As we wrap up 2021, it’s time to look at all the funding rounds in Southeast Europe that were closed during the past 12 months. When it comes to tech investments, we are saying goodbye to the strongest year in the history of the region – The Recursive team counted more than 210 deals of total value of over $2.55B (€2.25B). The number is likely higher knowing that multiple transactions have not been disclosed yet.
One of the most positive trends is that the number of businesses reaching later growth stages is increasing. While UiPath’s $750M Series F holds the crown for biggest round in Southeast Europe for 2021, we can see 25 other companies closing an investment larger than $10M. In previous years, Series B, Series C and Growth rounds were mostly exceptions, now we can see 16 of them. Next to 25 new Series A rounds.
Enterprise software, martech, and fintech remain leading verticals with companies operating in these sectors gathering $925M (mostly UiPath and Gtmhub), $520M (mostly Infobip), and $379M respectively. It’s worth noting that the fintech industry seems the most mature one with six representatives among the top 15 best funded in 2021. Proptech has also been on the rise with over $204M raised whereas healthtech solutions have been backed with close to $50M. On the not so positive side, none of the really big funding rounds have gone to companies with female founders.
For the purposes of this summary, we are considering only companies that have been founded and grown in Southeast Europe. Therefore, the $150M round of Romanian-founded Proportunity, the $100M round of US-Bulgarian Hyperscience, the $60M round of UK-Greek Lifebit and similar are not included.
Funding rounds in Southeast Europe in 2021
You can click on the links to learn more about the companies and their latest funding rounds.
| Company name | Total investments in 2021: USD | Country | Industry | Funding type |
| UiPath | $750M | Romania | Enterprise software | Series F |
| Infobip | $500M | Croatia | Martech | Debt |
| Blueground | $180M | Greece | Proptech | Series C |
| Gtmhub | $150M | Bulgaria | Enterprise Software | Series B + C |
| Payhawk | $132M | Bulgaria | Fintech | Series A + B |
| Rimac Automobili | $85M | Croatia | Automotive | Growth equity |
| Viva Wallet | $80M | Greece | Fintech | Growth equity |
| FintechOS | $60M | Romania | Fintech | Series B |
| Flexcar | $59M | Greece | Automotive | Series B |
| ReversingLabs | $56M | Croatia | Cybersecurity | Series B |
| Hellas Direct | $38M | Greece | Fintech | Growth equity + Debt |
| LearnWorlds | $32M | Greece | Edtech | Growth equity |
| Gideon Brothers | $31M | Croatia | Shipping and logistics | Series A |
| Fonoa | $25M | Croatia | Fintech | Series A |
| Plum | $24M | Greece | Fintech | Series A |
| Photomath | $23M | Croatia | Edtech | Series B |
| Byrd | $19M | Greece | Shipping and logistics | Series B |
| Causaly | $17M | Greece | Healthtech and life sciences | Series A |
| Tenderly | $15.3M | Serbia | Dev Tools, Blockchain | Series A |
| TileDB | $14.6M+ (undisclosed) | Greece | Dev Tools, | Growth Equity |
| EnduroSat | $14.1M | Bulgaria | Deep tech and space | Series A + Debt |
| Cognism | $12.5M | North Macedonia | Martech | Series B |
| Intelligencia | $12M | Greece | Healthtech and life sciences | Series A |
| Hack the box | $10.6M | Greece | Cybersecurity | Series A |
| .lumen | $10.1M | Romania | Healthtech and life sciences | Grant |
| OfficeRnD | $10M | Bulgaria | Proptech | Series A |
| Humans | $9.6M | Romania | Digital media | Crypto sale |
| Memgraph | $9M | Croatia | Dev Tools | Seed |
| Flowx.ai | $8.5M | Romania | Enterprise Software | Seed |
| Cube RM | $8M | Greece | Enterprise Software | Series A |
| Augmenta | $8M | Greece | Agritech | Series A |
| Instant Factoring | $7.1M | Romania | Fintech | Series A |
| BoBConcierge | $6.8M | Romania | Proptech | Series A |
| Dronamics | $6.8M | Bulgaria | Deep tech and space | Beam market + Crowdfunding |
| Deep Sea | $5.7M | Greece | Shipping and logistics | Series A |
| Orgnostic | $5M | Serbia | HR tech | Seed |
| Anodyne Nanotech | $4.2M | Greece | Healthtech and life sciences | Seed |
| Locktrip | $4.1M | Bulgaria | Traveltech | Growth equity |
| Prosperty | $3.7M | Greece | Proptech | Seed |
| Seedblink | $3.6M | Romania | Fintech | Series A |
