Search for...

What happened in October: SEE startups raised more than €250M

SEE investments

October was quite a dynamic month for the SEE ecosystem. With more than €250M in total raised capital, regional startups showed steep traction after the more steady-and-slow summer season. Have a look at the numbers, investments, and trends yourself. 

Innovation-enabling policies

At the beginning of this month, we saw that Romania made a step towards introducing a digital nomad visa program in the country. If the draft law gets parliamentary approval, Romania could have a legal instrument to attract resources, promote the country internationally, and develop the economy. With this, the country would join the club of other European countries that have launched visas for remote working such as Croatia, the Czech Republic, Estonia, Germany, Greece, Iceland, Italy, and Norway. 

This advancement in the innovation regulatory environment was followed by the move of North Macedonia to deploy a nation-wide digital identity solution. The country became one of the first Balkan states which have started offering various digital public services to its citizens. 

The end of the month marked a historic moment for the development of the NorthMacedoan startup ecosystem. The government approved the 2022-2026 Accelerated Economic Growth Plan, which includes a €27M hybrid investment fund focused on startups and innovative companies. The main contributor to the fund is the North Macedonian state which will participate with €10M, while the remaining €17M will be from private capital and international financial institutions, including the World Bank.

Proptech, biotech, diaspora successes, and new unicorns

  • The biggest investments this month were that of the Romanian-founded Proportunity which nabbed more than €130M to merge propetch and fintech, and that of the biotech AI platform Lifebit which raised €5M to accelerate biomedical research and innovation.
  • A good number of the rounds were made in startups with founders who are part of the SEE diaspora community. 
Read more:  Vitosha Venture Partners backs 13 Bulgarian startups with €2.7M

SEE deals and investments

Company name Country Stage Investment size (in millions)
Proportunity Romania Private equity and debt financing €130.0
Lifebit Greece Series B €60.0
TileDB Greece Series B undisclosed but more than €13.0
Plum Greece Series A €12.0
OfficeRnD Bulgaria Series A €10.0
Memgraph Croatia seed €8.0
Bob Concierge Romania seed €6.0
Seafair Greece seed €5.0
Orgnostic Serbia seed €5.0
Pop Market Greece seed €3.0
Ariadne Maps Greece seed €2.0
Kinderpedia Romania seed €1.8
Wasp Croatia seed €1.3
ZenART Bulgaria seed €1.0

And the deals…

Company name Country Deal
PubGalaxy Bulgaria gets acquired by Azerion
SumUp Bulgaria (R&D team) acquires a Silicon Valley-based startup for $317M
Everli Romania Enters the local market
Webrazzi Turkey Acquired
PeopleCert Greece Acquired AXELOS for €450M, reaches unicorn status
Lenses Greece Gets acquired by Celonis


+++ In case we missed a round larger than $500K, please let us know at [email protected] and we’ll update the list. +++

Help us grow the emerging innovation hubs in Central and Eastern Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the CEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

Elena is an Innovation Reporter at The Recursive, an online media dedicated to the emerging tech and startup ecosystems in Southeast Europe. She is keen on sharing the innovation stories that shape the regional ecosystem and has a great interest in fintech, IoT, and biotech startups. Elena is currently finishing her Bachelor's Degree in Business Administration and Political Science at the American University in Bulgaria.