10 Top CEE Funding Rounds Closed In May 2020

Anna Kazmierczak Analyst, Next Road Ventures
CEE Startups Funding Rounds Graphic

Compared to April, in May investors were not as active in terms of closing the investment rounds. Nevertheless, there is still a number of startups that have managed to pocket considerable amounts. Among the leaders is Bolt, with the mega-round of €100M. Let’s have a look.


Location: Tallinn, Estonia
Launch date: 2013
Funding Round: Convertible note €100M
Funding Source: Naya Capital Management
Total funding received: €300M

There is no need to introduce Bolt, as the biggest competitor of Uber in our region is well known to the general public. The ride-sharing and food-delivery platform has secured a considerable round of €100M, which will be spent on further expansion in Europe and Africa. Until now the provider is operating in over 150 European and African cities. Without a doubt, the Estonian company is on the rise now. It is not only proven by the investors’ interest in boosting the company financially but also the way Bolt manages the current situation. In contradiction to the biggest competitors, it looks like Bolt has not been forced to do any massive changes in terms of employment and salaries.


Location: Tallinn, Estonia
Launch date: 2017
Funding Round: Seed €1.6M
Funding Source: Change Ventures, Lemonade Stand, Vereeni Investments, BENE Asia Capital, business angels
Total funding received: €1.6M

Estonian startup askRobin, targeting the Latin and South American market, aims at providing financial services to the "underbanked" citizens of emerging economies. The fintech marketplace matches risk profiled clients with lending institutions. That way it provides a great opportunity for clients willing to find a right fit offer and simulate the lenders to compete with outstanding offers. In the latest seed round, askRobin has secured €1.6M from Estonian and international VCs, as well as angel investors, among others cofounder of PipeDrive Ragnar SaaS and founder & CEO of Salv, Taavi Tamkivi.


Location: Minsk, Belarus
Launch date: 2019
Funding Round: Seed €1.4M
Funding Source: Genesis Investments
Total funding received: undisclosed

Vochi is a computer vision-based application from Belarus, making it possible to apply special effects to videos in real-time. With Vochi users can stand out with their short clips released not only on popular social media platforms like Tik Tok, but also in many other channels where creativity is rewarded. What makes the app stand out from the number of other editing tools is that it allows users to apply a special effect to single objects in the video. A Ukrainian venture capital fund Genesis Investments was leading the recent seed round of €1.4M. It was the second VC round secured by the startup so far, with the pre-seed of undisclosed amount pocketed in April last year.


Location: Cluj, Romania
Launch date: 2017
Funding Round: Seed €200K
Funding Source: Growceanu Angel Investment, Transylvania Angels Network, Spherik Accelerator, Tech Angels
Total funding received: undisclosed

It would not be the first or even second time that we talk about the successful round of the telemedical solutions here. This time it’s Cluj-based Telios, which offers the telemedicine service for patients in Romania and addresses the most recent concerns regarding Covid-19 and precautions. What is particularly interesting about the round pocketed by the startup is that it attracted three biggest angel investors networks in Romania to invest in the same project, which according to some sources, has never happened before. The €180K round will be used on strengthening the market position in Romania and developing the product. In the next step, the company is planning to expand to Hungary, Poland and Greece.


Location: Bratislava, Slovakia
Launch date: 2018
Funding Round: Seed €1M
Funding Source: CB Investment Management
Total funding received: undisclosed

Nitroterra is a Slovakian agritech startup addressing the problem of soil pollution. It develops self-sufficient biofertilizer production setups that, after installing on the farm, provide the farmers with access to biofertilizers. The blends of ingredients are precisely prepared, basing on the profound analysis of the soil condition and its needs. The company’s vision is to change the farming sector, by replacing synthetic fertilizers with bio substitutes. The innovative product has been enhanced during many years of research and development efforts and it will be available on the market in 2021. The recent €1M investment from CB Investment Management is the first step to the commercialization of the solution.


