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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
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Industry News
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
Read MoreGenesis 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
Read MoreLitCapital 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
Read MoreTRG 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
Read MoreGenesis 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
Read MoreCB 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
Read MoreINVL 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
Read MoreGrowmore 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
Read MoreChange 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.
Read MoreGrafton Capital Invests USD20m in Cyprus’ AI Developer Omilia
UK-based VC Grafton Capital has invested USD20m in Omilia, a Cyprus-based AI developer for customer support. Read more
Read MoreNeogen Capital Invests USD543k in Romanian Robotic Automation Startup MissionCritical
Romania-based VC Neogen Capital has invested EUR500k (approximately USD543k) in Romanian Robotic Automation Startup MissionCritical. Read more
Read MoreIndex and Credo Lead USD2.75m Seed Round for Czech Anti-Fraud Tech Startup Resistant AI
US-based VC Index Ventures and Czech Republic-based VC Credo Ventures led a USD2.75m seed round for Czech Republic-based anti-fraud tech startup Resistant AI, with participation from Seedcamp, UiPath CEO Daniel
Read MoreIcebreaker Fund II Reaches USD54m First Close
Finland-based VC Icebreaker.vc has reached a EUR50m (approximately USD54m) first close for its second fund targeting early stage tech companies in Finland, Sweden, and Estonia. Investors in the fund include
Read MoreBaring Vostok Acquires Minority Stake in Russian Ecological Products Manufacturer Synergetic
Russia- and CIS-focused private equity fund manager Baring Vostok Capital Partners has acquired a minority stake in Russia-based eco-friendly detergents and cosmetics manufacturer Synergetic for an undisclosed amount. Read more
Read MorePaladin Capital Group Leads USD2m Seed Investment for Estonian Startup Dashbird
US-based venture capital firm Paladin Capital Group led a EUR1.9m (approximately USD2m) seed investment for Estonia-based serverless application troubleshooting company Dashbird. Read more
Read MoreBaltCap Acquires Lithuanian Meat Processing Companies Krekenavos Agrofirma and Mesa LT
Baltics-focused private equity fund manager BaltCap has acquired two Lithuania-based meat processing companies, namely Krekenavos Agrofirma and Mesa LT, through BaltCap Private Equity Fund III (BPEF III). BPEF III financed
Read MoreSpeedUp Energy Innovation Invests ∼USD1m in Polish HRtech DevSkiller
SpeedUp Energy Innovation, a fund established under the partnership between PGE Ventures, PFR Ventures, National Center for Research and Development (NCBR), and SpeedUp Group, has invested EUR1m (approximately USD1m) in
Read MoreBaring Vostok, Sistema VC, and Princeville Capital Invest USD150m in Russian E-Commerce Platform Ozon
Russia and CIS-focused private equity fund manager Baring Vostok Capital Partners, the corporate venture arm of Russian financial corporation JFSC Sistema (Sistema VC), and US-based technology investor Princeville Capital have
Read MoreHoxton Ventures Leads USD10m Investment in Ukranian Edtech Preply
UK-based Hoxton Ventures led a USD10m investment in Ukranian edtech Preply, with participation from European investors Point Nine Capital, All Iron Ventures, The Family, EduCapital, and Diligent Capital. A number
Read MoreARX Equity Partners Exits Slovenia’s DCB
Central Europe-focused private equity fund manager ARX Equity Partners has sold its interest in Slovenian health care service provider Diagnosticni Center Bled doo (DCB) to a joint venture between two
Read MoreEBRD-Backed Revo Capital Fund II Reaches USD43m First Close
Revo Capital Management has reached a EUR40m (approximately USD43m) first close for its second fund. EBRD committed EUR12.5m to the vehicle, which is targeting EUR60m to invest in early-stage technology
Read MoreSEAF Exits ABCom in Sale to Vodafone Albania
The Southeast Europe Equity Fund II, managed by global SME-focused impact investing firm SEAF, has completed the sale of Albanian cable operator ABCom to Vodafone Albania. Details of the transaction
