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 see at the latest news in funding, startup milestones, and emerging trfinishs 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 managed to raise its $88 (€74.85) million tarobtain in the first close. Founded in 2010, the fund is headquartered in Prague and Krakow. Over the past 15 years, the firm has invested in more than 100 companies across four funds, including two standout global success stories, UiPath and ElevenLabs, both of which Credo backed 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, to support high-growth compact and medium-sized enterprises (SMEs) across Bulgaria, Romania, and Serbia. The fund, tarobtaining a total size of €75 million, follows the full deployment of Fund II (€53 million). Since its founding in 2014, INVENIO has focutilized on identifying and scaling businesses in Southeast European markets.
CEE news & deals
Mandel AI, a Sofia-based startup focutilized on AI-driven supply chain coordination, has raised €3.6 million in a Seed round to assist manufacturers streamline suppliers, spot disruptions, and automate procurement. The round included backing from Y Combinator, Category Ventures, Ritual Capital, e2vc, along with other Silicon Valley investors and angels.
Czech Theorema, a newly launched startup focutilized on automating scientific research and development, has raised a $3.3 (€2.81) million pre-seed round to build an agentic AI system designed to transform how R&D is conducted. The round was backed by Credo Ventures, Amino Collective, KAYA VC, Tilia Impact Ventures, NAVEC Investment Management, i&i Biotech Fund, andangel investors. The company was founded following the acquisition of its founders’ previous startup by Workday.
Czech-founded WanderWallet, a travel-focutilized digital wallet that enables foreigners to pay like locals across Latin America, has secured a €430,000 pre-seed round from BDPartners and DEPO Ventures. The platform is already operational in Brazil, Argentina, and Bolivia, where instant payment systems have largely overtaken cards as the dominant payment method.
Polish Comarch has been included in Forrester’s report on the accounts receivable automation ecosystem, highlighting its role as an “AR and AP automation specialist.” The report notes that such providers offer unified solutions for managing both outbound invoices and inbound payables. Forrester also points to growing global e-invoicing mandates as a key driver of AR digitization, with Comarch recognized for its compliance capabilities.
Beyond the region
London-based logistics ininformigence firm Dexory, with Romanian roots, has raised €9.76 million additional funding as part of its ongoing Series C round. The British Business Bank has invested in the company, following the $100 million close of the round in October 2025. The round was led by Eurazeo, with participation from LTS Growth and Endeavor Catalyst. Existing investors, including Atomico, DTCP, Latitude Ventures, Lakestar, Elaia, and Wave-X, also increased their commitments.
Bulgaria’s LAUNCHub Ventures is among the investors backing London-based Giraffe360, which has raised $10 (€8.51) million in a Series B funding round led by Cipio Partners. The round also saw participation from existing investors, including Founders Fund (which led the Series A), Hoxton Ventures, and Change Ventures.
Across Europe
The European Investment Fund is preparing a major €15 billion fund-of-funds program focutilized on growth-stage startups, aiming to strengthen the scale-up phase rather than early-stage funding. It plans to back around 100 funds, ranging from €300–600 million vehicles to billion-euro mega funds, with a first close expected by summer.
The initiative builds on the European Tech Champions Initiative launched in 2023 to address Europe’s estimated €70 billion funding gap with the US, which has often driven top startups to seek capital abroad.
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