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1、LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE March 2024FINTECHIMPACTMRKTPLCSFOOD
2、TECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNCentral and Eastern European startups2024GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACING1Ecosystem Overview2VC Investment landsca
3、pe3SectorsPlaceholder textDESIGN CONTENTAndreas NemethManaging Partnerat Uniqa VenturesCo-authors:Martina VitezovaInvestment Managerat Uniqa VenturesName SurnamePositionat CompanyWith contributions fromName SurnamePositionat CompanySylwester JanikGeneral Partnerat Cogito Capital PartnersTable of con
4、tentsEwa ChronowskaCEOat VestbeeKonrad KoncerewiczHead Of Startups&VCat VestbeeLouis Geoffroy-TerrynResearch Leadat Dealroom.coAliaksei VinchoInnovation Analystat Dealroom.coNorbert KruszewskiPrincipalat Cogito Capital PartnersPage/3 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOO
5、TERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDESIGN CONTENTCityVC investmentEnterprise software startups raised around 31%of all CEE VC investment in 2023.However,over the last 5 years,VC investment into energy startups has shown significant growth:from 21M in 2019 to 30
6、3M in 2023.AI Core startupsCEE Startups are worth a combined 213B.The combined enterprise value of startups in the CEE startup ecosystem has grown by x2.4 in the past 5 years,from 89B in 2019 to 213B in 2023.Startups and Scaleups backed by VCs have been growing the fastest,adding 21B in value in jus
7、t five years.1,000 startups across 110+cities raised a combined 2.1B in 2023.There are over 26K startups in the CEE region,7K of which are currently VC backed.However,access to capital remains a challenge for many.50%of VC investment in 2023 is concentrated in the regions top 3 markets:Estonia,Lithu
8、ania and Poland.Funding into Climate Tech and AI are on the rise in CEE.Over the last 5 years,AI startups raised 15%of total CEE VC investment and Climate Tech raised approximately 20%.In Q1 2024,45%of CEE VC investment volume went to AI startups,while 26%went to Climate tech startups.Combined Enter
9、prise Value of CEE startupsTop hubs in CEE,2023Percentage of total investment in CEE going to AI and Climate Tech startupsCombined Enterprise Value of CEE startupsTop hubs in CEE,2023Percentage of total investment in CEE going to AI and Climate Tech startups213B x2.489BClimate techAI Core startups20
10、24 Q12019234BKey TakeawaysGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPlaceholder textDESIGN CONTENT1 Ecosystem Overview2 VC Investment landscape3 SectorsPage/5 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXT
11、RA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.co|Bootstrapped&others:bootstrapped startups,excl.Unicorns,and startups with no disclosed VC-backing.The CEE startup ecosystem is worth a combined 213B,up 2.4x since 2019.Combined enterprise value of CEE-based startups by funding
12、 statusShare in 202387%3%4%5%VC backedPublic,not VC backedUnicorns,not public or VC backedRest of CEE ecosystemCombined enterprise value of CEE startups2021-2024 growth+2B-46B+21B+1B2024 Q1The CEE startup ecosystem is worth a combined 213B,up 2.4x since 2019.(all public and private Unicorns from CEE
13、)VC-backed startupsBootstrapped&othersPage/6 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.coCEE startups are worth a combined 213B.The regions 50+unicorns concentrate 60%of the combined ent
14、erprise value.Startups from Poland,Ukraine,Estonia contribute 50%of the regions combined enterprise value.Enterprise value in top 10 CEE countriesPage/7 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION
15、Dealroom.co;*Among countries with EV above 1B.Croatia,Lithuania and Latvia have shown the highest relative growth in combined enterprise value in the past five years.*5-year growth,combined enterprise value in CEE.x2.4x2.3CEE average:x2.4European average:x2.1Page/8 Source:LOGOS SPACINGYEAR/EXTRA LAB
16、ELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co;*Among countries with EV above 1B.The value of the CEE startup ecosystem has grown 2.4x in just 5 years,bringing its share of Europes innovation ecosystem to 5.7%.Combined ent
17、erprise value of European tech Geographical distribution,2019 v 2024(Q1)20192024CEENordicsDenmark,Norway,Iceland,Finland,SwedenSouthern EuropeItaly,Spain,Portugal,Greece,Malta,CyprusWestern Europe5.7%4.9%UK+Ireland,DACH,Benelux,France.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOU
