place of
68、 incorporationEurope-born,Europe basedEurope born,HQ relocatedHQ in CEE54%HQ Relocated outside of CEE46%HQ in Europe89%Poland20.6B 3.9B 1.2B 4.9B 2.7B 1.7B 1.0B 14.7B 13.2B 0.5B 0.7B 13.2B 1.6B 3.1B 13.2B 0.3B 0.8B 0.8B 9.2B 34.3B 2.5B 99%Last Updated:20/10/2022Romania35%8.5B 2.9B HQ Relocated outsi
69、de of Europe11%CEE startups are growing at home and abroad,although the picture is vastly different across the region.2.CEE startups&investment in context.Page/21 Source:Last Updated:17/10/2022“Were doing what always needs to be done in times of uncertainty:be smart about what you invest in and real
70、ize that innovation is essential,even more than usual.Especially during difficult times,there are opportunities that can boost your growth and redefine how you operate.Micha BorkowskiCo-Founder and CEO at Brainly“We did not make significant adjustments to the current state of affairs.If the rate of
71、change of company operations due to growth is massively larger than the rate of change of macro;if you have great margins,great NDR,low burn and are operating world-wide,the macro doesnt matter that much.Juraj Masar Co-founder&CEO at BetterstackWeve focused our efforts on the critical path across th
72、e board,and put more emphasis on efficiency of the business over short-to-mid-term,setting the right foundation to optimize for the long run when the uncertainty level curtails.“Josip CesicCTO&Co-founder at Gideon Brothers“Behind every successful company is a happy workforce,which is why we focus mo
73、re on operational efficiency and employee health.We show resilience and kindness,and inspire our team to work together towards our goals that way we can move forward,not backward.Petr AntropovCRO and Co-founder at Lokalise“Although in the short-term there are valid reasons to be cautiously conservat
74、ive,in the long-term we are optimistic and confident.Currently,were being more margin and profit driven in our approach,while at the same time increasing our innovation efforts.This is the time to build with the emphasis on innovation.Anton GauffinCo-CEO&Executive Director at Huuuge Games“Although i
75、n the short-term there are valid reasons to be cautiously conservative,in the long-term we are optimistic and confident.Currently,were being more margin and profit driven in our approach,while at the same time increasing our innovation efforts.This is the time to build with the emphasis on innovatio
76、n.Anton GauffinCo-CEO&Executive Director at Huuuge GamesRead the full interview“E-learning adoption was already experiencing hyper growth and global lockdowns have accelerated it.The number of people using the Preply app has grown 4x over the last 2 years,and in many regions overall users have almos
77、t doubled year on year.The online language learning market is set to reach$47B by 2025 and Preply is well-positioned to take advantage of this opportunity.”Kirill Bigai&Dmytro Voloshyn Co-founders at PreplyRead the full interviewRead the full interviewRead the full interviewResilience is deeply root
78、ed in CEEs entrepreneurial mentality.Page/22 Source:Dealroom.co.Bootstrapped is defined as not receiving publicly-disclosed external funding.Grants are not included in funding.CEEWith an active domestic early-stage investment industry,CEE startups get VC backing at the same rate as all of Europe,wit
79、h 23%of startups venture backed.Active startups funding status,2022 Bootstrapped startupsVC-backed startups3.6k VC-backed startups23%39.1k VC-backed startups23%15.7k Bootstrapped startups77%170.9k Bootstrapped startups77%EuropePage/23 Source:Dealroom.co12 months18 months24 months30 months36 monthsRe
80、st of Europe ConversionCEE Conversion9%Conversion to Series A by time elapsed since Seed roundSeed is the 1st round between$1-4M;Series A is the 1st round between$4-15MWhen they are backed,CEE startups successfully graduate from Seed to Series A at a similar pace and rate compared to the rest of Eur
