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

Jeff Schlapinski, Managing Director, Research

Sabrina Katz, Manager, Research & Special Projects

Tatia Dzaptashvili, Analyst, Research

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

ArcTern Ventures Leads ~USD15.7m Round for Czech Republic’s Woltair

ArcTern Ventures led a EUR16.3m (~USD15.7m) round for Woltair, a Czech Republic-based provider of residential energy solutions, with participation from Westly Group, Aternus, Kaya VC, Inven Capital and Movens Capital.… Read More

Trind VC Reaches ~USD53m Final Close for Second Fund

Estonia-based Trind VC reached a EUR55m (~USD53m) final close of its second VC fund, focused on startups with a positive environmental impact, ​in Northern and Central Europe. Read More

Horizon Capital Reaches USD125m First Close for Ukraine-focused High-growth Tech Fund

Horizon Capital reached a USD125m first close for its Ukraine-focused fund targeting   high-growth tech and export-oriented companies. Horizon Capital Growth Fund IV has a USD250m target. Read More

Estonia’s 3Commas Raises USD37m Series B Led by Target Global, Alameda Research, Jump Capital, Dmitry Tokarev

3Commas, an Estonia-based automated crypto trading platform, raised a USD37m Series B led by Target Global, Alameda Research, Jump Capital and Dmitry Tokarev (Copper). Read More

Innova and EBRD Exit Romania’s EnergoBit to Founders

Innova Capital and the European Bank for Reconstruction and Development (EBRD) exited their 25% stake in EnergoBit, a Romania-based energy services company, to the company’s founders for an undisclosed amount.… Read More

Almaz Capital Leads USD25m Series A for Bulgaria’s Alcatraz AI

Almaz Capital led a USD25m Series A for Alcatraz AI, a Bulgaria-based security solutions provider using facial recognition, with participation from EBRD, Endeavor Catalyst, Silverline Capital and Golden Seeds, and… Read More

Nordic VC Inventure Leads ~USD12m Round for Estonia’s Jobbatical 

Nordic VC Inventure led a EUR11.6m (~USD12m) round for Jobbatical, an Estonia-based employment relocation and immigration platform , with participation from Union Square Ventures, Swiss Post Ventures, Karma VC, Metaplanet,… Read More

EBRD Leads ~USD38m Round for Turkey’s Param Group

EBRD led a EUR38m (~USD38m) round for Param Group, a Turkey-based prepaid card issuer and credit platform for corporates, with participation from Ceecat Capital, Alpha Associates and Revo Capital. Read… Read More

Level2 Ventures Leads ~USD2.2m Investment in Poland’s DoxyChain

Level2ventures led a EUR2.2m (~USD2.2m) investment for DoxyChain, a Poland-based blockchain document management system, with participation from CV VC, Satus Starter and Müller Medien. Read More

Blackstone To Acquire 11.6% Stake in Estonia’s Luminor Holding for 80% Total Stake

Blackstone agreed to acquire an additional 11.6% stake in Luminor Holding, a subsidiary of Estonia-based Luminor Bank from Denmark-based bank Nordea, bringing its total stake in Luminor Holding to 80%. Read… Read More

Genesis Capital and Integral Venture Partners Acquire Czech Republic’s BORCAD

Genesis Capital, through Genesis Private Equity Fund IV, and Integral Venture Partners, through its Evolving Europe Principal Investments I fund, have acquired 100% of BORCAD, a Czech Republic-based producer of… Read More

Nina Capital Leads USD2m Seed Round for Bulgaria’s Healee

Nina Capital led a USD2m seed round for Healee, a Bulgaria-based telehealth platform, with participation from Calm/Storm Ventures and KAYA VC and follow-on from Eleven Ventures. Read More