Emerging Europe (CEE/CIS)

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Emerging Europe (CEE/CIS)

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The Case for Private Capital in CEE

This EMPEA Brief explores Central and Eastern Europe’s place in the global private capital landscape, with an eye to the challenges and often overlooked opportunities posed by its “in-between” status

Latest From EMPEA

CEE and CIS Data Insight (Year-End 2018)

EMPEA Data Insights (Year-End 2018)

Legal & Regulatory Bulletin – Issue No. 27, Spring 2019

2019 Global Limited Partners Survey

Year-End 2018 Global Private Capital Industry Statistics

Views from the Field: Assessing Challenges and Opportunities for Private Equity in Russia and CIS

Tax and the Strategic Investment Decision: Where, Why, When and Comparative Tax Elements in 15 Emerging Markets

Trind Ventures, Presto Ventures, Koha Capital, and Others Invest USD1.2m in Estonian Virtual Identity Platform Wolf3D

Trind Ventures, Presto Ventures, Koha Capital, Spring Capital, and Contriber Ventures have invested EUR1m (approximately USD1.2m) in Wolf3D, an Estonia-based virtual identity platform focused on VR and games, with participation

Genesis Capital Acquires Majority Stake in Czech Digital Advertising Company R2B2

Genesis Growth Equity Fund I has completed the acquisition of a majority stake in Czech Republic-based digital advertising company R2B2. Read more

EBRD and Heal Capital Lead USD10m Series A for Polish Healthtech Infermedica

EBRD and Heal Capital led a USD10m Series A for Infermedica, a Poland-based healhtech focused on providing AI-enabled solutions for preliminary diagnosis and patient triage, with participation from existing investors

Horizon Capital Exits Moldova Glass Container Companies via Sale to Vetropack Austria

Western NIS Enterprise Fund, a fund managed by Horizon Capital, has agreed to sell its stakes in Moldova-based Glass Container Company and Glass Container Prim to Vetropack Austria Holdings for

Enterprise Investors Sells Polish Wind Farm to PGE for USD59m

Enterprise Investors (EI) has sold Poland-based Skoczykłody wind farm to PGE Energia Odnawialna for EUR50m (approximately USD59m). The wind farm was developed by EI’s portfolio company Wento. Read more

One Equity Partners Invests USD200m Series A for Croatian Cloud Communications Startup Infobip

One Equity Partners has invested a USD200m Series A for Croatia-based cloud communications platform Infobip in a deal which reportedly values the company at over USD1b. Read more

Creandum and Highland Europe Lead USD15m Series A for Turkish-German Meditation Startup Meditopia

Creandum and Highland Europe led a USD15m Series A for Turkey- and Germany-based meditation startup Meditopia. Read more

V4C-Backed Kom-Eko Acquires 69.46% Stake in Polish Waste Management Company Lubelska Agencja Ochrony Srodowiska

Value4Capital-backed Kom-Eko has acquired a 69.46% stake in Poland-based environmental protection and waste management company Lubelska Agencja Ochrony Srodowiska for an undisclosed amount. Read more

Takarék VC Invests USD2.3m Pre-Series A for Hungarian Digital Aircraft Maintenance Solutions Company AerniX

Takarék VC has invested a EUR2m (approximately USD2.3m) pre-Series A for Hungary-based digital aircraft maintenance solutions company AerniX through Takarék Venture Capital Fund I. Read more

AddVenture and Target Global Lead USD4.5m Series B for Russian Insurtech BestDoctor

AddVenture and Target Global led a USD4.5m Series B for Russia-based insurtech BestDoctor, with participation from returning investor LVL1 Group. Read more

Earlybird and FJ Labs Exit Turkish Furniture Marketplace Vivense in USD130m Deal

Earlybird VC and FJ Labs have reportedly fully exited Turkish online furniture marketplace Vivense as part of a USD130m deal that has seen Actera Group acquire an undisclosed stake in

Collective Spark Leads USD2m Series A for Turkish Fintech Mobilexpress

Collective Spark led a USD2m Series A for Turkey-based fintech Mobilexpress, with participation from angel investors including Ali Kolaghassi, Tunç Mehmet Berkman, Deniz Doany, and Careem’s former VP of Growth