81、ope.16%21%25%29%30%21%8%15%26%Page/24 Source:Bootstrapping plays a prominent role in CEEs late-stage successes:almost a quarter of unicorns born in CEE are not VC-backed.Bootstrapped unicorns view onlineCEE22%7%EuropeAverageWestern Europe5%Dealroom.co.*Edge cases excluded from the bootstrapping anal
82、ysis.2021&2022 have been the strongest years for unicorn creation in CEE,with the number of unicorns more than doubling since 2020.*VC-backed(30)Bootstrapped(10)2022 UnicornsAlmost bootstrapped(5)*Page/25 Source:VC activity in CEE has already surpassed every year prior to 2021.At the current rate,20
83、22 is on track to match the levels of last year as well.Dealroom.co.Annualized VC funding value based on performance up to October/2022.8B6B2B4B2002020212022Combined venture capital investment into CEE view onlineInvestment into startups founded in CEE with current HQ abroad Investment in
84、to startups with HQ in CEE Annualized 6.2B*6.1B2.5B 1.3B 5.3B 3.6B 2.1xLast Updated:20/10/2022Update design.Page/26 Source:Lithuania236MIn CEE-Estonia,Czechia and Croatia have received the most VC funding in 2022 so far.VC funding value by country,year-to-date 2022Dealroom.co Countries with 500M+VC
85、funding in 2022Estonia1.4B CzechiaCroatiaPolandRomaniaBulgariaUkraineHungarySlovakiaLatviaSloveniaSerbiaNorth MacedoniaBelarusMoldovaAlbaniaKosovoMontenegroBosnia&Herzegovina1.1B865M550M304M245M246M132M117M50M71M44M10M5M5M5M5M5M hoxton;khosla;accel;nortzone;EUR 22m|(e)Symmetrical.ai;EUR 18m;Partech,
86、GFC,Target Global /all from 2022Page/36 Source:2022 is set to match the record breaking 2021 volume of early-stage VC funding in Central and Eastern Europe.Early-stage venture capital investment into CEE founded companies view onlineDealroom.co.*Especially at early stages,there is systemic underrepo
87、rting in the last 12 months.Early stage rounds considered those under 40M.Early-stage VC funding rounds in 2022 view online1.0B2.0BSilent EightFounded:PolandEurora SolutionsFounded:EstoniaKenticoFounded:Czech RepublicTenderlyFounded:SerbiaElrondFounded:RomaniaLast Updated:26/10/2022Update design.40M
88、Series B40MSeries A40MEarly VC40MSeries B40MEarly VC3CommasFounded:Estonia40MSeries B1.8B2.2B20000022(year-to-date)Page/37 Source:Seed investments are crucial for the Polish ecosystem,as we need to sow first,to be able to harvest.For years,our young entrep
89、reneurs were lacking capital.Since its inception,PFR Ventures mission has been not to just boost funding,but also to change the mindset.Since 2019,we have been experiencing a major mindset change among young people.They know that they can rely on dozens of early-stage VC teams constantly looking for
90、 new start-ups.Its no longer a fools dream to raise a pre-seed round for just an idea in a PowerPoint deck.Joanna NagadowskaVC and Startups Partnershipsat GoogleIm very happy to see that 9 out of 20 the rising startups were backed by our portfolio funds.Its an indication that our work begins to bear
91、 fruit.I believe that whole CEE region will remain attractive to international investors in the time of uncertainty and the rising stars will soon raise their own megarounds.Our recent investments in international funds like Northzone,WSC,DN Capital,and Lakestar will probably make it even easier.“Ma
92、ciej wikiewicz CEOat PFR Ventures100+Polish startups which raised early stage rounds in 2022 view onlinepoland.dealroom.coPoland Startup EcosystemDiscover the Polish startup ecosystemPage/38 Source:Dealroom.co.*There may occur overlap between industries.*Bolt has been excluded from Food industry.*Pe
93、rcentage and value of funding based on averages from 2015-2021.Transportation,Fintech&Enterprise Software lead VC investments into CEE.Top 5 Industries in CEE by VC funding Q1-Q3 2022 view onlineTransportation1.6B|32%FoodFintechEnterprise SoftwareSecurityValue Invested%of Total VC Funding880M|18%764
94、M|15%337M|7%332M|7%Last Updated:14/10/2022Biggest Industries 2015-2021 by VC fundingEnterprise Software1.3B33%Fintech440M11%Transportation400M10%Food360M9%Marketing240M6%Biggest Industries 2015-2021 by VC funding averageEnterprise SoftwareFoodFintechTransportationMarketing1.3B|33%440M|11%400M|10%360
