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CEE 2021 Data Insight

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

Latest From EMPEA

CEE 2021 Data Insight

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

Macquarie Exits Czech Republic’s Ceske Radiokomunikace via Sale to Cordiant Digital Infrastructure

Macquarie has sold Czech Republic-based telecoms and technology infrastructure group Ceske Radiokomunikace to Cordiant Digital Infrastructure for an undisclosed amount. Read more

Inovo Reaches ~USD65m Final Close for CEE VC Fund

Inovo has reached a EUR54m (~USD65m) final close for Inovo II, a VC fund targeting early-stage investments in tech startups across Poland and the wider CEE region. Read more

Alibaba Invests USD330m in Turkish E-Commerce Platform Trendyol

Alibaba has invested an additional USD330m in Turkey-based e-commerce platform Trendyol at a reported ~USD11b valuation, bringing Alibaba’s stake to ~87%. Read more

Earlybird Leads USD2m Seed Round for Serbian AI Chip Factory Anari

Earlybird Venture Capital led a USD2m seed round for Anari AI, a Serbian cloud-based AI chip factory, with participation from Acequia Capital and Serbian Entrepreneurs. Read more

Draper Esprit Leads USD60m Series B for Romanian Technology Solutions Provider FintechOS

Draper Esprit led a USD60m Series B for FintechOS, a Romania-based technology provider offering low-code solutions to the financial sector, with follow-on from Earlybird Venture Capital, Gapminder Ventures, Launchub and

Earlybird-Backed UiPath Raises USD1.3b in NYSE IPO

UiPath, a Romania-founded robotic process automation company backed by Earlybird Venture Capital, has raised USD1.3b in an IPO on the NYSE. Existing shareholders Earlybird, Accel, Alphabet, among others, exited. Read

KJK Acquires Lithuanian Heavy Equipment Provider Alwark

CEE-focused PE firm KJK has acquired a majority stake in Alwark Group, a Lithuania-based provider of heavy machinery and warehouse equipment, for an undisclosed amount. Read more

Tera Ventures Reaches ~USD51.2m Final Close for Seed Fund

Estonia-based VC Tera Ventures has reached a EUR43m (~USD51.2m) final close for its seed-stage fund targeting investments in startups in the Nordic and Baltic countries. Read more

IVP and Accel Lead USD69m Series B for Estonian Identity Verification Platform Veriff

IVP and Accel led a USD69m Series B for Veriff, an Estonia-based identity verification platform. Read more

Kaya VC Reaches USD80m Final Close for CEE VC Fund

Kaya VC (formerly Enern) has reached a EUR72m (~USD80m) final close for its fourth fund. The vehicle is sector agnostic and will target investments in startups in Prague, Warsaw and

Mid Europa Acquires Lithuanian E-Commerce Platform Pigu

Mid Europa Partners has agreed to acquire Lithuania-based e-commerce platform UAB Pigu (Pigu) from MCI.Techventures and minority shareholders for an undisclosed amount. Mid Europa has also agreed with MCI.Euroventures and

Finch Capital Acquires Wirecard Turkey

Finch Capital, through Nomu Pay, has agreed to acquire Wirecard Turkey, a subsidiary of Wirecard, for an undisclosed amount. The acquisition is subject to regulatory approval. Read more

Sequoia and Tiger Global Lead USD300m Series C for Turkish Grocery Delivery Startup Getir

Sequoia Capital and existing investor Tiger Global Management led a USD300m Series C for Turkey-based grocery delivery platform Getir at a reported USD2.6b valuation. Crankstart Investments and Base Partners led

Horizon Capital Exits Ukrainian Private Healthcare Provider Dobrobrut

Horizon Capital has sold its minority stake in Ukraine-based private healthcare provider Dobrobrut to existing shareholders Concorde Capital and the company’s CEO for an undisclosed amount. Horizon invested in Dobrobrut

Pitango Ventures and Evli Growth Partners Lead USD26m Series C for Polish D2C Furniture Startup Tylko

Pitango Ventures and Evli Growth Partners led a EUR22m (~USD26m) Series C for Poland-based D2C furniture startup Tylko, with participation from angel investors Brian Walker (Hermann Miller) and Mark Williamson

EBRD and Goldman Sachs Invest in Turkish Fintech DgPays

EBRD and Goldman Sachs have made an undisclosed investment in Turkey-based digital payment system provider DgPays. Read more

Imperii Capital and Angels Invest USD1.2m Pre-Seed Round for Armenian Crypto Portfolio Management Platform CoinStats

Imperii Capital and angel investors have invested a USD1.2m pre-seed round for Armenia-based cryptocurrency portfolio management platform CoinStats. Read more

Cinven, Permira and Mid Europa Sell Stakes in Polish E-Commerce Group Allegro for USD1.2b

Cinven, Permira and Mid Europa Partners have sold 76.5m shares in Warsaw-listed e-commerce group Allegro for USD1.2b. Allegro listed on the Warsaw Stock Exchange in September 2020. Read more

Creandum Leads USD12m Series A for Hungarian Fraud Prevention Platform Seon

Creandum led a USD12m Series A for Hungary-based fraud prevention platform Seon, with participation from PortfoLion. Read more

Owl Ventures and Full In Partners Lead USD35m Series B for Ukranian Edtech Preply

Owl Ventures and Full In Partners led a EUR29.4m (approximately USD35m) Series B for Ukraine-based edtech Preply, with follow-on from Point Nine Capital, Hoxton Ventures and All Iron. Angel investors

Integral Venture Partners, Lead Ventures and PortfoLion Invest USD8.4m in Hungarian Coding School Codecool

Integral Venture Partners and existing investors Lead Ventures and PortfoLion have invested EUR7m (approximately USD8.4m) in Hungary-based coding school Codecool. Read more

IFC Invests USD24m in Estonian Ridesharing and Food Delivery Services Company Bolt

International Finance Corporation has invested USD24m in Estonia-based ridesharing and food delivery services company Bolt to support the expansion of the startup’s operations in Africa and Eastern Europe. D1 Capital

Partech Leads USD230m Round for Czech Food Delivery Startup Rohlik

Partech led a USD230m round for Czech Republic-based food delivery startup Rohlik, with participation from Index Ventures, Quadrille Capital, RBRD, J&T Bank and R2G, with follow-on from Enern. Read more

Index Ventures Leads USD50m Series A for Turkish Mobile Gaming Startup Dream Games

Index Ventures led a USD50m Series A for Turkey-based mobile gaming startup Dream Games, with follow-on from Balderton Capital and Makers Fund. Read more

ARX Equity Partners Acquires Slovenia’s Instrumentation Technologies

ARX Equity Partners has acquired Instrumentation Technologies, a Slovenia-based developer of instrumentation for the particle accelerator and proton therapy markets, from the company’s founders. Read more

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

Atomico Leads USD11m Series A for Estonian ERP Software Developer Katana

Atomico led a USD11m Series A for Katana, an Estonia-based enterprise resource planning (ERP) software developer for SMEs, with participation from angel investors including Checkout.com CTO Ott Kaukver, Topia CPO

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.

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

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

Penta Sells Slovak Meat Processing Group Mecom to Smithfield Foods

Penta Investments has sold Slovakia-based meat processing group Mecom to Smithfield Foods for an undisclosed amount. Read more

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

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

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

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

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

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

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

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

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

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

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

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,

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.

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

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

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

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.

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,

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

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

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

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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