Read MoreV4C and Ananda Impact Ventures Acquire Stake in Hungary’s Health Care Services Provider Doktor 24
Poland- and Central Europe-focused private equity fund manager Value4Capital (V4C) has acquired a stake in Hungary-based occupational and outpatient medical services provider Doktor 24. The transaction includes a co-investment by
Read MoreEarlybird VC Leads USD3.2m Seed Round for Bulgaria’s Payhawk
Europe-focused VC firm Earlybird Venture Capital led a USD3.2m seed funding round for Bulgaria-based paperless expense management provider Payhawk, with participation from Eleven Ventures and existing angel investors. Read more
Read MoreEarlybird VC Leads USD5m Investment in Turkish Proptech Apsiyon
Europe-focused VC firm Earlybird Venture Capital’s Digital East Fund led a USD5m investment in Turkey-based proptech Apsiyon with participation from angel investor Jak Baruh. Read more
Read MoreMediterra Capital Exits Turkey’s Mobiliz via Sale to Fleet Services
Turkey-focused private equity fund manager Mediterra Capital Partners has exited its stake in Turkish IT company Mobiliz via a sale of its shares to Balkan GPS tracking and fleet management
Read MoreGenesis Capital, and ESPIRA Investments Acquire Minority Stake in Warsaw-based Multilingual Data Processing Company SLT
Private equity investors Genesis Capital and ESPIRA investments have acquired a minority stake in Warsaw-listed data processing and management company Summa Linguae Technologies (SLT) from V4C Poland Plus Fund. V4C
Read MoreElbrus Capital Exits OSG Records Management via Sale to Iron Mountain Inc for USD94m
Russia- and CIS-focused private equity firm Elbrus Capital has exited OSG Records Management via a sale of its 75% stake to Iron Mountain Inc for USD94m, over 4.5 times the
Read MoreZubr Capital Acquires Minority Stake in CEE Fintech Conglomerate Myfin Group
Belarus-focused private equity fund manager Zubr Capital has acquired a minority stake in Myfin Group, a group of fintechs operating in Belarus and Russia, through its Zubr Capital Fund I.
Read MoreOTB Ventures Reaches USD100m Final Close for Debut Fund
Poland-based VC OTB Ventures has reached a USD100m final close for its first early growth technology fund. The vehicle will invest in technology companies in Central and Eastern Europe. Read
Read MoreINVL Reaches USD181m Final Close for Baltic Sea Growth Fund
Lithuania-based firm INVL Asset Management has reached a EUR165m (approximately USD181m) final close for its INVL Baltic Sea Growth Fund. The vehicle will focus on growth capital, buyout, and “buy and
Read MoreHighlander Partners Exits Poland’s Akomex
US-based middle market private investment firm Highlander Partners has agreed to sell its stake in Poland-based packaging manufacturer Akomex Group to co-founder and minority shareholder Seabastian Śliwa, along with Central
Read MoreIndigo Partners Partially Exits Hungary’s Wizz Air for ~USD648.5m
Indigo Partners reduced its stake in Budapest-based low-cost airline Wizz Air from 20.6% to 3.4% by selling shares worth GPB500m (~USD648.5m). The partial exit was in an effort to comply
Read MoreRSBC Acquires 50% Stake in Czech Republic’s Umbrella
Investment firm RSBC has acquired a 50% stake in Czech bus service Umbrella Investment Group from the company’s owner, Pavel Steiner. Umbrella operates FlixBus, Europe’s international bus transportation company. Read
Read MoreBHS Acquires Czech Republic-Based Switchboard Manufacturer DCK Holoubkov Bohemia
Czech investment firm BHS, together with minority co-investors, has wholly acquired DCK Holoubkov Bohemia, a Czech Republic-based outdoor distribution switchboards manufacturer. Read more»
Read MoreHorizon Capital’s EEGF III Invests USD7m in Purcari Wineries
Horizon Capital, a private equity fund manager focused on investments in mid-cap companies in Ukraine and the neighboring region, has invested USD7m via its Emerging Europe Growth Fund III for
Read MorePolish PE Firm Avallon Reaches USD88m First Close for Third Fund
Polish private equity firm Avallon reached a USD88m first close for Avallon MBO Fund III. The fund, targeting USD143m, plans to invest in companies operating in a range of sectors,
Read MoreCroatian BPO M+ Group to Acquire Mid Europa-Owned CMC
Central and Eastern Europe focused PE firm Mid Europa Partners announced a merger of its portfolio company, CMC, a Turkey-based outsourced call centre, with M+ Group, a regional BPO provider.
