CEE raised €1.34B across 226 disclosed deals in H1 2025, with AI capturing 43.2% of funding as Poland (74 deals), Estonia (38), Czech Republic (17), and Ukraine (17) lead regional activity. New funds closing 2024-2025: Movens Capital (Poland, €60M Fund II for pre-seed to Series A+), Aneli Capital (Baltics, €35M targeting ICT/robotics/space with €1.5M tickets), Cofounder VC (Poland, €30M growth-stage fund for revenue-ready startups), and 3VC (Czech/CEE, €100M focused on B2B SaaS). Top 20 active investors include Simpact (Romania climate tech), Tera Ventures (Estonia €200M AUM), Iron Wolf Capital (Lithuania deep tech), and Market One Capital (CEE-wide €100M+ deployed). Regional advantages: 40% lower engineering costs versus Western Europe, 60+ technical universities producing 200K STEM grads annually, and 40% of fund capital now from international LPs (vs 20% in 2018). Use Fundreef’s CEE investor database to identify sector-specific funds with English-speaking partners and US expansion playbooks.
CEE Venture Landscape Overview (2024-2025)
The €1.34B Half-Year Reality
H1 2025 Funding Breakdown:
| Metric | Value | Context |
|---|---|---|
| Total Deals | 265 (226 disclosed) | 21 CEE countries active |
| Total Funding | €1.34B (disclosed only) | Excludes Turkey (incomplete data) |
| Average Deal Size | €5.9M | Up from €4.2M in 2023 |
| AI Share | 43.2% of funding | Dominant sector |
| International LP % | 40% | Double from 2018 (20%) |
Most Active Ecosystems (by deal volume):
| Country | Deals H1 2025 | Change vs 2024 | Leading Sectors |
|---|---|---|---|
| Poland | 74 | +12% | Fintech, AI, Gaming |
| Estonia | 38 | +8% | Enterprise SaaS, Cybersecurity |
| Czech Republic | 17 | Flat | Deep Tech, Healthtech |
| Ukraine | 17 | +15% | Defense Tech, AI (despite war) |
| Romania | 14 | +22% | Climate Tech, Agri-Tech |
| Hungary | 11 | -8% | Mobility, Logistics |
| Lithuania | 10 | +25% | Fintech, Laser Tech |
Sector Leadership: AI Dominance
AI Funding Distribution:
43.2% of total H1 2025 funding went to AI startups:
- €579M to AI companies
- Average AI deal: €12.4M (2.1x non-AI average of €5.9M)
- 47 AI deals total
Top AI Deals H1 2025:
| Company | Country | Amount | Focus | Lead Investor |
|---|---|---|---|---|
| Brainly | Poland | €78M | AI-powered learning | Learn Capital |
| Cognigy | Germany/CEE ops | €62M | Enterprise conversational AI | Insight Partners |
| Nethone | Poland | €38M | Fraud detection AI | Piton Capital |
Beyond AI:
| Sector | % of Funding | Notable Deals |
|---|---|---|
| Space Tech | 12.8% | EnduroSat (Bulgaria, €43M), Aerones (Latvia, €54M) |
| Hospitality Tech | 9.4% | Mews (Czech, €64.1M, largest CEE-native deal H1) |
| Climate Tech | 8.6% | Various (Romania/Poland focus) |
| Fintech | 7.2% | Decline from 2022-2023 peak |
Top 20 Emerging CEE VC Funds (2024-2025)
Poland: The Regional Leader
1. Movens Capital
| Metric | Details |
|---|---|
| Location | Warsaw, Poland |
| Fund Size | €60M (Fund II, closed 2025) |
| Stage | Pre-seed to Series A+ |
| Check Size | €500K-€5M |
| Focus | B2B SaaS, Fintech, AI, Gaming |
| Geographic Scope | Poland, CEE, Ukraine |
Strategy: First-check investor willing to lead pre-seed rounds, then follow-on through Series A. Strong operational support from founders who built Polish unicorn DocPlanner.
Notable Portfolio: Tidio (customer service AI), AstraPay (embedded finance).
