Startups originating from countries in Eastern and Southeastern Europe are showing increasing momentum, with Turkey leading the investment race and increasing its distance from other countries.
Tech companies with Turkish “DNA,” from the online delivery sector – which managed to survive in the post-pandemic era – to artificial intelligence companies, lead the list with the highest investments of 2024 in this region, while Greece, albeit lower, has acquired a critical mass of companies that stood out last year, from the space technology sector to robotics.
According to the “Venture in Eastern Europe 2024 Report,” compiled by the How To Web organization and the Infobip company, startups from the Eastern European region closed 1,286 deals and secured financing of close to 3.9 billion euros last year.
Some 90% of the total funding volume was raised by eight countries, of which over €1 billion euros was in Turkey, which also recorded the largest number of transactions, namely 534 out of a total of 1,286 deals.
In fact, capital did not flow only to Turkish companies that are in the early stages of development, but also to those that have already acquired the title of unicorn. Such is the case of the company, AI Insider, which is active in marketing, as well as the popular online delivery application, Getir, each raising €225 million.
That is followed by companies with Polish roots, which raised €592.1 million in a total of 126 transactions, while €536.6 million flowed into Greek companies or Greek-DNA startups (with a Greek founder and a presence in this country) during a significantly smaller number of deals (41). This means that in Greece, the largest volume of capital was directed to fewer companies compared to other countries.
Among the startups that stood out is space technology company D-Orbit, which raised €150 million, as well as the company Axelera AI, which is active in the artificial intelligence semiconductor industry.
After Greece, companies from the Czech Republic follow, which raised a sum of €426 million in 85 transactions, Lithuania (€367 million), Estonia (€342.3 million), Romania (€130.7 million) and Slovakia (€129.8 million).