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1、Startups&Venture Capital in Southeastern Europe 2022September 2022Startups&Venture Capital in South Eastern Europe 2022November 2022Page/2 Supporting entrepreneurship&innovation in EuropeFocal point of PE&VC funds to drive growth and innovationREPORT OWNERS BIOGlobal startup&venture capital intellig

2、ence platformThe largest multilateral financial institution in the worldDealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneur

3、s and government organizations to provide transparency,analysis and insights on venture capital activity.The European Investment Bank is the lending arm of the European Union.We are the biggest multilateral financial institution in the world and one of the largest providers of climate finance.The EI

4、B offers loans,guarantees,equity investments and advisory services since 1958 and has invested over a trillion euros in 160 countries since its inception.The Bulgarian Private Equity and Venture Capital Association(BVCA)is the focal point of private investors,venture capital funds and the entreprene

5、urial community in Bulgaria.The BVCA unites the investment community in Bulgaria and creates a strong public platform for each member to make positive impact on the industry.BVCA is committed to popularizing the role of private investment as a reliable and sustainable source of funding for innovativ

6、e start-ups in Bulgaria and the region.The Association will collect comprehensive data on investment activity in Bulgaria and communicate it with its members,the political and institutional communities,as well as with the general public.Part of the EIB group,EIFs central mission is to support Europe

7、s small and medium-sized businesses(SMEs)by helping them to access finance.To this end,EIF aims at satisfying existing and future market needs by designing innovative financial products addressed to our partners(banks,guarantee,leasing and microfinance institutions,private equity and venture capital

8、 funds,among others),acting as our financial intermediaries.Page/3 In October 2015,the corporate venture fund was launched under the name ABN AMRO Digital Impact Fund with an initial size of 10 millionKey takeaways.There is still huge potential for growth in the region.SEE is one of the fastest grow

9、ing ecosystems in Europe.Since 2012,SEE startups have grown 49.9x in combined enterprise value,significantly faster than its neighbours in CEE(9.1x)and the European average(12.1x).SEENordicsEurope AverageCEE(excl.SEE)Combined enterprise value growth 2012-202249.9x18.9x12.1xEnterprise Software,Fintec

10、h&Transportation lead in SEE.The 3 industries combined have generated over$24B in enterprise value,over 50%of total value of the region.Success cases such as InfoBip,UiPath,Payhawk and others have proven the regions capacity to create success cases.9.1xDealroom.coVC funding is at an all time high in

11、 the region.Combined VC funding of SEE-based startups has already reached over$1.3B in 2022,an all time record.Since 2017,VC funding has grown 5.9x and shows signs of continued growth.Source:Enterprise SoftwareFintechTransportationTop 3 industries by combined enterprise value,2022 YTD$14.7B$5.4B$4.2

12、B$0.5B$1.0B$1.5B201720182019202020212022(Q1-Q3)$1.3B$129M$484M$179M$218M$589M5.9xCombined VC funding into SEE-based startups,2017-2022Page/4 Source:South Eastern Europe is growing much faster than other regions on the Continent.Western EuropeNordicsCEE(excl.SEE).SEE384B1.2T201720223.1xScale100B388B2

13、01720223.9x20B79B201720224.0 x100M395M201720224.4x49.9x18.9xNordics$27B2012$509B2022$637M2012$31.8B2022SEE9.1x$20B2012$182B2022CEE(excl.SEE).12.1xEurope Average$314B2012$3.8T2022Dealroom.co.Combined enterprise values are based on startups from each region.Page/5 Source:Top 40 VC Funding per capita#1

14、#2#4#8#3#6#5#9#7#10$750+3$460+-1$340+4$329+8$300+-1$300+8$250+3$175+-6$165+11$150+-4Europe:VC Funding per capita H1 2022 vs 2021(annualized)-1/4Updated12345678910BulgariaNorth MacedoniaSerbiaAlbaniaMoldovaUkraineSlovakiaBelarusBosnia&Herzegovina#33#31#35#37#32#36#39#34#38$7+8$5+1$1+4$8+-7$1-3$1-1$1-

