Report

Venture in Eastern Europe Report: Startups have raised over €1.8B in 2023

Venture in Eastern Europe Report 2023. © HowToWeb

How to Web, a leading startup and technology conference in Eastern Europe, has recently launched the 4th edition of its “Venture in Eastern Europe Report“. In partnership with BCR Seed Starter and Underline Ventures, the report explores the dynamic landscape of Eastern European venture deals, unveiling key insights and trends shaping the region´s global presence.

The Venture in Eastern Europe Report is a testament to the strength and resilience of Eastern European entrepreneurs who have propelled their companies to the global stage. The report unveils the evolving patterns that define the Eastern European startup ecosystem, from well-known successes like Skype, Wise, and UiPath to emerging stars such as ElevenLabs.

How to Web Conference 2023: The biggest startup and innovation event in Eastern Europe

Eastern European startups raised over €1.85 billion in 2023

In a challenging global landscape in 2023, Eastern European-born startups showcased remarkable resilience, raising over €1.85B in venture capital. This analysis examines how the region’s startups weathered the storm with solid unit economics and financial stability. Despite a 57% drop in venture deals compared to 2022, aligning with broader European trends.

Identifying Poland, Greece, Lithuania, Czech Republic, Estonia, and Romania as the top six countries, contributing over 84% of the total investment volume, How to Web’s study delves into the unique dynamics of each country’s startup ecosystem.

“Success stories of technology companies born in Eastern Europe emerge year after year and have been establishing a pattern for the last 30+ years, and counting. Starting this year we’re striving to surface the deals behind the whole Eastern European region to draw insights on how the industry over here is shaped and is finding its edge, making it one of the world’s startup powerhouses, both through the Venture in Eastern Europe Report, and the Venture in Eastern Europe Event, happening on October 1st, before How to Web Conference 2024”, says Alexandru Agatinei, CEO of How to Web.

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In 2023, series A and B investments dominated, comprising over 75% of the total investment volume. Venture in Eastern Europe Report also highlights notable companies leading the way and analyses the implications for the region’s startup landscape. In addition, twenty companies, including ElevenLabs, PVcase, EdgeQ, and FlowX.AI, accounted for nearly half the total investment volume. The report provides insights into these transformative deals, showcasing the diversity and innovation of Eastern European startups.

The key industries driving investment, with more than 56% of the total investment volume are directed towards Energy, Health, Heavy Industry, Big Data, Cybersecurity, and Dev Tools, How to Web also sheds light on the strategic focus of Eastern European startups.

Find the full “Venture in Eastern Europe Report 2023” HERE.

“In the expanding landscape of the region’s tech ecosystem, the 2023 Venture in Eastern Europe Report throws a very valuable light on the path forged by startups that embody resilience, innovation, and the unwavering spirit of ambition. This report celebrates the collective achievements of a region that is not just participating in the global tech narrative but is courageously redefining it”, says Carmen Dibuş, CEO of BCR Seed Starter.

“Our role is driven by a deep belief in the transformative power of Eastern European entrepreneurs, whose determination inspires us to envision a future where technology empowers every corner of our community, knitting a stronger, more connected ecosystem that thrives on collaboration and shared success”, she adds.

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