Summary:
Turkey is the leading startup hub in Eastern Europe for 2024.
€3.9 billion raised in the region with 1,286 deals last year.
AI Insider and Getir are notable unicorns raising €225 million each.
Greece follows with €536.6 million in funding, focusing on fewer companies.
D-Orbit and Axelera AI are standout Greek startups in tech innovation.
Turkey Leads the Charge in Startup Investments
Startups from Eastern and Southeastern Europe are gaining significant momentum, with Turkey emerging as the standout leader in the investment landscape. The nation is not just participating but is increasing its lead over others in the region.
Tech Innovations Driving Growth
The Turkish tech scene is thriving, particularly in sectors like online delivery and artificial intelligence. These companies have shown remarkable resilience, especially in the post-pandemic era, and are attracting considerable investments.
Impressive Investment Figures
According to the Venture in Eastern Europe 2024 Report by How To Web and Infobip, startups in Eastern Europe closed 1,286 deals and secured nearly €3.9 billion in funding last year. Notably, 90% of this funding was concentrated in just eight countries, with Turkey alone raising over €1 billion and executing 534 transactions.
Unicorns and Major Players
Significant capital is flowing not only to early-stage startups but also to established unicorns. For example, AI Insider, a marketing-focused firm, and Getir, a popular online delivery app, each raised €225 million.
Other Notable Countries
Following Turkey, Poland raised €592.1 million across 126 transactions, while Greece secured €536.6 million through a smaller number of deals (41). This indicates that Greece is directing larger volumes of capital to fewer companies. Noteworthy Greek startups include D-Orbit, a space technology company that raised €150 million, and Axelera AI, specializing in artificial intelligence semiconductors.
Investment Landscape Across the Region
The Czech Republic follows with €426 million, while Lithuania, Estonia, Romania, and Slovakia also secured substantial funding, showcasing a vibrant and competitive startup ecosystem in Eastern Europe.
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