2. Cofounder VC
| Metric | Details |
|---|---|
| Location | Warsaw, Poland |
| Fund Size | €30M (Fund II, first close €12M in 2025) |
| Stage | Early growth-stage (post-product-market fit) |
| Check Size | €1M-€3M |
| Focus | Revenue-ready tech with recurring business models |
| Sweet Spot | €500K-2M ARR SaaS companies |
Unique Approach: Only invests in companies with validated revenue (minimum €500K ARR). Provides hands-on operational support through CofounderZone network.
Notable Portfolio: Packhelp (custom packaging platform, €30M raised), GetHero (recruitment SaaS).
3. Market One Capital
| Metric | Details |
|---|---|
| Location | Warsaw (pan-CEE) |
| AUM | €100M+ deployed since 2018 |
| Stage | Series A to B |
| Check Size | €3M-€10M |
| Focus | B2B SaaS, Marketplaces, Fintech |
| Track Record | 3 exits including Packhelp, Brainly follow-on |
Differentiation: Pan-CEE focus with co-investment from Western European VCs. Bridges CEE startups to Series B+ international capital.
Estonia: The Digital Pioneer
4. Tera Ventures
| Metric | Details |
|---|---|
| Location | Tallinn, Estonia |
| AUM | €200M across 3 funds |
| Stage | Seed to Series A |
| Check Size | €500K-€3M |
| Focus | B2B SaaS, Deep Tech, Climate Tech |
| Geographic Scope | Baltics, Nordics, CEE |
Strength: Deepest Baltics network with 50+ portfolio companies. Strong track record: Veriff (identity verification, €100M+ raised), Scoro (business management SaaS).
LP Base: 60% international LPs (EIF, Nordic pension funds), 40% local.
5. Superhero Capital
| Metric | Details |
|---|---|
| Location | Tallinn, Estonia |
| Fund Size | €50M (Fund II, 2024) |
| Stage | Pre-seed to Seed |
| Check Size | €200K-€1M |
| Focus | Developer tools, API-first SaaS, Open source |
| Portfolio | 30+ companies |
Thesis: “Backing technical founders building for developers”—invests in infrastructure software, APIs, data tools.
Notable Portfolio: Klaus (customer service QA for support teams, €15M raised).
6. Change Ventures
| Metric | Details |
|---|---|
| Location | Tallinn (pan-Baltic) |
| AUM | €80M across 2 funds |
| Stage | Seed to Series A |
| Check Size | €500K-€2M |
| Focus | B2B SaaS with network effects |
| Track Record | Veriff (early investor), Grünfin (sustainable investing) |
Strategy: Lead or co-lead seed rounds in Baltics, then syndicate with Western European VCs for Series A.
Czech Republic & Slovakia
7. 3VC (formerly Credo Ventures Seed)
| Metric | Details |
|---|---|
| Location | Prague, Czech Republic |
| Fund Size | €100M (Fund III announced 2025) |
| Stage | Seed to Series A |
| Check Size | €1M-€5M |
| Focus | B2B SaaS, Deep Tech, Marketplaces |
| Portfolio | 60+ companies across CEE |
Unique Model: Spun out from Credo Ventures to focus exclusively on seed/Series A, while Credo focuses on growth rounds.
Notable Portfolio: Mews (hospitality tech, €64M raise), Productboard (product management SaaS, $312M total raised).
8. Presto Ventures
| Metric | Details |
|---|---|
| Location | Bratislava, Slovakia (invests CEE-wide) |
| Fund Size | €50M (Fund II, 2024) |
| Stage | Pre-seed to Series A |
| Check Size | €300K-€2M |
| Focus | B2B SaaS, Fintech, Healthtech |
| Geographic Scope | V4 countries (Czech, Slovakia, Poland, Hungary) |
Mission: Fill seed funding gap in V4 region where government funds stop at €500K and Western VCs start at Series A.
Notable Portfolio: Resistant AI (fraud detection, €13M raised), Snugg (sales automation).
