VC investments in CEE down to €560M in Q2 2023 — Vestbee’s report

The global funding in Q2 shows a downturn to $65 billion, reflecting a drop of 18% compared to the previous quarter, which recorded $76 billion. This tendency doesn’t differ in CEE as well, Vestbee’s report states. In the second quarter of 2023, venture capital investments in the CEE region experienced a €40 million decrease, with 250 funding rounds. AIN.Capital read the report and selected the key points.

Startup investment rounds in CEE in Q2 2023

  • In the second quarter of 2023, 250 rounds were recorded (172 fully disclosed in terms of amount, month, investors, and company details). The most popular industries are cyber-security, AI, energy, enterprise software, SaaS, analytics.
  • The total value of funding closed in CEE was over €560 million, a slight drop from Q1 2023 when startups secured more than €600 million. This shows underlines a downward investment trend.
  • The report shows that the highest number of funding rounds was in Poland – 116 rounds, Estonia – 29, Czechia – 20.  
  • Among the most active VC funds were: Angel One, Coinvest Capital, Commerce Ventures, Eleven Ventures, FIRSTPICK, Gapminder VC, Hiventures, Lighthouse Ventures, Nation 1, Presto Ventures, Seedblink, SmartCap, Smok Ventures, SMRK VC, Sofia Angels Ventures, Specialist VC, Spinaker Alfa, Techstars,, Venture to Future Fund, Vestman Energia, Vitosha Venture Partners, Y Combinator, ZAKA VC, Zero Gravity Capital.

New VC funds launched in CEE in Q2 2023:

  • Horizon Capital launched its fourth $254 million growth fund to invest in Ukrainian/Moldovan growth-stage startups.
  • Labena Ventures announced the launch of a new €100 million accelerator. It aims to support biotech, pharmacy, and healthcare startups across CEE.
  • The Polish Development Fund secured €42 million to the fresh launched NATO Innovation Fund (NIF). It focuses on innovative and breakthrough technologies with potential for dual use in civil and military matters.
  • Finnish Greencode Ventures announced its first close of a €40 million fund, that targets European green startups while uplifting female founders at the same time.

Top 10 CEE startup funding rounds closed in Q2 2023:

  • Romanian, €32.2 million in a Series A round in May
  • Estonian Sunly, €30 million funding in June
  • Czech IP Fabric, €21.1 million Series B in June
  • Romanian-founded hackajob,$25 million in Series B round in May
  • Сzech Woltair, an additional €20.5 million Series A round
  • Ukrainian-founded Fintech Farm, $22 million in a Series B round in April
  • Czech Resistant AI, $11 milliom, totaling $27.6 million in a Series A in June
  • Hungarian Turbine, €25.5 million in Series A funding round in June
  • Bulgarian spacetech EnduroSat, $10 million in Series A in May
  • Ukrainian startup Propertymate (the new name is NewHomesMate) $5.5 million June