Bulgaria Grapples with Soaring Corruption Rates: New Report Reveals Shocking Data
Corruption in Bulgaria has soared to its third highest peak in history, according to a recent report by the Center for the Study of Democracy
Vestbee, the leading platform for startups, VC funds, accelerators, and corporates in Central & Eastern Europe, has just published VC Funding In CEE Report - 2Q 2022. According to this quarterly overview, the total value of disclosed funding rounds closed in the CEE region exceeded €2B. The number of VC transactions has doubled in comparison to the same quarter of last year, during which over €1B of VC funding was recorded.
"The early-stage market in Central & Eastern Europe is usually a delayed mirror of what’s happening in developed ecosystems and economies. While cumulative external factors like the Russian invasion of Ukraine, rising inflation, and the specter of recession crushed late-stage valuations and investor sentiment, early-stage investments still seem much less affected. So far, most local and regional early-stage VCs have continued to do business as usual, especially since the massive inflow of capital from recently launched VC funds needs to be deployed." - underlines Ewa Chronowska, CEO at Vestbee and Partner at Next Road Ventures.
As reported by Vestbee, 242 VC transactions were noted in 2022 2Q, with Poland, Czech Republic, and Estonia in the lead, recording respectively 93,37, and 28 closed investments. Companies such as Rimac Group, Rohlik, Ataccama, Nord Security, and SEON were amongst the ones that saw the largest injection of financing in this quarter. What’s interesting, the so-called ‘mega-rounds’ (worth over €100M) accounted for nearly 50% of total funding secured on the market. The continuous growth of round sizes was observed throughout Q2, showing the gradual maturation of the regional market.
Among outlined popular sectors were automotive, delivery services, fintech, E-commerce, AI, SaaS and data analytics. The most active VC funds included naming a few, Hiventures, Movens Capital, Nation 1, Startup Wise Guys, Credo Ventures, DEPO Ventures, Hoxton Ventures, Khosla Ventures, Presto Ventures, and SMOK Ventures.
Dig deeper into the overview of VC funding, emerging trends, and monthly analysis of the second quarter of 2022 in Vestbee’s full report.
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