The Recursive’s weekly roundup aims to cover key tech developments across Central and Eastern Europe, as well as the growing impact of CEE-born founders on the global stage. Take a look at the latest news in funding, startup milestones, and emerging trends tied to the region’s innovation potential.
New launched funds
Credo Ventures, one of Central and Eastern Europe’s most established early-stage venture capital firms, has announced the launch of its fifth fund, Credo Stage 5 (CS5). The fund managed to raise its $88 (€74.85) million target in the first close. Founded in 2010, the fund is headquartered in Prague and Krakow. Over the past 15 years, the firm has invested in more than 100 companies across four funds, including two standout global success stories, UiPath and ElevenLabs, both of which Credo backed at the pre-seed stage.
Sofia-based private equity firm INVENIO Partners has announced the first closing of its third fund, INVENIO Partners Fund III, to support high-growth small and medium-sized enterprises (SMEs) across Bulgaria, Romania, and Serbia. The fund, targeting a total size of €75 million, follows the full deployment of Fund II (€53 million). Since its founding in 2014, INVENIO has focused on identifying and scaling businesses in Southeast European markets.
CEE news & deals
Mandel AI, a Sofia-based startup focused on AI-driven supply chain coordination, has raised €3.6 million in a Seed round to help manufacturers streamline suppliers, spot disruptions, and automate procurement. The round included backing from Y Combinator, Category Ventures, Ritual Capital, e2vc, along with other Silicon Valley investors and angels.
Czech Theorema, a newly launched startup focused on automating scientific research and development, has raised a $3.3 (€2.81) million pre-seed round to build an agentic AI system designed to transform how R&D is conducted. The round was backed by Credo Ventures, Amino Collective, KAYA VC, Tilia Impact Ventures, NAVEC Investment Management, i&i Biotech Fund, andangel investors. The company was founded following the acquisition of its founders’ previous startup by Workday.
Czech-founded WanderWallet, a travel-focused digital wallet that enables foreigners to pay like locals across Latin America, has secured a €430,000 pre-seed round from BDPartners and DEPO Ventures. The platform is already operational in Brazil, Argentina, and Bolivia, where instant payment systems have largely overtaken cards as the dominant payment method.
Beyond the region
London-based logistics intelligence firm Dexory, with Romanian roots, has raised €9.76 million additional funding as part of its ongoing Series C round. The British Business Bank has invested in the company, following the $100 million close of the round in October 2025. The round was led by Eurazeo, with participation from LTS Growth and Endeavor Catalyst. Existing investors, including Atomico, DTCP, Latitude Ventures, Lakestar, Elaia, and Wave-X, also increased their commitments.