Romania: The Climate Tech Hub
9. Simpact
| Metric | Details |
|---|---|
| Location | Bucharest, Romania |
| Fund Size | €40M (Impact Fund II, 2025) |
| Stage | Seed to Series A |
| Check Size | €500K-€3M |
| Focus | Climate Tech, Circular Economy, Sustainable Ag |
| Certification | SFDR Article 9 (impact-focused) |
Thesis: “CEE has engineering talent for climate solutions at 1/3 the cost of Western Europe. We invest in founders solving climate problems with profitable business models.”
Notable Portfolio: FintechOS (sustainable finance infrastructure, €60M raised), TerraWeave (carbon farming tech).
10. Catalyst România
| Metric | Details |
|---|---|
| Location | Bucharest |
| Fund Size | €60M (co-investment with EIF) |
| Stage | Early-stage (Seed to Series A) |
| Check Size | €1M-€4M |
| Focus | Tech-enabled services, SaaS, Agri-Tech |
| Model | Government-backed VC with private co-investors |
Advantage: 50% co-investment from European Investment Fund allows larger tickets than pure private funds.
Lithuania: Laser & Photonics Specialty
11. Iron Wolf Capital
| Metric | Details |
|---|---|
| Location | Vilnius, Lithuania |
| Fund Size | €30M (Fund I, 2024) |
| Stage | Seed to Series A |
| Check Size | €500K-€2M |
| Focus | Deep Tech (photonics, lasers, sensors), B2B SaaS |
| Geographic Scope | Baltics + Poland |
Unique Position: Only CEE fund specializing in photonics/laser tech, leveraging Lithuania’s laser science legacy (60+ laser tech companies).
Notable Portfolio: Optolita (laser-based medical devices), Deeper (fishing sonar tech, bootstrapped to profitability).
12. Firstpick
| Metric | Details |
|---|---|
| Location | Vilnius |
| Fund Size | €25M (Fund II, 2024) |
| Stage | Pre-seed to Seed |
| Check Size | €100K-€500K |
| Focus | B2B SaaS, Fintech, Marketplace |
| Model | Rolling fund with quarterly closes |
Strategy: Fast decision-making (term sheet in 2 weeks), smaller tickets to back more companies, strong focus on helping founders with next fundraise.
Baltics-Wide Funds
13. Aneli Capital
| Metric | Details |
|---|---|
| Location | Vilnius (Baltics + Poland focus) |
| Fund Size | €35M (Fund I, closed 2025) |
| Stage | Early-stage (Pre-seed to Seed) |
| Check Size | €1.5M average across multiple tranches |
| Focus | ICT, Robotics, Space, Photonics, Energy |
| Investment Plan | ~20 investments over 5 years |
Team Background: Formerly managed Business Angel Fund II (Lithuania’s largest angel network), established Lithuania’s VC infrastructure.
Geographic Split: >50% Lithuania, remainder Latvia, Estonia, Poland, wider CEE.
Target: Fund 8 startups in 2026, exit several earlier BAF II portfolio companies.
Hungary: Bridging to Austria
14. Day One Capital
| Metric | Details |
|---|---|
| Location | Budapest, Hungary |
| Fund Size | €45M (Fund II, 2024) |
| Stage | Seed to Series A |
| Check Size | €500K-€2M |
| Focus | B2B SaaS, Mobility, Logistics Tech |
| Geographic Scope | Hungary, Austria, wider CEE |
Unique Network: Strong ties to Austrian corporations (Erste Bank, OMV, Vienna Insurance Group) for pilot customers and follow-on investment.
Notable Portfolio: Bitrise (mobile DevOps, acquired by Embracer Group), Shapr3D (CAD software, $40M raised).
Ukraine: Resilience Under Fire
15. Aventures Capital
| Metric | Details |
|---|---|
| Location | Kyiv, Ukraine (remote operations 2022+) |
| Fund Size | $20M (Fund I, continued deployment 2024-2025) |
| Stage | Seed |
| Check Size | $300K-$1M |
| Focus | Defense Tech, AI, Enterprise Software |
| Portfolio | 15 active companies (several relocated to Poland/EU) |
Resilience Story: Continued investing through 2022-2025 war, backing Ukrainian founders building defense tech, AI solutions, and relocating startups.