95、M|9%240M|6%Value Invested%of Total VC Funding*Page/39 Source:The record in VC funding raised has already been broken.New funds are born and old funds are raising new funding.Dealroom.co.*2022YTD based on H1 performance.Venture capital funds are investment funds that manage the money of investors who
96、 seek private equity stakes in startup and small-to medium-sized enterprises with strong growth potentialNew VC funds raised by CEE-based investors view onlineNumber of CEE-based funds announced view online200M400M600M800M2002020212022 YTD00212022 YTDLast Updated:20/
97、10/2022Domestic investors are raising growing amounts of fresh capital,ready to be deployed in the region.923M+550M350M360M820M2031Page/40 Source:Credo Stage IV75MPrague CZECHIACEE-based 50M+funds announced this year.Inovo Ventures Fund III100M*Warsaw POLANDEleven Ventures Fund III60MSofia BULGARIAD
98、ealroom.co.*reported values as of 10.2022.Debt Fund I55MZagreb CROATIACatalyst Romania Fund II50MBucharest ROMANIASuperangel Fund II50MTallinn ESTONIA19 New funds announced across CEE,year-to-date.990 foreign investors with investments in CEEMarket One Capital Fund II 80M*Warsaw POLANDContrarian Ven
99、tures Fund II100MVilnius LITHUANIATrind VC Fund II55MTallinn ESTONIAAt a glanceSPOTLIGHT ON UKRAINEBlue&Yellow Heritage 30M*HCGF IV 125MEIC Ukraine program20MSCV Technology Fund III70M*Belgrade SERBIAPage/41 Source:Dealroom.co.*Last 12 months are systematically under reported and may cause lag in va
100、lues.Confidential exits do not contribute to complete values.Exits are at one of their highest points in CEEs history,but it remains unclear how amounts will be affected by this years market downturn.Number of exits in CEE view onlineH12017H12018H12019H12020H12021H38074693434449111011888*
101、Last Updated:20/10/2022Exit amounts in CEE view onlineH12017H12018H12019H12020H12021H1202240B30B20B10B630M*37.2B42.3B14.8B496M5.3B822M5.4B4.5B2.7B1.9BH1 2022 88%of exits have undisclosed values year-to-date.Skirmantas JanukasCo-Founder&CEO at DappRadar4.Deep dives:Enterprise software,Gaming,Web3 Wit
102、h the support ofMariusz Gasiewski CEE Mobile Gaming Lead at GoogleMaciej GnutekGeneral Partner at Credo VenturesWeb3GamingEnterprise softwareHas contributed onPage/43 Source:Dealroom.co.*There may occur overlap between industries.eCommerce contains Fashion,Home Living&Wellness segments.More on indus
103、try definitions can be found here.CEE Enterprise Software startups have a combined valuation exceeding all of their Fintech,Transportation and eCommerce counterparts combined.Top 5 Industries in CEE by combined enterprise value,October 2022Enterprise Software80BeCommerceFintechTransportationSecurity
104、30B19B19B15BLast Updated:14/10/2022In CEE Enterprise Software is worth more than Fintech,Transportation&Fashion combined.Dealroom.co.*There may occur overlap between industries.Top 5 Industries in CEE by combined enterprise value,Q3 2022Enterprise Software80B FintechTransportationFashionSecurity30B
105、19B 17B 15B Page/44 Source:The funding landscape in CEE looks different compared to European average,with Enterprise Software taking up a significantly larger chunk of VC activity in the region.Dealroom.co.*Startups may belong to up to two industries.Overlaps and double counting is reduced organical
106、ly but may occur at scale.10%20%30%40%Enterprise softwareTransportationFintechSecurityHealthEnergy38%22%19%5%4%3%23%8%25%19%9%5%of B2B VC funding by sector(2016-Q3/2022)Rest of Europe CEELast Updated:20/10/2022Page/45 Source:CEE is home to some of the most promising Enterprise Software startups.Deal
107、room.co Legal&AccountingData ManagementDevelopment ToolsOtherSecurityTeam ProductivityMarketing&SalesLast Updated:20/10/2022Enterprise Software in CEE is primarily centered around 7 main categories.Top Rounds 2022Rising Stars-Identified with Page/46 Source:Source:Dealroom.co Funding into CEE Enterpr
