Hello there,
Needless to say, a big part of our heart — and our team — is in the CEE region, so these words may carry a degree of subjectivity :).
For a long time, Eastern Europe was perceived as a smaller, developing segment of the tech ecosystem: strong engineering talent, lower operating costs, and smaller funding rounds. There was clear potential, but not always sufficient access to growth capital. Western Europe attracted most of the institutional attention, while the U.S. set the pace for trends and valuations. Meanwhile, CEE continued building — largely in the background.
This seems to change. Eastern Europe is no longer just “emerging.” Startups are raising larger rounds. Founders are thinking globally from day one. Investors are becoming more active and more selective. The region is gaining confidence and scale.
Today, we’re taking a closer look at how the region is evolving, through on-the-ground data, and insights from the investors and operators building it every day.
A Year of Consolidation for Eastern Europe
In 2025, startups across the region raised €3.6 billion through 1,034 transactions. That equals about 5.5% of total venture capital invested across Europe. The funding level shows resilience, especially given the broader slowdown in global venture markets.
At the same time, the region continues to operate below its potential. Eastern Europe represents roughly one-third of Europe’s population, yet it captures only a small slice of total venture funding. The gap isn’t about talent or technical ability; it reflects structural limits in capital availability and access to later-stage financing. The ecosystem is strong, but the funding base is still catching up.
Fewer deals, similar money
The change in 2025 is in the drop in activity. Total capital raised remained nearly flat compared to 2024 (€3.76B vs. €3.64B), but the number of deals fell significantly, from 1,307 to 1,034. That’s more than 250 fewer transactions year over year.
This tells us the next facts: fewer companies are getting funded, but those that do are raising larger rounds. Investors are becoming more selective, concentrating capital into startups with stronger traction, clearer growth paths, or more defensible business models.
It’s a move toward quality over quantity.
The strongest growth in round sizes happened at the earliest stages. Pre-seed investments increased by 45% year over year, while seed rounds grew by 43%. Even in a more cautious market, early-stage startups are managing to raise bigger tickets — a sign that investors are still willing to back new companies, but with greater discipline and higher conviction.
Poland Leads the Region — And Does It Differently
If CEE has an anchor market, it’s Poland.
The country continues to position itself as the anchor of Central and Eastern Europe’s tech ecosystem. In 2025, the total value of the Polish tech ecosystem reached €56.5 billion, marking steady long-term expansion.
Since 2019, the ecosystem has grown 2.8x, slightly above the CEE average of 2.6x, placing Poland among the region’s stronger large markets. It now accounts for 26% of total CEE enterprise value, making it the region's single largest contributor. In fact, Poland’s ecosystem is as large as the next two biggest CEE markets combined.
Poland’s momentum in 2025 is also visible in its funding activity.
Startups raised €786M across 182 transactions, a sharp increase in capital compared to the previous two years, even as deal count remained below 2023 levels. This shows the broader regional trend: more capital concentrated into fewer, larger rounds. The ecosystem is clearly maturing, with investors backing companies that are further along in their growth journey.
Capital allocation in 2025 shows a strong tilt toward later-stage funding. Around €249M was invested at early stages, while approximately €537M went into later-stage rounds. Series C alone represented the largest share (27.3%), followed by Series B (20.7%) and Series E (20.3%).
Early-stage rounds still play an important role; seed accounted for 16.3% and Series A for 13.2%, but the real acceleration is happening at growth stages. At the same time, average ticket sizes remain healthy, with seed deals averaging about €1.9M and pre-seed rounds around €203K.
Greece’s Startup Ecosystem Steps Forward
If Poland represents size, Greece represents acceleration.
Greece’s startup ecosystem also had a strong momentum in 2025, with more than €732M invested across 95 deals, a 35% increase from 2024. Funding was spread across over 90 startups, supported by a growing base of capital providers, including 18 VC funds and 10 additional investment platforms actively targeting Greek companies.
The market is also becoming more international, with over 143 unique investors from around the world participating in funding rounds, highlighting Greece’s increasing visibility on the global stage.
Early-stage activity remains the backbone of the ecosystem, with pre-seed and seed rounds accounting for 75% of all deals. At the same time, later-stage funding is gaining weight: Series A and above represented 25% of transactions and attracted more than €600M, signaling greater market maturity.
The largest deal of the year was Spotawheel’s €300M mixed round (Series C and venture debt), underlining the rise of alternative financing instruments. AI, SaaS, and HealthTech led sector funding, while Defence Tech is emerging as a distinct vertical, underscoring a market diversifying and evolving beyond its early-stage roots.
Bulgaria Steps Into a Growth Phase
Among smaller markets, Bulgaria stands out.
The local ecosystem delivered one of the strongest growth stories in the region in 2025. Startups raised €233M across 23 transactions, a sharp increase compared to 2024, despite a slightly lower number of deals. The jump in total funding was driven by larger rounds and the rise of companies such as EnduroSat and Dronamics.
Capital distribution shows balanced growth across stages. Around €104M was invested at early stages and €129M at later stages, signaling progress in both company creation and scaling. Series B dominated the funding landscape, accounting for over half of total volume (55.1%), followed by Series A (29.6%), with seed accounting for 14.2%.
Bulgaria also stands out on a per capita basis.
Between 2020 and 2025, the country recorded 76 funded startups per million people, four times the SEE regional average of 19 and more than double runner-up Romania (12). In absolute numbers, Bulgaria leads the region as well, with 489 funded startups, nearly 2x more than Romania’s 228.
The broader SEE ecosystem reached 1,069 funded startups during this period, with Bulgaria accounting for a significant share. Much of this activity is concentrated in application and system software (42%), followed by other sectors such as financial services, healthcare, transport, and gaming, highlighting both scale and sector diversification within the Bulgarian startup landscape.
🗓️ Event Spotlight: 0100 Emerging Europe 2026
As the CEE ecosystem continues to mature, the conversation moves beyond capital volumes and into long-term strategy. That’s exactly what 0100 Emerging Europe 2026 is built for. Now in its 15th edition, the event brings together investors, fund managers, and advisors focused on private markets across the broader CEE region.
It has become a go-to meeting point for decision-makers looking to build relationships, exchange insights, and shape the next wave of growth in Emerging Europe. Whether you’re raising funds, deploying capital, or exploring new partnerships in the region, this is where the CEE private markets community gathers.
With curated sessions, high-level speakers, and a strong investor presence, 0100 Emerging Europe 2026 offers direct access to the people driving the region’s next chapter.