15、8$1-1$1-3Bosnia&HerzegovinaSource:Dealroom.co,population data from Eurostat&World Bank.SloveniaMontenegroBulgariaCroatiaGreeceRomaniaSerbiaNorth Macedonia11KosovoAlbania450+320+230+220+170+150+120+80+70+70+40+Startup density varies widely across South Eastern Europe.Europe:VC Funding per capita H1 2

16、022.Position change out of 40 European countries,compared to 2021 average.Active startups per capita in South Eastern Europe,2022 2.8K+1.6K+1.7K+150+100+200+250+900+800+200+Active startups by country,2022 1K+Page/6 Top 40 VC Funding per capita#1#2#4#8#3#6#5#9#7#10$750+3$460+-1$340+4$329+8$300+-1$300

17、+8$250+3$175+-6$165+11$150+-4Europe:VC Funding per capita H1 2022 vs 2021(annualized)-1/4UpdatedBulgariaNorth MacedoniaSerbiaAlbaniaMoldovaUkraineSlovakiaBelarusBosnia&Herzegovina#33#31#35#37#32#36#39#34#38$7+8$5+1$1+4$8+-7$1-3$1-1$1-8$1-1$1-3Europe:VC Funding per capita H1 2022.Position change out

18、of 40 European countries,compared to 2021 average.%of active startup which are fundedCroatia14.55%Bulgaria14.31%Slovenia12.07%Greece11.63%North Macedonia11.32%Romania10.40%Bosnia and Herzegovina7.96%Serbia6.59%Kosovo6.35%Albania4.71%Montenegro1.52%Access to VC-backing is unequal across South Eastern

19、 Europe.14-15%10-11%6-8%BulgariaCroatiaStartups with VC-backing by country in SEE,2022Active startups with known funding per 100k inhabitantsSouth Eastern Europe,like most of the CEE region,has a strong tradition of bootstrapping,with investors historically playing a less prominent role in the start

20、up and innovation ecosystem than in Western Europe,the United States or Israel.But things are changing fast in the region,as entrepreneurs become more and more likely to seek VC backing to scale faster.Investors,whether domestic or foreign,are also showing more and more appetite for innovative SEE b

21、usinesses.Bulgarian and Croatian startups are 3x more likely to be VC-backed compared to startups in Kosovo,Albania or Montenegro.SEE averageSloveniaGreeceRomania North MacedoniaSerbiaBosnia&HerzegovinaKosovoAlbaniaMontenegro5%SEE average12%Bulgarian and Croatian startups are 3x more likely to be VC

22、-backed than startups based in Kosovo,Albania or Montenegro.Europe averageDealroom.coSource:1.Ecosystem OverviewPage/8 Romania,Greece&Bulgaria have grown to make up more than 70%of the SEE ecosystem enterprise value.Romania$1.2B10.4x$31.2BGreece BulgariaCroatia Slovenia$4.8B6.6x$4.0B7.9x$2.9B14.7x$1

23、.9B1.5x$1.1B$607M$312M$1.3BRomania Greece Bulgaria CroatiaSlovenia20172022Value growth$1.2B$1.1B$607M$1.3B$312M$31.2B$4.8B$4.0B$2.9B$1.9B10.4x6.6x7.9x14.7x1.5xRomania Greece Bulgaria CroatiaSlovenia20172022Value growth$1.2B$1.1B$903M$1.3B$312M$9.4B$8.2B$5.6B$5.2B$2.1B7.8x7.5x6.2x16.7x1.6xCountry ent

24、erprise value growth(2017-2022)Source:Dealroom.coRest of SEE$374M$1.3B3.5xOriginTrailRomania Greece Bulgaria CroatiaSlovenia20172022Value growth$1.2B$1.1B$903M$1.3B$312M$9.4B$8.2B$5.6B$5.2B$2.1B7.8x7.5x6.2x16.7x1.6xCountry enterprise value growth(2017-2022)Rest of SEE$374M$1.3B3.5xOriginTrailPage/9

25、South Eastern Europe accounts for a fraction of Europes startups in terms of value,but it grew almost twice as fast on average over the past 5 years.$10B$20B$30B$40B$50BCombined enterprise value of SEE startups view onlineDealroom.co.Europe excluding SEE countries.*Not to scale.201720182019202020212