18、RCES/INSPIRATIONBIG LOGOS SPACINGUnicorn ClubUnicorns&1B+ExitsFuture UnicornsCEE:present&future successesNotableExitsPrivate Unicorns($1B+Enterprise value)Startups 200M+(Enterprise value)Bulgaria1.3K+startups view moreLatvia700+startups view moreLithuania1.3K+startups view moreEstonia2.6K+startups v
19、iew morePoland5.1K+startups view moreRomania2.3K+startups view moreHungary1.7K+startups view moreCzechia2.3K+startups view moreUkraine3.9K+startups view moreCroatia700+startups view moreRest of CEE3.5K+startups view moreRising Stars 1M funded startups that become unicornCroatia,Ukraine and Estonia s
20、tand out,with over twice the number of unicorns per funded startups than European average.Just over 40 startups from Croatia raised more than 1M funding,but 3 already became unicorns.CEE average:3.2%European average:2.1%2.5%3.5%Page/13 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN C
21、ONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.coTop 10 countries by VC investment in 2023Position change vs.2022+4+1+3=+2-3-2+1+2=40%of VC investment in CEE is concentrated in the Baltics,while Poland and Romania each account for 13%.Page/14 LOGOS SPACIN
22、GYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONWithout undermining the local issues and the uncertainties of the global investment outlook,we believe there will be few countries like Trkiye who will at large separate po
23、sitively from this current situation.Therefore by the end of 2030,we might expect to see a major increase in the number of smart startups and tech companies from todays 20,000+to 90,000,the market value of the ecosystem approximately from$45B to$120B,the deal count from 325 per year to 1,200 and the
24、 dealflow to$7-8B annually.Being part of the ecosystem in Trkiye will be both interesting and lucrative,therefore we would like to suggest all parties and stakeholders around the world to enjoy the first mover advantage.We now have to set reliable but demanding new targets for the Entrepreneurship E
25、cosystem in Trkiye.“Ufuk BatumPositionat CompanyMaciej wikiewiczCEO“We are committed to further stimulating our ecosystem by encouraging more private investors,creating new tax solutions,and promoting the best projects.Poland remains a leader of the regional VC market,but we cannot rest on our laure
26、ls.The level of VC investment per capita in Poland shows that we are still punching way below our weight.This should change as soon as we unlock the assets of other public investors,such as pension funds and divert this money towards VC funds.In last 5 years,32 VC funds that used PFR Ventures money
27、financed 380 seed companies.PFR Ventures plans to invest in next 40 VC funds soon,which will further secure funding for new projects.”New HUB RisingVC investment per capita in CEE countries VC investment deployed in country in 2023,per capitaEuropean average:78CEE average:12161777Page/15 Source:LOGO
28、S SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co;by current HQ location,excluding Belarus.Half of the value of the CEE ecosystem is concentrated in just over 500 startups with a HQ outside their countr
29、y of origin.Startups founded in Ukraine,Romania and Bulgaria are most likely to have relocated their HQ abroad,in the UK,the US or Western Europe,with only a handful electing another country within the region.Combined enterprise value by country in Central Eastern Europe(Top 10)*Startups based in th
30、eir country of originStartups relocated out of their country of originJust 8%of Europes ecosystem value comes from European startups which have relocated overseas.Almost 47%of CEEs ecosystem value comes from CEE startups which have relocated.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONT
31、ENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGEwa ChronowskaCEO“We are entering an exciting period where more and more global VCs are interested in the CEE region.The startup exodus highlights the need for stronger local support systems,ranging from capital access,especially at later stages,to talent pool
32、 acquisition and increased knowledge exchange,as well as broader regulatory frameworksThe relocation of top startups from the CEE region to more mature ecosystems underscores the specific challenges our regional emerging economies face.The startup exodus highlights the need for stronger local suppor