108、ise Software startups is down on a record-breaking 2021,but is still 2.5x compared to 5 years ago.Select CEE-founded Enterprise Software Funding Rounds of 2022CEE Enterprise Software VC Funding view onlineMANTACentral hub for data flows.Round:35M Series BH12017H12021H120221.0B500M662M919M264M2.5x1.5
109、B1.1BH22021SyneriseAI behavioural data processing.Round:23M Series BMemsourceAutomating content translation.Round:15M Growth Equity VCDRUIDIntelligent chat bot.Round:14.2M Series APage/47 Source:CEEs Software Development legacy is feeding a new generation of startups,as tech talents increasingly bec
110、ome founders.%of EV in Product Led StartupsQuote-transformation in CEE to product focused80%of Enterprise Value in CEEis in Product Led StartupsLast Updated:13/10/2022UkrainePoland,Hungary,Czechia&SlovakiaCEE-based outsourcing companies&software development studiosSelected startups(co-)founded by fo
111、rmer employees of 20+Software Development studios,IT outsourcing companies and R&D offices of large European IT consultancies in CEE.BalkansBalticsRest of EuropeNorth AmericaSelected CEE outsourcing companies&software development studiosBalkansPoland,Hungary,Czechia&SlovakiaRest of EuropeBalticsUkra
112、ineNorth AmericaPage/48 Source:100%75%25%50%CEEs Enterprise Software expertise is increasingly supporting innovation in other segments.Dealroom.co.*There may occur overlap between industries.DraftLast Updated:27/10/2022Update design.Share of VC funding in CEE by industry 20172022(Q1-Q3)10%45%5%13%Cr
113、oatia Greece Romania Bulgaria Serbia Slovenia North Macedonia56%23%17%17%Design update.Semiconductors Health Gaming Marketing Travel Energy Security Food Enterprise Software Fintech Transportation Enterprise softwareEnterprise software matures and gains in various industries.CybersecurityTransportat
114、ion,Mobility&LogisticsFintech36%of CEE VC funding16%of CEE VC fundingEnterprise softwareCybersecurityTransportation,Mobility&LogisticsFintechEnterprise softwareTransportation,Mobility&LogisticsFintechEnterprise softwareCybersecurityPage/49 Source:Source:Dealroom.co VC funding has grown 5.6x since 20
115、21 for CEE-based Crypto and Web3 startups.Selected Crypto&Web 3.0 CEE VC Funding Rounds,2022CEE-based Crypto/Web 3.0 Startups-VC Funding view onlineH12017H12021H12022 H22021100M50M119M101M3M39xNOW100M50M150M119M101M3M5.6xReady Player MeFounded:EstoniaRound:56M Series BBITLEVEXFounded:EstoniaRound:50
116、M Early VCTenderlyFounded:SerbiaRound:40M Series B21MTatumFounded:CzechiaRound:41M Early VCElrondFounded:RomaniaRound:40M Early VCNFTPortFounded:EstoniaRound:24.9M Series AAleph ZeroFounded:PolandRound:14.8M SeedPage/50 Source:Web3 startups to watch out for in Central Eastern Europe.Dealroom.co Sele
117、cted CEE Web 3.0 startups,using TenderlyEthereum developer platform for innovative blockchain products.RMRKNFT exchange platform.StrigaCrypto and Banking APIs.Single.EarthBuilds tools to mitigate climate change and biodiversity loss.TatumSolution to build test and run blockchains.Change InvestCrypto
118、 exchange platform.DappRadarDecentralized crypto app store.Coinrule Automated crypto trading platform.RevutoSubscription management with crypto micro-lending and borrowing.Somnium SpaceSocial&open world VR platform.SerbiaEstoniaCzechiaLithuaniaCroatiaCroatiaEstoniaEstoniaRomaniaCzech RepublicFiat Re
119、publice-money solution&APIPolandTop CEE Web3 startups to watch out for view onlineLast Updated:20/10/2022Update screenshotUpdate designTenderlyFounded:SerbiaRound:405 Series BFiat republicFounded:PolandE-money solution&API.TenderlyFounded:SerbiaEthereum developer platform for innovative blockchain p
120、roducts.StrigaFounded:EstoniaCrypto and Banking APIs.3CommasFounded:EstoniaCrypto trading platform.RevutoFounded:CroatiaSubscription management with crypto micro-lending and borrowing.DappRadarFounded:LithuaniaDecentralized crypto app store.Aurora LabsFounded:UkraineSolution to operate apps on Ether
121、eum-based platform.Single.EarthFounded:EstoniaBuilds tools to mitigate climate change and biodiversity loss.Change InvestFounded:EstoniaCrypto exchange platform.RMRKFounded:CroatiaNFT exchange platform.Somnium SpaceFounded:CzechiaSocial&open world VR platform.CoinruleFounded:RomaniaAutomated crypto