Resource Partners Exits Polish Compound Feed Company Golpasz in Sale to De Heus Animal Nutrition

Central and Eastern Europe-focused private equity fund manager Resource Partners has agreed to sell its majority stake in Poland-based compound feed company Golpasz to Netherlands-based animal feed manufacturer De Heus

Y Combinator and Mosaic Ventures Lead USD15.5m Investment in Estonian Identity Verification Platform Veriff

Y Combinator and Mosaic Ventures led a USD15.5m investment in Estonia-based identity verification platform Veriff, with participation from NordicNinja VC and Change Ventures. Read more

Carlyle Acquires Majority Stake in Czech Translation Software Provider Memsource

The Carlyle Group has acquired a majority stake in Czech Republic-based language translation software provider Memsource for an undisclosed amount through Carlyle Europe Technology Partners IV. Read more

NordicNinja VC Leads USD2.5m Seed Round for Lithuanian Delivery Service Ziticity

NordicNinja VC led a EUR2.2m (approximately USD2.5m) seed round for Lithuania-based last-mile delivery service Ziticity, with participation from Superhero Capital, Practica Capital, StartupWiseGuys, and Superangel. Read more

Chiratae Ventures Leads Seed Investment in Polish Bionics Company Aether Biomedical

Chiratae Ventures led a seed investment round for Poland-based medical robotics company Aether Biomedical, with participation from Joyance Partners and Sunfish Partners. The investment is part of Chiratae’s DeepTech Innovators

Lead Ventures Invests USD20m in Hungarian Automated Driving Software Developer AImotive

Lead Ventures has invested USD20m in Hungary-based automated driving software developer AImotive, with participation from Szechenyi Venture Fund and follow-on from Robert Bosch Venture Capital, B Capital Group, Prime Ventures,

Financial Services Capital Leads USD2.2m Series B for Hungarian Fintech Barion

Financial Services Capital led a EUR2m (approximately USD2.2m) Series B for Hungary-based fintech Barion Payment. Read more

Impact Ventures Invests ~USD1.5m in Hungarian Programming Bootcamp Green Fox Academy

Impact Ventures has invested EUR1.3m (approximately USD1.5m) in Hungary-based programming bootcamp Green Fox Academy. Read more

Change Ventures Leads ~USD2.5m Seed Round for Estonia Fintech Planet42

Change Ventures led a EUR2.2m (approximately USD2.5m) seed round for Planet42, an Estonia-based fintech operating in Africa and focused on providing access to the underbanked, with participation from Bolt Co-Founder

Sentinel Capital Acquires Czech Lighting Products Manufacturer Vyrtych

Sentinel Capital Partners has fully acquired Czech lighting products manufacturer Vyrtych for an undisclosed amount. Read more

EI-Backed Anwin Acquires Polish Gas Station Operator EMila

Enterprise Investors-backed Anwin has agreed to acquire Polish network of self-service gas stations EMila. Details of the transaction are undisclosed. Read more

Helios-Backed TPAY Mobile Acquires 100% Stake in Turkish Mobile Payment Platform Payguru

TPAY Mobile, an Dubai-headquartered fintech backed by Helios Investment Partners, has acquired a 100% stake in Turkey-based mobile payment platform Payguru. Read more

Elevator Ventures and Speedinvest Make USD1.5m Seed Investment in Russian Agtech Agro.Club

Elevator Ventures, Speedinvest, and Raiffeisen Bank International’s corporate venture fund have made a USD1.5m seed investment in Russia-based agtech Agro.Club. Read more

Livonia Partners to Sell Estonian Modified Timber Producer Thermory to OÜ UG Investeeringud

Livonia Partners has agreed to sell its majority stake in Estonia-based modified wood producer Thermory to Estonia-based OÜ UG Investeeringud for an undisclosed amount. Read more

RDIF, RTP Global, Elbrus Capital, and Baring Vostok Seed USD200m Joint Investment Platform for Russian Companies

The Russian Direct Investment Fund (RDIF), RTP Global, Elbrus Capital, and Baring Vostok have created a joint investment platform of up to USD200m to invest in Russian companies affected by

Enterprise Investors Exits 34.4% Stake in Baltic Tour Operator Novaturas for ~USD5.5m

