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Industry News

Leta Capital Leads USD8m Series A for Lithuanian Automation Technology Company Affise

Leta Capital led a USD8m Series A for Affise, a Lithuania-based partnerships management and automation technology company, with participation from TMT Investments. Read more

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Evli Growth Partners, Karma Ventures, and LVV Group Lead USD9.5m Series B for Lithuanian 3D Model Provider CGTrader

Evli Growth Partners and existing investors Karma Ventures and LVV Group led a USD9.5m Series B for Lithuania-based 3D model provider CGTrader, with participation from former Rovio CEO Mikael Hed.

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3TS’ Catalyst Romania Exits Stake in Romanian Mobile Game Studio Green Horse Games to Tencent Subsidiary

3TS Capital Partners’ Catalyst Romania has fully exited its stake in Romania-based mobile game studio Green Horse Games via a sale to Tencent’s subsidiary Miniclip. Read more

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Menlo Ventures Leads USD23m Series B for Croatian Math Learning App Photomath

Menlo Ventures led a USD23m Series B for Croatia-based math learning app Photomath, with participation from GSV Ventures, Learn Capital, Goodwater Capital, and Cherubic Ventures. Read more

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Volition Capital Leads USD68m Investment in Ukrainian Low-Code CRM Company Creatio

Volition Capital led a USD68m investment in Creatio, a Ukraine-based software company providing a low-code platform for process management and CRM, with participation from Horizon Capital. Read more

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Earlybird VC Reaches USD241m Final Close for Emerging Europe VC Fund

Earlybird Venture Capital has reached a EUR200m (approximately USD241m) final close for its Digital East Fund II, a vehicle targeting early-stage investments in Emerging Europe. Read more

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Winter Capital Partners and Russia-China Technology Investment Fund Invest USD10m in Russia’s Algorithmics

Winter Capital Partners and the Russia-China Technology Investment Fund have invested USD10m in Algorithmics, an international school of mathematics and programming based in Russia, as part of the company’s Series

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Resource Partners to Acquire Poland’s Nail Polish Maker Nesperta

Resource Partners has filed to acquire a majority stake in Nesperta, a Poland-based UV hybrid nail polish company, from the company’s founders. The transaction is pending approval from the Polish

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Mid Europa-Backed M+ Group Acquires 51% Stake in Croatian Software Company Bulb for USD8.4m

M+ Group, a Croatia-based business process outsourcing services provider owned by Meritus Ulaganja and backed by Mid Europa Partners, has acquired a 51% stake in Croatia-based local software company Bulb

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Genesis Capital Reaches USD48m Final Close for CEE Growth Fund

Czech Republic-based PE firm Genesis Capital has reached a EUR40m (approximately USD48m) final close for its first growth fund targeting investments in CEE. Read more

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AnaCap Sells Czech Digital Banking Platform Equa Bank to RBI

AnaCap Financial Partners has sold Equa Bank, a Czech Republic-based digital banking platform focused on individuals and SMEs, to Raiffeisen Bank International (RBI). Read more

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EI Completes USD10.2m Take-Private of Polish Financial Services Provider PragmaGO

Enterprise Investors (EI) has acquired PragmaGO, a listed financial services provider based in Poland, in a take-private deal worth EUR8.5m (approximately USD10.2m). Read more

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Flashpoint VC, Uniqa Ventures, and Others Lead USD6.6m Series A for Polish Healthtech Telemedico

Flashpoint Venture Capital, Uniqa Ventures, PKO VC, Adamed, and existing investor Black Pearls VC led a EUR5.5m (approximately USD6.6m) Series A for telehealth and digital health services platform Telemedico. Read

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Cat Rock Capital Leads USD70m Series C for Polish Beauty and Wellness Booking App Booksy

Cat Rock Capital led a USD70m Series C for Booksy, a beauty and wellness appointment booking app founded in Poland with operations in the US, the UK, Spain, Brazil, and

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Elbrus Reaches USD260m First Close for Third Russia Fund

Elbrus Capital has reportedly reached a USD260m first close for Elbrus Capital Fund III. The vehicle, which has an initial target of USD600m, will target investments in digital companies in

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XTX Ventures Leads USD3.5m Series A for US- and Russia-Based Construction Software Startup TraceAir

XTX Ventures led a USD3.5m Series A for US- and Russia-based construction software startup TraceAir, with participation from Liquid 2 Ventures, GEM Capital, GPS Ventures, Wrike CEO Andrew Filev, Metropolis.VC,

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Crankstart Investments and Base Partners Lead USD128m Series B in Turkish Delivery Logistics Platform Getir

Crankstart Investments and Base Partners led a USD128m Series B for Turkey-based delivery logistics platform Getir at a reported USD850m valuation, with participation from Tiger Global Management and Goodwater Capital.

