CEE Startup and Tech Weekly: Key Investments from Estonia to Greece

The Recursive’s weekly summary highlights significant technological advances in Central and Eastern Europe (CEE) and the increasing influence of founders from this region on the global landscape. Discover the latest updates on funding, emerging milestones within startups, and innovative trends linked to the potential arising from this dynamic region.

CEE Deals & News

Katana, an Estonian cloud-based inventory management platform tailored for small and medium-sized enterprises engaged in multi-channel sales, has successfully secured a €14 million Series B funding round. This investment was spearheaded by Cogito Capital Partners, with contributions from Fenton/Greer Family Trust and other existing investors. Katana stands as a testament to the increasing importance of inventory solutions as businesses continue adapting to the complexities of e-commerce.

Mind The Hack, a Greek startup specializing in cybersecurity, has secured €2.8 million in funding, led by DEEP CAPITAL GROUP, established by Dimitris Maris, co-founder of Kaizen Gaming. This funding is pivotal for enhancing cybersecurity measures, especially in a landscape where digital vulnerabilities are increasingly prevalent.

Boost.space, a Czech startup that develops an AI-driven data centralization platform, has raised €3 million to facilitate its expansion into the U.S. market. The funding, led by Jet Investment with support from Tachles VC, Tagrose, and current investors, aims to bolster its platform capabilities, enabling data-driven businesses to thrive amidst growing market competition.

Luna Robotics, a Lithuanian startup innovating within defense technology by creating tactical FPV drone cameras, has obtained €1 million in investment. The funding came from Coinvest Capital, Plug & Play, and angel investors from both LatBAN (Latvia) and NGL (Lithuania), highlighting the growing importance of advanced technology in national defense and security operations.

Vilnius-based cybersecurity firm CBRX has received €540,000 in pre-seed funding to further develop its cloud-based cybersecurity platform and broaden its reach across the European Union. This round featured participation from Coinvest Capital along with Scalewolf, Plug and Play Tech Center, and Firstpick, underscoring the growing need for safeguarding digital infrastructures.

During the Tallinn Digital Summit, Estonia and Ukraine formalized a partnership memorandum aimed at enhancing collaboration in digital innovation. This agreement encompasses the establishment of a joint AI Accelerator and an AI sandbox for testing technologies in the public sector, reflecting a commitment to fostering advanced technological capabilities and exploring the potential of AI in governance.

Furthermore, this collaboration includes educational technology initiatives like AI tutors, joint efforts within NATO’s Locked Shields cyber exercises, and an emphasis on fostering post-quantum cryptography. These measures aim to protect state data and ensure that digital advancements also consider robust security frameworks.

Diaspora with CEE Founders

Phagos, a Paris-based enterprise launched by a Greek cofounder, has secured €25 million in a Series A funding round, marking a significant achievement four years post-establishment. This substantial investment was co-led by prominent firms such as CapAgro, Hoxton Ventures, CapHorn, and Demeter, along with additional support from Acurio Ventures, Citizen Capital, Entrepreneurs First, Founders Capital, and the influential startup campus, Station F.

In a parallel vein, the Greek-cofounded stablecoin payments startup Coinflow successfully closed a €21.52 million Series A funding round led by Pantera Capital. The startup is poised to expand its global payments network, positioning itself to compete significantly against traditional cross-border payment systems, an arena where efficiency and innovation are paramount.

Flexkeeping, a startup supported by ZAKA VC, has made headlines with its acquisition by the hospitality technology unicorn Mews, marking ZAKA’s inaugural portfolio company entering the unicorn status realm to attain unicorn status. This acquisition highlights the increasingly crucial intersection of technology and hospitality, as startups are challenged to innovate in a highly competitive marketplace.

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