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DISRUPTORS

2019 report
INTRO
From cheap outsource international exposure - and report into two parts: a data
workforce to global disruptors - this is where the Eastern analysis of the investment and
Eastern Europe engineers, now Disruptors report comes in. ecosystem landscape of
founders, have come a long way Starting with this report we Romania and CEE, and a list of
in the last 20 years. want to promote some of the some of the most exciting
most exciting developments companies in Fintech, Medtech,
Skype, the Estonian “miracle” and companies from Romania Retailtech, SaaS, Proptech and
was the first Eastern European and CEE, and make them Energy from Romania, along
company to join the global visible at European and global with a CEE champion. This is by
giants. Prezi, Telerik and level. Even more, we want to no means a ranking, we are sure
Bitdefender followed shortly record the thoughts and there are also other exciting
after. Before that NetBeans was challenges CEE founders face in companies in each field, but a
acquired by Netscape, and RAV the early stages of their journeys subjective evaluation of some of
by Microsoft. And nowadays, to build Better Products, Faster the potential future champions.
apart from UiPath, Docplanner Growth.
and a few other highly visible This report, along with its
companies, we see a new wave With the support of our partners exciting insights, is already a
of ambitious companies rising, from EY Romania, Medicover, picture of the past - while you
ready to take on tomorrow. Tech’n’Trade and OMV Petrom, read it, please imagine the
our data partners Dealroom future it brings.
However, just as other emerging and Activize, and our supporters
ecosystems, Eastern Europe’s from Proptech Romania, Fresh Bogdan Iordache
tech scene still lacks Blood and ANIS we divided the Founder of How to Web
CONTENT

CEE TECH LANDSCAPE ROMANIAN TECH LANDSCAPE VERTICALS


Investment leaders Investment leaders Fintech (EY Romania)
Investment landscape Investment landscape
Healthtech (Medicover)
Investment round size Investment round size
and source and source Retailtech (Tech’n’Trade)
Invested industries Invested industries SaaS
Tech workforce Tech workforce Proptech
Workspaces Workspaces Energy (OMV Petrom)
INVESTMENT LEADERS CEE TECH LANDSCAPE
€516M
A RECORD
was invested in CEE
startups in 2019,
leading to some
unexpected changes in

Half of the total CEE investment went to UiPath CEE’S UNICORNS WORTH
(Romania), who is leading the 2019 CEE’s investment
combined worth, and
landscape by far, followed by Polish Docplanner and
the best founded ones
Croatian Rimac Automobili. Au10tix from Cyprus
are coming in Estonia,
and Estonia’s Bolt are on 4th and 5th place,
Poland and Romania.
counting a total of €786M investment in 2019.

OF TOTAL CEE FUNDING


is represented by the
Romanian UiPath’s
€80M €80M Series D mega-round
€54M €54M
OF TOTAL CEE FUNDING is represented by the top
5 investments raised by
UiPath, Docplanner,
Series D Series E Growth Equity Growth Equity Series C Rimac Automobili,
Romania Poland Croatia Cyprus Estonia Au10tix and Bolt.
529M

INVESTMENT LANDSCAPE
UiPath
CEE TECH LANDSCAPE

38

35
32 Due to the UiPath’s 2019 massive funding round, Romania
leads CEE by total funding for the first time, followed by
Poland and Croatia, in second and third place.
22
150M
If we would take UiPath out of the equation, Romania
would come in the 8th place, right after the Czech 20
Republic, with a total of €12.75M investment.
16
100M
9
10
8
6 6
50M 4 4 4 5
2 2
1 1
TOTAL INVESTMENT
INVESTMENT €0M ROUNDS

K VIND

SE VO

O H
SO A

A N BIA

IA
6. ND

.5 S

.8 P.

.7 O

2M E
.7 IA

83 IA

.8 IA

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8. IA

6. IA

4. IA

4. IA

€ RIA

O N
54 U

D RT
4. C
43 R

10 R
17 E

N
8M

M
5M

4M

4M

5M

2M

2M
12 N

€ AT

69 N

25 N

€ TV

€ AN

€ AK

€ EN

€ EE
€ GA
€ PR

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€ EG
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13 A

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+ MA

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3
6.
51
€960M
INVESTMENT ROUND SIZE AND SOURCE
CEE TECH LANDSCAPE

Venture capital is the main source of startup funding in the CEE region, with a small portion of investment coming
from angels. The majority of rounds in 2019 is below €1M, followed by 36 rounds of 1.5M+. Early stage (seed) capital
<500k is still difficult to find, mostly because many acceleration programs are now out of business due to poor
business performance.

91

140M
48
INVESTMENT
120M ROUNDS

36

90M 33
20M
28

14 14
60M

10M
7
30N 5 5
INVESTMENT
ROUNDS
1
TOTAL

ANGEL SEED SERIES A SERIES B EARLY VC LATE VC GROWTH 0-100K 101-500K 501K-1.5M 1.5M+
EQUITY
50M
100M
150M
EN
T
SOER
FTPRI
€ W SE
57 A
1.4 RE
RO M €571.4M
€ BO
51 TI
TR 7.8MCS
A €517.8M
N
€ SP
16 O
3. R
8M T
H
€ EA
90 LT
.4 H
SE M
C
€ UR
57 IT
.1M Y
FI
N
€ TE
37 C
H
ED .4M
U
C
€ AT
27 IO
M .7 N
A M
RK
€ ETI
17 N
.4 G
M
TE
L
€ EC
13 O
.0 M
M


10 IO
.8 T
M
TR
€ AV
9. E
0M L

M
€ ED
RE 8.7 IA
A M
L
ES
€ TA
7. TE
7M
FA
S
€ HIO
7. N
4M
EN
€ ERG
6. Y
3M

M
€ US
5. IC
0M

F
€ OO
3. D
9M
D
A
€ TIN
3. G
2M
SP
€ OR
3. TS
EV 2M
EN
T
€ TEC
2. H
5M
G
A
€ MIN
2. G
5M

L
€ EG
reconfirming Eastern Europe’s fascination for deep tech.

0. A
9M L
SE
D M
U IC
C O
€ TO N
impacted by the founding rounds of this year’s outliers (UiPath,

0. R -
2M S
Robotics, enterprise software and transportation have been highly

Rimac Automotive, Bolt), while security and fintech investments are


CEE TECH LANDSCAPE
INVESTED INDUSTRIES
TECH WORKFORCE
CEE TECH LANDSCAPE

260K
3.7
There is about one million CEE developers,
50% of which are located in Poland,
200K Romania and the Czech Republic. Over 3%
Slovakia’s and Estonia’s population are
developers, an outstanding percentage by
3.0
comparison to the other countries in CEE.
150K

1.9
100K 1.8
1.5 1.8 1.8
1.4 1.3 DEVELOPERS
1.2 1.7 PER 100 PEOPLE
IN WORKFORCE
1.0
0.9
50K

NUMBER OF
DEVELOPERS
4K D

11 NIA

0K .

80 RY

64 CE

51 IA

45 US

38 IA

34 IA

27 IA

24 IA

20 IA

18 VA
10 REP
25 N

8K

K
R

AT

EN

N
EE
A

TI
LA

VA
A

TO
A
G

LA
O

V
LG
H

U
M

R
PO

EL
N

CR
O

ES
O
EC

TH
G
O

SL

SL
B
R

B
CZ

LI
WORKSPACES CEE TECH LANDSCAPE
230

As the innovation economy continues to


develop, the number of workspaces
continues to grow. Startups prefer
collaborative environments to isolated
offices.
80
The Baltic countries (Estonia, Lithuania,
Latvia) have the highest concentration of
hubs / population, with one active hub for
less than 100k inhabitants.

