#5
ππ» Hi All! Great to have you back. This is visegrad.now, my newsletter covering startup and small business stories from the Visegrad countries (π΅π±, π¨πΏ, πΈπ°, ππΊ). If you like what you read, do not forget to subscribe, share and recommend us to friends π Cheers!
PS: I am always open to new ideas and suggestions that could make this newsletter better, so DM me at hello.visegradnow@gmail.com, anytime.
π’ TL;DR
Top stories this week: βπ» Number of company establishments are down, number of liquidations are up, investments into startups also down - Hungary does not seem to be in a good shape βπ» UpHeal (π¨πΏ), Choice (π¨πΏ), Restimo (π΅π±) and 1.security (π΅π±) have all received πΆ βπ» Polandβs eGabinet aims to support healthcare facilities with its product βπ» Open roles at startups, and some good reads and listen, like a podcast episode with Credoβs Karolina Mrozkova
π¨ Intro
Hungary, Hungary, oh Hungaryβ¦
Opten, a local biz intelligence platform, reported that both the number of company establishments and liquidations are at a six year negative high in Hungary. In 2023, total number of legal entites decreased by 12.2k, while 25.7k businesses were established, latter being a 13 per cent decrease compared to 2022.
In parallel with this, Csongor BiΓ‘s, MD of Startup Hungary, recently wrote on the pages of Forbes Hungary that the local startup scene faces problems. According to him and the reasearch done by his organization, startup investments are drying up (i.e. total investments in 2023 were down 70% compared to last year), number of companies with a global aspiration getting rarer, and the definition of a startup in many local eyes/minds still mean a digitally-enabled SME rather than a high-growth and innovative business with a team that wants to conquer the earth.
Sad news but not suprising, considering that in the past ca. 10 years Hungary became a lagger from frontrunner when it comes to startups. Back then, most in the region (both in Visegrad and the wider CEE) looked to Budapest for inspiration. Prezi, Ustream, LogMeIn were all companies that most envied. But today, while the country still has its occasional proud moments in the news, thanks to the likes of Bitrise, Shapr3D, SEON, Munch or Craft, the scene overall is sliding compared to most of its neighbors. Hard to pinpoint all the reasons why is it so, but red tape, a complex legislative environment, limited skills and experienced founders, active but distoring government presence does not help.
πΆ Funding corner
But now, let us move on to something much happier:
ππ» Upheal, a healthtech startup from π¨πΏ, snatched ca. β¬3M led by Credo (π¨πΏ), with participation from Inovia (π¨π¦) and Kaya, a local VC firm. The fresh financing will aim at boosting business development, its product and utilize benefits of AI more.
Founded: 2021; HQ: Prague; Founder(s): Juraj Chrappa and Martin Horvath (both from πΈπ°, btw); Total funding (until now): ca. β¬4M
ππ» Choice, a B2B SaaS startup from π¨πΏ with Ukranian founders, bagged ca. β¬2.3M led by J&T Ventures (π¨πΏ) with participation from existing investors, including Reflex Capital (π¨πΏ) and Presto Ventures (π¨πΏ). The fresh financing of the hospitality startup will aim at accelerated growth within Central and Eastern Europe.
Founded: 2021; HQ: Prague; Founder(s): Alex Ilyash and Volodymyr Olyanitsky; Funding: N/A
ππ» Restimo, a foodtech startup from π΅π±, landed β¬465k from various private investors (i.e. business angels). The financing will aim at regional scaling.
Founded: 2019; HQ: Warsaw; Founder(s): Arek Bielecki, Tomasz MarciΕczyk and Marcin Nowak; Funding: ca. β¬800k - β¬1M
ππ» 1.security, a cybersecurity startup from π΅π±, nabbed ca. β¬460M led by Sunfish Partners (π©πͺ / π΅π±). The investment will fuel its international growth, fine-tune its platform and expand its agency program.
Founded: 2023; HQ: ΕΓ³dz; Founder(s): Adam Ε»aczek and Mateusz Olek; Funding: This was its first outside investment
π₯ to all founders and teams on the fresh raises!
π In focus
This weekβs profile is on eGabinet, a healthteach startup from Poland, that offers a digital solution for managing medical facilities and patient documentation.
The companyβs SaaS platform, that rests on cloud technology, provides almost instant access to facility data as well as patient medical history from any device, while ensuring top notch encryption and security. In addition, it can also handle bookings, e-certificates, e-prescriptions and soon even finances and accounting.
So basically it will soon become an all-in-one product for hospitals, general practitioners and other intitutions within the healthcare space. Cool stuff.
π Role play
Choice has 1 open position, Sales Executive
Upheal has 2 open position, incl. Data Scientist
Restimo, while not having direct open positions, always seek new colleagues
π Outro
And before bidding farewell, some yummies:
Powerful Medical (πΈπ°) received β¬7.5M from the European Innovation Council, chosen from over a thousand applications. Innovative product. Big milestone.
AIN.Capital published a discussion transcript from Zaka VC, a Czech-Slovak family office that is actively investing in startups from CEE (Visegrad countries, Baltics), DACH region (GER, SUI, AT), the UK and the US.
Still AIN.Capital, they also published a great interview with Mariusz Adamski, a Partner @ ff Venture Capital, a Polish VC firm.
AceON Accelerator (π¨πΏ)Β announced its Spring Accelerator program, in which early-stage startups can take part in a 2-month, intensive international training program, receive individual support and funding (ca. β¬50-70k).
PFR Ventures announced that it will provide β¬35M for four Polish venture funds (Inovo VC, Market One Cpaital and SMOK Ventures) in order that they will invest in innovative companies in the country and the CEE region.
Startup Kitchenβs podcasts are always worthy for listening but the last episode with Karolina Mrozkova, General Partner @ Credo Ventures, was a special banger. She talked about her unconventional path into venture investing and how she sees US and European founders, among others.
That is it, see yβall on 18 March!