Hello there!
Just a few years ago, investors saw Emerging Europe as a fragmented and overlooked market. Today, the region is proving its resilience and dynamism, emerging as one of Europe’s fastest-growing engines of innovation and investment. Fueled by world-class technical talent, capital-efficient startups, and growing global interest, the CEE region is making a decisive mark on both venture and private equity landscapes.
According to Invest Europe’s latest report, in 2024, private equity investment in CEE surged to €2.83 billion, a 50% increase year-on-year, while fundraising activity also rebounded strongly, reaching €1.42 billion — a 66% increase that brought the region back in line with its five-year average. Buyout investments alone accounted for nearly €2 billion, representing a 79% increase from the previous year. These numbers indicate that investor confidence is not only returning but also accelerating across the CEE region.
On the more “start-up” side, according to the Dealroom CEE Report, by 2025, the region’s tech and innovation ecosystem is expected to deliver performance that rivals more mature markets. Over the past decade, the region’s startup ecosystem has grown 15.5x in enterprise value — more than double the European average — despite operating with comparatively limited capital.
Think regional, act local — Nearly 80% of CEE unicorns were VC-backed, many of them built in fragmented and underfunded markets. The success stories here come from local networks, deep know-how, and capital efficiency.
Look where others aren’t — The region is now home to more than 100 defense and dual-use tech startups, many of which have emerged in just the past three years.
The macro picture also supports continued momentum. With a GDP of €2.56 trillion and a population of 167 million, the CEE region is expected to grow 3% in 2025, nearly triple the rate of the Eurozone. Countries like Serbia, Montenegro, and Poland are leading this charge, creating fertile ground for innovation, private capital, and sustainable returns.
From Warsaw to Vilnius, and from Sofia to Tallinn, the region’s cities are becoming startup and investment magnets. The CEE now hosts 52 unicorns, accounting for 8% of Europe’s total, and continues to prove that long-term value is often found where others are not yet looking.
Don’t let headlines distract you from long-term value - CEE’s startup ecosystem has grown 15.5x in enterprise value over the past decade, more than twice the European average. And it did so with historically limited capital.
Think regional, act local — Nearly 80% of CEE unicorns were VC-backed, and many built their businesses in fragmented, underfunded markets. Successful stories here come from deep networks and local know-how.
Look where others aren’t — The region is now home to 100+ defense and dual-use tech startups, many of which emerged in the last 3 years.
📝 Expert Round-up | Why Eastern Europe Could Be PE’s Best-Kept Secret
As LPs become increasingly selective, the CEE region is standing out as an attractive and strategic addition to their portfolios. In our recent interview with Chris Buckle, Partner at Accession Capital Partners, he explained why Central and Eastern Europe (CEE) continues to be a missed opportunity for many global investors, not because of performance, but because of perception.
Chris knows the CEE market inside out, and not just from behind a desk. He led Erste Bank’s acquisition finance team in Prague, making it a market leader, and he also brings over two decades of experience in private capital and acquisition finance across Central and Eastern Europe.
Key insights from the discussion:
Strong economic performance: Nine of the EU’s ten fastest-growing economies are located in CEE, supported by high productivity, rapid digital adoption, and a deep pool of technical talent.
Limited competition from global funds: The relatively small presence of international players contributes to more favorable entry valuations and risk-return dynamics for early movers.
Value of local networks: Building relationships and on-the-ground knowledge are essential for accessing proprietary deal flow and supporting portfolio companies effectively.
📝 Expert Round-up | The overlooked areas: Romania, Bulgaria, and Beyond
Emerging Europe is increasingly attracting the attention of venture investors. To understand why, we talked with Peter Tanczos, Managing Partner at Euroventures and Board Member of the Hungarian Venture Capital Association (HVCA).
He summarized five key opportunities and significant challenges that define the region’s startup ecosystem, as well as what investors should know to navigate it successfully.
Key insights from the discussion:
Innovation hub on the rise: Emerging Europe is home to world-class engineering talent and globally minded entrepreneurs, creating a fertile ground for breakthrough innovations.
Capital-efficient startups: Founders in the region are adept at doing more with less, delivering strong unit economics and lean operations.
Resilient, ambitious founders: A strong drive to succeed pushes startups to scale rapidly and compete internationally.
Fragmented markets: Diverse languages, legal systems, and cultural differences make scaling across borders more complex.