122、trading platformRampFounded:PolandBanking APIs to connect crypto with fiat.NexoFounded:BulgariaCrypto-backed loans.NFTPortFounded:EstoniaNFT infrastructure&API tool for developers.WertFounded:EstoniaCrypto currency provider.TenderlyFounded:SerbiaEthereum developer platform for innovative blockchain
123、products.StrigaFounded:EstoniaCrypto and Banking APIs3CommasFounded:EstoniaCrypto trading platform.DappRadarFounded:LithuaniaDecentralized crypto app store.RevutoFounded:CroatiaSubscription management with crypto micro-lending and borrowing.Aurora LabsFounded:UkraineSolution to operate apps on Ether
124、eum-based platform.RMRKFounded:CroatiaNFT exchange platform.Single.EarthFounded:EstoniaBuilds tools to mitigate climate change and biodiversity loss.Change InvestFounded:EstoniaCrypto exchange platform.RampFounded:PolandBanking APIs to connect crypto with fiat.CoinruleFounded:RomaniaAutomated crypto
125、 trading platformSomnium SpaceFounded:CzechiaSocial&open world VR platform.WertFounded:EstoniaCrypto currency provider.NFTPortFounded:EstoniaNFT infrastructure&API tool for developers.NexoFounded:BulgariaCrypto-backed loans.Page/51 Source:Estonia,Slovenia&Serbia concentrate over 70%of combined value
126、 of Web3 startups in CEE.Top 5 Web 3.0 hubs in CEE by Enterprise Value view onlineDealroom.co.Combined enterprise value of 585 startups identified on the basis of their product and location of their main center of business.Countries 100M in combined crypto enterprise valueEstonia1.3B Czech RepublicC
127、roatiaPolandRomaniaLithuaniaBulgariaUkraineHungarySlovakiaLatviaSloveniaSerbiaNorth MacedoniaBelarusMoldovaAlbaniaKosovoMontenegroBosnia&Herzegovina883M772M490M285M245M181M169M132M117M48M71M44M10M5M5M5M5M5M5MLast Updated:17/10/2022Countries with less than Open access to the Ukrainian Startup Ecosyst
128、emJoobleSupported byTR DATA,ALTY,RENTPage/58 Source:Ukrainian startups are showing incredible resilience in spite of the war and recession,with enterprise value growing 3.3x since 2020.Dealroom.co Last Updated:17/10/2022SPOTLIGHT ON UKRAINETotal combined enterprise value of Ukrainian Startups view o
129、nlineTotal combined enterprise value of CEE view online2002020202190B242B148B93B65B49B250B200B150B100B50B23.3B27.1B7.0B3.3x6.4B4.5B2.9B1.3xPage/59 Source:This can take a toll on startup teams.“At the moment Russia invaded,one third of the team was in Kyiv,
130、roughly 150 people.Other than the co-founders,none of the leadership team are Ukrainian and they really did their best to manage the business and evacuation process.We organized a team of 10 people working 24/7 to make sure every single Prepler in UA had everything they needed during those weeks,fro
131、m transportation to accommodation in the west of Ukraine or outside.We also provided financial,and mental health support.”Startups have had to cope with uncertain times.“We extended deadlines for projects we planned to launch in 2022,but we havent abandoned them.After all,the team lost the ability t
132、o work effectively for a few months,and its impossible to work on the same level of productivity when constantly thinking and living through whats happening to our people and our country(Ukraine).”SPOTLIGHT ON UKRAINERead the full interviewOleksandr KosovanFounder and CEOof MacPawKirill Bigai&Dmytro
133、 VoloshynCo-foundersat PreplyRead the full interviewPage/60 Source:Western Europe384B1.2T201720223.1xNordics Dealroom.co.All startups are verified on the Dealroom platform.Last Updated:20/10/2022startups with UA roots abroad slide-WIPForeign startups&tech companies actively recruiting in Ukraine thi
134、s year:https:/app.dealroom.co/lists/31980?showGrid=false&showTransactions=false&sort=-startup_ranking_ratingForeign startups with ties to Ukraine:https:/app.dealroom.co/lists/31921?showGrid=false&showTransactions=false&sort=-startup_ranking_rating-Companies founded in Ukraine with current HQ abroad-