40
55 A

42 A

32 E

30 A

29 A

27 A

25 Y

IA

16 A

IA
12 D

61 A

IA

O
V D

O H
A

IA
U CH

U
R
56 C

C
I

I
I
N

V
R
17

ER N 14
3

0
R

TV

AT

EN
N

N
G AN

D RT
IN
LI

EE

11

PR
N

SO
EG
LA

R
A

VA
A

TO
A

A
EP E

G
B

LA

CE O
SE

V
LG

U
M

LB
R
R CZ

CY
PO

O
ZE IA
O
CR
O

ES

A N
TH
G
O

TE

K
U

A
SL

SL
R

H
B

LI

H OS

N
O

M
B

M
INVESTMENT LEADERS
ROMANIAN TECH LANDSCAPE

€516M

Counting for 97% of the Romanian tech


investments received in 2019, UiPath is leading
the charts, followed by rising stars Elrond (Sibiu), 3.0%
TypingDNA (Oradea / Bucharest), FintechOS OTHER
INVEST.
(Bucharest) and Happy Recruiter (Târgu Mureș). 12.7M

€1.71M €1.35M €1.1M €1M 97%


UiPath
516M
INVESTMENT LANDSCAPE
ROMANIAN TECH LANDSCAPE

of all investments are raised


Bucharest leads both in total €1.35M €1.1M in Bucharest
number of deals and capital €1M
raised, while “secondary”
tech centres such as Oradea,
Sibiu or Targu Mures
have a surprisingly €380K
well developed
Iasi of all invested Romanian
tech startups.
Oradea capital is located in Bucharest
Cluj
Mures
Alba €135K
€275K Timisoara Sibiu
Brasov
nvested capital in Romania,
except UiPath

€250K

€1.7M Dolj
€6.5M
+516M
NUMBER OF UiPath investments made in Romania
INVESTMENTS including UiPath
1 2 3 24 PER COUNTY
INVESTMENT ROUND SIZE AND SOURCE STATE OF ROMANIAN TECH

€516M
Investors are more interested to invest larger cheques in the right
compaines, with rounds between 100k and 500k being 40% of all
investments made in 2019.

10%
ANGEL
14 INV.
13
NUMBER OF
COMPANIES
9

€7.7M 60% 30%


VCS FOREIGN
FUNDS

1 1
€2.5M
€1.7M
€675K
€0-€100K €100K-€500K €500K-€1.5M €1.5M - €5M €5M+
INVESTED INDUSTRIES
€516M
ROMANIAN TECH LANDSCAPE

Most of the tech companies have little to no local clients, and so


the industries in which the invested companies operate are in not
correlated with the development of the national tech sectors.

4M

3.5M
6

3M 5

2.5M

2M

1.5M 3
2 2 2
1M
1 1 1 1 1 1 1 1 1
NUMBER
500K OF DEALS

TOTAL
FUNDED
5K N

12 G

50 IL

50 L
50 T
5M Y

7K H

50 E
€ NG
9M E

0K E

50 S
1.4 S

22 D
6M H

TE 4M H

€ WA E

€ VE
€ OR
€ MIN
1.3 IT

€ RC
€ TIO

€ TA
1.8 R

1.0 T

€ NT
37 M

0K

K
K
€ OB
S

K
1M

€ FOO
51 T

EN € EC

K
M

5K
€ AL
€ R
FT RI

I
€ IPA

A
€ O
ET

SP

E
E
97
CU

CA
J
T

TR
H
SO RP

R
E

M
EV
N

K
U

N
G

M
SE

U
FI

A
ED

O
A

TR
M

EC
TECH WORKFORCE
ROMANIAN TECH LANDSCAPE
WORKSPACES
The last few years have seen an increase in the number
of hubs & coworking spaces, counting a total of 62 in
Romania, with 50% of them located in Bucharest.

IT WORKFORCE INCREASE
According to ANIS, this is the
workforce increase in the software
& IT sector compared to previous
year, out of which 88% are in
technical roles.

50% 50%
OTHER CITIES BUCHAREST
GENDER EQUALITY
Unfortunately when it comes to
gender equality, only 6 out of
the 60 VC-backed companies
had female founders who raised
1.35M out of 17M.
VERTICALS

FINTECH (EY ROMANIA)

HEALTHTECH (MEDICOVER)

RETAILTECH (TECH’N’TRADE)

SAAS

PROPTECH

ENERGY (OMV PETROM)


FINTECH
The FinTech ecosystem faces complex challenges, going through a transformational time driven by
competition, regulation and constant technological improvements. Consumers, financial institutions,
start-ups, investors and regulators all experience similar problems: lack of specialized resources, lack
of skills, the rapid pace of technological advancement and a changing business environment.

FinTech is an industry that has evolved beyond Blockchain, AI and Intelligent Automation will companies will cross the traditional technology
its early-stages to significantly move the dial on remain ones of the main FinTech moneymakers provider borders, entering as a real financial
customer expectations. According to the EY of the next months. The generational wealth services player in the market.
Global FinTech Adoption Index 2019, 63% of transfer, between the baby boomer’s generation Looking ahead: As the smartphone becomes the
FinTech adopters say their companies haven’t and millennials, may well result in a behavioral primary mode of financial services consumption, a
planned sufficiently for financial risks and change. FinTech could act as an intermediary large segment of the economy will become
market downturns, compared with just 36% of for this generational shift with their game digitized, creating a massive “new economy”
non-adopters. This gap creates a market changing and disrupting technologies. opportunity where services can be provided in a
opportunity for FinTech startups to develop Consumers continue to drive demand and real-time, location-based and decentralized
predictive tools that address specific SME needs shape supply. Opportunities will continue to manner.
— such as software that forecasts cash flow and remain strong in emerging markets where there The FinTech Romanian ecosystem is dominated by
programs that help firms hedge financial and is a large population of consumers. Large startups and transactions with money transfers
economic risks. On the consumer side, money consumers bases will create opportunities to and payments services. The Open Banking
transfers and payment services with leverage data and analytics to reveal in-depth Standard, European Union “Revised Payment
peer-to-peer payment systems and non-bank insights about spending behaviors and other Service Directive” PSD2, as well as increasing
money transfers are the most used Fintech needs for services and products. This, will customer expectations are a huge adoption driver
services. Consumers will try to obtain as many generate more business opportunities for the for FinTech evolution, offering opportunities for the
benefits as possible for their basic needs, FinTech sector to develop more innovative ecosystem to innovate and extend with new
adopting more affordable, digitally accessible solutions. offerings in other areas. Increasing consumer
and technology-forward services. Industry convergence and collaboration: We adoption and globalization trends of FinTech
A reaction to the current Fintech sector anticipate the trend of alliances between startups will disrupt the Romanian FinTech
problems is to increase their readiness to the financial services providers and FinTech to ecosystem, with new foreign startups entering the
market trends: continue to evolve alongside the changing local market. The result will be increased
Big bets on game changing technologies: needs and demands of customers. FinTech competition for new customers acquisition.
FINTECHOS
TRANSFORM | AUTOMATE | PERSONALISE

As a TaaS (Technology as a Service), FintechOS allows banks and insurance companies