33、t systems,ranging from capital access,especially at later stages,to talent pool acquisition and increased knowledge exchange,as well as broader regulatory frameworks to perceive the CEE region as a stable entrepreneurial landscape,more likely to attract investment without geographic bias.”Central an
34、d Eastern Europe,with its vibrant ecosystem,is emerging as a hotbed for innovation and economic growth in Europe.However,were witnessing a continuous trend of startup founders relocating their headquarters,primarily to established hubs like London and the US,in search of greater access to funding,ex
35、pansive markets,and the best talent to align with these high-demand ecosystems and accelerate their global growth.Success stories accumulate and contribute to the growth of the startup ecosystem,fostering the emergence of a new generation of founders,startups,and VCs.The startup exodus highlights th
36、e need for stronger local support systems,ranging from capital access,especially at later stages,to talent pool acquisition and increased knowledge exchange,as well as broader regulatory frameworksThe relocation of top startups from the CEE region to more mature ecosystems underscores the specific c
37、hallenges our regional emerging economies face.The startup exodus highlights the need for stronger local support systems,ranging from capital access,especially at later stages,to talent pool acquisition and increased knowledge exchange,as well as broader regulatory frameworks to perceive the CEE reg
38、ion as a stable entrepreneurial landscape,more likely to attract investment without geographic bias.”Success stories accumulate and contribute to the growth of the startup ecosystem,fostering the emergence of a new generation of founders,startups,and VCs.Central and Eastern Europe,with its vibrant e
39、cosystem,is emerging as a hotbed for innovation and economic growth in Europe.However,were witnessing a continuous trend of startup founders relocating their headquarters,primarily to established hubs like London and the US,in search of greater access to funding,expansive markets,and the best talent
40、 to align with these high-demand ecosystems and accelerate their global growth.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPlaceholder textDESIGN CONTENT1 Ecosystem Overview2 VC Investment landscape3 SectorsPage/18 Source:EXTRA CONTENTALIGN HERE
41、EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2CEE is showing a promising funnel of early,breakout and late stage startups.VC backed CEE companiesCEE pre funding companies VC backed 1B+CEE companies founded since 1990 400-500 start
42、ups raise their first VC round each year in CEE(out of 1200 startup formations)3.5KEarly(015M total funding)189Breakout(15100M total funding)50Late(100M+total funding)100B+10B+1B+3507%of Europe 8%of Europe Dealroom.coPage/19 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTE
43、RGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn the past 10 years,5,000 startups*in CEE have taken the venture-backed journey.The average conversion rate from Seed round to Series A funding stands at 35%,while approximately 2%of ventures secure megaround financing.The medi
44、an duration of a venture-backed journey for exited companies is 4 years.Dealroom.co;*excludes 5,400 CEE startups with undisclosed funding.Startups founded in the last 1-3 years are likely to have received undisclosed funding,or be subject to reporting lag.Early stageBreakout stageLate stage3,3353181
45、1389854172Page/20 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Graduation Rate Benchmarking:CEE Startups Compared to European and Global Standards.Dealroom.coPage/21 Source:LOGOS SPACINGYEAR/EXTRA L
46、ABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONCEE companies raised 2.1B in VC investment in 2023.There have been over 940 funding rounds across the 114+cities all across Central Eastern Europe.415m(series A)14m(seed)01m(pre-seed)VC
47、 investment into CEE companies view online2BQ22022Q22021Q22020Q22019Q22018Q220231B 250m+100250m 40100m(series C)1540m(series B)LateBreakoutEarlyQ22017350Min 2023H1Q3Q1Q4View online Dealroom.coPage/22 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGR
48、APH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2TallinnDealroom.coBlue dot-Early Stage($0-$15M)Green dot-Medium Stage($15-$100M)Red dot-Late Stage($100+)Largest funding round raisedEarly Stage($0-$15M)Breakout Stage($15-$100M)Late Stage($100+)Startups in 115 cities across CEE raised fresh funding in
