#6 CEE Venture Rounds Review NOV’20

Marcin Szelag
Dec 18, 2020 · 2 min read

This is the 6th time, I’m looking at venture rounds which have been announced in CEE. For those of you, who are reading this update for the first time — here is a primer on why I started this research.

It seems that on one hand, 2020 was a tough year for startups in CEE. Each month has seen a YoY drop in the number of announced rounds. On the other hand, we have seen some massive rounds in the region as some early winners started to emerge. #spoileralert Brainly (Poland) just raised $80M for its homework platform. Bolt raised another $180M for A.I. drive. Pipedrive the Estonian CRM company was acquired by Vista. I think these examples show that great companies can come from anywhere. What we should focus on now, is how to increase the density of the ecosystem in CEE.

Here is a snippet of the most important numbers:

📣 22 rounds announced (up from 16 last month)
💰 ~ €66,2M raised (all rounds converted into EUR, 4x from last month)
🚀 The largest round was raised by Skeleton Technologies (announcement) ~ €41M
🌍 Active international VCs include Passion Capital (Warran) and a host of investors backing Skeleton like Adyen, Innoenergy, Firstfloor Capital.
🇭🇺 Hungary was the most active country with 5 rounds. Hiventures continues to be a very active investor in the region.

Announced CEE Venture Rounds in November 2020

📣 If you would like to get access to the actual spreadsheet — please reach out.

Notes from Innovation Nest

Innovation Nest is a Early Stage VC firm that invest in…