FOUNDERS: to redefine their customer experience by offering them a complete digital journey
Teodor Blidarus, Founder, CEO and through intelligent automation of digital processes. It creates hyper-personalized
EVP Product and Technology products and experiences for each individual client.
Sergiu Negut, Cofounder, Board
Director and EVP Finance and
Operations

We are putting all the gear up for our First Client:


vision to fundamentally transform the Our first customer was NN. We started from
financial market and support our our value proposition - the fact that you can
mission. We believe easy access to start tactically and transform a single
finance is as essential as electricity, water process within a matter of weeks rather
$3.3M
RAISED
and education. than months, familiarize with our
technology and prove its agility.
Our mission is to change the way people
Future plans:
100+ Fintech
experience and engage with financial
technology by putting automation and We are now present in ten markets and
EMPLOYEES VERTICAL personalisation at the heart of have over 25 global financial organizations
innovation, transforming the digital as customers. Our plan is to be in thirty

2017 Romania
customer experience quickly and markets and reach the hundred customers
affordably. milestone by the end of 2020.
FOUNDED COUNTRY

CONTACT:
www.fintechos.com
marketing@fintechos.com
PAGO
ALL YOUR BILLS IN ONE APP

Pago offers the easiest way to pay utility bills, taxes, top-ups, several types of
FOUNDERS: insurances, charity donations and (soon) instant money transfers. The app integrates
Adrian Cighi, over 240 service providers in Romania, and over 6000 payments are made daily
Co-founder through the app.
Alexandru Gala-Popescu,
Co-founder

We had the idea for some time, as Biggest challenge


we were struggling to keep track of all Was to find a balance between the need to
our monthly bills, but made the add as many suppliers as possible in order to
decision to start working on it when make the app useful and finding a working
we discovered that over 80% of utility business model able to cover our costs and
€500K
RAISED
- 1.5M bills in Romania were still being paid
in cash.
help us grow.

Growth

25 Fintech
We strongly believe that number will Our growth has come initially from
decrease significantly over the next few word-of-mouth: existing users were telling
EMPLOYEES VERTICAL years and we would like Pago to be their friends about the app. The real boost
one of the reasons for that. though came from the marketing campaigns

2016 Romania
supported by Mastercard in 2017 and 2018.

FOUNDED COUNTRY

CONTACT:
www.pago.app
hello@pago.app
ALPHABLOCK
ACCESSIBILITY TO WEALTH CREATION

AlphaBlock created a General Artificial Intelligence framework that works across


FOUNDERS: industries and client preferences. It is industry agnostic and works on information
Mukul Pal, structure (probabilistic behaviour of a component in its group) and not on information
Founder content (e.g. fundamental factors for stocks)

Despite growth in passive Funding:


investment instruments, active We have successfully found a lead investor with
investment continues to charge Real Ventures. This is a top ranked Canadian
higher cost and seek alpha venture capital firm, with a big focus on new
unsuccessfully. There is no replicable technologies.
€1.5M+
RAISED
AI solution out there today that can
reduce cost, assume market risk and First client:
generate alpha across financial and Back in 2012, Mukul Pal, Alphablock’s founder,

9 Fintech
non-financial assets. AlphaBlock's met the owner of a Canadian Private Wealth
RMIVG20 is listed on Nasdaq and Manager and they begun a research relationship.
EMPLOYEES VERTICAL beat all its peers by a large margin. As the framework was developing and finally
completed by 2016, the research relationship

2017 Romania
The biggest challenge we had up to continued. Once the MIT award confirmed the
this point was growing the business AlphaBlock idea, a more focused product was
FOUNDED COUNTRY due to high operating capital developed for Canadian Private Wealth Manager,
constraints. a Canadian and US portfolio.
CONTACT:
www.alphablock.org
contact@alphablock.org
ELROND
A SCALABLE VALUE TRANSFER PROTOCOL FOR THE DIGITAL ECONOMY

Elrond Vision is to radically improve economic freedom by giving anyone, anywhere


FOUNDERS: easy access to the digital economy by bringing a 1000x improvement in blockchain
Beniamin Mincu, performance, cost and user experience.
Founder & CEO
Lucian Todea,
Founder & COO
Lucian Mincu,
Founder & CIO
After having invested in more than Access to capital:
30 startups that tried to solve the scal- We self-funded the startup for 1.5 years, and
ability and cost problems (that we also once we had very compelling value propo-
had) and none was able to deliver a sition to present, we raised outside capital.
compelling solution, we decided to
€1.5M+
RAISED
build it ourselves. Future plans:
In December 2019 we plan to launch our
One of the biggest challenges we had Mainnet platform and secure the first cli-

20+ Fintech
was to build the complex architecture ents. After that, we plan to expand into sev-
we've designed in our white paper and eral countries to validate with developers
EMPLOYEES VERTICAL deploying it in record time, and this and have them build apps and real busi-
while competing with other top teams nesses, so that we can build our use cases

2017 Romania
from around the world. on that.

FOUNDED COUNTRY

CONTACT:
www.elrond.com
contact@elrond.com
ORADIAN
ENABLING FINANCIAL INSTITUTIONS TO KNOW AND CONTROL
THEIR PORTFOLIOS

A cloud-based financial software that provides access to capital for over a million
FOUNDERS: impoverished people. Oradian helps financial services to increase quality and speed,
Antonio Separovic, and cut costs and fraud. It’s operating in 12 markets, and partners with over 80
Co-Founder & CEO. financial institutions, in this way providing digital financial services to over 4 million
Julian Oehrlein, end-clients.
Co-Founder & Head
Onyeka Adibeli,
Co-Founder & Head
of Implementation For years, I was working with Biggest challenges:
microfinance institutions and I saw Two situations come to mind. The first was
that they weren’t getting their money’s at the beginning, when we found ourselves
worth. trapped with catch 22, and had to figure
out how to build something resource-in-
€117K
RAISED
The technology they were using didn’t
meet their needs and I recognised
tensive with the acute lack of resources.

many issues that digitisation could The second was in building the company.

120 Fintech
solve — even in the most remote and We quickly learned that we needed to pri-
least accessible parts of the world. oritise by laying out our one-year objectives
EMPLOYEES VERTICAL and overcoming obstacles that were crucial
We had the vision to help solve the to meeting those objectives. In this way,

2012 Croatia
problem of financial inclusion and this really relevant issues became much more
is still our key driver. obvious.
FOUNDED COUNTRY

CONTACT:
www.oradian.com
hello@oradian.com
1. How important is for young its infancy. With this hackathon we are
entrepreneurs to receive guidance in hoping to help creating a generation of
their entrepreneurial endeavour? global fintech startups born in Romania.
Having the right guidance in your We expect the participants to find unique
entrepreneurial endeavour can help you fail solutions to the challenges proposed by
faster without losing focus and motivation. our partner companies and, furthermore, to
Most of the mentors in our programs are continue to work together and build global
becoming close friends with the fintech companies.
entrepreneurs they are working with and
continue to offer guidance long after the 3. Do you have any startups-related
programs end. The success stories in our program or event coming up?
entrepreneurship programs are, without The winning teams at the hackathon will
exception, the result of having the right join us at How to Web 2019 and we will
mentors at the right time in the start a 6 month incubation program for
entrepreneurial journey. them. The incubation program is designed
to ready them for the next step in their
2. Why did you choose Fintech as a evolution and to help them scale
theme for the fintech How to Web internationally. The YLC Fintech Incubator
pre-event hackathon? will run twice a year and will be open to
Although funds raised by fintech teams looking to build a global fintech
companies in Europe have tripled last year startup.
to $37.5 billion, in Romania fintech is still in
Florin Grosu
President, YLC
HEALTHTECH
“The most urgent need that the health industry faces right now is the lack of a faster
and improved access to high quality medical services. Technology is our ally in
facilitating our customers’ access and simplifying the processes in order to improve
our patients’ experience.