49、2023.Top 10 hubs in CEE by VC investment in 20232023 funding roundsCityVC funding 4 companies in 4 cities raised a 100M+round in 2023:TallinnCluj-Napoca VilniusKaunas Cluj-NapocaVilniusKaunasPage/23 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRA
50、PH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.co.Early-stage funding includes all types of VC investment up to$15M(14M),irrespective of the disclosed round labelling.Grants,Debt and other forms of non-dilutive funding are not included.Early stage VC Investment in startups based in the CEE v
51、iew online 0-1m(pre-seed)1-4m(seed)4-15m(series A)1,000+CEE startups raised over 900M early-stage funding in 2023.Explore Seed to Series A rounds view online A lot of relocated startups on the ssPage/24 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITL
52、EGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.coBreakout and growth VC Investment in startups based in the CEE view online CEE saw far fewer breakout stage deals(15M+)in 2023.Just over 1.2B was invested post Series-B across 340 deals.Explore recent rounds view online A lot of relocated
53、startups on the ss15-40m(series B)40-100m(series C)100-250m 250m+Page/25 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.coAfter 10 years,13%of active VC backed CEE startups go public.30%of VC
54、-backed startups globally have exited via means of strategic sale,buyout or IPO over a 10 year period.Startups in CEE see on average 13%of startups being acquired or going public after the same time frame,indicating promising room for growth.Share of active startups by founding year which are public
55、 or acquired.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGSylwester JanikGeneral Partner“Late-stage and early growth technology companies in CEE often face challenges securing adequate funding,and accessing resources for global expansion.The start
56、up exodus highlights the need for stronger local support systems,ranging from capital access,especially at later stages,to talent pool acquisition and increased knowledge exchange,as well as broader regulatory frameworksThe relocation of top startups from the CEE region to more mature ecosystems und
57、erscores the specific challenges our regional emerging economies face.The startup exodus highlights the need for stronger local support systems,ranging from capital access,especially at later stages,to talent pool acquisition and increased knowledge exchange,as well as broader regulatory frameworks
58、to perceive the CEE region as a stable entrepreneurial landscape,more likely to attract investment without geographic bias.”Central and Eastern Europe,with its vibrant ecosystem,is emerging as a hotbed for innovation and economic growth in Europe.However,were witnessing a continuous trend of startup
59、 founders relocating their headquarters,primarily to established hubs like London and the US,in search of greater access to funding,expansive markets,and the best talent to align with these high-demand ecosystems and accelerate their global growth.Success stories accumulate and contribute to the gro
60、wth of the startup ecosystem,fostering the emergence of a new generation of founders,startups,and VCs.At Cogito,we aim to address the late-stage funding gap and geographical expansion needs of tech scale-ups with a presence in CEE.Primarily focusing on delivering Series B funding,we act as a strateg
61、ic bridge between the region and the US for portfolio companies.Since 2019,as one of the few VC funds in the region investing in tech scale-ups,we work with tech companies that require tailored support and mentorship to navigate the complexities of scaling their operations and competing on a global
62、scale.Additionally,we partner with international late-stage investors seeking an experienced co-investor in the CEE region.In recent years,the Central and Eastern European(CEE)region has emerged as a vibrant hub for tech innovation,driven by a thriving ecosystem of early-stage tech companies with am
63、bitions for global expansion.Many of these companies highlighted in the report are not only poised for international growth but also proficient in securing later-and growth-stage funding,establishing themselves as a growing category of scale-ups and signaling the maturation of the tech landscape in
