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

Katherine Stepanian, Senior Analyst

Central & Eastern Europe Research

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

Central & Eastern Europe News

My.Games VC Invests USD3m in Voxter, Tworogue Games & Wideview

My.Games Venture Capital invested USD3m in three Eastern European game studios: Voxter, Tworogue Games and WideView Games. Read More

Revo Capital Reaches ~USD105m Final Close for Turkey & Eastern Europe VC Fund

Revo Capital reached a EUR90m (~USD105m) final close for its second fund targeting investments in tech-driven and growth-stage startups in Turkey and Eastern Europe. IFC, EBRD and DEG are among… Read More

Re-Pie Leads USD30m Series A for Turkish Fintech Colendi

Re-Pie Asset Management led a USD30m Series A for Colendi, a Turkey-based payment solution and micro-crediting platform. Re-Pie invested USD12m through its Colendi Private Equity Investment Fund. Read More

Lighthouse Ventures Leads USD1m Pre-Seed Round for Lithuania’s Kernolab

Lighthouse Ventures led a EUR855k (~USD1m) pre-seed round for Lithuanian fintech Kernolab, with follow-on from Startup Wise Guys. Read More

Octopus Ventures Leads ~USD2.8m Round for Turkey- and UK-Based Integrated Finance

Octopus Ventures led a GBP2m (~USD2.8m) round for Turkey- and UK-based fintech infrastructure provider Integrated Finance, with participation from 500 Istanbul, SuperSeed Ventures and angel investors. Read More

3TS Reaches First Close for Central Europe Tech Fund

3TS Capital Partners reached an undisclosed first close for its fourth growth fund focused on tech investments across Central Europe. The vehicle has a target size of EUR150m (USD177m). Read… Read More

Aqua Spark, Nutreco and PFR Life Science Lead ~USD24.6m Investment in Poland’s Proteon

Aqua Spark, Nutreco and PFR Life Science, a specialist vehicle of the Polish Development Fund, led a EUR21m (~USD24.6m) in Proteon Pharmaceuticals, a Poland-based biotech aiming to reduce reliance on… Read More

Index Ventures Leads USD45m Series A for Latvia’s Printify

Index Ventures led a USD45m Series A for Latvia-based on-demand custom printing company Printify, with participation from H&M Group, Virgin Group, Dreamers VC and the founders of TransferWise, Vinted, Squarespace… Read More

TMT Investments Leads ~USD6.9m Series A for Estonia’s EstateGuru

TMT Investments led a EUR5.8m (~USD6.9m) Series A for Estonia-based property lending platform EstateGuru, with participation from Verve Ventures, Swiss Immo Lab and J&T IB and Capital Markets, the investment… Read More

Mubadala Leads USD35m Series C for Russia’s Borzo

Mubadala led a USD35m Series C for Borzo, a Russia-founded crowdsourced same-day delivery service, with participation from VNV Global, RDIF, Flashpoint Venture Capital and others. Read More

Kaya Leads USD3.2m Seed Round for Poland’s Cardiomatics

Kaya led a USD3.2m seed round for Poland-based healthtech Cardiomatics, with participation from Nina Capital, Nova Capital and Innovation Nest. Read More

Elbrus and iTech Capital Invest USD43m in Russian Traveltech Aviasales

Elbrus Capital and iTech Capital invested USD43m in Russia-based traveltech Aviasales. Read More