| Pop Market | $3.4M | Greece | Retail and eCommerce | Seed |
| Scaleflex | $3M | Bulgaria | Dev tools, Martech | Series A |
| Better Origin | $3M | Greece | Agritech | Seed |
| Leanpay | $2.8M | Slovenia | Fintech | Series A |
| FameUp | $2.8M | Romania | Martech | Seed |
| Druid AI | $2.6M | Romania | Enterprise Software | Series A |
| Kriptomat | $2.5M | Greece | Fintech | Seed |
| Phos | $2.3M | Bulgaria | Fintech | Seed |
| Ambire | $2.2M | Bulgaria | Fintech | Seed |
| Perceptual Robotics | $2.2M | Greece | Cleantech and green energy | Seed |
| Ariadne Maps | $2.2M | Greece | Retail and eCommerce | Seed |
| Frisbo | $2M | Romania | Shipping and logistics | Seed |
| Kinderpedia | $2M | Romania | Edtech | Series A |
| Anari | $2M | Serbia | Dev tools | Seed |
| Code of Talent | $1.9M | Romania | Edtech | Series A |
| Econic One | $1.9M | Bulgaria | Transportation and mobility | Seed |
| Rolla | $1.8M | Bosnia and Herzegovina | Sportstech | Series A |
| Bright Spaces | $1.7M | Romania | Proptech | Seed |
| Biopix-t | $1.7M | Greece | Healthtech and life sciences | Seed |
| Orqa | $1.7M | Croatia | Deep tech and space | Seed |
| Trickest | $1.6M | Serbia | Cybersecurity | Seed |
| FantasticStay | $1.6M | Bulgaria | Proptech | Seed |
| Be-On | $1.5M | Croatia | Fintech | Seed |
| CodeBGP | $1.5M | Greece | Dev Tools, Cybersecurity | Seed |
| Global Database | $1.5M | Romania | Enterprise Software | Seed |
| Wasp | $1.4M | Croatia | Dev Tools | Seed |
| Questo | $1.4M | Romania | Traveltech | Seed |
| Mindsmiths | $1.3M | Croatia | Enterprise Software | Seed |
| Bunnyshell | $1.3M | Romania | Dev Tools | Seed |
| Ondo | $1.2M | Bulgaria | Agritech | Seed |
| Stailer | $1.2M | Romania | Beauty tech | Pre-Seed |
| Bespot | $1.2M | Greece | Retail and eCommerce | Seed |
| Finloup | $1.2M | Greece | Fintech | Pre-seed |
| ZenArt | $1.2M | Bulgaria | Digital media | Seed |
| Robotiq.ai | $1.1M | Croatia | Enterprise Software | Seed |
| Milluu | $1.05M | Romania | Proptech | Seed |
| Daibau | $1M+ (undisclosed) | Slovenia | Construction | Series A |
| Coursedot | $1M | Bulgaria | Edtech | Series A |
| Klear Lending | $0.95M | Bulgaria | Fintech | |
| Petmall | $0.95M | Bulgaria | Retail and eCommerce | |
| WeSave | $0.95M | Bulgaria |
Cleantech and renewable energy
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| SanoPass | $0.9M | Romania | Healthtech and life sciences | Seed |
| Quendoo | $0.89M | Bulgaria | Traveltech | Series A |
| Plant an app | $0.86M | Romania | Dev Tools | Seed |
| BeMe.ai | $0.8475M | Bulgaria | Healthtech and life sciences | Pre-seed |
| Avrio | $0.83M | Cyprus | Enterprise Software | Pre-seed |
| Extasy | $0.775M | Romania | Martech | Seed |
| Telios Care | $0.73M | Romania | Healthtech and life sciences | Seed |
| Processio | $0.73M | Romania | Enterprise Software | Seed |
| ProductLead | $0.7M | Romania | Martech | Seed |
| Assen Aero | $0.7M | Bulgaria | Deep tech and space | |
| Addit.tech | $0.63M | Bulgaria | Retail and eCommerce | Seed |
| Storis (Voxa) | $0.63M | Romania | Digital media | Seed |
| Noviotik | $0.62M | Bulgaria |
Healthtech and life sciences
|
|
| Rubicon | $0.6M | Albania | Fintech | Seed |
| Finqware | $0.6M | Romania | Fintech | Seed |
| Boleron | $0.6M | Bulgaria | Fintech | Seed |
| Hyperhuman | $0.6M | Romania | Sportstech | Seed |
| Oveit | $0.6M | Romania | Martech | Seed |
| Metasim | $0.6M | Bulgaria | Edtech | Seed |
| Vital Concept | $0.6M | Bulgaria | Food & Beverage | |
| Siscale | $0.56M | Romania | Cybersecurity | Seed |
| Sypher | $0.5M | Romania | Enterprise Software | Seed |
| EcoTree | $0.5M | Romania | Cleantech and renewable energy | Seed |
| Upgrade Academy | $0.47M | Romania | Edtech | Seed |
| Yload | $0.43M | Romania | Shipping and logistics | Seed |
| Yepp | $0.4M | Romania | Gaming | Pre-seed |
| PlanDelta | $0.4M | Bulgaria | Fintech | Pre-seed |
| Rush | $0.3M | Bulgaria | Retail and eCommerce | Pre-seed |
On top of those we can add ~70 investments of total value around $9M made by Bulgarian pre-seed fund Innovation Capital; 4 investments made by Morningside Hill totaling $3.6M; 17 investments of total value of $2.7M made by Vitosha Venture Partners, and 4 small funding rounds facilitated via Seedblink’s crowdinvesting platform, which put together add up to $1.09M.
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