Location: Prague, Czech Republic
Launch date: 2016
Funding Round: Seed €3.5M
Funding Source: Lighthouse Ventures, Reflex Capital
Total funding received: €4.6M

Spaceti is a workspace management platform for ensuring effective utilization of the office space. By using a complex analytics platform, backed by sensor data, companies can improve space efficiency by up to 25%, enhance the best working conditions for employees and achieve up to 300% ROI. A number of big clients like L’Oreal, Rolls Royce or Vodafone have already spotted potential in the solution and especially now, when the companies are seeking ways to increase the efficiency and reduce costs, the product will be even more appealing. The recent seed round in the company was made by Lighthouse Ventures and Reflex Capital.


Location: Zagreb, Croatia
Launch date: 2013
Funding Round: Series A €3M
Funding Source: Lead Ventures
Total funding received: €3.5M

Croatian startup Amodo helps insurance companies and brokers to better understand the behaviour and need of their clients. By gathering and analysing behavioural data of the customers, companies can engage the target group, develop new products adjusted to the exact needs and sell them with just in time, personalized offers. The Amodo platform combines a number of functionalities aimed at delivering the best-fit insurance services and leveraging the insightful data about the customers to increase the profits. An April series A round of €3M was lead by a Hungarian venture capital Lead Ventures.


Location: Warsaw, Poland
Launch date: 2019
Funding Round: Seed €2.7M
Funding Source: Krzysztof Pawiński, Cezary Pietrasik, Eryk Stankunowicz, Robert Lewandowski, business angels
Total funding received: €2.7M

Warsaw-based Less_app is a one-stop-shop for people willing to buy or sell second-hand clothes and accessories. It combines a marketplace model with social media elements. The "less philosophy" behind the project encourages the users to give a second life to the clothes they are no longer wearing. That way they can support the circular economy model and live in a more eco-friendly way. In May the venture has secured the first investor’s round of €2.7M from the well-known business personas in Poland. Among investors were Polish football player Robert Lewandowski, Krzysztof Pawiński CEO & co-founder of a Polish food company Maspex, Cezary Pietrasik former Director for CEE region of the Warburg Pincus PE and Eryk Stankunowicz founder of Allegro and Siepomaga. The seed round will be spent on app development and brand building.


Location: Prague, Czech Republic
Launch date: 2015
Funding Round: Seed €2M
Funding Source: Reflex Capital, J&T Ventures
Total funding received: €2M

Leadspicker develops the tool for salespeople, to help them with tedious and repetitive tasks. Leadspicker does its job by completing the process of scouting and leads generating, and thus saving the time of salesperson using the software. The only input needed is defining the potential target customer and afterwards watching the mailbox being filled with responses and meeting requests. That way the intelligent solution can generate vast numbers of leads, while allowing the salesperson to perform more advanced tasks. The recent seed round was secured from Reflex Capital and J&T Ventures and will be used on expansion and further development of the tool.


Location: Szarvasgede, Hungary
Launch date: 2018
Funding Round: Seed €670K
Funding Source: Hiventures Investment Fund
Total funding received: €810K

Growberry is an agritech company specialising in building plant growth chambers that are personalised to the needs of plants grown there. The technology combines LED lights, climate control solutions, and sensors for providing the best greenhouse environment. Growberry chambers enable customers to plant their veggies at home, without the need for a garden or even soil. The investment round of €670K was made by Hiventures Investment Fund, a Hungarian state-owned venture capital firm investing mainly in R&D companies. With further development of the solution, the company is planning to implement robotics and Artificial Intelligence technology.

These are the chosen 10 startups from Central & Eastern Europe that successfully closed funding rounds in May. Stay tuned for the upcoming funding news!

Popular Posts:

How Is Coronavirus Affecting Startups And Their Valuations? (by Magdalena Balcerzak, Manager, Vestbee)

VC Of The Month- Credo Ventures (by Magdalena Balcerzak, Manager, Vestbee)

VC Of The Month- Tera Ventures (by Magdalena Balcerzak, Manager, Vestbee)

CEE Scaleup Challenge- Meet The TOP 10 Fast Growing Companies (by Jakub Kopera, Community Builder, Vestbee)

How To Create A Pitch Deck That Will Get Your Startup Funded (by Ewa Chronowska, Partner, Next Road Ventures)