Read MoreEnterprise Investors Exits Polish Construction Company Danwood via Sale to South Korea’s GS Engineering and Construction for USD155.2m
Central and Eastern European private equity fund Enterprise Investors sold prefabricated house manufacturer Danwood to Korean construction company GS Engineering and Construction for EUR140m (USD155.2m). According to Enterprise Investors, the
Read MoreSequoia Partner Michael Moritz Leads USD38m Round in Turkish Delivery Startup Getir
Sequoia Capital partner Michael Moritz led a USD38m investment in Getir, an Istanbul-based delivery startup. Moritz committed USD25m via Crankstart, his personal investment vehicle. The additional USD13m was from undisclosed
Read MoreSequoia Capital Leads USD45m Series B for Czechoslovakia’s productboard With Participation From Bessemer Venture Partners
Global VC firm Sequoia Capital led a USD45m Series B for Czech product management software company productboard, along with Bessemer Venture Partners and previous investors. Read more»
Read MoreJet Exits MSV Metal Studénka to MORAVIA STEEL
Central and Eastern Europe-focused private equity firm Jet Investments has agreed to sell its 100 percent stake in Czech Republic-based steel forging specialist MSV Metal Studénka to MORAVIA STEEL, a
Read MoreLightspeed Leads USD141 Million Series E Round for Vinted
Global venture capital fund manager Lightspeed Venture Partners has led an EUR128 million (approximately USD141 million) Series E funding round for Vinted, a Lithuania-based second-hand fashion e-commerce company. Additional investors
Read MoreV4C to Acquire Majority Stake in Summa Linguae
Poland- and Central Europe-focused private equity fund manager Value4Capital (V4C) has agreed to acquire a majority stake in Summa Linguae Technologies, a Poland-based language technology service provider, for PLN54 million
Read MoreVTB Capital to Exit Vivacom to BC Partners-Backed United Group in USD1.3 Billion Acquisition
VTB Capital, the investment arm of Russia-based VTB Bank, has agreed to exit its stake in Bulgaria-based telecommunications operator Vivacom to United Group, a Netherlands-based media company operating in countries
Read MoreAvallon Agrees to Acquire Majority Stake in Clovin
Central Europe-focused private equity fund manager Avallon has agreed to acquire a majority stake in Clovin, a Poland-based washing products producer. Avallon will support Clovin’s ongoing investment program and lend
Read MoreTRG Invests in Amethyst Radiotherapy
Romania-based radiotherapy treatment provider Amethyst Radiotherapy has secured an investment from emerging markets-focused alternative asset manager The Rohatyn Group (TRG). The company operates nine clinics across France, Romania, Italy, Poland,
Read MoreMid Europa Exits Walmark to STADA
Central and Eastern Europe-focused private equity fund manager Mid Europa Partners has agreed to sell Czech Republic-based dietary supplements manufacturer Walmark to STADA Arzneimittel, a Germany-based pharmaceutical company. Walmark currently
Read MoreLivonia Partners Agrees to Acquire Klaasimeister
Livonia Partners, a private equity fund manager focused on the Baltic states, has agreed to acquire Estonia-based glass producer Klaasimeister. The company specializes in manufacturing energy-efficient insulated glass units for
Read MoreARX Equity Partners Leads Acquisition of TES Vsetín from Advent International
ARX Partners, a private equity firm focused on control transactions in mid-sized companies in Central Europe, has led the acquisition of Czech Republic-based electrical engineering company TES Vsetín from global
Read MoreBaltCap Reaches USD138 Million First Close for Third Fund
Baltics-focused private equity fund manager BaltCap has reached a first close for BaltCap Private Equity Fund III with EUR126 million (approximately USD138 million) in capital commitments. Investors in the fund
Read MoreLakeshore Sells Santa Fe to Singha Corporation for USD50 Million
Thailand-focused growth equity fund manager Lakeshore Capital has sold its stake in Thailand-based steakhouse chain Santa Fe to Singha Corporation, a Thailand-based food and beverage conglomerate, for USD50 million. Through
Read MoreBlackstone Completes USD1.1 Billion Acquisition of Luminor
A consortium led by global alternative asset manager Blackstone has completed the acquisition of a 60 percent stake in Baltics-focused Luminor Bank for EUR1 billion (approximately USD1.1 billion). The consortium,
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