135、Companies(co-)founded by alumni of Ukrainian universities-Companies founded by Ukraine-based founding teamsUkraine is home to 285 000+IT professionals(1),over 2,000 startups and hundreds of service providers and software development studios.The Ukrainian startup ecosystem has shown incredible resili
136、ence and continues to provide livelihoods to Ukrainians at home and abroad,as well as innovations to the world.(1)Source:IT Ukraine Association.(2)Source:ukraine.dealroom.co.500+foreign startupswith recent job openings in UkraineUkraine is home to a dense startup&tech ecosystem:there are 1.5k active
137、 startups based in the country(2).Another 600+startups were founded in Ukraine,or by Ukraine-based founding teams and/or by alumnus of Ukrainian universities.SPOTLIGHT ON UKRAINEUkraines tech ecosystem is more than the sum of its startups.SPOTLIGHT ON UKRAINEForeign startups with ties to Ukraine.Vie
138、w onlineCompanies founded in Ukraine with current HQ abroadCompanies(co-)founded by alumni of Ukrainian universitiesCompanies founded by Ukraine-based founding teamsForeign startups&tech companies actively recruiting in Ukraine this year.View online600+startups abroadwith strong ties to Ukraine1.5K
139、Ukrainian startupsmain center of businessin UkrainePage/61 Source:Magdalena PrzelaskowskaSenior Startup Partner Managerat Google for StartupsWhen the war started we opened our Campus doors to founders who arrived in Warsaw.The one strong feedback we got was that on top of the fund they need visibili
140、ty to show the world that Ukraine is still standing.This strong resilience shows in the numbers that we can see throughout this report.We received 1,670 applications and we did 300 interviews for the fund.From that experience I can share that many startups from that region build sophisticated tech p
141、roducts,have strong teams with tech talent and are bootstrapped with most reaching break-even.All this with limited access to capital,so founders try to minimize costs where possible.In the report we can see that Ukraine is number 1 country when it comes to jobs creation per$M raised.In the challeng
142、ing times that are ahead of us,this cash-conservative mindset of Ukrainian founders gives them a natural advantage and will help them survive with hopes to grow further and rebuild their countrys economy after the war.talent and are bootstrapped with most reaching break-even.All this with limited ac
143、cess to capital,so founders try to minimize costs where possible.In the report we can see that Ukraine is number 1 country when it comes to jobs creation per$M raised.In the challenging times that are ahead of us,this mindset of Ukrainian founders gives them a natural advantage and will help them su
144、rvive with hopes to grow further and rebuild their countrys economy after the war.When the war started,we opened our Google for Startups Campus doors to Ukrainian founders who arrived in Warsaw.The one strong feedback we got was that,on top of funds,they need visibility to show the world that Ukrain
145、e is still standing.This strong resilience shows in the numbers that we can see throughout this report.For the Ukraine Support Fund,we have interviewed hundreds of Ukrainian founders.From that experience I can share that many startups from that region build sophisticated techproducts,have strong tea
146、ms with tech To help Ukrainian entrepreneurs maintain and grow their businesses,strengthen their community and build a foundation for post-war economic recovery,Google announced in March a$5 million Google for Startups Ukraine Support Fund.Selected Ukraine-based startups will receive up to$100,000 i
147、n non-dilutive funding as well as ongoing Google mentorship,product support,and Cloud credits.So far 33 startups were selected,with more to be announced before the end of year.Ukraine Support FundSPOTLIGHT ON UKRAINE|“bootstrapped with most reaching break-even.All this with limited access to capital
148、,so founders try to minimize costs where possible.In the report we can see that Ukraine is number 1 country when it comes to jobs creation per$M raised.In the challenging times that are ahead of us,this cash-conservative mindset of Ukrainian founders gives them a natural advantage and will help them