26、022 H1SEE-born(relocated)SEE-based$31.8B$45.4B$23.0B$16.7B$10.6B$5.5B$32.6B5.9x$5.5B$3.6T3.3x$1.1TSource:Source:Dealroom.co.Europe view online Europe-born(relocated)Europe-based$1T$2T$3T$4T201720182019202020212022 H1$3.8T$3.9T$2.7T$1.7T$1.3T$1.1T3.5x5.8xPage/10 SEE has already produced 9 Unicorns.8

27、Unicorns founded in SEE view onlineViva WalletHQ:GreeceYear became Unicorn:2022Viva Wallet provides businesses of all sizes card acceptance services.Became a Unicorn as SubsidiaryPayhawkHQ:UK|Founded:BulgariaYear became Unicorn:2022Financial management product for credit cards,payments,and expenses.

28、Rimac AutomobiliHQ:CroatiaYear became Unicorn:2022Electric hypercar brand building next gen.performance cars.Outfit7HQ:Cyprus|Founded:SloveniaYear became Unicorn:2017Mobile game&app developer for iOS and Android.InfobipHQ:UK|Founded:CroatiaYear became Unicorn:2020Full-stack Communications Platform a

29、s a Service.Unicorns with HQ in the regionPeopleCertHQ&Founded:Greece Year became Unicorn:2021Educational assessment and certification of professional skills.ElrondHQ:Malta|Founded:RomaniaYear became Unicorn:2021Blockchain app for apps,enterprises and internet economy.eMagHQ&Founded:RomaniaYear beca

30、me Unicorn:2021Consumer goods e-commerce platform operating in eastern europe.UiPathHQ:US|Founded:RomaniaYear became Unicorn:2018Designs and develops robotic process automation software.Rimac AutomobiliHQ:CroatiaYear became Unicorn:2022Electric hypercar brand building next gen.performance cars.Peopl

31、eCertHQ&Founded:Greece Year became Unicorn:2021Educational assessment and certification of professional skills.PayhawkHQ:UK|Founded:BulgariaYear became Unicorn:2022Financial management product for credit cards,payments,and expenses.Rimac AutomobiliCroatia Year became Unicorn:2022Electric hypercar br

32、and building next gen.performance cars.SEE UnicornsPeopleCertGreece Year became Unicorn:2021Educational assessment and certification of professional skills.Viva WalletGreeceYear became Unicorn:2022Provides businesses of all sizes card acceptance services.InfobipCroatiaYear became Unicorn:2020Full-st

33、ack Communications Platform as a Service.PayhawkBulgariaYear became Unicorn:2022Financial management product for credit cards,payments,and expenses.eMagRomaniaYear became Unicorn:2021Consumer goods e-commerce platform operating in eastern europe.SEE countries with no unicorns to date.SEE countries w

34、ith 1+unicorn to date.Source:Dealroom.co.Map locations not to scale.Outfit7SloveniaYear became Unicorn:2017Mobile game&app developerUiPathRomaniaYear became Unicorn:2018Designs and develops robotic process automation software.Became a Unicorn as a subsidiaryElrondRomaniaYear became Unicorn:2021Block

35、chain app for apps,enterprises and internet economy.Page/11 SEE unicorns contribute half of the regions combined enterprise value.More importantly it helps spin the wheel by turning local talents into founders.$10B$20B$30B$40B$50BCombined enterprise value of SEE Unicorns view online20172018201920202

36、0212022 H1$32.5B$45.4B$23.0B$16.7B$10.6B$5.5B$1B$4.3B$8.5B$12.8B$30.8B$15.7BCombined value of all startups,scaleups and unicorns from the SEE region.Combined enterprise value of Unicorns from the SEE region.Unicorns concentrate 48%of the value of the SEE ecosystem.SEE startups founded by former empl

37、oyees of SEE Success Cases view onlineSource:Dealroom.coPage/12 Startups create opportunities for talent across South Eastern Europe.Jobs per CountryJobs per Capita per CountryGreeceRomaniaCroatiaBulgariaSloveniaJob Openings per Million Inhabitants,2022 2224303252RomaniaGreeceBulgariaCroatiaDistribu

38、tion of startup job openings in SEE(Top 5)7%21%26%33%Romania&Greece lead the creation of new jobs in SEE.View Job Openings in SEE view onlineSerbia6%All other countries12%BulgariaGreeceCroatiaRomaniaStartup job openings per 100,000 inhabitants45+50+60+80+Slovenia40+Average-SEE31North Macedonia25+Sou

