The Recursive

07/06/2024

It's almost the weekend, and it's a great time to revisit Ruslan Leteyski's piece on evaluating the potential of a startup with The Dead Horse Framework:

"The horses that end up growing a horn 🦄 and pooping rainbows 🌈 share a strong combination of 5 key business fundamentals: Strong need, Favorable market, Scalability, Control, and Defensibility. The ones that don’t – don’t ☹️."

💡 Read his full text on the link below!

Let me first address the unicorn elephant 🐘 in the room. I don’t know s**t 💩 about building unicorn companies. Never built one. Never invested in one.

06/06/2024

🇧🇬 𝐁𝐮𝐥𝐠𝐚𝐫𝐢𝐚'𝐬 𝐀𝐈 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 - 𝐭𝐨𝐩 𝐩𝐥𝐚𝐲𝐞𝐫𝐬

Based on analysis, the most prominent Bulgarian AI product companies in 2023 were:

Hyperscience - Series E ➥ $288M
Payhawk - Series B ➥ $239M
Quantive - Series C ➥ $160M
DRONAMICS - Series A ➥ $64M
Alcatraz AI - Series A ➥ $45M ................................................................................................................................
If you are a startup or scale-up founder developing AI products or providing AI services, an investor in AI innovation 💡, an accelerator, or part of the AI community 🌐 in CEE, add your brick 🧱 to the ecosystem by participating in The Recursive’s Survey Mapping the 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 2024 from bio.

06/06/2024

How to Web announces the return of its flagship startup competition, Spotlight. 🚀

Taking place alongside the conference on October 2-3 in Bucharest, Romania, Spotlight offers early-stage startups from Eastern Europe the opportunity to propel their ventures to the next level.

💡 Besides the investment prize, startups will benefit from networking opportunities with notable funds, mentorship and quality content.

Learn more about the competition and application process in the article below. ⬇

How to Web Conference, Eastern Europe's startups and tech event, announces the return of its flagship startup competition, Spotlight. Taking place

05/06/2024

Unlock the secrets of Croatia's tech prowess! 🚀 Dive into our latest exploration of this Adriatic gem's startup scene, from unicorn success stories like Infobip and Rimac Automobili, to groundbreaking educational initiatives.

Today, we will explore a place nestled along the Adriatic coast, a center for progress and technological advancements, birthplace of the renowned engineer

05/06/2024

Last week we announced the 𝐀𝐈 𝐢𝐧 𝐂𝐄𝐄 2024 𝐏𝐢𝐨𝐧𝐞𝐞𝐫𝐬 series, featuring Julien Coustaury, Managing Partner at Fil Rouge Capital.

Fil Rouge Capital (FRC) is an investment fund manager whose funds focus on early-stage businesses, spanning from pre-seed to seed, and Series A rounds of investments.

Thank you, Julien, for contributing to the survey. We are looking forward to meeting you soon to express our gratitude and share valuable insights!

P.S. If you'd like to be featured too, don't hesitate to reach out to one of our colleagues at The Recursive :)

We will continue the weekly series, highlighting the 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 who have completed the questionnaire. Stay tuned for more insights!
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If you are a startup or scale-up founder developing AI products or providing AI services, an investor in AI innovation, an accelerator, or part of the AI community in CEE, add your brick to the ecosystem by participating in The Recursive’s Survey Mapping the 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 2024 from bio by the end of June!

04/06/2024

📧 𝐈𝐧 𝐨𝐮𝐫 𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲 𝐍𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫, we aim to lean towards our credo “Stories shape stories”. 💡 Each week, we look forward to delving into specific topics that inspire and resonate with our community.

✨ Sign up if you haven't: https://hubs.la/Q02zscsr0

04/06/2024

Wiser Technology – a synergy of Bianor Holding, Digital Lights and Prime Holding! 💡 Discover their strategies and next steps as revealed to The Recursive in the article below. 🚀

Last week, the Bulgarian public company Bianor Holding announced they have acquired Digital Lights, together with 51% of Prime Holding. The €50M M&A

04/06/2024

87% of European VCs and LPs believe diversity in venture capital leads to better investment decisions and financials returns, reveals the latest report of European Women in VC. More than that, 88% of respondents say they use an impact investing framework. 📈

Besides showing the impact created by venture capital, the report also encourages institutional investors to join the movement.