📝 Expert Round-up | An Untapped Potential
Emerging Europe continues to offer private equity investors untapped opportunities. In this conversation, Edgar Kolesnik, Partner at Abris Capital Partners, shares why the EU11 countries are fertile ground for transformation-driven value creation and how their “sell before you buy” approach helps businesses scale and exit successfully.
With a focus on structural growth, deep talent pools, and limited competition, Abris is building tomorrow’s regional champions while embedding ESG as a central pillar of its strategy.
Key insights from the discussion:
Growth and talent advantage – Central Europe accounts for 25% of the EU population but only 10% of the EU's GDP, offering decades of economic headroom and cost-effective STEM expertise.
‘Sell before you buy’ strategy – Abris invests with a clear exit vision, transforming businesses through digitization, international expansion, and ESG readiness.
Proven success in turbulent times – Five exits worth over €1 billion last year demonstrate how preparation and focus drive liquidity even in slow markets.
ESG as a value driver – Tracking 600+ ESG indicators, Abris uses sustainability to reduce risk and enhance long-term exit potential.
The full Money in Motion: Understanding High-Net-Worth Investing in Central and Eastern Europe report
This comprehensive edition compiles all chapters of the research into one data-rich publication exploring how private wealth is moving across the CEE region. From private equity and venture capital appetite to cross-border strategies and key investor concerns, it offers a unique look into the mindset of HNWIs and family offices in the region.
📈 46.4% of HNWIs invest in private equity | 🏠 38.5% of SFOs plan to increase global exposure | 💬 61% rely on wealth managers.
🌍 Across the Ecosystem | News & Useful Resources
Emerging Europe is attracting increased attention from private capital as investors evaluate the region’s growth potential and structural challenges.
Below is a selection of insights, perspectives, and resources to help you stay connected to the ecosystem.
🗞️ News | ‘European tech’ doesn’t exist — and it doesn’t need to
In his recent article for Sifted, Mehmet Atici, Managing Partner at Bek Ventures, challenges the commonly held idea of a unified "European tech" identity. He argues that Europe is too diverse in culture, regulation, and economic conditions to be treated as a single tech ecosystem.
Instead of focusing on political cohesion or top-down unification, Mehmet believes the focus should be on recognizing the strengths of regional ecosystems, especially in Central and Eastern Europe, where countries such as Poland, Romania, and Bulgaria are demonstrating strong productivity and technical capabilities.
📚 Report | The rise of small startup hubs at a global level
Kyiv, Vilnius, and Zagreb have been ranked among the Top 20 Rising Tech Hubs globally in Dealroom’s latest Global Tech Ecosystem Index. The report evaluated 288 cities worldwide, highlighting ecosystems that demonstrate rapid growth in enterprise value and unicorn creation relative to GDP per capita and cost of living.
The inclusion of these Central and Eastern European (CEE) cities reflects their increasing significance in the global startup landscape, driven by local talent, growing investor interest, and supportive policy measures. Other CEE cities such as Warsaw (#21), Athens (#23), and Prague (#24) also showed strong momentum, while Sofia, Bucharest, and Budapest featured in the broader rankings.
📚 Report | The State of Startups and Venture Capital in CEE (2025)
According to The State of Startups and Venture Capital in CEE (2025), the latest report by Eleven Ventures, the Central and Eastern Europe (CEE) startup ecosystem has grown rapidly, with the combined enterprise value of startups reaching €213 billion in 2023, 2.4x higher than in 2019.
The region is home to over 26,000 active startups and 52 unicorns, representing 8% of Europe’s total. Countries such as Poland, Estonia, Ukraine, and the Czech Republic are leading this growth, supported by a strong technical talent pool, low operational costs, and increasing international investor interest.
New speakers confirmed for 0100 International Milan!
We’re excited to announce the latest additions to our speaker lineup for 0100 International Milan, taking place October 27–29. This week’s confirmations bring together top voices across venture capital, private equity, secondaries, and entrepreneurship:
Francesco Cerruti, General Director, Italian Tech Alliance
Sarah Ellen O'Farrell, Founder, Sirona Foods
Yvan Chene, Managing Director, Capital Dynamics
Fabrizio Baroni, Managing Partner, B4 Investimenti SGR
Daniela Cavagliano, COO, Aldea Ventures
Roman Hürlimann, Managing Director – Private Equity Secondaries, Kline Hill Partners
Constantin Terzago, Managing Director, Mutares
Jean-Pierre Di Benedetto, Managing Partner, Argos Wityu
Tommaso Danieli, Senior Investment Manager, Mutares
Stay tuned for more speaker updates and join us in Milan to connect with Europe’s top investors and operators.