> **来源：[研报客](https://pc.yanbaoke.cn)** # Central and Eastern European Startups 2025 in Review ## Core Summary In 2025, Central and Eastern European (CEE) startups experienced notable growth and development in the tech sector. The total VC funding raised by CEE startups reached €2.3B, with a recovery trend observed starting in Q4 2025, primarily driven by late-stage rounds. The investment landscape in CEE has become increasingly diversified, with several industries showing significant traction. ## Key Highlights ### Investment Trends - **Total VC Funding**: CEE startups raised €2.3B in VC funding in 2025. - **Early-Stage vs Late-Stage**: Early-stage rounds (€0-15M) and breakout-stage rounds (€15-100M) have seen growth, while late-stage rounds (€100M+) remain relatively limited. - **Dominant Business Models**: - SaaS continues to be the dominant business model. - Hardware has grown significantly, accounting for 42% of VC investment in 2025. ### Industry Breakdown The following industries received the most VC funding since 2025: | Industry | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |----------------------|--------|--------|--------|--------|--------|--------| | Enterprise Software | €952M | €2B | €2B | €777M | €2B | €501M | | Fintech | €246M | €1B | €1B | €339M | €382M | €391M | | Security | €86M | €205M | €374M | €263M | €82M | €270M | | Energy | €72M | €169M | €540M | €410M | €426M | €248M | | Robotics | €18M | €86M | €107M | €77M | €136M | €234M | | Telecom | €189M | €21M | €12M | €11M | €7M | €228M | | Health | €106M | €234M | €218M | €171M | €368M | €215M | | Semiconductors | €3M | €55M | €26M | €34M | €69M | €209M | | Space | €539K | €60M | €7M | €37M | €11M | €145M | ### CEE Startup Ecosystem - **Combined Enterprise Value**: The CEE startup ecosystem is valued at €274B. - **Unicorns & Exits**: CEE has created nearly 70 unicorns and \$1B+ exits since 2025, including 8 new unicorns in 2025: Preply, Fintech-IT Group, CAST AI, Shelly Group, Diagnostyka, Hostinger, Uforce, and Czechoslovak Group. - **The CEE Paradox**: Despite limited capital, CEE startups have shown strong outcomes, surpassing the European average from Series C onwards. ### Investment Sources - **Foreign Capital Reliance**: Most CEE startups rely on foreign capital to scale, with a high percentage of investors being non-CEE based. - **Investor Preferences**: - **Pre-Seed and Seed Rounds**: 90% of capital comes from foreign investors. - **Series A**: 40% of capital is from foreign investors. - **Series B and C**: A mix of CEE and foreign investors, with notable participation from international firms like Taiwania Capital, Insight Partners, and Tiger Global. ### Notable Startups Several CEE-based startups and scaleups stood out in 2025: - **Innovacell**: Raised significant funding in the early stages. - **ICEYE**: Raised €164M in Series C and €455M in Series D. - **Rentberry**: Combined funding of €24M. - **Depositphotos**: Combined funding of €2.8B. - **Planable & Funderbeam**: Combined funding of €603M. - **ShelfNetwork**: Combined funding of €84M. ### Startup Diaspora - A significant number of CEE founders have established successful ventures abroad. - Examples include: - **juro**: Based in Ireland, raised €88M. - **Rossum**: Based in the UK, raised €24M. - **WeHugit & Synder**: Based in the UK, combined funding of €603M. - **TRADECORE LTD**: Based in the UK, raised €2.8B. ## Conclusion The CEE tech ecosystem has demonstrated resilience and growth in 2025, despite the challenges of limited domestic capital. The diversification of investment across industries and the increasing role of foreign investors highlight the potential for further development and expansion. With a strong pipeline of startups and a growing number of unicorns, the CEE region continues to be a promising area for tech investment and innovation.