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Top 10 Biggest Funding Rounds in Romania in H1 2023

biggest funding rounds in romania
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At the midpoint of 2023, the Romanian innovation ecosystem has garnered two Series A’s, several early-stage rounds, and a few M&As, fuelled by a mix of international, regional, and local investors.

2023 debuted with a $10 million Series A by pet tech startup Digitail, led by UK -based investor Atomico. Mid-way, the largest Series A of 2023 was raised by enterprise software company Flowx.ai, with $35M from UK-based Dawn Capital, Romania-based investment platform SeedBlink, and others.

Overall, the top 10 largest funding rounds managed to bring home nearly $63M and pave the way for future later stage rounds in 2024. A big chunk of the funding went to enterprise software, and  AI and ML applications. Among the most active investors in the top funding rounds we noted Czech VC Credo Ventures, investment platform SeedBlink, and local funds GapMinder VC, Early Game Ventures, and Underline Ventures.

Continue reading to find out which are 10 biggest funding rounds in Romania in the first half of the year, as well as the top M&As in the tech sector.

10 biggest funding rounds in Romania in H1 2023

Flowx.ai

Latest round: $35M

Stage: Series A

Investors: Dawn Capital (lead), PortfoLion, SeedBlink, and DayOne Capital

Total funding: $43.5M

Founders: Ioan Iacob, Serban Chiricescu

Vertical: Enterprise Software, AI

About:  Flowx.ai is an AI-enabled enterprise application modernization platform for large financial services organizations.

 

Digitail

Latest round: €10M

Stage: Series A

Investors: Atomico (lead), Partech, Gradient Ventures, byFounders

Total funding: €13M

Founders: Ruxandra Pui, Sebastian Gabor

Vertical: pet tech, health care

About: Digitail is a pet tech offering a platform that automates veterinarians’ daily tasks.

 

Veridion 

Latest round: $6M

Stage: Seed

Investors: LAUNCHub Ventures, OTB Ventures, Underline Ventures, Day One Capital, and GapMinder Venture Partners

Total funding: $7.5M

Founders: Florin Tufan, Mihai Vinaga, Sorina Vlasceanu

Vertical: AI, ML, big data

About: Veridion specializes in providing data for business decision automation, having 70+ data points on more than 80 million companies worldwide.

Read more:  Community building at scale: Orbiit raises $2.7M, LAUNCHub Ventures also joins the round

 

Videowise 

Latest round: $3M

Stage: Seed

Investors: Slack Fund (lead), Founder Collective, Underline Ventures, MuVentures, Ratio Ventures, and others

Total funding: $4.1M

Founders: Claudiu Cioba

Vertical: e-commerce, video

About: Videowise offers end-to-end video infrastructure for brands and retailers, designed for scale and peak commerce performance.

 

Kubeark

Latest round: $2.8M

Stage: pre-seed

Investors: Credo Ventures (lead), Seedcamp, LAUNCHub Ventures, 500 Emerging Europe

Total funding: $2.8M

Founders: Bogdan Nedelcov, Teofil Harapcea

Vertical: software development, software lifecycle management, SaaSification

About: Kubeark offers a platform that can simplify software operations management across clouds and infrastructures.

 

Pluria

Latest round: $2M

Stage: Seed

Investors: Eleven Ventures (lead), Croton Capital, WIT Angels Club, Venture Fund

Total funding: $2M

Founders: Andrei Cretu, Gabriela Draghia

Vertical: software development, workplace management

About: Pluria is a remote and hybrid work solution for companies that want to recruit teams and develop businesses internationally, while enjoying the flexibility of a network of co-working spaces where they can rent desks and meeting rooms.

 

Bloomcoding

Latest round: €1M

Stage: Seed

Investors: Credo Ventures, Inovo VC,  u.ventures

Total funding: €1.1M

Founders: Emil Chichioi, Mihaela Kawinska

Vertical: edtech, e-learning, VR, AR

About: Bloomcoding is a Moldovan edtech company teaching children to code through an online after-school platform, using AR and VR technologies.

 

Undelucram

Latest round: €1M

Stage: Late seed

Investors: Sofia Angels Ventures, Gapminder VC, Head North, SeedBlink

Total funding: €1.8M

Founders: Costin Tudor

Vertical: human resources services

About: Undelucram is an online community of employees in Romania and the wider CEE region.

 

Milluu

Latest round: €1M

Stage: Seed

Investors: Cofounder Zone (lead), EGV, ROCA X, RCB Investors, Growceanu, Simple Capital, Netopia Ventures, Mihai Rotaru

Total funding: €1.9M

Founders: Florin Stoian

Vertical: proptech

About: Milluu is a rental platform that has digitized the apartment rental process.

 

Fagura

Latest round: ~€780K

Stage: Seed

Investors: Seedrs

Total funding: €1.4M

Read more:  Climate Tech Meets Fintech: Agreena Raises €46M to Transform Agriculture in Europe

Founders: Tudor Darie

Vertical: fintech

About: Fagura is a digital bank where people can manage their entire financial life online.

 

Vatis Tech

Latest round: €650K

Stage: Seed

Investors: Early Game Venture, Sparking Capital, Mălin Ștefănescu

Total funding: €850K

Founders: Adrian Ispas, Alexandru Topală, Emanuel Nazare

Vertical: AI, ML, voice recognition

About: Vatis Tech’s API offers advanced speech-to-text technology that automatically converts audio or video files into text with over 95% accuracy, using proprietary deep-learning speech recognition algorithms.

 

Top tech M&A’s in Romania in 2023

GPS SRL gets acquired by AROBS Transilvania Software

About: The biggest technology company listed on the Bucharest Stock Exchange acquired Centrul de Soft GPS SRL, a Romanian company specializing in fleet management software solutions. 

 

Romanian software engineering services provider Softelligence gets acquired by Encora

About: Softelligence offers insurtech, automation, AI, ML, and software engineering solutions to companies in insurance, banking, and other industries. The company signed a definitive agreement to get acquired by Encora group, a US-based product engineering provider, to become Encora’s first European delivery center.

 

Romanian e-fulfillment company Helpship gets acquired by euShipments

About: Founded in 2019, Helpship has developed a modern warehouse management system (WMS) in Oradea, Romania, to increase the efficiency and simplicity of operation and optimize the customer experience. Through this partnership, euShipments wants to solidify their market position and provide additional benefits to customers such as next-day delivery in Romania and Hungary, and 48 hours to Bulgaria.

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https://therecursive.com/author/antoanelaionita/

Antoanela is a Sustainability Communications Specialist and Deputy Editor at The Recursive media. From these roles, she is helping organizations communicate their latest sustainability goals, strategies, and technologies. She writes about climate tech, ESG, impact investment, sustainability regulation, and related topics.