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BaltCap to Acquire Estonian Ticketing Company BTH

BaltCap, through its BaltCap Private Equity Fund III, has agreed to acquire Baltic Ticket Holdings (BTH), an Estonia-based ticketing company with operations in Estonia, Latvia, Lithuania, and Belarus. Co-investor Sven

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Sandberg Capital Reaches USD133m Final Close for Second CEE Fund

Sandberg Capital has reached a EUR109m (approximately USD133m) final close for Sandberg Investment Fund II, a vehicle targeting investments in SMEs in the CEE region, with a focus on Slovakia

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Innova Capital-Backed Prime Label Acquires Slovenian Digital Printing House LabelProfi

Innova Capital-backed Prime Label Group has acquired a majority stake in Slovenia-based digital printing house LabelProfi. Read more

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GapMinder Leads USD2.5m Series A for Romanian Chatbox Developer DRUID

GapMinder led a USD2.5m Series A for DRUID, a Romania-based company specialized in developing intelligent virtual assistants (chatbots) for businesses, with participation from Early Game Ventures and unnamed private investors.

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LAUNCHub Ventures Reaches USD53.5m First Close for CEE & SEE Fund

LAUNCHub Ventures has reached a EUR44m (approximately USD53.5m) first close for its latest fund. The vehicle, which has an initial target of EUR70m, will focus on early-stage investments in Central,

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Horizon Capital’s Datagroup to Acquire Ukrainian Broadband Cable Service Provider Voila

Horizon Capital-backed Datagroup has agreed to acquire 100% of Volia, a Ukraine-based broadband cable service provider. The transaction is subject to regulatory approvals. Read more

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Learn Capital Leads USD80m Series D for Polish Edtech Brainly

Learn Capital led a USD80m Series D for Brainly, a Poland-based peer-to-peer learning platform, with follow-on from Prosus Ventures,  Runa Capital, MantaRay, and General Catalyst Partners. Read more

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Flashpoint Venture Capital Reaches USD50m First Close for CEE & CIS VC Fund

Flashpoint Venture Capital has reached a USD50m first close for its third VC fund. The vehicle, which targets USD75-100m, will invest in international companies founded by management teams from CEE

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D1 Capital Partners Leads USD182m Round for Estonian Ridesharing and Food Delivery App Bolt

D1 Capital Partners led a EUR150m (approximately USD182m) equity round for Estonia-based ridesharing and food delivery app Bolt, with participation from Darsana Capital Partners. Read more

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Enterprise Investors Invests USD30.5m in Poland’s Software Mind

Enterprise Investors invested EUR25m (approximately USD30.5m) for 50.2% stake in Polish Software Company Software Mind. Read more

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Karma Ventures and BlackFin Lead USD4m Seed Round for Estonian Core Banking Platform Modularbank

Karma Ventures and BlackFin Capital Partners led a USD4m late seed round for Estonia-based core banking platform Modularbank, with participation from Plug and Play Ventures, Siena Capital, and former Twilio

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Horizon Capital Exits Moldovan Glass Packaging Companies GCC via Sale to Vetropack

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 (GCC) to Vetropack Group for

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Target Global and Palta Lead USD5m Series A for Cyprus’ Nutrition Platform Simple

Target Global and Palta led a USD5m Series A for Cyprus-based nutrition platform Simple, with participation from S16 Angel Fund and Supernova. Read more

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Mid Europa to Acquire Polish Cloud Business Management Solutions Company Sage

Mid Europa Partners has entered into an agreement to acquire Sage Poland, a Polish cloud business management solutions company for SMEs, from The Sage Group. The transaction is subject to

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Andreessen Horowitz Leads USD5.5m Seed Round for Ukrainian Face-Swap Video App Reface

Andreessen Horowitz led a USD5.5m seed round for Reface, a Ukraine-based app for video and GIF face-swaps, with participation from angel investors. Read more

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3TS-Backed Catalyst Romania Reaches First Close for Second VC Fund

3TS Capital Partners-backed Catalyst Romania has reached a EUR26m (approximately USD31.2m) first close for Catalyst Romania Fund II, its second VC fund. The vehicle, which targets EUR40-50m, will invest in

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Kartesia Provides EI-Backed Nu-Med with USD38m Refinancing Package

Kartesia, through its Kartesia Credit Opportunities (KCO) IV and V funds, has provided Nu-Med, a Poland-based oncology center operator backed by Enterprise Investors, with a EUR32m (approximately USD38m) refinancing package.