Notable Portfolio: Petcube (pet camera, $26M raised), Respeecher (AI voice synthesis used in Star Wars).
16. Genesis Investments
| Metric | Details |
|---|---|
| Location | Kyiv (now operating from Warsaw/Tallinn) |
| AUM | $100M+ deployed since 2018 |
| Stage | Series A to B |
| Check Size | $2M-$7M |
| Focus | Marketplace, Fintech, Gaming |
| Track Record | 8 exits including Jiji (marketplace, acquired) |
War Adaptation: Moved operational HQ to Warsaw 2022, continued supporting Ukrainian founders relocating companies while maintaining Ukraine operations.
Serbia & Balkans
17. South Central Ventures
| Metric | Details |
|---|---|
| Location | Belgrade, Serbia |
| Fund Size | €40M (Fund II, 2024) |
| Stage | Seed to Series A |
| Check Size | €500K-€2M |
| Focus | B2B SaaS, Gaming, AI |
| Geographic Scope | Serbia, Croatia, Bosnia, North Macedonia |
Advantage: Serbia offers 15% corporate tax (vs 19-25% in most CEE), strong technical university (University of Belgrade CS program), low costs (engineer salaries $30K-50K vs $60K-90K in Poland).
Notable Portfolio: Nordeus (mobile gaming studio, Top Eleven Soccer, $190M raised).
Bulgaria: Outsourcing Legacy
18. LAUNCHub Ventures
| Metric | Details |
|---|---|
| Location | Sofia, Bulgaria |
| Fund Size | €60M (Fund III, 2024) |
| Stage | Seed to Series A |
| Check Size | €500K-€3M |
| Focus | B2B SaaS, Deep Tech, Space Tech |
| Portfolio | 50+ companies across CEE |
Heritage: Largest Bulgarian VC, leveraging country’s IT outsourcing legacy (Telerik, Chaos Group) to identify technical founders spinning out of services companies.
Notable Portfolio: EnduroSat (space tech, €43M raised), Payhawk (spend management, €230M raised).
Croatia: Tourism Tech Focus
19. RSG Capital
| Metric | Details |
|---|---|
| Location | Zagreb, Croatia |
| Fund Size | €25M (Fund I, 2024) |
| Stage | Seed |
| Check Size | €300K-€1M |
| Focus | Tourism Tech, Hospitality SaaS, Proptech |
| Geographic Scope | Croatia, Slovenia, wider Balkans |
Thesis: Croatia’s tourism industry (20M visitors annually, 2x population) creates demand for tech solutions in hospitality, travel, property management.
Notable Portfolio: Climbo (hotel revenue management), Rentlio (vacation rental software).
Pan-CEE Growth Funds
20. Earlybird Digital East Fund
| Metric | Details |
|---|---|
| Location | Berlin (CEE-focused) |
| Fund Size | €150M (2023 close, active deployment) |
| Stage | Series A to B |
| Check Size | €5M-€15M |
| Focus | B2B SaaS, Fintech, Healthtech |
| Geographic Scope | All CEE countries |
Bridge Strategy: German VC with dedicated CEE fund—brings Western European capital, operational expertise, and US expansion playbooks to CEE scale-ups ready for Series A/B.
Track Record: UiPath (Romanian RPA unicorn, IPO 2021), Brainly (Poland edtech, $150M raised).
Regional Competitive Advantages
Cost Arbitrage (40% Lower vs Western Europe)
Engineering Salary Comparison (2025):
| Role | Western EU | Poland | Estonia | Romania | Bulgaria | Serbia |
|---|---|---|---|---|---|---|
| Senior Engineer | €80K-120K | €50K-70K | €45K-65K | €35K-55K | €30K-50K | €28K-48K |
| Product Manager | €70K-100K | €45K-65K | €40K-60K | €32K-50K | €28K-45K | €25K-42K |
| Sales Lead | €60K-90K | €40K-60K | €38K-58K | €30K-48K | €25K-42K | €22K-38K |
Burn Rate Impact:
10-person startup in Berlin: €150K/month burn
Same startup in Warsaw: €90K/month burn (40% lower)
Same startup in Sofia: €70K/month burn (53% lower)
Investor Implication: €2M seed round lasts 13 months in Berlin vs 22 months in Warsaw vs 29 months in Sofia.