In the healthcare sector, the choice and loyalty equipment (one of the main choice criteria of a in the service of our patients. And we, as private
are heavily affected by: influence of friends or medical provider) could play an important role providers, can benefit from technology and
doctors’ recommendation, word of mouth, in creating value added service and competitive rapidly adapt to innovation and customers’ needs.
competitive pressure, personnel attitude, edge. Because we, at Medicover, are fast forward
customer experience and value added services. Unfortunately, there is no coherent strategy for adoption thinkers of new technologies and
There is, therefore, a great need to shift from the Health Sector to create long term added medical procedures.
sales to value for patients (having a big impact on Healthcare trends:
relationship orientation providing a value private sector). Consequently, there is a natural Bots for internal processes and customer care
proposition, developing a trust relationship and tendency and need for a high quality Repetitive processes automation
offering the customer an enhanced experience. alternative, which translates into an impressive Integration of new technology: AI, VR
Medicover is a technology oriented company rise of private healthcare sector. Telemedicine: the extended adoption of
and had already started an innovation path. Romanian healthcare expenditure has the technological tools regarding communication
Therefore, the adoption of cutting edge lowest weight of GDP in CEE: 5.5% (source: Value based delivery – improved patient flow
technology should play a significant role: Eurostat 2014) and this affects medical services. Patient’s ownership on personal data; medical
achieving operational excellence – using The market for private medical services has history
technology for improved processes &amp; increased significantly since its creation in the The so-called Dr. Google: more and more
personalized approach (e.g. the automation of mid 90’s. With an estimated value of EUR 1.5 educated patients do their research before
those repetitive processes, customized billion end of 2015 (*according to Ministry of their medical appointment and have bigger
approach tailored on patient’s needs, cutting Finance data), there has been a 67% rise over expectations. So we have to be prepared for
waiting period within clinics’ receptions, the last 8 years. More than 50% of them, anticipate their needs and offer them
effective case management and more. Romanians have used private services. high quality content and an improved
There is still a toilsome process regarding the The need of creating a constant flow between experience in order to counteract the tendency
use of technology for customer management, all healthcare systems (private and public) is of seIf-diagnostic and self-medication through
the whole industry takes small steps forward, more and more stringent: we need an improved prevention and medical education programs
but information technology and medical communication, an effective collaboration – all and campaigns.
RE.FLEX
RECOVERY MADE SIMPLE

The aging population globally brought about an increase in chronic health conditions
FOUNDERS: that require rehabilitation care which the current stagnant supply of trained therapy
Camil Moldoveanu, professionals fails to meet. Re.flex is developing digital care programs for people with
CEO lower back pain, hip, and knee arthrosis, with unlimited training sessions in the
Andrei Kluger, comfort of their homes, monitored by their orthopedic doctor, cutting down 60% of
CTO the traditional costs.
Andrei Vig,
Mobile Dev Lead
Oana Joita, After the European Jiu-Jitsu final Camil, Growth:
Embedded Software Dev one of our founders, had to do a knee Early on we found out that physical
Daniel Ciuta,
Business Development
surgery followed by physical therapy for 8 therapists aren’t the early adopters we
months. He quickly realized that physical were looking for, so we showed our
therapy as it is done today is not either product to orthopedic companies
€500K
RAISED
- 1.5M scalable or efficient. instead.

To solve this, we built a unique First client:

12 Healthtech
auto-calibration system that detects how We met them at a medical trade fair: a
and where the sensors are placed in order to manufacturing company from Germany
EMPLOYEES VERTICAL show the injured limb in 3 dimensions. That that will equip some of their braces with
allows us to detect almost 300 exercises. the sensors we have developed.

2015
FOUNDED
Romania
COUNTRY

CONTACT:
www.reflex.help
hello@reflex.help
MEDIJOBS
CAREER MARKETPLACE FOR HEALTHCARE RECRUITMENT

Medijobs acts like a virtual recruiter: by using complex data models and intelligent
FOUNDERS: algorithms, they automate sourcing and match the best candidates, resulting in a
Catrinel Hagivreta, customised recruitment strategy for every medical position. Once they get matched,
Co-founder & CEO companies can apply directly to candidates, send personalised offers, interview
George Hagivreta, requests, and eventually hire.
Co-founder & COO

While working in healthcare industry for Funding:


over 8 years I (Catrinel) I felt intimately the We had a choice to access capital from
frustration of trying to find qualified investors from the very beginning, we
candidates for the jobs we had, and chose instead to push the product into
especially to scale the process. the market and monetize. That put us
€500K
RAISED
- 1.5M While building the product, we meet in
in a much better position when we
raised, few months later, from
person with the first 50 clients in both investors.

25 Healthtech
Romania and the US. We think client
discovery is a crucial part to any business and Future plans:
EMPLOYEES VERTICAL should be mandatory for founders. Our first Accelerate international growth and
client registered on the platform after a optimize the results in the current

2015 Romania
meeting that took more than 3 hours. markets.

FOUNDED COUNTRY

CONTACT:
www.medijobs.ro
office@medijobs.ro
MEDICAI
AI MEDICAL IMAGING PLATFORM

Smart layer over the medical imaging system of a clinic that allows online sharing,
FOUNDERS: visualization, collaboration and AI plugins. Medicai offers an environment where
Mircea Popa, multidisciplinary teams and their patients can work together towards better
CEO outcomes and more efficient treatments.
Andrei Blaj,
COO
Alexandru Artimon,
CTO
Andreea Udrea, When we started Medicai we already had First client:
Head of Research an idea about the problems doctors and The first was a neurology clinic, who have
patients have. In order to get the details right since become our advisors as well. We
we still had to conduct a lot of interviews showed them our idea and they actually
with different stakeholders in the industry: had the need.
€500K
RAISED
- 1.5M doctors, clinic management, patients,
insurance companies etc. Future plans:
We’ll continue developing the platform,

12 Healthtech
One of the biggest problems we had so far our ML solution and grow our team. We’ll
was getting access to data, in order to train look to raise another funding round by the
EMPLOYEES VERTICAL our Machine Learning solution. Data is end of 2020 to expand the platform to
locked, hard to access and when you do find other countries.

