These Are the Central and Eastern European Soonicorns of 2023
2022 was another strong year for unicorn creation in Central and Eastern Europe. It saw the rise of eight new unicorns in the wider CEE region, moving the total to 44. Startups with $1B+ valuations included Bulgarian fintech Payhawk, Czech enterprise software company Productboard, and Croatian automaker Rimac Automobili.
Despite the economic downturn, a total of €5.3B VC money flooded in the region, making it one the fastest growing regions for VC funding in Europe.
What is in the cards for 2023? The Recursive scouted for the tech startups to watch in 2023, as they have the biggest chances to become the next unicorns of Central and Eastern Europe.
We selected startups with an estimated valuation between $200-950M, the last funding year being at least 2017, and with headquarters or founding place in Bulgaria, Romania, Greece, Western Balkan countries, The Czech Republic, or Poland. Valuations estimates are provided by Dealroom, unless otherwise indicated.
CEE startups to watch in 2023
Soonicorns from Bulgaria
In 2021, fintech startup Payhawk, which was on our previous soonicorns list, became the first unicorn originating from Bulgaria. Four years after founding, the company raised a $100M round in March 2022, extending its previous historic Series B. Another Bulgarian private tech company rumored to have a valuation of over $1B is SiteGround, the web hosting company founded in 2004. The rest of startups to watch in 2023 follows the candidate list from last year.
Name: Dynamo Software
Founders: Dilyan Pavlov
Headquarters: Massachusetts, US
Industry: Enterprise Software
Solution: Asset management and reporting software for alternative assets.
Total funding: N/A
Estimated valuation: $900M
Last round: Strategic growth investment in 2021, undisclosed amount
Name: Hyperscience
Founders: Krasimir Marinov, Peter Brodsky, Vladimir Tzankov
Headquarters: New York, US
Industry: Enterprise Software
Solution: Data automation technology to improve operational efficiency.
Total funding: $289M
Estimated valuation: $400—600M
Last round: $100M Series E in December 2021
Name: Quantive (former Gtmhub)
Founders: Ivan Osmak, Jordan Angelov, Radoslav Georgiev, Bo Pedersen
Headquarters: Colorado, US
Industry: Enterprise Software
Solution: A software and services company offering a data-drive OKR platform where companies can track their most important metrics to improve decision making.
Total funding: $160.6M
Estimated valuation: $480—720M
Last round: $120M Series C in December 2021
Name: Insurify
Founders: Snejina Zacharia
Headquarters: Massachusetts, US
Industry: Financial Services, Insurance
Solution: Virtual insurance platform for auto, home, and life insurance using AI and predictive analytics.
Total funding: $130M
Estimated valuation: $400—600M
Last round: $100M Series B in 2021
Soonicorns from Romania
Over the years, Romania has produced two unicorns: publicly listed RPA company UiPath, and privately owned blockchain and crypto startup MultiversX (formerly Elrond). Privately owned e-commerce giant eMAG is also valued at over €1B+. Among the potential unicorn startups to watch in 2023, we see the rise of companies aiming to digitize and modernize the financial services system.
Name: Bitdefender
Founders: Florin Talpe?
Headquarters: Bucharest, Romania
Industry: Cybersecurity
Solution: Cybersecurity solutions for end users and businesses.
Total funding: $187M
Estimated valuation: $600M
Last round: $180M, secondary market, 2017