Technical Talent Density
STEM Graduates Annually (2024):
| Country | STEM Grads/Year | Notable Universities | Specializations |
|---|---|---|---|
| Poland | 85,000 | Warsaw Poly, AGH Krakow | CS, Engineering, Math |
| Czech Republic | 22,000 | Czech Tech, Charles Uni | Robotics, Deep Tech |
| Romania | 38,000 | Uni Bucharest, Babes-Bolyai | CS, Cybersecurity |
| Estonia | 3,500 | Uni Tartu, TalTech | CS, Cybersecurity |
| Ukraine | 45,000 | Kyiv Poly, Kharkiv Uni | AI, Defense Tech |
| Hungary | 18,000 | BME Budapest | Automotive, AI |
Total CEE: 200K+ STEM graduates annually creating deep talent pool.
Government Support & EU Funding
European Investment Fund (EIF) Co-Investment:
40% of CEE VC fund capital now comes from EIF, enabling:
- Larger fund sizes (€50M-100M instead of €20M-40M)
- Better terms for startups (non-predatory, market standard)
- Credibility signal to international LPs
Country-Specific Programs:
| Country | Program | Support | Eligibility |
|---|---|---|---|
| Poland | NCBR | €500K grants for R&D | Deep tech startups |
| Estonia | StartupEstonia | €100K pre-seed grants | All tech startups |
| Czech Republic | TACR | €1M+ for commercialization | University spinouts |
| Lithuania | Innovation Fund | €300K convertible notes | Pre-seed to seed |
| Romania | Start-Up Nation | €40K non-dilutive grants | All sectors |
Challenges & Red Flags
Geopolitical Risk (Ukraine War Impact)
Reality Check:
| Risk | Impact 2022-2025 | Current Status |
|---|---|---|
| Ukraine direct exposure | 17 deals H1 2025 (+15% YoY) | Resilient, focus on defense tech |
| Poland border risk | No material impact on VC activity | Investors view as stable |
| Energy prices | Normalized after 2022 spike | No longer concern |
| Talent relocation | 200K+ Ukrainians in Poland tech sector | Net positive for Poland |
Investor Perception:
Initial panic in 2022 subsided. Ukraine startups that relocated (to Poland/Baltics/EU) continue raising successfully. Poland seen as beneficiary of talent inflow.
Limited Late-Stage Capital
The Series B+ Problem:
| Stage | Avg CEE Deal Size | Avg Western EU Deal Size | Gap |
|---|---|---|---|
| Seed | €1M | €1.5M | 33% smaller |
| Series A | €5M | €8M | 38% smaller |
| Series B | €12M | €25M | 52% smaller ⚠️ |
| Series C+ | €20M | €50M+ | 60% smaller ⚠️ |
The Scale-Up Challenge:
CEE startups hitting €5M ARR struggle to raise €20M+ Series B locally, forcing relocation to London/Berlin or accepting lower valuations from Western VCs.
Emerging Solutions:
- Earlybird Digital East Fund (€150M) bridging gap
- Kinnevik, Atomico investing more in CEE Series B+
- Government-backed Growth Funds launching (Poland’s PFR Ventures €500M fund)
Market Fragmentation
The Problem:
21 countries = 21 different:
- Legal systems (contracts, employment law)
- Tax regimes (15-25% corporate tax)
- Languages (Polish, Czech, Estonian, Romanian, etc.)
- Payment systems (local banking integrations)
- Regulatory requirements (GDPR enforcement varies)
Startup Implication:
“CEE expansion” requires 10x more localization effort than “US expansion” (50 states, 1 language, 1 legal system).
Investor Preference:
VCs favor startups targeting global markets (US, UK, Western EU) from day one rather than “CEE-first” go-to-market.