2018 Romania
it, it’s really messy.

FOUNDED COUNTRY

CONTACT:
www.medicai.io
support@medicai.io
WAKEZ
THE FIRST DIGITAL SUPPLEMENT

WakeZ is an app for smartphones and mainstream wearables that uses subliminal
FOUNDERS: vibrations to influence the electrical activity of the brain. As a complete digital
Zaki Milhem, supplement, first of its kind, WakeZ helps people fall asleep, customize sleep depth
MD, PhD (candidate) and, in the morning, superificalizes sleep so that people wake up fresh, rested and full
Darius Misca, of life.
MD
Bogdan Blaga,
MSc
Raul Crisan As med students’ we were the first to First client:
encounter the problem of waking up feeling Our team and the clinical trial
tired. At first, we thought about creating a participants were the first users for
cutaneous patch to track sleep, then it hit us: WakeZ.
why not induce light sleep, lower the bar of
€0-100K
RAISED
/ GRANT entry and increase convenience and
accessibility? People own wearables anyway
Future plans:
We plan to launch the paid version of the
and most of them can track heart rate and app in March 2020, with full usability,

6 Healthtech
vibrate. So we switched towards “sleep as a while we continue our research into
service”. digital therapeutics for mental health and
EMPLOYEES VERTICAL sleep apnea.
Now our research takes us into sleep spindles,

2017 Romania
lucid dreaming and a possible digital As both a digital therapeutic and a digital
therapeutic for depression, which will be truly supplement, WakeZ is a good fit for a
FOUNDED COUNTRY groundbreaking - cure depression with partnership with Pharma in the future.
vibrations (biochemistry, not mindfulness).
CONTACT:
www.wakez.org
office@wakez.org
FINDMECURE
HELPING PEOPLE ACCESS FUTURE TREATMENTS NOW

FindMeCure is the missing link between the clinical research industry and the
FOUNDERS: countless people looking for an alternative treatment. The team is dedicated to
Maya Zlatanova, revolutionizing the way patients reach clinical trials by making possible a better
Co-founder & CEO match between clinical trials and volunteers.
Miroslav Valchev,
Co-founder & COO
Ivaylo Yosifov,
Co-founder & CTO
FindMeCure started as a way to address our own First client:
needs, a way to help ourselves, our closed ones and The first was a neurology clinic, who
people we know. We all have read and heard about have since become our advisors as
new discoveries in universities and innovative well. We showed them our idea and
treatments and so we kept asking: “Where are they actually had the need.
$420K
RAISED
they?”. The answer is simple - in clinical trials,
making sure that new innovations are better than Future plans:
the existing treatments and can really help the We’ll continue developing the

11 Healthtech
ones who need them. platform, our ML solution and grow
our team. We’ll look to raise another
EMPLOYEES VERTICAL We wanted to share with the rest of the world that funding round by the end of 2020
clinical trials are a regulated way for every new to expand the platform to other

2015 Bulgaria
treatment, and most of all provide people with countries.
access to promising treatments in development.
FOUNDED COUNTRY

CONTACT:
www.findmecure.com
support@findmecure.com
RETAILTECH
From the retail perspective, regular stores will play a lower share in the retail game,
in the near future. The focus will turn slowly towards experiential retail, which will
offer a different experience to the customers by bringing together different
suppliers.

Convenience stores will continue to be a Seamless connection between the Artificial Intelligence helping the
key aspect of customer shopping behavior, channels. companies to personalize their offers or
while the checkout processes and Personalized offers that address helping in optimizing the operations.
warehouses processes will be individually each customer. Augmented Reality/ Virtual Reality to
revolutionized. Very soon, cashless Market challenges: improve the customer journey as well as
payments and robot warehouse operations The main problem is to understand that the employee journey.
will be very common among many brick and mortar retail is not the main Using smart devices that are empowered
retailers. solution anymore, for an effective and with “intelligence”, using cloud services or
performing retail sector. artificial intelligence.
The transportation area is about to become Right after that, is the large volumes of
slimmer and more effective, pushing the customers, assortments, and
expected delivery time to less than 1 hour transactions to deal with and the
for a customer. handling of multuchannel distribution.
Stay creative and fresh in the eyes of the
The infrastructure will become more customers
intelligent and we see this already. There
are many aspects of the market that are Potential useful technologies:
changing heavily and very fast nowadays. Cloud platforms to assure the right
elasticity
Market needs: Ready to use services with a pay per use
Addressing more customers. model to leverage the resource usage
Find the right marketing and promotion Ready to use solutions, many of them
channels open-source or free of charge
FRISBO
WE TAKE IT FROM HERE

Frisbo takes over the logistical hassel behind online orders. Products arrive directly at
FOUNDERS: the chosen Frisbo warehouse, and are packed and shipped to the customers directly
Bogdan Colceriu, Co-founder & CEO from there. The pricing system is scalable, tailored to each business’ size, depending
Rares Benga, Co-founder on the number of processed orders and amount of stored products.
Laura Frincu, Fulfillment Manager
Tudor Benga, Co-founder
Rares Dragan, Co-founder

Before Frisbo, we started Okian.ro, an Biggest challenge:


online bookstore with over 1 million titles Early on we understood that educating
listed, from which we had only 30K on stock. the market should became a part of our
This was quite a hassle in fulfillment and we mission in order to help ecommerce
understood the need for such a service and businesses grow faster and outside their
€1.5M+
RAISED
not only that. current markets.

Scaling outside home markets for online Access to capital:

22 Retailtech
shops is even harder as stocks need to be We went through 3 rounds of
placed and managed in different areas and investment, starting with an angel round
EMPLOYEES VERTICAL use them for sales on different channels. (200K), then we had a strategic investor
Before Frisbo, you had to use different fulfillers (500K) and recently we closed a VC

2014 Romania
for different countries or for different channels round (1.2M).
(like Amazon, eMag, etc).
FOUNDED COUNTRY

CONTACT:
www.frisbo.ro
frisbo@frisbo.ro
INFLEXIONPOINT
MAKING SENSE OF DATA

InflectionPoint is focused on using Artificial Intelligence to extract actionable


FOUNDERS: information from live video and images for businesses. Addressing the Retail and Real
Pushkar Chatterji, Estate sector, their A.I.s are helping clients increase revenue, reduce loss and theft,
Founder & CEO improve on-premise customer experience, and increase safety and security.

Recognising the fact that Growth:


businesses spend significant amounts We made a conscious decision not to go
on surveillance infrastructure and end down the ‘Freemium’ path as we wanted our
up using only a tiny fraction of the initial customers to be partners and not just
data that infrastructure generates consumers. This gave us access to industry
€0-100K
RAISED
over its lifetime was one of our cues
into the market need.
specific experience and know-how.

First client:

8 Retailtech
Our initial hypothesis of ‘There is It was a large multinational retail chain also
valuable data which is being present in Romania. The inflection point (pun
EMPLOYEES VERTICAL captured but not used’ was very much intended) in this specific customer
confirmed through multiple journey was when we got the opportunity to

2014 Romania
discussions with leadership in the show the client how we can solve their
Retail, Real Estate, Imaging and specific needs (and not just talk about
FOUNDED COUNTRY Manufacturing space. generic industry level requirements).

CONTACT:
www.inflexionpoint.eu
contact@inflexionpoint.eu
NEUROLABS
AUTOMATING RECOGNITION TASKS THROUGH
SUPERHUMAN MACHINE VISION

Neurolabs is a tech focused company, that builds object recognition algorithms by


FOUNDERS: using synthetic data alone. This allows a faster, cheaper and cost effective solution.
Paul Pop, Their long term plan is to achieve superhuman accuracy level in object recognition.
CEO
Patric Fulop,
CTO
Remus Pop,
Head of Solutions
We started off with a different First client:
focus mainly as a result of indirect Our first client was Konica Minolta, a
research. However, it was only well-renowned global company. We ended
through countless direct discussions up collaborating with them through one of
with people from the retail industry the accelerator programmes we took part
€100K-500K
RAISED
that we identified in-store product
recognition as a much larger market
in.

need. Future plans:

12 Retailtech
Our vision is to be the go-to company when
Pivoting from something we had it comes to product recognition. There are
EMPLOYEES VERTICAL invested months of effort and time so many repetitive visual tasks that could
into, to something significantly be performed better, faster, cheaper and

2018 Romania
different (basically almost starting safer using image-based automation.
from scratch) was extremely difficult
FOUNDED COUNTRY for us. To let go and look at the past as
it faded away was tough.
CONTACT:
www.neurolabs.eu
hello@neurolabs.eu
TOKINOMO
THE ULTIMATE SHOPPER ENGAGEMENT

A unique RetailTech solution for in-store promotions that allows shoppers to interact
FOUNDERS: with the products and which yields the best sales results in the market.
Ionut Vlad,
CEO
Laurentiu Cluve,
COO

We used to work in advertising for top First client:


consumer goods companies and realised that Coca-Cola - we did a free pilot in a gas
the current in-store marketing solutions are station right near their offices. They saw
outdated and inefficient. it and apparently liked it, then got our
Clients’ inertia in using inferior solutions is still contact info from the gas station, called
high though. us in and we signed our first deal.