64、CEE.Over the past four years,AI-powered tech categories such as enterprise software,data analytics,and fintech sectors have not only emerged as major catalysts for innovation and growth but have also yielded notable exits,such as Cogitos portfolio company-Applica.Originally highlighted as a rising s
65、tar in the 2019 report Polish and CEE tech ecosystem outlook,Applica was acquired by Snowflake in 2022.Page/27 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.coLate-stage is mainly driven by
66、foreign investors.Domestic CEE Europe not CEE Rest of WorldBreakout-stage moves the accent from domestic to CEE investorsDomestic CEE Europe not CEE Rest of WorldEarly-stage shows strong participation of domestic investorsDomestic CEE Europe not CEE Rest of World 1.6K1.4K94259141.1K inves
67、tors were involved in CEE venture deals in 2023.Page/28 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co.Domestic includes all deals by investors in the same country as the startup.CEE inclu
68、des investors from another country in the region.CEE startups raise capital from local&international investors.A growing number of first-time investors from overseas are looking to the region in recent years.Domestic investors play a foundational role,especially at early-stage.Another 16%of all inve
69、stment in the region involve at least one investor from a CEE country other than the country of origin of the startup raising.In recent years,investors from emerging markets including MENA and Asia have grown their portfolio in CEE.Distribution of VC investment in CEE by investor provenancePage/29 S
70、ource:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2CEE investors raised$1.9B since 2023.The majority of CEE new funds are concentrated in Poland and Ukraine.Innova/7Poland324M Jun.2023BaltCap Infrastructur
71、e Fund IIEstonia 200M Oct.2023ORBIT Growth Stage FundCzech Republic200M Feb.2023Emerging Europe Growth FundUkraine120M Nov.2023Clean Energy Infrastructure Fund(CEIF)Lithuania85M May 2023Horizon Capital Growth Fund IVUkraine318M Feb.2024Practica Venture Capital IIILithuania80M Jan.2024Top VC and Grow
72、th funds based in CEE announced since January 2023VCFundLast fund raisedHorizon Capital Growth Fund IV318M Feb.2024OTB Fund II(Deeptech)150M May 2023Emerging Europe Growth Fund120M Nov.2023Innovo Fund III105M Jun.2023Practica Venture Capital III80M Jan.2024New funds since 2023Dealroom.coSource:Kyiv4
73、 new fundsTallinn5 new fundsRiga3 new fundsVilnius4 new fundsWarsaw4 new fundsBucharest2 new fundsPrague2 new fundsWroclaw1 new fundPage/30 EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Series B+Seed-Series
74、 AGrowth&Late(Series B+)Private Equityoperating in CEETop 10 Israeli investorsInvestors anywhereInvestments in Israeli companies InvestorNotable Israeli investmentsNotable international investments(not counted here)1FiverrLinkedIn2StarkWare IndustriesNvidia3MelioImprobable4Next InsuranceFirebolt5MSi
75、sense6HiBobCazoo7Redis LabsContentSquare8HoneyBookWeWork9WixX10WizAxis SecurityThe Central&Eastern European investor landscape.Other European investorsForeign investorsCEE investorsCVCsbased in CEEInstitutional investorsNational/Local mandateInstitutional investorsCross-border mandateInstitutional i
76、nvestorsForeign investorsEarly(Seed-Series A)Pre-SeedEarly Growth&LateForeign investorsOther European investorsCEE investorsPage/31 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co *very lim
77、ited number of rounds and vast majority of rounds happening outside CEE,in the US or rest of Europe.Seed median Series A medianSeries B medianSeries C+median*Median Seed and Series A rounds sizes have remained on upward trendline.Median Series B and Series C+rounds sizes have significantly decreased
78、 from their peaks in 2022.Median Series B and Series C+rounds sizes have have been on a downward trendline.Median Seed and Series A rounds sizes have remained relatively stable.Standardized round typesPage/32 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LAB
79、ELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.co;2023 and Q1 2024The number of exits of CEE startups has quadrupled in just 10 years.CEE number of exitsThe number of exits of CEE startups has quadrupled in just 10 years.Notable exits in 2023/24 BuyoutMar.2023 IPOFeb.2024Acquisitio