149、 survive with hopes to grow further and rebuild their countrys economy after the war.When the war started we opened our Campus doors to founders who arrived in Warsaw.The one strong feedback we got was that on top of the fund they need visibility to show the world that Ukraine is still standing.This
150、 strong resilience shows in the numbers that we can see throughout this report.We received 1,670 applications and we did 300 interviews for the fund.From that experience I can share that many startups from that region build sophisticated tech products,have strong teams with tech talent and are6.Meth
151、odology&AcknowledgementsPage/63 Source:A few words on our methodology.Homegrown and relocation What is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into
152、scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached US$1B valuation or exit at one point in time.What is a startup?Geographic scopeIn this report,the countries co
153、nsidered as part of CEE include:Estonia,Lithuania,Latvia,Poland,Czech Republic,Hungary,Slovakia,Croatia,Romania,Serbia,Bulgaria,Montenegro,Slovenia,North Macedonia,Bosnia and Herzegovina,Albania,Kosovo,Moldova,Ukraine,Belarus.While many startups founded in CEE relocate beyond the borders of CEE,most
154、 maintain business-critical ties to their homelands.In order to take this reality into account,this report includes both CEE-based startups,which maintain their main center of business(HQ)in their country of origin,and CEE-born startups,relocated outside of CEE as they grew.Startups founded by alumn
155、i of CEE Universities,and/or nationals of CEE countries whilst abroad,as well as startup funded by CEE investors abroad,are not included in the main section of this report.CEE startups on DealroomWhat is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data from multipl
156、e sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.
157、co.Venture Capital,InvestorsDomestic investors refer to each respective SEE countries.Europe investors include all SEE and CEE investments except those from the companys founding or HQ location.Europe includes the entire European continent,the UK and Russia,but excludes Turkey.Investment are referre
158、d to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.CEE PolandCzech RepublicSlovakiaHungarySloveniaCroatiaEstoniaLatviaLithuaniaMacedoniaSerbiaMontenegroRomaniaBulgariaBosnia and HerzegovinaAlbani
159、aMoldovaGeorgiaUkraine?Greece?Belarus?Moldova?Armenia?Previous editions of the report.Page/64 1st Edition 20192nd Edition(2021)3rd Edition(2022)2nd Edition 20213rd Edition 2022Page/65 Source:Global startup&venture capital intelligence platformDealroom.co is the foremost data provider on startup,earl
160、y-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Pending content(partner)
161、Credo Ventures is a venture capital company focused on early stage investments in Central Europe.Our mission is to identify and back the most interesting early stage companies in the region,support them in their growth plans in global markets and help to achieve their objectives.Built by founders fo
162、r founders,every single aspect of our firm,every part of our culture and every decision we take is designed with the sole ambition of helping our partners succeed.Because its through these pioneers that change happens.Rewiring our world to be a fundamentally better place.One entrepreneur at a time.A
163、t their best,startups solve complex problems.When they succeed,they move us all forward.Thats why Google for Startups brings the best of Googles products,connections,and best practices to level the playing field for startup founders and communities,and enable startups to build something better.We partner with outstanding technology founders from CEE to help them realize their global ambitions.We partner with Europes most ambitious tech founders.Googles initiative to help startups thrive across every corner of the world.