This article is based on the extensive scouting and mapping processes we conduct throughout the year, where we actively collect and analyze relevant data from Romania’s startup ecosystem.

By tracking investments, trends, and emerging players, we provide a comprehensive overview of the key venture capital (VC) investments that shaped the Romanian startup landscape in 2024.

Through the Startup Ecosystem Radar, we gather and streamline key insights into a concise, easily digestible format, which we share as a free monthly newsletter with our partners and clients. Our aim is to offer valuable ecosystem insights that empower informed business decisions and foster connections with relevant stakeholders.

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In this article, we have gathered information about VC investments based on media announcements and the dates of public deal disclosures. Throughout 2024, we tracked 48 investment rounds in Romanian startups and 9 in foreign startups with at least one Romanian founder residing abroad.

The total investment for this period amounted to approximately €100.4 million across 48 rounds in domestic startups. Meanwhile, foreign startups with Romanian founders secured around €9.8 billion across 10 investment rounds, with one round remaining undisclosed in terms of transaction value.

It is important to note that the above analysis is significantly influenced by FintechOS‘s notable $60M (~€56M) Series B+ investment. To offer more accurate predictions and conclusions, we have chosen to treat this as a distinct entity. Additionally, in the following chart, we have separately accounted for this investment round to provide a clearer view of the monthly distribution of the invested capital.

Examining the quarterly breakdown of investment figures for 2024, the second and third quarters accounted for over 63% of the total investment, with Q3 alone representing a significant 37.44%. This suggests that the largest investments in Romanian startups occurred during the summer and early autumn months. The surge in investments is likely attributed to concentrated funding rounds, increased investor activity as in the first part of the year 2 funds were launched.

Note: The graphic above is focused on pre-seed and seed in Romanian startups from angel networks and venture capital funds and doesn’t include the following rounds of investments: FintechOS’s $60M series B round from 2021, DRUID’s $16M series A round from 2022, FlowX.AI’s $35M series A round from 2023, DRUID’s $30M series B round from 2023 and FintechOS’s $60M series B+ round from 2024.

Starting in 2018, Romania’s startup ecosystem experienced a steady upward trend in investments for four years, with both the investment amounts and the number of deals gradually increasing. 2021 marked a milestone, with nearly 100 deals totaling €85.56M. However, after this peak, we saw a decrease in total venture capital investments caused by a mix of factors.

In 2023, the total amount invested in Romanian startups decreased by approximately 16% compared to 2022. When compared to the record funding of 2021, the decline was even more notable, around 22%. In 2024, the total investment in Romanian startups reached €44.38M, showing some recovery compared to the previous years. 

While the decrease in investment figures could initially be seen as a downturn, it can also be viewed as a correction, bringing the funding levels back to a more sustainable and normal rate. This signals cautious optimism for the future, with new funds launching and a more stable investment environment anticipated in the coming years.

Regarding the distribution of the investments received by the Romanian startups in 2024, we can group them by the following way:

• €938.5K in 11 rounds up to €200K (probably others investments were made at this stage, but these were not announced publicly)
• €7.56M in 18 rounds €200K to €1M
• €22.38M in 15 rounds €1M to €3M 
• €13.5M in 4 round higher than €3M
• FintechOS’s $60M (~€56M) round

Here are some notable investment deals from the second half of 2024:

• FintechOS, a leading end-to-end financial product management platform from Romania, announced the successful completion of a $60M Series B+ investment round led by Molten Ventures, Cipio Partners, BlackRock and others (link).

• Catalyst Romania has announced a €2M investment in ADAPTA Robotics, a Romanian robotics development company (link).

• Pago, a payment service that simplifies invoice management and recurring payments, has successfully raised €2.3M through SeedBlink, and with the contribution of Mozaik Investments (link).
  
• The Romanian healthtech startup dotLumen has announced a €5M financing round, €1M through SeedBlink, and with the European Innovation Council and the Venture to Future Fund contributing an additional €4M (link).
  
• Romanian edtech startup Youni Choice has secured $1M in financing from the Czech investment fund Soulmates Ventures, with participation from the venture capital fund Early Game Ventures (link).

If you’re curious about the most significant deals from the first half of 2024, you can find them in our six-month overview here.

In order to have access to the full list of investments as they appear, subscribe to Startup Ecosystem Radar.

Funding for foreign startups with Romanian founders

Startups with at least one Romanian co-founder raised a total of €9.8 billion across 10 deals, and one additional deal remaining undisclosed in 2024. This underscores the strong presence of Romanian entrepreneurs in the global startup ecosystem, successfully securing significant funding beyond the local market.

One of the biggest investments were the following:

• Databricks, Romanian cofounded data and AI company, has announced its Series J funding led by Thrive Capital. The company has raised €9.68 billion ($10 billion) (link).

• The London-based Romanian robotics and data intelligence company Dexory has successfully closed a €77.4 ($80M) Series B funding round, led by DTCP (link).

• NY-based startup with Romanian roots, Ezra has received €19.6M ($21M) in an investment round led by Healthier Capital. The investment will be used for the improvement of its AI-powered full-body scans solution (link). 

• Berlin-based startup Root Global (co-founded by Eric Oancea), a digital platform for reducing carbon emissions in the food industry, has secured €8M in a seed funding round led by Christoph Janz at Point Nine (link).
  

In order to have access in real time to this kind of information, join Startup Ecosystem Radar.

Closing

Looking to 2025, the venture capital landscape may face challenges due to macroeconomic instability, fiscal reforms, and political uncertainties. With several European economies also navigating tough times, it’s expected to be a difficult year for businesses. However, crisis periods often create opportunities for startups, and 2025 still remains a promising year for investments.