The Recursive’s weekly summary highlights significant technological advances in Central and Eastern Europe (CEE) and the increasing influence of founders from this region on the global landscape. Discover the latest updates on funding, emerging milestones within startups, and innovative trends linked to the potential arising from this dynamic region.
CEE Deals & News
Katana, an Estonian cloud-based inventory management platform tailored for small and medium-sized enterprises engaged in multi-channel sales, has successfully procured a €14 million Series B funding round. This investment was spearheaded by Cogito Capital Partners, with contributions from Fenton/Greer Family Trust and other existing investors.
Mind The Hack, a Greek startup specializing in cybersecurity, has secured €2.8 million in funding, led by DEEP CAPITAL GROUP, established by Dimitris Maris, co-founder of Kaizen Gaming.
Boost.space, a Czech startup that develops an AI-driven data centralization platform, has raised €3 million to facilitate its expansion into the U.S. market and enhance its platform capabilities. This round was led by Jet Investment, with support from Tachles VC, Tagrose, and current investors.
Luna Robotics, a Lithuanian startup innovating within defense technology by creating tactical FPV drone cameras, has obtained €1 million in investment. This round saw backing from Coinvest Capital, Plug & Play, and angel investors from both LatBAN (Latvia) and NGL (Lithuania). The announcement was made by Justinas Pasys, founder of NGL Ventures, via LinkedIn.
Vilnius-based cybersecurity firm CBRX has received €540,000 in pre-seed funding to further develop its cloud-based cybersecurity platform and broaden its reach across the European Union. This round featured participation from Coinvest Capital, as well as Scalewolf, Plug and Play Tech Center, and Firstpick.
During the Tallinn Digital Summit, Estonia and Ukraine formalized a partnership memorandum aimed at enhancing collaboration in digital innovation. This agreement encompasses the establishment of a joint AI Accelerator and an AI sandbox for testing technologies in the public sector.
It also includes educational technology initiatives like AI tutors, cooperation within NATO’s Locked Shields cyber exercises, and fostering post-quantum cryptography to safeguard state data.
Diaspora with CEE Founders
Phagos, a Paris-based enterprise led by a Greek cofounder, has secured €25 million in a Series A funding round, four years post-establishment. This round was co-led by CapAgro, Hoxton Ventures, CapHorn, and Demeter, with further input from Acurio Ventures, Citizen Capital, Entrepreneurs First, Founders Capital, and Station F.
In addition, the Greek-cofounded stablecoin payments startup Coinflow has successfully closed a €21.52 million Series A funding round led by Pantera Capital, while aiming to expand its global payments network and compete robustly against traditional cross-border payment systems.
Flexkeeping, supported by ZAKA VC, has been acquired by the hospitality technology unicorn Mews, marking ZAKA’s inaugural portfolio company to attain unicorn status.
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