CEE Tech News 007

Don’t miss out on the latest news around the ecosystem!

A relatively ‘calm’ last couple of weeks as the ecosystem continues to grow, luring investors from all over Europe to continuously target CEE startups. In our latest report, the spotlight falls on serial Bulgarian entrepreneurs and the increased activity on the Romanian tech scene.

· Documaster, founded in Norway in 2014, has received a 10.5 Million EUR investment from the Scandinavian investment fund Summa Equity . Co-founded by Bulgarian entrepreneur Dimitar Uzunov, Documaster provides data storage solutions for businesses. The investment will be used to facilitate the company’s recruitment efforts as it now has a working office in Bulgaria and looks to grab a larger share of the market.

· The Bulgarian contribution to the development of the ecosystem in the past few weeks does not stop here as Sofia-based LAUNCHub Ventures, together with AngelList, Seedcamp and the London Co-Investment Fund complete a 858.000 EUR investment in Heresy. Providing a SaaS platform designed to improve sales performance, Heresy was founded in 2016 by Dimitar Stanimiroff, a Bulgarian serial entrepreneur and former Managing Director of career platform Stack Overflow.

· Swedish Stillfront group has acquired a 100% stake of Romanian gaming company eRepublik for an amount of 7.5 Million EUR. The prize winning game studio was founded in 2007 in Bucharest and has already released a number of games with player bases in the millions. According to Stillfront CEO Jörgen Larsson: ”eRepublik fits perfectly into our company’s strategy PLEX by broadening Stillfront’s portfolio of studios and games with characteristics that drive long term gamer retention”.

· Moscow-based digital health startup DOC+ has raised $5 Million in a Series B round lead by Yandex and Baring Vostok. With a goal to breach the services gap for expensive doctor home visits in Russia, the on-demand service network of DOC+ consists of more than 300 medical professionals operating in the St. Petersburg and Moscow areas. The investment from Yandex and Baring Vostok is now the second for the health tech company as a $5.5 Million Series A round was completed last July.

· Orange launches Orange Fab accelerator in Romania to celebrate 20 years on the local market. The accelerator program targets startups beyond the prototype stage. The registration process begins on the 16th of June and selected startups will be announced in August/September.

· Another news from Romania is a 250.000 EUR investment in the first domestic e-fulfillment service provider Frisbo, boosting the startup’s evaluation to 1.5 Million EUR. The investment is coming from Cluj entrepreneur Mircea Ilea and will be used to facilitate Frisbo’s long-term regional development outside Romania.

Let us know if we missed any major news splash over the last couple of weeks and stay tuned for our upcoming pieces on Medium and Facebook!