39、rce:Dealroom.co.Jobs data based on sample of 392k data points of SEE-based companies in Aug/2022.Only jobs with known hiring locations are considered,remote positions may be excluded.Page/13 Source:SEE builds a strong pipeline of future unicorns and successes.Future UnicornsSeries BSeries Ahttps:/ap

40、p.dealroom.co/companies/tenderlySeries B+https:/app.dealroom.co/companies/photomathSeries B+https:/app.dealroom.co/companies/smart_billSeries B+https:/app.dealroom.co/companies/intaleSeries B+https:/app.dealroom.co/companies/project_agoraSeries B+https:/app.dealroom.co/companies/synfuturesSeries A+h

41、ttps:/app.dealroom.co/companies/welcome_pickupsSeries A+https:/app.dealroom.co/companies/gideon_brothersSeries A+https:/app.dealroom.co/companies/beezSeries A+https:/app.dealroom.co/companies/codeoftalentSeries A+https:/app.dealroom.co/companies/njoftime_alSeries A+https:/app.dealroom.co/companies/a

42、modoSeries A+https:/app.dealroom.co/companies/fieldscaleSeries A+https:/app.dealroom.co/companies/druid_1Series A+https:/app.dealroom.co/companies/browswaveSeries A+https:/app.dealroom.co/companies/3vetaSeed+https:/app.dealroom.co/companies/entrio_hrSeed+https:/app.dealroom.co/companies/endurosatSee

43、d+https:/app.dealroom.co/companies/gotiva_gamesSeed+https:/app.dealroom.co/companies/fantasticstaySeed+https:/app.dealroom.co/companies/leanpaySeed+https:/app.dealroom.co/companies/teliosSeed+https:/app.dealroom.co/companies/notarooSeed+https:/app.dealroom.co/companies/xvision_appSeed+https:/app.dea

44、lroom.co/companies/questoSeed+https:/app.dealroom.co/companies/labboxSeed+https:/app.dealroom.co/companies/the_recursiveSeed+https:/app.dealroom.co/companies/flip_1_7Seed+https:/app.dealroom.co/companies/pagoSeed+https:/app.dealroom.co/companies/gideon_brothersSeed+https:/app.dealroom.co/companies/b

45、eezSeed+https:/app.dealroom.co/companies/codeoftalentSeed+https:/app.dealroom.co/companies/njoftime_alSeed+https:/app.dealroom.co/companies/amodoSeed+https:/app.dealroom.co/companies/fieldscaleSeed+https:/app.dealroom.co/companies/druid_1Seed+https:/app.dealroom.co/companies/browswaveSeed+https:/app

46、.dealroom.co/companies/sitegroundFuture Unicorn+https:/app.dealroom.co/companies/flexcar_1Future Unicorn+https:/app.dealroom.co/companies/bluegroundFuture Unicorn+https:/app.dealroom.co/companies/gtmhubFuture Unicorn+https:/app.dealroom.co/companies/hyperscienceFuture Unicorn+https:/app.dealroom.co/

47、companies/fintechosFuture Unicorn+https:/app.dealroom.co/companies/seven_bridgesFuture Unicorn+https:/app.dealroom.co/companies/fonoa_technologiesFuture Unicorn+https:/app.dealroom.co/companies/workableFuture Unicorn+https:/app.dealroom.co/companies/sanopassNew Startup+https:/app.dealroom.co/compani

48、es/human_in_the_loopNew Startup+https:/app.dealroom.co/companies/eligmaNew Startup+https:/app.dealroom.co/companies/sentinel_2New Startup+https:/app.dealroom.co/companies/syscaleNew Startup+https:/app.dealroom.co/companies/welcome_pickupsNew Startup+https:/app.dealroom.co/companies/bunnyshellNew Sta

49、rtup+https:/app.dealroom.co/companies/myx_roboticsNew Startup+https:/app.dealroom.co/companies/firebyte_gamesNew Startup+https:/app.dealroom.co/companies/humans_1New Startup+https:/app.dealroom.co/companies/dotlumen_s_r_lNew Startup+https:/app.dealroom.co/companies/gizelis_roboticsNew Startup+https:

50、/app.dealroom.co/companies/smart_cargoNew Startup+https:/app.dealroom.co/companies/evedoNew Startup+Dealroom.co.Non-exhaustive list.*At time of reporting,Nexo is a rumored unicorn.UnicornsSeedSeries ASeries BFuture UnicornsUnicornsPage/14 SEE currently has 11 future unicorns spread across 5 countrie

51、s.Future Unicorns of SEE,Oct/2022Dealroom.co.*At time of reporting,Nexo is a rumored unicorn.Source:Enterprise SoftwareFintechTransportation$14.7B$5.4B$4.2BUiPathFlexCarFounded:GreeceLast Round:$210M Late VCMay/2022BluegroundFounded:GreeceLast Round:$140M Series CSep/2021GtmhubFounded:BulgariaLast R

52、ound:$120M Series CDec/2021HyperscienceFounded:BulgariaLast Round:$100M Series EDec/2021CognismFounded:CroatiaLast Round:$87.5M Series CJan/2022FintechOSFounded:RomaniaLast Round:$60M Series BApr/2021TenderlyFounded:SerbiaLast Round:$40M Series BMar/2022SevenBridgesFounded:SerbiaLast Round:$15M Seri

53、es CApr/2021FonoaTechnologiesFounded:CroatiaLast Round:$60M Series BJun/2022Nexo*Founded:BulgariaLast Round:$52.5M Early VCApr/2018WorkableFounded:GreeceLast Round:$50M Series DNov/2018Page/15 Source:76%of companies Nr.of SEE-based vs SEE-born startups58%of companies EV of SEE-based vs SEE-born star

54、tupsEven those SEE startups that go global with an international HQ,retain a strong team presence in South Eastern Europe after local seeding.Dealroom.co.Analysis based on 100 most highly valued startups of SEE.Selected SEE-born startups who relocated their main address abroad view onlineShare of th

55、e companys workforce based in South Eastern Europe100%10%50%Selected SEE-born startups which relocated their main address abroad view onlineShare of the companys workforce based in South Eastern Europe10%50%100%Dealroom.co.Analysis based on 100 most highly valued startups of SEE.Most SEE startups ma

56、intain strong ties with their home countries,even when some relocate out of the region as they scale.Page/16 South Eastern Europe is also a popular destination for foreign startups setting up overseas offices,particularly in Bulgaria and Romania.Romania115+BulgariaGreeceCroatiaAlbaniaSerbiaSloveniaN

57、orth MacedoniaMontenegro60+50+30+27+26+25+11+5Secondary offices of foreign companies in South Eastern Europe*view onlineList of Company ExamplesSEE Country OfficeHQ Countryhttps:/app.dealroom.co/companies/veeamRomaniaUShttps:/app.dealroom.co/companies/pokerstarsBulgariaIrelandhttps:/app.dealroom.co/

58、companies/nuveiBulgariaCanadahttps:/app.dealroom.co/companies/nutanixSerbiaUShttps:/app.dealroom.co/companies/fitbitRomaniaUShttps:/app.dealroom.co/companies/tradeshiftRomaniaUShttps:/app.dealroom.co/companies/optimal_paymentsBulgariaUKhttps:/app.dealroom.co/companies/glovoRomaniaESPhttps:/app.dealr

59、oom.co/companies/hopperBulgariaCanadahttps:/app.dealroom.co/companies/mambuRomaniaNLhttps:/app.dealroom.co/companies/tideBulgariaUKhttps:/app.dealroom.co/companies/qredoBulgariaUKhttps:/app.dealroom.co/companies/cognismCroatiaUKhttps:/app.dealroom.co/companies/degiroBulgariaNLhttps:/app.dealroom.co/

60、companies/nexoBulgariaUKSource:Dealroom.co.*Sample size:345 recorded secondary offices in SEE from companies not founded or HQed in the region.Secondary offices vary in size and purpose.Croatia officesSerbia officesNorth Macedonia officesBulgaria officesGreece officesRomania offices2.Ecosystem Fundi

61、ng&ValuationPage/18 Source:Dealroom.co.Selected funds have been based on Dealrooms prominence ranking of EMEA funds.Non-exhaustive list.Notable Investments:GreeceNotable Investments:Selected SEE-based InvestorsBlackDragonHQ Country:CroatiaNotable Investments:GapMinderHQ Country:RomaniaVentureFriends

