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.
Investors & new funds
United Founders, an €80 million venture fund and founders’ community, has just launched to back Europe’s next generation of frontier technology startups. The fund focuses on sectors such as quantum computing, cybersecurity, MedTech, AI and Industry 4.0, sustainability, and space tech.
United Founders was established by Vít Horký (Brand Embassy, acquired by NICE) and Jakub Havrlant (Rockaway Capital). The pair, who serve as General Partners, personally committed €17 million to the fund.
Balnord, a Luxembourg-based early-stage investor focused on the Baltic Sea Region, has announced that it has surpassed its initial €70 million fundraising target, with commitments on track to reach €100 million by mid-2026.
The firm’s debut fund, Balnord Fund I, draws backing from institutional and private limited partners (LPs) across three continents and 12 countries, including the European Investment Fund (EIF), PFR Ventures, and several European family offices, founders, and private investors. Most of Balnord’s previous LPs have reinvested, while many new investors are founders of the firm’s exited portfolio companies.
The European Investment Fund (EIF) has invested €20 million in TIN Capital’s European Cyber Tech Fund V, aiming to reinforce the fund’s position as a leading backer of European cybersecurity scale-ups. The EIF’s cornerstone investment is supported by Invest-NL, which has increased its commitment following its earlier participation.
CEE deals
Bulgarian digital identity provider Evrotrust has secured €6.6 million in new funding from 3TS Capital Partners, an Austrian venture fund specializing in technology companies across Central and Eastern Europe (CEE) and German-speaking markets. The fresh capital will drive the implementation of the European Digital Identity Wallet (EUDI Wallet) in Bulgaria and support the company’s expansion across Western and Central Europe.
Freya, a startup founded in the Czech Republic that builds secure, human-sounding voice AI agents to automate enterprise phone calls, has announced a $3.5 million seed funding round. The round includes participation from Y Combinator, Rebel Fund, 212 VC, N1 Tech, BD Partners, and several angel investors, the company told AIN.
Polish healthtech startup Holi has secured €3 million in seed funding led by 4growth VC to expand its data-driven digital obesity treatment platform into new European markets. Holi provides a digital obesity clinic that integrates medical expertise (doctors, psychodietitians, psychologists, physiotherapists) with technology and GLP-1-based pharmacotherapy (e.g., Ozempic, Wegovy). Patients receive personalized treatment plans, behavioral support, and real-time therapy adjustments through a mobile app and online platform.
SplxAI, the fast-rising Croatian-founded company specializing in securing AI applications and large language models (LLMs), has been acquired by cloud security behemoth Zscaler, Inc. for an undisclosed amount. The acquisition marks a significant milestone for the young startup, which has rapidly established itself as in a critical, emerging AI cybersecurity niche.
