Krakow, Poland

Private capital fund managers deployed USD2b in Central & Eastern Europe (CEE) in 2020; USD1.1b went to venture investments, followed by growth equity and buy-out transactions. It was a record year for exits, with USD5b in public market activity and USD7.8b in total exit value. 

GPCA’s research on CEE includes Turkey, Russia and neighboring CIS markets.

An archive of CEE research reports can be found here.

Members can access GPC Analytics for a ten-year archive of CEE private capital transactions and data cuts.

Research Team

Tatia Dzaptashvili, Analyst

Central & Eastern Europe Research

2022 Global Private Capital Industry Data & Analysis

February 16, 2022
GPCA members can log in to download the complete 2022 Industry Data & Analysis Excel file. GPCA data through year-end 2021 across Asia, Latin America, Africa, CEE and the Middle… Read More

Mid-Year 2021 Global Private Capital Industry Data & Analysis

September 16, 2021
GPC 1H 2021 data on fundraising, investment and exit activity across Asia, Latin America, Africa, CEE and the Middle East   Key data takeaways:   All major markets posted year-over-year gains… Read More

CEE 2021 Data Insight

March 31, 2021
Total CEE exit value disclosed to EMPEA reached USD7.8b in 2020, bolstered by public markets transactions Total exit value in Central & Eastern Europe (CEE)—inclusive of Turkey, Russia, and neighboring… Read More

CEE & CIS Data Insights (Mid-Year 2020)

September 10, 2020
EMPEA Members can log in to receive exclusive access to the full detailed report (PDF) and underlying data (Excel). Buyout-focused GPs raised USD783m for CEE & CIS in 1H 2020, becoming poised… Read More

2021 Climate Data Insight

November 2, 2021
Based on GPCA’s newly developed taxonomy of climate-dedicated businesses, the 2021 Climate Data Insight covers climate-focused private capital activity in Asia, Latin America, Africa, Central & Eastern Europe and the… Read More

2021 Trends In Global Tech

May 25, 2021
Investments in Africa, Asia, CEE, Latin America and the Middle East EMPEA’s 2021 report on global venture investment traces venture capital (VC) flows across Africa, Asia, CEE, Latin America and… Read More

Central & Eastern Europe News

SIBF and Nati Harpaz Lead USD6m Seed Round for Cyprus’ BridgerPay

Nati Harpaz (Catch Group) and SIBF led a USD6m seed round for BridgerPay, a Cyprus-based payment operations platform provider. Read More

Accel Leads USD65m Series A for Lithuania’s Kevin

Accel led a USD65m Series A for Kevin, a Lithuania-based payments fintech for online and retail stores, with participation from Eurazeo, OTB Ventures, Speedinvest, OpenOcean and Global Paytech Ventures. Read… Read More

Karma Ventures and Hoxton Ventures Lead a USD15m Series A for Romania’s Druid

Karma Ventures and Hoxton Ventures led a USD15m Series A for Druid, a Romania-based developer of enterprise chatbots. Read More

EC Investments and J&T Capital Lead ~USD63m Series B for Czech Republic’s DoDo Group

EC Investments and J&T Capital led a EUR60m (~USD63m) Series B for DoDo Group, a last-mile B2B logistics tech company based in Czech Republic. Read More

VentureFriends Lead ~USD107m Round for Spotawheel

VentureFriends led a EUR100m (~USD107m) equity and debt round for Spotawheel, a Greece-based used car marketplace with operations in CEE, with participation from Adevinta Ventures, UNIQA Ventures, Rockaway Ventures, Velocity… Read More

Connected Capital Leads USD40m Series A for Estonia’s Eurora Solutions

Connected Capital led a USD40m Series A for Eurora Solutions, an Estonia-based cross-border e-commerce compliance platform, with participation from Change Ventures and Equity United. Read More

Early Game Ventures and RocaX Ventures Invest USD4m in Romania’s Bunnyshell

Early Game Ventures and RocaX Ventures invested USD4m in Bunnyshell, a Romania-based cloud infrastructure startup. Read More

Enterprise Investors-backed Studenac Acquires Croatia’s Kordun

Studenac, a Croatia-based retail chain backed by Enterprise Investors, acquired Crotian retail chain Kordun for an undisclosed amount. Read More

Almaz Capital Leads USD8m Series A for Poland’s Neptune.ai

Almaz Capital led a USD8m Series A for Neptune.ai, a Poland-based startup that helps companies manage model metadata, with follow-on from btov Partners, Rheingau Founders and TDJ Pitango. Read More

Index Ventures Leads ~USD12m Series A for Estonia’s Montonio

Index Ventures led a ~USD12m Series A for Montonio, an Estonia-based finance platform for online merchants, with follow-on from Tera Ventures, ffVC and Superangel. Read More

500 Global, Revo Capital, OYAK Investment, Others Invest USD3.5m Seed Round for Turkey’s ikas

ikas, a Turkey-based provider of e-commerce and e-export solutions to SMEs, raised a USD3.5m seed round from 500 Global, Revo Capital, OYAK Investment, Finberg and QNBEYOND Ventures. Read More

Message from Lenna Koszarny, Founding Partner & CEO of Horizon Capital

My dear partners and friends, I wish I could be with you today. I am in Ukraine with my team, and could not be in New York at this time.… Read More