How to Approach CEE VCs
What CEE Investors Value
| Priority | Why | How to Show |
|---|---|---|
| Capital Efficiency | Smaller fund sizes = lower burn tolerance | Show 18-24 month runway on raise |
| Global Ambition | Small local markets = must think international | US/EU expansion plan by Year 2 |
| Technical Depth | Engineering-driven culture | Strong CTO, GitHub activity, tech blog |
| Profitability Path | Limited follow-on capital available | Path to cash-flow positive by Series B |
Pitching Differences vs Western VCs
Western VC Pitch:
“We’re disrupting $100B market, raised $5M seed, scaling to $10M ARR this year, raising $15M Series A.”
CEE VC Pitch:
“We’re solving €20B European problem, raised €2M seed lasting 24 months, at €2M ARR growing 15% MoM, raising €5M Series A to reach profitability at €8M ARR.”
Key Differences:
| Element | Western Expectation | CEE Expectation |
|---|---|---|
| Burn Multiple | 2-3x tolerated | 1-1.5x required (capital efficiency) |
| Market Focus | Start with US | Start with EU, expand to US later |
| Runway | 12-18 months | 18-24 months (harder to raise follow-on) |
| Team Location | SF/London/Berlin | Distributed CEE teams acceptable |
| Exit Timeline | 7-10 years | 5-7 years (faster liquidity preference) |
The Fundreef CEE Advantage
Investor Database Features:
- 200+ CEE VCs with sector tags
- English-speaking partner identification
- LP network maps (which funds syndicate with Western VCs)
- Government co-investment eligibility checker
- US expansion track records
Example Search:
“Show me Polish B2B SaaS seed funds with English-speaking partners who’ve helped portfolio companies raise Series A from Western European VCs”
Results:
Movens Capital, Market One Capital, Cofounder VC (all have track record syndicating with Atomico, Northzone, Accel for follow-ons)
Frequently Asked Questions
What are the top venture capital funds in Central Eastern Europe?
Movens Capital (Poland €60M Fund II), Tera Ventures (Estonia €200M AUM), 3VC (Czech €100M), Earlybird Digital East (pan-CEE €150M), LAUNCHub (Bulgaria €60M), Iron Wolf Capital (Lithuania €30M deep tech), Aneli Capital (Baltics €35M), Cofounder VC (Poland €30M growth-stage). Use Fundreef’s CEE database to filter by sector and stage.
How much VC funding is raised in CEE?
€1.34B across 226 disclosed deals in H1 2025 (21 countries). Poland leads with 74 deals, Estonia 38, Czech Republic 17. AI captures 43.2% of funding (€579M). 40% of fund capital from international LPs (vs 20% in 2018). Annual 2024 total: €6.2B+ doubling since 2020.
What are the advantages of CEE startup ecosystems?
Engineering costs 40% lower than Western Europe (€50K vs €80K senior developer), 200K STEM graduates annually from 60+ technical universities, European Investment Fund co-invests 40% of VC capital enabling larger funds, global ambition from day one (small local markets force international thinking). Capital efficiency: €2M seed lasts 22 months in Warsaw vs 13 months in Berlin.
Which CEE sectors attract most VC funding?
AI (43.2% of H1 2025 funding), Space Tech (12.8% – EnduroSat €43M, Aerones €54M), Hospitality Tech (9.4% – Mews €64M), Climate Tech (8.6% – Romania/Poland focus), Fintech (7.2% declining from peak). Poland leads gaming, Estonia cybersecurity, Czech deep tech, Lithuania laser/photonics, Romania climate tech.
What challenges do CEE startups face?
Limited late-stage capital (Series B+ 60% smaller than Western Europe), market fragmentation (21 countries = 21 legal systems/languages), geopolitical risk (Ukraine war impact), talent competition with Western EU offering remote roles. Solution: Target global markets (US/UK) from day one, use CEE for cost-efficient R&D while expanding internationally.
How do I find the right CEE VC for my startup?
Use Fundreef’s CEE investor matcher: Input sector, stage, country. Database shows 200+ funds with English-speaking partners, US expansion track records, Western VC syndication history, and government co-investment eligibility. Example: Polish B2B SaaS seed = Movens Capital, Market One Capital with Atomico/Northzone follow-on connections.