€500K-1.5M
RAISED
Although we proved over and over again that Growth plans:
we manage to influence sales like no other We plan to have a Tokinomo in every
solution out there, the marketers are reluctant store around the world. We are still
10 Retailtech to embrace a new way of communicating
in-store and they still prefer old, traditional
working on it. Right now we are
building rapidly a global network of
EMPLOYEES VERTICAL
ways of promoting their products. Like with local distributors and also target the

2016 Romania
every new technology there are some early international Retail Chains.
adopters, but the majority are followers.
FOUNDED COUNTRY

CONTACT:
www.tokinomo.com
hello@tokinomo.com
YOSH.AI
PERSONAL SHOPPING ASSISTANT IN APPAREL E-COMMERCE

Yosh.AI is an innovative Deep Learning technology that offers AI solutions for fashion
FOUNDERS: retailers to drive user engagement, increase sales and optimise costs through
Katarzyna Dorsey, automation.
Founder & CEO

Yosh.AI revolutionize the Growth:


communication between retailers The virtual assistant can also deliver visual search
and the user through the use of capabilities, which is a valuable aspect for fashion
AI-powered Virtual Assistants. brands who are searching to deliver new levels of
Thanks to innovative AI technology service and value to the user. The full
supporting both voice and text personalization of the virtual assistant allows to

€1.5M+
RAISED
conversations, brands are able to
seamlessly communicate with users,
reflect the personality traits of the brand.

allowing for more meaningful, Achievements:


user-driven, personalised one-to-one The solution is integrated with platforms like
5 Retailtech communications. Google Assistant and Alexa, covering advanced
voice search, product purchase, ans also client
EMPLOYEES VERTICAL
The Joy Shopping Advisor developed service. Winner of numerous awards in 2019

2017 Poland
by Yosh.AI for Intu in 2018 was including Best Tech Startup for Retail Europe
presumably the first voice fashion 2019, is was named by Forbes as “a company that
FOUNDED COUNTRY shopping assistant in the world. changes the future of retail”.

CONTACT:
www.yosh.ai
hello@yosh.ai
SAAS
SMART DREAMERS
ACCELERATE TALENT ACQUISITION WITH
RECRUITMENT MARKETING AUTOMATION

SmartDreamers is a Recruitment Marketing Automation software that acts as a center


FOUNDERS: point solution for online talent acquisition. With the first scalable automation module,
Adrian Cernat, CEO it is used by companies such as L'Oreal, Temenos, Siemens, UiPath and others, to
Mihai Ceusan, CTO automate highly fragmented processes such as candidate sourcing and recruitment
Alpar Major, CRO data collection and analysis.

While being part of another HR tech startup First client:


where we had meetings with 50+ specialists We closed with Genpact Europe via
from the HR industry, I (Adrian) realized that the classical Linkedin approach (it
talent acquisition is still a highly fragmented works).
process and the current solutions that address it
€1.5M+
RAISED
are expensive and inefficient. Funding:
Just 9 months after going live with
It was challenging to start a business model with SmartDreamers, we closed a business

33 SaaS
low scalability, but the biggest challenge was to angel round. This helped us to scale
make the shift to a scalable SaaS business and in turn close a following VC round.
EMPLOYEES VERTICAL model, with global footprint, a clear pricing
structure, product scalability and fit within the

2014 Romania
global enterprises, the global sales engine.

FOUNDED COUNTRY

CONTACT:
www.smartdreamers.com
office@smartdreamers.com
TYPINGDNA
RECOGNIZE PEOPLE WHEN THEY TYPE - AS A SERVICE

TypingDNA looks at how people type and reliably recognize them in browser and
FOUNDERS: native apps, mobile and PC. The technology is mostly being used in 2FA/MFA
Raul Popa, (multi-factor authentication) to provide an additional layer of security to government,
Co-founder, CEO & data scientist enterprise and consumer apps.
Cristian Tamas,
Co-founder & CMO
Adrian Gheara,
Co-founder & board member
The chicken and egg problem of Mission:
cybersecurity is ‘trust’. To win Our mission is to lead typing biometrics technology
clients one has to have clients. to mass adoption. We believe TypingDNA will
It’s much easier to build a massively improve UX and security at first, and we
technology unlike any other hope to see a lot of different use cases where typing
€1.5M+
RAISED
instead. biometrics is employed in the future as well

We realized the complex play First clients:

18 SaaS
between user experience and Our first clients were all exam proctoring (verifying
security in identity access students identities online). We solve a problem that
EMPLOYEES VERTICAL management, and that the can’t be solved with a password or a code sent to
market needs a better solution the student over SMS: when the student hires a

2016 Romania
that improves both. This is what fraudster they will share their passwords as well. But
we are doing. they can’t share their biometrics.
FOUNDED COUNTRY

CONTACT:
www.typingdna.com
office@smartdreamers.com
DORA BY HAPPY RECRUITER
DORA, THE RECRUITMENT ROBOT

Dora is the personal HR assistant robot that searches for candidates online and
FOUNDERS: interviews them according to the recruiter's requirements.
Liviu Livanu, Head of Sales
Dragos Lup, Product Manager
George Cheteles, CTO
Raluca Stefanescu, Recruitment
Manager
Madalina Rigo, Admin & Marketing
Andrei Cornea, Data Analist & We started from the idea of solving two of the Growth plan:
Marketing recruitment sector issues: time and results. At At this moment, Dora speaks 8
Calin Stefanescu, CEO
the same time we’re giving people who are languages and has over 1,200
looking for a job the chance to perform companies using it already, both from
interviews 24/7, whenever they are available. It EU and the US. It has managed to have
€1M
RAISED
is totally possible with the help of technology. 0.5M interviews and had increased the
revenue with 150%.
We created an MVP and gave companies the
Biggest challenge:
8 SaaS
chance to use it. In the meantime, we
presented the company to potential We are living in a technological
EMPLOYEES VERTICAL investors. We started to get traction very early revolution era as we speak. The
on, so did the interest from investors. challenge is to calibrate the speed of

2017 Romania
Dora is saving costs, increases results and implementing with the speed of
takes over most of the stressful and repetitive companies' ability to adapt to and
FOUNDED COUNTRY tasks of recruiters. accept the help of technology..