Enterprise Investors has exited its 34.4% stake in Lithuania-based tour operator Novaturas for EUR4.9m (approximately USD5.5m) via a series of secondary transactions. Read more

Earlybird Exits Turkish Mobile Game Maker Peak Games to Zynga for USD520m

Europe-focused VC firm Earlybird Venture Capital has exited Peak Games to US-based social gaming company Zynga for USD520m, as part of a USD1.8b sale. Other exiting shareholders include Hummingbird Ventures,

Horizon Capital Acquires Minority Stake in Ukranian Online Cosmetics Retailer MAKEUP

Horizon Capital, a private equity fund manager focused on investments in mid-cap companies in Ukraine and the neighboring region, has acquired a significant minority stake in Ukraine-based online cosmetics and

Naya Capital Invests USD109m via Convertible Note in Estonian Ridesharing and Food Delivery App Bolt

Naya Capital Management has invested EUR100m (approximately USD109m) in Estonia-based ridesharing and food delivery app Bolt in the form of a convertible note. Naya Capital previously invested in the company’s

Reflex Capital, Fast Forward, and Lighthouse Ventures Invest USD3.8m in Czech Proptech Spaceti

A consortium of investors, including existing investors Reflex Capital and Fast Forward, and new investors Lighthouse Ventures and Kamil Vacek, has made a USD3.8m seed investment in Czech Republic-based workspace-focused

Reflex Capital and J&T Ventures Invest USD2.2m in Czech AI-Enabled Scouting Startup Leadspicker

Reflex Capital and J&T Ventures have made a EUR2m (approximately USD2.2m) seed investment in Czech Republic-based AI-enabled scouting startup Leadspicker. Read more

Benson Oak Fully Exits Eastern European Online Broker Klikpojisteni.cz to TA Associates- and MCI EuroVentures-Backed Netrisk

Czech Republic-based VC Benson Oak Capital and co-investors have sold 100% of their stakes in Czech Republic- and Slovakia-focused online insurance brokerage Klikpojisteni.cz to Hungary-based online insurance brokerage operator Netrisk

Genesis Capital Acquires Czech Call Center Operator Conectart from KKCG

Central Europe-focused private equity fund manager Genesis Capital has acquired Czech Republic-based call center operator Conectart from private investment group KKCG through Genesis Private Equity Fund III (GPEF III). Read

LitCapital Exits Lithuanian Temperature-Controlled Logistics Company NNL LT

Lithuania-focused growth capital firm LitCapital has exited Lithuania-based temperature-controlled logistics company NNL LT to the founders of the company. Read more

TRG Acquires Croatian CRO Optimapharm From Mezzanine Management

Emerging markets-focused alternative asset manager The Rohatyn Group (TRG) has acquired Optimapharm, a Croatia-based contract research organization with operations throughout Europe, from Central and Eastern Europe-focused private credit fund manager

Genesis Investments Leads USD1.5m Seed Investment for Belarus’ Video Editing Application VOCHI

Ukraine-based VC fund Genesis Investments led a USD1.5m seed investment for Belarus-based video editing application VOCHI. Read more

CB Growth One Invests ~USD.1.1m in Slovak Agtech Nitroterra

CB Growth One, a fund managed by Slovakia-based VC fund manager CB Investment Management, has invested EUR1m (approximately USD1.1m) in Slovakia-based agtech Nitroterra. Read more

INVL Baltic Sea Growth Fund Agrees to Acquire Controlling Stake in Latvian Waste Collection Specialist Eco Baltia

INVL Baltic Sea Growth Fund, a fund managed by Lithuania-based firm INVL Asset Management, has agreed to acquire a controlling stake in Latvia-based plastic recycling and waste collection specialist Eco

Growmore Group to Acquire Lithuanian Retail Bank Medicinos Bankas

UAE-based global investment and financial services conglomerate Growmore Group has agreed to acquire Lithuania-based retail bank Medicinos Bankas. Read more

Change Ventures, Vereeni Early Stage Fund, BENE Asia Capital, and Lemonade Stand Lead USD1.7m Seed Investment for Estonian Fintech askRobin

VCs Change Ventures, Vereeni Early Stage Fund, BENE Asia Capital, and Lemonade Stand led a USD1.7m seed investment for askRobin, an Estonia-based fintech focused on underbanked customers in Latin America.

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