62、HQ Country:Romania InvestorsGreece InvestorsLocal InvestorsBulgaria InvestorsSlovenia InvestorsCroatia InvestorsSEE VC funds continue to raise new funds ready to deploy into the early-stage SEE ecosystem.Croatia InvestorsBulgaria leads SEE in number of locally-based funds.Slovenia InvestorsRomania I

63、nvestorsBulgaria InvestorsGreece InvestorsPage/19 Page/19 Newer generations of SEE-born startups are creating value faster than their forebears.Year foundedCombined enterprise value of SEE startups by company age2000-2006600+startupsbefore 2000500+startups2007-20111100+startups2012-20162300+startups

64、since 20172100+startups$5.8B$4.7B$7.0B$11.5B$3.4BSEE-born(relocated)SEE-basedSource:$2.8BDealroom.co.Page/20 Page/20 Startups are creating value ever faster in the region.Dealroom.co.Average time to raise seed round based on 1383 funded startups since 1990.Source:Average time between founding year a

65、nd first seed round by company founding year in SEESince 20172012-20162007-20112000-2006Before 20000.9 years1.4 years1.6 yearsPromising SEE startups based on Dealroom Signal view online0.9 years1.7 yearsPage/21$1.1BEnterprise Software,Fintech&Transportation account for 65%of the regions enterprise v

66、alue created to date.Top 10 Industries by combined enterprise value,H1 2022Dealroom.co.Industry overlap between companies may occur.Telecom GamingHome LivingHostingReal EstateSecurityHealth$2.7B$1.6B$1.1B$0.9B$0.7B$0.7BSource:Ecommerce$0.1BEnterprise SoftwareFintechTransportation$14.7B$5.4B$4.2BUiPa

67、thInfoBipSiteGroundUiPathEnterprise SoftwareFintechTransportationPayhawkVivaWallet$14.7B$5.4B$4.2BRimac AutomobiliEnterprise SoftwareFintechTransportation$14.7B$5.4BInfoBipSiteGroundUiPath$4.2BPayhawkVivaWallet$14.7BEnterprise SoftwareFintechTransportationTot.Value$14.7BTot.Value$5.4BTot.Value$4.2BS

68、iteGroundPayhawkVivaWalletRimac AutomobiliPage/22 So far in 2022,SEE-based startups attracted more funding than in 2019,2020 and 2021 combined.Investment into SEE-based startups,2017-2022(Q1-Q3).view onlineDealroom.co.$0.5B$1.0B$1.5B201720182019202020212022(Q1-Q3)$1.3B$129M$484M$179M$218MVC funding

69、in SEE founded and HQed startups has grown 7x from 2017 to 2021.$589M5.9xSelected rounds raised by SEE-based startups in 2022 so farSource:https:/app.dealroom.co/companies/green_groupCroatia$500M Series DJun/2022Bulgaria$100M Series AApr/2022Greece$210M Late VCMay/2022Greece$110M Growth Equity VCApr

70、/2022Bulgaria$30M Early VCJan/2022Serbia$40M Series BMar/2022Page/23 International investors have increased their presence in SEE.VC Funding by Investor Location view online$1.5BFundHQ CountryNotable InvestmentsHQ Country:GreeceNotable Investments:SEE Europe(excl.SEE)USA Asia Rest of the World201720

71、182019202020212022 YTD25%Source:Dealroom.co2016201520142013201250%75%100%Page/24 A wave of new funds has emerged in Bulgaria since 2012.Top 1000 VC Globally74 Portfolio Companies$127M RaisedSelected InvestmentsTop 2000 VC Globally36 Portfolio Companies$30M RaisedSelected InvestmentsTop 1000 VC Globa

72、lly121 Portfolio Companies$787M RaisedSelected InvestmentsSource:Dealroom.coFOCUS ON BULGARIAPage/24 2012-20152016-20202020-NOWEleven Ventures Fund 112M|2012Black Peak Fund 121.7M|2015LAUNCHub Ventures Fund 19M|2012NEVEQ Fund 220M|2014South East European Funds in the 2022 EMEA Prominence Rank view o