80、nFeb.2023AcquisitionJun.2023AcquisitionMar.2023AcquisitionDec.2023AcquisitionDec.2023BuyoutAug.2023300+Exits in CEEAcquisitionMar.2024GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPlaceholder textDESIGN CONTENT1 Ecosystem Overview2 VC Investment la
81、ndscape3 SectorsPage/34 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.coMedia and Energy have experienced significant growth in VC investment,each having increased more than 10 x in the last
82、 five years.MaintainXRomania45.5M Dec.2023ID.meEstonia120M Apr.2023FLOWX.AIEstonia31.8M May 2023SkeletonEstonia108M Oct.2023DronamicsBulgaria36.4M Feb.2023GenePlanetSlovenia20M Jul.2023Eleven LabsPoland17.3M Jun.2023Blank Poland15.5M Nov.2023Selected round in 2023PhotoneoSlovakia17.3M Jan.2023Preply
83、 Ukraine38.2M Jul.2023Enterprise Software/SaaS remains the leading segment in the region,with over 655M raised by Enterprise Software startups,and 1.2B raised by SaaS startups across all sectors.Energy as a startup segment rose from niche just a few years ago,to capturing a third of VC investment in
84、 CEE in 2023.Most funded verticals,CEE startups view moreCEE startups raised 2.1B in 2023,with Enterprise Software,Security and Energy dominating the funding landscape.https:/app.datawrapper.de/table/40UV9/visualize#refine20232022202120202019Page/35 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURC
85、ES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.coIn 2023,SaaS startups attracted 61%of VC activity in CEE.At Global level,SaaS represents just 45%of the dealflow.CEE VC investment by business model view moreGlobal VC investment by business m
86、odel view moreSaaSSaaSPage/36 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.coTop 5 CEE countrieswith the highest%of SaaS investment in 2023Average CEE 61%24%19%19%10%8%21%Top SaaS deals in
87、CEE since 2023.CompanyExit120M Apr.202393.6M Feb.202390.9M Sep.202390.9M Jul.202356M Feb.202345.4M Dec.202354M Oct.202345.4M Dec.202338.2M Jul.2023PVcaseLithuania90.9M Jul.2023Nord SecurityLithuania90.9M Sep.2023LokaliseLatvia56M Feb.2023MaintainXRomania45.4M Dec.2023Cast AILithuania54M Oct.2023Flow
88、x.AIRomania45.4M Dec.2023KebolaCzech Republic38.2M Jul.2023ID.meEstonia120M Apr.2023Z3Romania93.6M Feb.2023SaaS startups in Lithuania,Estonia and Romania jointly raised 60%of all SaaS investment in the Region in 2023.Estonia view roundsPolandCzech RepublicRest of CEELithuania view roundsRomania view
89、 rounds24%19%19%10%8%21%Page/37 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONFunding into AI startups in CEE is growing in importance,driving a new wave of innovation in the region.Percentage of total inve
90、stment in CEE going to AI startups,2013-2024 Q1*Source:*2024 includes Q1 2024 up to mid-march.See methodology for AI definition.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGApplica is a Warsaw and NY-based,world-leading provider of an AI-based pla
91、tform that processes unstructured data and extracts information from business documents.Their intelligent document processing generativeAI platform is used by large enterprise clients in Europe and the US,primarily in banking,insurance,and healthcare.YoY growth170%MoIC10.0 xIRR148%Transaction value$
92、200MYoY growthMoICIRRTransaction value170%10.0 x148%$200M+Success storyApplica“Cogito Capital Partners led both,the Series-A investment round in 2019,along with Barclays as a syndicate investor,and a follow-on investment round in 2021.In Q3 2022,Applica was acquired by Snowflake(NYSE:SNOW),a global
93、leader in cloud computing and data analytics services,serving over 8,500 clients.In June 2023,Snowflake has launched Document AI a new interface to its data cloud based on Applicas LLM that allows enterprises to quickly extract value from their sets of Documents.Cogito Fund I achieved an impressive
94、10.0 x MoIC and 148%IRR return on investment in less than 3 years”Sylwester JanikGeneral PartnerExplore more companies Discover Applica and other CEE SaaS companiesPage/39 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTF
95、OOTERGRAPH 1GRAPH 2Dealroom.coVC investment in Climate Tech,CEEMade-in-CEE Climate solutions are on the rise,with a combined 328M raised by 77 startups in the region in 2023.Selected round in 2023CompanyRound size90.9M Jul.202320.5M Jun.202310M Mar.20233.1M Nov.20235M Jun.20234.6M Aug.20235.5M Dec.2
96、023Page/40 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Energy Storage%of the regions combined VC investmentDealroom.coEnergy is rising in prominence in the CEE VC investment landscape.Clean Energy%