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Abris Acquires Polish Health Care Network Operator Scanmed

Abris Capital Partners, through its Abris CEE Mid-Market III fund, has acquired 100% of Poland-based health care network operator Scanmed from Life Healthcare Group for an undisclosed amount. The transaction

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Baring Vostok and Winter Capital Invest in Russian Edtech Skyeng

Baring Vostok and Winter Capital have invested an undisclosed amount in Russia-based edtech Skyeng. Read more

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Horizon Capital Increases Stake in Ukrainian Digital Services Provider Datagroup

Horizon Capital’s EEGF II has increased its stake in Ukraine-based fiber infrastructure and digital services provider Datagroup from 73.46% to 96.13%. As a result of the transaction, the company’s founder

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Apollo Global to Invest USD591 in Czech Lottery Company Sazka Entertainment

Apollo Global Management has agreed to invest EUR500m (approximately USD591m) in Czech Republic-based lottery company Sazka Entertainment. The transaction reportedly brings the company’s valuation to EUR4.2b (approximately USD5b). Read more

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Elbrus Capital- and Winter Capital-Led Consortium Acquires 60% of Russian Bank and Insurance Marketplace Banki.ru

A consortium of investors led by Elbrus Capital and Winter Capital has acquired a 60% stake in Russia-based bank and insurance marketplace Banki.ru from the company’s founders. Read more

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Innova Capital Invests in Polish Cosmetics Company Bielenda Kosmetyki

Innova Capital has invested an undisclosed amount in Poland-based cosmetics company Bielenda Kosmetyki. Innova Capital will also support the company in the acquisition of the Dermika and Soraya brands from

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EIT InnoEnergy, FirstFloor, MM Grupp, and Harju Elekter Invest USD48m Series D for Estonian Energy Storage Products Manufacturer Skeleton

Existing investors EIT InnoEnergy, FirstFloor Capital, MM Grupp, and Harju Elekter have invested a EUR41.3m (approximately USD48m) Series D for Skeleton Technologies, an Estonian manufacturer of ultracapacitor-based energy storage products.

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Mid Europa to Acquire Majority Stake in Polish Online Metal Prints Marketplace GWD

Mid Europa Partners has agreed to acquire a majority stake in Poland-based online metal prints marketplace GWD Concept from the company’s founders, Credo Ventures, and Miton Capital. The transaction is

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Sierra Ventures Leads USD1.75m Seed Round for Armenian Text-to-Podcast Conversion Startup Podcastle

Sierra Ventures led a USD1.75m seed round for Podcastle, an Armenia-based text-to-speech converter that uses artificial intelligence to convert news into podcasts, with participation from AI fund and Correlation VC.

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Fil Rouge Capital Invests ~USD1.4m in Slovenian Translation Startup TAIA

VC Fil Rouge Capital invested a EUR1.2m (~USD1.4m) seed round for Slovenian machine translation platform TAIA. Read more

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Macquarie Acquires ČEZ Group’s Romanian Power Assets

A consortium led by Macquarie Infrastructure and Real Assets (“MIRA”) acquired a portfolio of Romanian power assets owned by ČEZ Group, including electricity distribution networks, energy supply, and the Fantanele

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Abris Exits Polish Locomotive Leasing Company Cargounit to Three Seas

Abris Capital Partners has agreed to sell its stake in Poland-based locomotive leasing company Cargounit to Three Seas Initiative Investment Fund. The transaction is expected to close by year-end 2020.

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Innova to Acquire Romanian Payments Operator Paypoint Romania

Innova Capital has agreed to acquire Romania-based payments operator PayPoint Romania from LSE-listed PayPoint. The transaction is subject to regulatory approval. Read more

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Baring Vostok and Goldman Sachs Acquire Stake in Russian Finance and Insurance Marketplace Sravni.ru

Baring Vostok and Goldman Sachs have acquired stakes in Russia-based finance and insurance marketplace Sravni.ru. Read more

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PortfoLion Invests USD2.5m Series A for Polish E-Commerce CRM Platform edrone

Hungarian VC PortfoLion has invested a EUR2.11m (approximately USD2.5m) Series A for edrone, a Poland-based e-commerce CRM platform that provides advanced marketing automation solutions. The capital will fund research and

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Mid Europa Sells Minority Stake in Hungarian Logistics Company Waberer’s to Indotek

Mid Europa Partners has agreed to sell 24% of its interest in Hungary-based freight and logistics company Waberer’s International to real estate investment and development business Indotek. The transaction is

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Innova Capital Exits Polish Logistics Operator PEKAES via Sale to GEODIS & Buys STX Next

Innova Capital exited logistics operator PEKAES via a sale to France-based global supply chain operator GEODIS. The terms of the transaction were undisclosed. Innova Capital also made an undisclosed investment in

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EI Acquires Additional 35% Stake in Croatian Bakery Pan-Pek

Enterprise Investors, through its Polish Enterprise Fund VII, has acquired an additional 35% stake in Croatia-based frozen bakery products producer and retailer Pan-Pek from Ivan Parać, the company’s founder. The

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Baring Vostok-Backed Kaspi.kz Raises USD870m in London IPO

Kaspi, a Kazakhstan-based fintech backed by Baring Vostok and Goldman Sachs, has raised USD870m in its IPO on the London Stock Exchange, reaching a reported valuation of USD6.5b and facilitating

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