73、nlineInvenio Partners Fund 255M|2022Morningside Hill Fund 138.5M|2019LAUNCHub Ventures Fund18M|2016BrightCap Ventures Fund 125M|2018Invenio Partners Fund 121M|2015Eleven Ventures Fund 26M|2017New Vision 3 Fund23M|2019Sofia Angel Ventures13M|2020Innovation Capital Bulgaria15.6M|2020Eleven Ventures Fu

74、nd 360M|2021Vitosha Venture Partners Fund 130M|2020LAUNCHub Ventures Fund 274M|2021Black Peak SEE Growth Equity Fund126M|2022Silverline Mezzanine Fund 142M|2022Page/25 More funds were raised in the last 18 months than ever before in Bulgaria.New Funds Raised in Bulgaria view onlineTop 1000 VC Global

75、ly74 Portfolio Companies$127M RaisedSelected InvestmentsLargest 2022 Bulgarian VC Funds based on AUMTop 2000 VC Globally36 Portfolio Companies$30M RaisedSelected InvestmentsTop 1000 VC Globally121 Portfolio Companies$787M RaisedSelected Investments$300M$200M$100M$251MSource:Dealroom.co.AUM-Assets Un

76、der Management.Selected Past Investments:BlackPeak CapitalSouth East Europe Growth Equity FundJun/2022-126M RaisedFOCUS ON BULGARIAPage/25 Selected Past Investments:Silverline CapitalMezzanine Fund 143M Raised201720182019202020212022YTD20162015201420132012$111MSelected Past Investments:Eleven Ventur

77、esVenture Capital Fund 3Jan/2022-60M RaisedPage/26 The Bulgarian investment landscape has gained maturity,with larger rounds and greater participation of venture capital funds.FOCUS ON BULGARIAInvestments by round size,Bulgaria-based view online$1540m(series B)$415m(series A)$14m(pre-seed)$01m(pre-s

78、eed)Number of rounds by investor type,Bulgaria-based view online Venture Capital(incl.Growth Equity)Corporate Other H12017H12018H12019H12020H12021H12022$80M$60M$40M$20M20172018201920202021202250100Source:Dealroom.coSource:Dealroom.coPage/26 Page/27 2022 is already the second highest year for VC inve

79、stment into Bulgarian startups,only behind record-breaking 2021.FOCUS ON BULGARIASource:Dealroom.coSource:Dealroom.coPage/27$100M$200M$300M$400M$500MInvestments into Bulgarian startups view online$244M201720182019202020212022YTD20162015201420132012$475M$200MPage/28 SEE early stage VC funding has mor

80、e than tripled since 2017.Early VC Funding in SEE-based startups view onlineSeries A Funding Growth in SEE-based startups view online$20M$40M$60M$80M$100MDealroom.co.Early VC Funding is considered Angel&Seed rounds.$20M$40M$60MH12017H12018H12019H12020H12021H12022H12017H12018H12019H12020H12021H12022S

81、ource:Page/29 Global success in SaaS,transportation&fintech helped put the region on the map.Dealroom.co.5 year average based on H1 2017 until H1 2022.Enterprise SoftwareTransportationTop 5 Industries by 5-Year VC Funding averageSEE-born(relocated)SEE-based$524M$246MFintech$150MEnergy$29MHealth$26MT

82、op 5 Industries by 5-Year VC Funding averageRimac Automobili$159M per yearAvg.Raised Since 2017UiPath$379M per yearAvg.Raised Since 2017Viva Wallet$31M per yearAvg.Raised Since 2017Payhawk$47M per yearAvg.Raised Since 2017SEE-born(relocated)SEE-basedSource:Gtmhub$32M per yearAvg.Raised Since 2017Pag

83、e/30 Page/30 Angel investors are helping create the next generations of successful startups in SEE&beyond.Source:Dealroom.coDaniel DinesCo-founderBucharest/New YorkApostolos ApostolakisCo-founderAthensHristo BorisovCo-founderSofiaSelect InvestmentsMalin-Iulian StefanescuCo-founderBucharestIlinca Pun

84、FounderBucharestExperienceLior ProsorFounding PartnerAthens/New YorkGeorgi ZaharievDirectorSofiaSelect InvestmentsExperienceDaniel DinesCo-founderBucharest/New YorkMalin-Iulian StefanescuCo-founderBucharestApostolos ApostolakisCo-founderAthensHristo BorisovCo-founderSofiaSelect InvestmentsExperience