97、of the regions combined VC investmentEnergy Efficiency%of the regions combined VC investmentView top rounds View top rounds 1%1%1%1%1%1%View top rounds 1%1%50 people),grownups(500 people)and result in big companies.What is a unicorn?Unicorns are(former)startups that reached US$1B valuation or exit a
98、t one point in time.Industries,SegmentsDealrooms Intelligence Unit has developed a proprietary technology taxonomy that acts as a foundation and helps navigate existing and emerging technologies.We welcome suggestions and feedback at supportdealroom.co.What is a Unicorn?What is a startup?Dealroom ta
99、xonomyDealroom.coMethodology&definitions.Regional breakdown&startup locations“Europe”includes countries in geographical Europe,except Russia and Trkiye.“CEE”includes Poland,Czechia,Slovakia,Hungary,Slovenia,Croatia,Romania,Bulgaria,Lithuania,Latvia,Estonia,Belarus,Ukraine,Moldova,Serbia,Montenegro,B
100、osnia&Herzegovina,North Macedonia&Albania.Startups founded and/or based in CEE are included in this report,even if HQ is currently located abroad.Artificial intelligenceIn this report,startups considered as AI core include startups which:1)develop computing infrastructure focused on AI,such as AI ch
101、ips and processors or specialized cloud providers for AI.2)develop AI models for other companies,such as generative AI foundational models.3)develop Machine Learning Operations tools(MLOps)to:prepare,annotate or generate data for AI;train and optimize/fine-tune AI models;deploy and monitor AI perfor
102、mances.4)offer products and services which have AI as their core feature(e.g.autonomous mobility and AI drug discovery,among others).Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,
103、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.co.Data for this report was taken in Q1 2024.Venture Capital,InvestorsInvestment
104、are referred 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.Unless otherwise mentioned,rounds labelled as(pre-)seed,series A or early VC,as well as all rounds under$15M are considered Early.Tho
105、se rounds$15-$40M,and all rounds labelled Series B and C are considered Breakout.Rounds labelled Series C,Late VC and/or$40M+are considered Late.Page/44 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroo
106、m.co is the foremost data provider on startup,early-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
107、 venture capital activity.UNIQA Ventures is a venture capital firm empowering innovative startups at the early growth stage across Central and Eastern Europe(CEE).With a horizontal focus ranging from Fintech/Insurtech,digital Health,Mobility to ClimatTech we invest in cutting-edge companies that are
108、 shaping the future of industries.Backed by UNIQA Insurance Group,we are able to offer smart money with the benefit of a lot of expertise,an extensive business network throughout the region,and deep industry insights to our portfolio companies,accelerating their growth and transforming CEEs innovati
109、on landscape.Cogito Capital Partners is a venture capital firm based in Warsaw,Poland and New York,USA,investing in later stage/early growth tech B2B companies(“scale-ups”)with Central European footprint and global expansion potential.With a focus on Enterprise Software,Fintech,and Healthtech,we par
110、tner with exceptional teams tounlock their potential and transform industries worldwide.We act as a bridge between Europe and the USA for our portfolio companies,providing hands-on support as they expand into the US market.Vestbee is Europes leading platform,facilitating connections between startup
111、founders and a global networks of investors,VC funds,accelerators,and corporates.Our mission is to drive growth and empower the startup and VC ecosystem through a vibrant community and an extensive suite of tools and infrastructure designed to streamline the fundraising process,enhance deal sourcing
112、,and support the management of open innovation,acceleration programs,and startup-investor matchmaking.Collaborating with over 25,000 companies and investors,including leading global brands like Amazon Web Services and HubSpot,we help tech businesses to succeed.Global startup and venture capital intelligence platformUNIQA Ventures:Igniting Growth and Fueling Innovation in CEECogito Capital Partners:Empowering Deep Tech GrowthAll-in-one platform for startups,VCs,accelerators&corporates