The Recursive’s weekly roundup aims to cover key tech developments across Central and Eastern Europe, as well as the growing impact of CEE-born founders on the global stage. Take a look at the latest news in funding, startup milestones, and emerging trends tied to the region’s innovation potential.
New Launched Funds
Credo Ventures, one of Central and Eastern Europe’s most established early-stage venture capital firms, has announced the launch of its fifth fund, Credo Stage 5 (CS5). The fund successfully raised its $88 million (€74.85 million) target in the first close. Founded in 2010 and headquartered in Prague and Krakow, Credo Ventures has a strong track record, having invested in over 100 companies across four previous funds. Notably, its early backing of global success stories like UiPath and ElevenLabs showcases its commitment to nurturing innovative talent at the pre-seed stage.
Sofia-based private equity firm INVENIO Partners has announced the first closing of its third fund, INVENIO Partners Fund III, dedicated to supporting high-growth small and medium-sized enterprises (SMEs) across Bulgaria, Romania, and Serbia. With an ambitious target size of €75 million, this fund builds on the successful deployment of Fund II (€53 million), which has already made significant strides since the firm’s founding in 2014.
CEE News & Deals
In the realm of innovation, Mandel AI, a Sofia-based startup focused on AI-driven supply chain coordination, has successfully raised €3.6 million in a Seed round. This funding will assist manufacturers in streamlining suppliers, identifying disruptions, and automating procurement processes. The round garnered support from notable investors, including Y Combinator, Category Ventures, Ritual Capital, and others from Silicon Valley.
Meanwhile, in the Czech Republic, Theorema, a startup aiming to automate scientific research and development, has raised a $3.3 million (€2.81 million) pre-seed round to develop an agentic AI system intended to revolutionize R&D practices. Their funding circle included backers like Credo Ventures, Amino Collective, and multiple venture capital partners.
Czech-founded WanderWallet, a travel-focused digital wallet that allows foreigners to transact like locals in Latin America, has secured €430,000 in a pre-seed round. Backed by BDPartners and DEPO Ventures, the platform is already operational in Brazil, Argentina, and Bolivia, where it capitalizes on the rapid adoption of instant payment systems surmounting traditional credit card methods.
Additionally, Poland’s Comarch has made headlines by being included in Forrester’s report on the accounts receivable automation ecosystem, highlighting its role as a specialist in both AR and AP automation solutions. This recognition underscores the increasing global mandates for e-invoicing as a driver for digitization within the accounts receivable landscape, with Comarch being acknowledged for its compliance capabilities.
Beyond the Region
Taking a broader view, London-based logistics intelligence firm Dexory, which boasts Romanian roots, has raised €9.76 million in additional funding as part of its ongoing Series C round, with financial backing from the British Business Bank. This round follows a substantial $100 million close achieved in October 2025 and highlights the firm’s rapid growth trajectory supported by investors like Eurazeo and existing backers such as Atomico and Latitude Ventures.
Bulgaria’s LAUNCHub Ventures has also made its presence felt by backing London-based Giraffe360, which recently secured $10 million (€8.51 million) in a Series B funding round led by Cipio Partners and featuring participation from prominent existing investors.
Across Europe
On a continental scale, the European Investment Fund is gearing up for a remarkable €15 billion fund-of-funds program aimed specifically at growth-stage startups. This strategic initiative intends to bolster the scale-up phase and bridges substantial funding gaps that earlier-stage startups often face. The EIF aims to support approximately 100 funds and has indicated that the first close is expected by summer.
This upcoming initiative expands upon the European Tech Champions Initiative, which was launched in 2023 to address Europe’s considerable funding gap—estimated at €70 billion—in comparison to the US. This shortage has led many top-tier startups to seek financing outside of Europe.