85、Ilinca PunFounderBucharestLior ProsorFounding PartnerAthens/New YorkGeorgi ZaharievDirectorSofiaBogomil BalkanskyPartnerSan FranciscoPage/31 Bulgaria is one of the leading investor hubs in SEE.Selected Investments by Bulgaria-based investors in SEETop number of selected investments by Bulgarian inve

86、stors across the region since 2015Source:Dealroom.co4 investments6 investments9 investments1 investments8 investmentsInvestor:Company:GreeceInvestor:Company:SloveniaInvestor:Company:GreeceInvestor:Company:GreeceInvestor:Company:SerbiaInvestor:Company:CroatiaInvestor:Company:RomaniaInvestor:Company:R

87、omaniaInvestor:Company:RomaniaInvestor:Company:SloveniaInvestor:Founded:RomaniaInvestor:Company:SerbiaPage/32 International investors are increasingly looking to South Eastern Europe for opportunities.Source:Dealroom.co20172018201920202021 2022 H1*20162015201420132012$0.5B$1.5B$1.0BUnited States$1.2

88、B$1.5B$0.7B$1.1B$0.7B$0.3B$0.2B$0.1B$0.1B$0.1B$0.1BForeign VC investment into SEE startups view onlineDesign UpdateInternational investors are increasingly looking to South Eastern Europe for opportunities.Foreign VC investment into SEE startups view online201720182019202020212022 H1*201620152014201

89、32012$0.5B$1.5B$1.0B$1.2B$1.5B$0.7B$1.1B$0.7B$0.3B$0.2B$0.1B$0.1B$1+4$8+-7$1-3$1-1$1-8$1-1$1-3$0.1k 0$0.1k +3$0.1k 0$0.1k -1$0.1k 0$0.1k 0$0.1k 011CroatiaBulgariaGreeceSloveniaRomaniaSerbiaMontenegroAlbaniaNorth MacedoniaBosnia&HerzegovinaKosovoPage/35 Bulgaria has received the highest volume of VC

90、funding when excluding megarounds.Dealroom.co.Data updated Oct/2022.Megarounds are considered over$100MCroatiaGreeceRomaniaSloveniaKosovoBulgariaSerbiaNorth Macedonia$1.2M$0.6M$0.2M$0.1M$0.1M$0.1M$0.1M$0.1MSource:20172018202020212022 YTD2019$400M$300M$200M$100MRounds under$100MRounds over$100MGreece

91、BulgariaCroatiaRomaniaRest of SEE20172018202020212022 YTD201920172018202020212022 YTD201920172018202020212022 YTD201920172018202020212022 YTD2019$500M$400M$300M$200M$100M$1B$750M$500M$250M$1B$750M$500M$250M$150M$100M$50MVC funding of SEE startups 2017-2022 view onlinePage/36 A few words on our metho

92、dology.Homegrown and relocation Source:Dealroom.coWhat is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and r

93、esult in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached US$1B valuation or exit at one point in time.What is a startup?Geographic scopeIn this report,the countries considered as part of SEE include Albania,Bosni

94、a&Herzegovina,Bulgaria,Croatia,Greece,Kosovo,Montenegro,North Macedonia,Romania,Serbia,Slovenia.Startups are created everywhere.Most relocate as they scale,often within their own city.Some find it necessary to relocate their headquarters abroad.Whilst these SEE successes are now calling another coun

95、try home,most maintain business-critical ties to their homelands.In order to take this reality into account,this report includes both SEE-based startups,which maintain their main center of business(HQ)in their country of origin,and SEE-born startups,relocated outside of SEE as they grew.Startups fou

96、nded by alumni of SEE Universities,and/or nationals of SEE countries whilst abroad,as well as startup funded by SEE investors abroad,are not included in the main section of this report.SEE startups on DealroomWhat is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data

97、 from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact sup

98、portdealroom.co.Venture Capital,InvestorsDomestic investors refer to each respective SEE countries.Europe investors include all SEE and CEE investments except those from the companys founding or HQ location.Europe includes the entire European continent,the UK and Russia,but excludes Turkey.Investment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.