Eastern European startups draw nearly 4 billion euro in Venture Capital, Romania hits new high of 130.7 million euro

Investments in Romanian startups exceeded €100 million for the fourth consecutive year, reaching €130.7 million, according to the “Venture in Eastern Europe 2024” report, conducted by How to Web and Croatian unicorn Infobip.

The analysis provides a detailed overview of the Eastern European investment ecosystem in 2024 and offers valuable insights for investors, entrepreneurs, and technology companies.

Now in its fifth edition, the report expands its scope to the entire region, gathering data from 22 countries. The findings indicate a total investment volume of €3.9 billion, resulting from 1,286 funding rounds in 2024.

“The Venture in Eastern Europe 2024 Report, presented by How to Web and Infobip, highlights how Eastern Europe is evolving into a global tech powerhouse fueled by deep engineering expertise, capital efficiency, and growing cross-border collaboration. Companies like UiPath, Bolt, and Infobip have already demonstrated the region’s potential, and with initiatives like Infobip Startup Tribe and Infobip Shift, the ecosystem is stronger than ever. As the region’s startups and scaleups embrace ambition over modesty, they attract unprecedented investment and redefine Europe’s role in global innovation. The time to invest in and collaborate with this thriving ecosystem is now. Eastern Europe is no longer just an emerging market—it is a force shaping the future of technology,” said Ivan Ostojić, Chief Business Officer, Infobip.

The analysis highlights late-stage investments (Series A, B, and C), indicating increased investor interest in startups with proven business models and stable growth potential. Follow-on rounds totaled over €3.6 billion, accounting for more than 90% of the total investment volume.

Key figures: startup investments in Romania in 2024

Romania continues to stand out, recording a total investment volume of €130.7 million in 2024, marking the fourth consecutive year above the €100 million threshold. Although growth compared to 2023 is modest at 0.8%, the number of transactions increased significantly, reaching 80 (a 31.1% increase from the previous year). Additionally, the pre-seed segment saw notable growth, with a total of €7.2 million, a 4.6% increase from 2023.
This sustained trend reflects the growing attractiveness of the Romanian ecosystem for both local and international investors. The report provides an in-depth analysis of the performance of Romanian startups, highlighting major investments as well as promising early-stage projects.

Key takeaways from this chapter are:
● Late-stage investments: similar to regional trends, a significant portion of Romanian startup investments focused on Series A and B rounds, signaling increased confidence in companies with validated business models.
● Success of follow-on rounds: later-stage funding rounds contributed significantly to the total investment volume in Romania, demonstrating continued investor support for high-performing startups.
● Sector diversity: the report highlights a diverse range of sectors attracting investments in Romania, with Fintech, Deeptech, and Big Data startups playing a key role.
● FintechOS, a standout success: while a single company contributed significantly to the total investment volume, FintechOS’s €54 million Series C round demonstrates the ability of Romanian startups to attract substantial investment.

At the regional level, the “Venture in Eastern Europe 2024” report also features the top 20 startup transactions, showcasing investment interest across a wide range of tech industries and confirming the maturity and diversification of the European ecosystem. The financial, aerospace, and e-commerce industries are among those attracting the largest investments.
This report provides essential insights into market dynamics and investment opportunities. Co-authors Nicoleta Pîrvu and Alexandru Agatinei (How to Web), along with contributors Bogdan Iordache (Underline Ventures), Carmen Dibus (BCR Seed Starter Romania), and Nicoleta Cherciu (Cherciu & Co), offer valuable perspectives on the trends observed.

“What 2024 showed is that the industry is experiencing a cycle turn—a focus on frugality, dedication, and grinding with all forces to solve really hard problems using technology. In order to bring hard things to life, grit and endurance are essential. The brutality of the market is a normal thing. It always has been so in the early stages of startups. Because of last year’s hype, both founders and investors lost some discipline. But we can now see that the focus turned back on metrics and capital efficiency. The best companies always have an amazing work ethic. Startups are hard and require this intensity to survive and thrive”, says Alexandru Agatinei, CEO of How to Web.

The full report, including access to interactive data, is available on the website: https://www.howtoweb.co/venture-in-eastern-europe-report-2024/
The “Venture in Eastern Europe 2024” report is produced by How to Web and Infobip, in partnership with Underline Ventures and BCR Seed Starter Romania and supported by Endeavor, Cherciu & Co, Launch Romania, Global Tech Connect, UK/Romania Business, and the Romanian United Foundation.

How to Web is the leading startup and technology conference in Eastern Europe, happening on Oct 1-2 in Bucharest, Romania, which gathers annually the technology leaders, startup builders, marketers, entrepreneurs, investors, and other professionals building the future through technology in one place.