How to Web & Infobip Release "Venture in Eastern Europe 2024 Report”: Eastern Europe Attracts €3.89 Billion in Venture Capital
by How to Web
Venture Capital Flows East: Investigating the rise of Eastern European startups with key insights on funding trends, market dynamics, and future prospects.
Romanian-based How to Web, alongside Croatian unicorn Infobip—two key players in the Eastern European technology ecosystem—have released the highly anticipated “Venture in Eastern Europe 2024 Report” today. This comprehensive analysis provides a deep dive into the region's dynamic venture capital landscape, offering invaluable insights for investors, entrepreneurs, and established tech companies looking to tap into this growing market.
This year’s report marks another significant expansion, building a community-sourced dataset to capture the full picture of the Eastern European venture activity. The report reveals a thriving ecosystem that secured €3.89 billion through 1,286 deals in 2024—a testament to the region’s growing appeal to investors.
“The Venture in Eastern Europe 2024 Report, presented by How to Web and Infobip, highlights how Eastern Europe is evolving into a global tech powerhouse fueled by deep engineering expertise, capital efficiency, and growing cross-border collaboration. Companies like UiPath, Bolt, and Infobip have already demonstrated the region’s potential, and with initiatives like Infobip Startup Tribe and Infobip Shift, the ecosystem is stronger than ever. As the region’s startups and scaleups embrace ambition over modesty, they attract unprecedented investment and redefine Europe’s role in global innovation. The time to invest in and collaborate with this thriving ecosystem is now. Eastern Europe is no longer just an emerging market—it is a force shaping the future of technology,”
said Ivan Ostojić, Chief Business Officer, Infobip
The data paints a clear picture of where the money flowed. In 2024, late-stage investments (Series A, B, and C) dominated the landscape, reflecting a growing interest in companies with established track records and proven market resilience. This is further validated by the success of follow-on rounds, which reached over €3.6 billion, representing more than 90% of the total investment. This sustained investment highlights investors' confidence in the existing players and their long-term potential.
Eight Eastern European countries—Turkey, Poland, Greece, Czech Republic, Lithuania, Estonia, Romania, and Slovakia—accounted for over 90% of the total venture capital, underscoring their pivotal role in driving regional growth. Their combined success story highlights the collective strength and resilience of the Eastern European ecosystem.
Romania’s performance was particularly noteworthy. For the fourth consecutive year, venture capital investments surpassed €100 million, a reflection of its increasing attractiveness to investors despite a relatively lower capital-per-capita ratio compared to some other European nations. While one company’s success story dominated the headlines, the report reveals a broader range of Romanian startups contributing to the nation's overall upward trajectory. This demonstrates a resilient and increasingly diverse ecosystem.
The top 20 deals showcased a mix of industries, with finance, aerospace, and e-commerce leading the charge. This broader diversification reflects a maturing Eastern European ecosystem attracting investments in multiple sectors poised for growth.
The Venture in Eastern Europe 2024 Report is a significant contribution to our understanding of Eastern Europe's venture landscape. It offers not just a statistical overview but a nuanced look at the trends shaping investment, growth, and the future of tech in the region. It provides actionable insights for investors and a compelling story of resilience in the face of global economic uncertainty.
Nicoleta Pirvu and Alexandru Agatinei (How to Web), two co-authors of the report, and Bogdan Lordache (Underline Ventures), Carmen Dibus (BCR Seed Starter Romania), and Nicoleta Cherciu (Cherciu&Co), three key contributors to the report, shared their insights into the data, showing how the Eastern European venture landscape is both stable and changing.
“What 2024 showed is that the industry is experiencing a cycle turn—a focus on frugality, dedication, and grinding with all forces to solve really hard problems using technology. In order to bring hard things to life, grit and endurance are essential. The brutality of the market is a normal thing. It always has been so in the early stages of startups. Because of last year’s hype, both founders and investors lost some discipline. But we can now see that the focus turned back on metrics and capital efficiency. The best companies always have an amazing work ethic. Startups are hard and require this intensity to survive and thrive.”
says Alexandru Agatinei, CEO of How to Web
Backed by meticulous data collection and validation—integrating publicly available data with insights from stakeholders—the report provides a comprehensive view of the venture capital market. This collaborative approach ensures a high level of accuracy and a holistic view of the venture capital market.
The full report, including its interactive data sets, is available below.
The Venture in Eastern Europe 2024 Report is produced by How to Web and Infobip, in partnership with Underline Ventures and BCR Seed Starter Romania, and supported by Endeavor Romania, Cherciu & Co, Launch Romania, Global Tech Connect, UK/Romania Business, and the Romanian United Foundation.
