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Emerging Europe (CEE/CIS)

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CEE & CIS Data Insights (Mid-Year 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

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Mid-Year 2020 Global Private Capital Industry Data & Statistics

Legal & Regulatory Bulletin – Issue No. 29, June/July 2020

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

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

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

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

Mediterra Acquires Majority Stake in Turkish Fintech PayCore

Mediterra Capital has agreed to acquire a majority stake in Turkey-based payment solutions provider PayCore. Read more

Lead Ventures Leads USD2.5m Series A for Hungarian Server Security Solutions Provider BitNinja

Lead Ventures led a USD2.5m Series A for Hungary-based website server protection solutions provider BitNinja, with participation from Oxo Technologies Holdings. Read more

Abris Acquires Majority Stake in Polish E-Commerce Delivery Solutions Provider R2G Polska

Abris Capital Partners has acquired a majority stake in R2G Polska, a Poland-based e-commerce delivery solutions provider operating under the Apaczka brand, from Concordia 21. Read more

Giant Ventures Leads USD2m Pre-Seed Investment in Poland- and US-Based Air Quality Data Platform Airly

Giant Ventures led a EUR1.7m (approximately USD2m) pre-seed round for Airly, a Poland- and US-based internet company that specializes in providing hyper-local data about air pollution, with participation from angel

Enterprise Estonia Invests USD1.4m in Estonian Production Management Software Eziil

Enterprise Estonia and others have invested EUR1.2m (approximately USD1.4m) in Eziil, an Estonia-based production management software for factories. Read more

Cogito Invests USD4.3m Series A for Polish Healthtech HomeDoctor

Cogito Capital Partners has invested a EUR3.7m (approximately USD4.3m) Series A for Poland-based healthtech HomeDoctor, with participation from the company’s founders. Read more

Allegro Raises USD2.3b in Warsaw IPO, Permira, Mid Europa Partners, and Cinven Exit

Poland-based e-commerce group Allegro has raised USD2.3b in its IPO on the Warsaw Stock Exchange, facilitating a partial exit for shareholders Permira, Cinven, and Mid Europa Partners who originally acquired

Quona Capital, Elevator Ventures, Syngenta, and the Collective Spark Fund Lead USD5m Series A for Turkish Fintech Tarfin

Quona Capital, Elevator Ventures, Syngenta Ventures, and the Collective Spark Fund led a USD5m Series A for Turkey-based fintech Tarfin, with participation from Wamda. Read more

VentureFriends Leads USD12m Investment in Greece- and Poland-Based Used Car Marketplace Spotawheel

VentureFriends led a EUR10m (approximately USD12m) debt and equity funding for Spotawheel, a used car marketplace with operations in Greece and Poland, with participation from existing investors Velocity Partners and

Tiga Investments, OTB Ventures, and TDJ Pitango Lead USD15m Series A for Poland- and China-Based Data Analytics Platform Cosmose AI

Tiga Investments, OTB Ventures, and TDJ Pitango led a USD15m Series A for Cosmose AI, a Poland- and China-based data analytics platform focused on predicting consumers’ offline shopping behavior. Read

Qnbeyond Ventures Invests Undisclosed Amount in Turkey-Based Retail Management Startup Ikas

Qnbeyond Ventures, the investment arm of Turkish bank QNB Finansbank, invested an undisclosed amount in Ikas, a Turkish marketplace solution, at a reported USD6m post-money valuation. Read more

Innova Capital Exits Slovenia’s Trimo via Sale to Kingspan Group

Innova Capital sold its 100% stake in Trimo, a Slovenia-based producer of high quality façade and building envelope solutions, to Kingspan Group for an undisclosed amount. Read more

Horizon Capital Leads USD5m Investment in Ukranian Medicine Delivery E-Commerce Platform Liki24

Horizon Capital led a USD5m investment in Liki24, an Ukraine-based e-commerce platform for medicine delivery, with participation from existing investors Genesis Investments and TA Ventures. Read more

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

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