CONTACT:
www.happyrecruiter.com
office@happyrecruiter.com
PLANABLE
CONTENT COLLABORATION MADE EASY, FINALLY

Planable is a platform that allows agencies and social media marketers to collaborate
FOUNDERS: with their clients. This is a tool that speeds up the way social media campaigns are
Xenia Muntean, CEO managed and makes planning, visualizing and approving social media posts easy and
Nicolae Gudumac, CTO fun.
Vlad Calus, CMO

Before Planable, I (Xenia) was running a Biggest challenge:


social media agency and have struggled Undeniably, building the team. Finding the
with the problem myself. right people with the right mindset is hard.
Evolving the culture of the company while
Coordinating projects with my team and staying true to our values is not an easy
€500K
RAISED
- 1.5M my clients required a lot of orchestration
and it was hard work. We were planning
task.

content in a spreadsheet, hosting the files Growth hacks:

11 SaaS
in Dropbox, gathering feedback in Eating your own dog food. We believe in
never-ending email threads and all this content marketing and social media and
EMPLOYEES VERTICAL back and forth was halting progress. that was our plan for go-to-market. It has
worked tremendously well for us and that’s

2016 Romania
I was looking for a tool to help me easily what we’re doubling down on moving
collaborate with my team and we built forward.
FOUNDED COUNTRY Planable to do just that.

CONTACT:
www.planable.io
hello@planable.io
HCM DECK
THE EMPLOYEE DEVELOPMENT PLATFORM
FOR MODERN EMPLOYEES

HCM Deck is a SaaS platform that helps modern enterprises automate employee
FOUNDERS: development and create a compelling employee experience. By offering key products
Simon Janicki, and features, the platform enhances employee growth and productivity in 3 key areas
Co-founder & CEO — learning, communication, and feedback.
Rafał Niesłuchowski,
Co-founder & CTO

HCM Deck founding team has more than 16 Biggest challenge:


years of experience in HR and Learning and Keeping the same, ultra-valuable
Development space. Experience gained and company culture while growing 100% year
deep understanding of enterprise L&D after year.
market enabled us to build HCM Deck with
$5M
RAISED
success and with almost instant
product-market fit.
First client:
In the enterprise world, you need to gain
the first client almost with bare hands. You

65 SaaS
From the beginning, our strategy was to need to double, triple or even quadruple
focus on enterprise clients with high ARPA your efforts to achieve success. It was a mix
EMPLOYEES VERTICAL and we were using ABM to achieve the goal. of strategies, tactics and whatever works.

2016
FOUNDED
Poland
COUNTRY

CONTACT:
www.hcmdeck.com
hello@hcmdeck.com
PROPTECH
VIKI
HOME IS WHERE VIKI IS

VIKI’s home automation system provided with artificial intelligence and learning
FOUNDERS: algorithms replicates user behavior without needing the scenario settings made by a
Dan-Alexandru Chiuzbaian, specialist, offering in this way a perfectly adjusted environment, tailored to user’s
Project Manager current needs.
Maftei Retegan,
Software Developer
Bianca Roman,
Software Architect
Florin Roman, “With the appearance of IoT and the First client:
Technical Manager increase of devices that are connected to With a fairly large household and very short
the internet which we need to control time for the implementation of the project,
with the use of our mobile phones, each the client found our solution to be suitable
coming with its own application, came the to their need, because the house learns
-RAISED need of something to manage them all in
a simpler and more intuitive way.
how it has to work directly from the user.

Growth plans:

7 Proptech
Thus we resort to artificial intelligence We are looking for collaboration with
algorithms, using machine learning, to companies that produce infrastructure for
EMPLOYEES VERTICAL accumulate data, recognize the context smart homes and are open and looking to
and replicate the previously validated integrate an artificial intelligence layer that

2017 Romania
behavior of the user. adds value to their product.

FOUNDED COUNTRY

CONTACT:
www.vikiknows.com
contact@vikiknows.com
OKOSH
ONE APP. THE SOLUTION FOR YOUR HOME
AND OFFICE AUTOMATION

OKOSH is a device and protocol agnostic Home and Office automation platform. It
FOUNDERS: aims to bundle all features related to home and office automation within a single app,
Ioana Handabut, CEO providing the option for user to easily manage the building from one place.
Anca Goron, Head of research
Marius Zirbo, Product Manager

We talked and interviewed many Funding:


companies within the real estate industry We are a product oriented company, so the
and office owners; both personas shared idea had matured inside, up to PoC stage.
the same pain: To many apps to control After that we got funding from EUROPEAN
the devices from a building. UNION for the OKOSH MVP development.
€100K
RAISED
- 500K One of the biggest challenges until now Growth plans:
was to switch from a business model with Our growth plan was split into two stages:

3 Proptech
low scalability (CEE market focus); to a The first one was to sign local enterprise
scalable SaaS business model, with global customers in the beginning (2019-2020)
EMPLOYEES VERTICAL footprint: pricing structure, product and then to scale regionally. We are
scalability and fit within global enterprises currently in stage one, with 5K eur / month

2019 Romania
and global sales engine. subscription target.

FOUNDED COUNTRY

CONTACT:
www.okosh.io
contact@okosh.io
YE PARKING
ROMANIAN PARK SHARING

Ye Parking redefines the way parking owners and drivers benefit from existing
FOUNDERS: parking infrastructure. The solution transforms the phone into the most convenient
Lodoaba Mihai, CEO and best peace-of-mind providing parking manager.
Kadar Imola, COO
Scorobete Alin, CTO

“he idea came to us while First client:


wandering around the city Until now we’ve been targeting residential parking
looking for a free public parking owners and day-to-day drivers (4K+ users in the
spot, while there were a lot of community). We are looking to expand to business
empty residential parkings parking lot management solutions in the near
-RAISED around. future.

The biggest challenge we have Future plans:

4 Proptech
faced until now was finding a We aim to launch the solution in a 2nd city by the
way to show our community end of this year and to scale it to private parking
EMPLOYEES VERTICAL members all the common lots management at the beginning of 2020.
benefits reusability and sharing Regarding Cluj-Napoca, we aim to enable within

2018 Romania
economy principles can bring the community a total of 6000 (out of the existing
into their lives. 60K) residential parking spots by Spring 2021.
FOUNDED COUNTRY

CONTACT:
www.yeparking.ro
yes@yeparking.ro
SENSIX
END-TO-END IOT SOLUTION FOR BUSINESS

SensiX provides an end-to-end smart monitoring solution using proprietary,


FOUNDERS: non-intrusive and easy to install wireless sensor devices. Medium-sized companies
Lucian Corduneanu, CEO that own or rent office spaces, sports facilities or factories can use the SensiX solution
Ionut Movila, CTO to enhance customer / employee satisfaction, increase comfort, and reduce
operational costs. SensiX providesl actionable insights for energy consumption
optimization without compromising ambient comfort.

To uncover the market need we had to First client:


met a lot of people, drink beer, ask We were quite lucky. A friend of ours, got a
questions and really try to understand wonderful job of administering the biggest
their pains. We hunted for facility sports facility in our city. Somehow, the first
€75K
RAISED
managers, administrators, building
owners and other people who could help
customer was easy to catch.

us. Future plans:

10 Proptech
It’s very simple: we want to build a scalable
What drives the market we work is platform that’s easy to scale to
EMPLOYEES VERTICAL improved customer satisfaction and accommodate global markets, and plan
operational cost reduction, so we address well for mass production of our devices.

2016 Romania
that.

FOUNDED COUNTRY

CONTACT:
www.sensix.io
say@sensix.io
OFFICE R&D
ALL-IN-ONE COWORKING SOFTWARE

OfficeRnD is a Coworking and Flexible Workspace management platform that fully


FOUNDERS: automates the management tasks in a shared workspace, maximizes the staff
Miroslav Miroslavov, efficiency and improves the member experience. With more than 1000 spaces using
Co-founder & CEO the platform worldwide, OfficeRnD is one of the leaders on the coworking software
Miroslav Nedyalkov, market in thin moment.
Co-founder & Chief Architect

Back in 2015 we had an idea to solve the First client:


problem of managing dynamic/agile We went for the cold email approach. we
workspaces. This is when we discovered contacted hundreds of potential customers
the world of Coworking. We quickly fall in in London asking for information about
love with the concept of their office space and for their feedback, for
$1.5M+
RAISED
Space-as-a-Service and decided to focus
100% on providing the best solution for
the coworking spaces platform we were
building. Both parties wanted to sell and
Coworking spaces. we’ve got 100% response rate. As a result,

48 Proptech
we started working with around 10
Our initial plan was to build the best companies at once.
EMPLOYEES VERTICAL product on the market and rely entirely on
customer recommendations. We’re now Biggest challenge:

2015 Bulgaria
building more meaningful inbound Hiring enough engineering talent to meet
marketing and proper sales channels to product needs.
FOUNDED COUNTRY speed up growth.

CONTACT:
www.officernd.com
info@officernd.com
ENERGY
RINGHEL
SIMPLIFIED ENERGY AND GAS MANAGEMENT

Ringhel builds ERP and CRM software for power and gas companies, empowering
FOUNDERS: them to boost their businesses. About 50% of active power suppliers and 20% of
Mihai Darzan, CEO active gas suppliers in Romania are using Ringhel software in this moment.
Otilia Calugareanu. COO
Lucia Darzan, Business Developer

Our company CEO has previously First client:


worked in the power and gas We went for the cold email approach. we
markets and has witnessed firsthand contacted hundreds of potential customers in
the need within the market. London asking for information about their
office space and for their feedback, for the
€0-100K
RAISED
Having development skills, Mihai
developed internal software for the
coworking spaces platform we were building.
Both parties wanted to sell and we’ve got
companies he previously worked 100% response rate. As a result, we started

22 Energy
and then decided to create a working with around 10 companies at once.
commercial software that addresses
EMPLOYEES VERTICAL the market needs, incorporating all Biggest challenge:
prior experiences. Hiring enough engineering talent to meet

2011 Romania
product needs.

FOUNDED COUNTRY

CONTACT:
www.ringhel.com
office@ringhel.com
TRENDOMETRICS
ANALYTICAL SUPPORT FOR YOUR DECISIONS

Trendometrics develops complex analyses so that tough decisions can be made with
FOUNDERS: informed confidence. State-of-the-art techniques are employed to develop a wide
Vlad Vergu, range of analyses from hypothesis validation to forecasting of complex signals.
Co-founder & Data Scientist
Andrei Pruteanu,
Co-founder & Data Scientist

The first market need we uncovered Biggest (and ongoing) challenge:


through informal discussions with Is getting type 1 leads to understand that our
business owners in the field was the services effectively eliminate their daily financial
need for daily forecasts of risk - this risk is ingrained in their day-to-day
market-wide consumption of natural operations and they cannot imagine that it’s
-RAISED gas. possible to eliminate it. The second challenge we
have is teaching type 1 customers to become
We have 2 types of customers: the type 2 customers

2 Energy
ones that use our forecasts and
analyses to drive their growth and Access to capital:
EMPLOYEES VERTICAL those who rely on our forecasts to We didn’t need that, as we had a profitable
reduce their day-to-day financial risk company since day one and we used the revenue

2017 Romania
exposure. There are many more that we generated to drive organic growth. We
companies of type 2 in the energy are only now considering investments to finance
FOUNDED COUNTRY sector than of type 1. the next stage of our growth.

CONTACT:
www.trendometrics.com
info@trendometrics.com
GETA ENERGETA
NATIONAL ENERGY AUDIT AND CERTIFICATION OF BUILDINGS

An e-commerce application dedicated to national audit and energy certification


FOUNDERS: services. Geta joins the national objective of promoting energy efficiency
Valentina Tambou, improvement actions in real-estate sector and takes responsibility for the public
Founder & Managing partner information duty on legislative changes, policies and programs in force, technology
Bogdan Uta, news and energy efficiency practices.
Co-founder & partner

The reason we entered the energy certificates Business opportunity


market originates in the experience we gained over The energy certification services are
four years in the management of energy rendered by energy auditors - as
certification projects. First idea for the platform was subcontractors, according to Law
born in the summer of 2018. One year later, it was 372/2005 on the buildings energy
-RAISED ready to start with a financing of 50,000 euros,
received in the factory by Raiffeisen Bank program.
performance.

Geta Energeta concept is possible

- Energy
The project assumes the duty of public information thanks to the opening and
on the legislative changes, the policies and involvement of Romanian energy
EMPLOYEES VERTICAL programs existing, as well as on the new auditors towards the co-optation
technologies and practices regarding energy program for Suppliers-Partners.

2019 Romania
efficiency.

FOUNDED COUNTRY

CONTACT:
www.getaenergeta.ro
office@energeta.ro
BOX2M
NATIONAL ENERGY AUDIT AND CERTIFICATION OF BUILDINGS

Industry 4.0 technology vendor, focused on R&D and solutions for energy & utilities
FOUNDERS: infrastructures, which decrease the customer energy bill and maintenance costs. The
Alexandru Gliga, solutions are built on proprietary industrial IoT hardware and cloud platforms, and are
CEO & Product Manager designed to run integrated in both retrofit and greenfield sites, global location
Marian Macoveanu, independent and are highly scalable.
CTO & Hardware Lead
Dan Caragea,
Software Lead

We uncovered the market need while First client:


we were still working inside tech Our first client was ENEL. We won a
companies and were supporting use hackathon where they were present, they
cases for the targeted market. We liked our solution and we went on.
-RAISED anticipated the mixture of tech, like
Telco, Software and industrial Future plans:
engineering. We are looking to secure a round of 0.5 - 1M

8 Energy
funding round in the near future, so that
The biggest challenge we face though, is we can expand abroad. We’re planning to
EMPLOYEES VERTICAL the industry implementation timeline, increase sales and to get an US patent.
that can take up to onr, even one and a Maybe also open a second branch in the

2016
FOUNDED
Romania
COUNTRY
half years after the initial discussion. UK or the US.

CONTACT:
www.box2m.com
office@box2m.com
STARSHIP
INDUSTRY 4.0 TECHNOLOGY VENDOR

Starship Technologies is a robotics company building fleets of self-driving delivery


FOUNDERS: robots designed to deliver goods locally within 30 minutes. The robots drive
Ahti Heinla, autonomously 99% of the time to make safe and environmentally friendly curb-side
Co-founder, CEO & CTO deliveries from a local hub.
Janus Friis,
Co-founder

Starships Technologies robots are Our mission


equipped with a sensor suite that includes We believe our robots will revolutionise
cameras, GPS and inertial measurement food and package deliveries, offering
unit. people new convenient services that
improve everyday life.
$82M
RAISED
The company's aim is to fundamentally
reshape how goods are shipped and With a combination of mobile technology,
delivered, and make local delivery, autonomous robots and partnering with

200+ Energy
ultimately, free. It also enables a new era stores and restaurants, we make local
of instant delivery that works around your delivery faster, smarter and more
EMPLOYEES VERTICAL schedule at much lower costs. cost-efficient.

2016
FOUNDED
Estonia
COUNTRY

CONTACT:
www.starship.xyz
info@starship.xyz
Partners:

Data partners:

Lorena Macnaughtan Smaranda Ignat


Special thanks to:
Mircea Vadan Ion-Gheorghe Petrovai
WWW.HOWTOWEB.CO