“Despite record levels of venture funding and a strong track record bringing breakthrough innovation to market, the venture asset class remains underfunded. It is crucial for the largest pools of capital to engage with the venture ecosystem, participating at all levels, from fund of funds to direct investing and across the capital stack," encourages 🚀Kinga Stanislawska, co-founder of European Women in VC.

The landscape of venture capital in Europe is evolving with a distinct focus on positive impact and sustainability. According to a recent report by

03/06/2024

🧑‍🎤 The fear of public speaking is among humanity’s most common phobias.💡 Elena Peneva, a Bulgarian PR professional, shares three powerful strategies to overcome stage fright and deliver a winning pitch.

Read the full article and get ready to conquer the stage! 🚀

The fear of public speaking is among humanity's most common phobias—often greater than the fear of death. The joke that many people would rather die than

01/06/2024

In addition to being a holiday destination, Cyprus is becoming a key location for tech startups. ☀

Thanks to , Limassol was the meeting point for the tech minds, from change-making founders and supportive investors to other startups passionates.

📍 Strategically located between Europe, the Middle East, and Asia, Cyprus offers several advantages for startups, including the Startups Visa program, special tax incentives, and the Cyprus Equity Fund.

Spending the last two days there, Elena and Teodor report that the event was the right place to discover new ideas beyond the CEE and showcase the Bulgarian delegation.

Thank you Reflect Festival for having us there as a media partner. ‘Till next year! 🚀

31/05/2024

🌌 This week was the official opening of the new “Arthur C. Clarke” space lab in the Bulgarian Air Force Academy "Georgi Benkovski". The project is initiated and funded by EnduroSat.

🚀 The joint Master’s Program in Space Engineering and Technology will provide hands-on experience in designing and operating space missions.

👨‍🚀 The goal is to prepare the next generation of space engineering and operations professionals to meet the industry's growing demands.

🛰️ Take a look at the lab on the link below!

In a nutshell: EnduroSat, a company that designs and engineers spacecraft for business applications and space exploration missions, announced the launch

30/05/2024

🌳This June (26-28), the 4th edition of the Green Transition Forum will bring together all important stakeholders from 15+ countries to the same table - founders, investors, policymakers, researchers.

💡The organizers' goal is to create a comprehensive dialogue on the green transition, ensuring that the journey towards sustainability is inclusive and accessible to an increasingly larger number of people and businesses. Key topics that will be discussed include green financing, energy transition, bio-agriculture and food security, digitalization and cybersecurity, the social dimensions of a just transition, and regional cooperation.

🔋In the following article, we go over the agenda, some of the key participants while presenting an overview of the progress, innovators and challenges in the CEE green tech ecosystem:

Can Central and Eastern Europe (CEE) become a hub for green innovation and what needs to happen so we get there? The upcoming 4th edition of the Green

30/05/2024

We are happy to announce the 𝐀𝐈 𝐢𝐧 𝐂𝐄𝐄 2024 𝐏𝐢𝐨𝐧𝐞𝐞𝐫𝐬 series! 🚀 Today we are featuring Raya Yunakova, Investor at LAUNCHub Ventures.

Since 2012, LAUNCHub Ventures has been contributing to the growth of the CEE startup ecosystem. Their initial investments range from €300K to €2M, and they lead investment rounds of up to €4M.

Thank you, Raya, for contributing to the survey. We can't wait to meet you in 3D to express our gratitude again.

P.S. If you'd like to be featured too, don't hesitate to reach out to one of our colleagues at The Recursive :)

We will continue the weekly series, highlighting the 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 who have completed our questionnaire for the AI Report. Stay tuned for more insights!
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If you are a startup or scale-up founder developing AI products or providing AI services, an investor in AI innovation, an accelerator, or part of the AI community in CEE, add your brick to the ecosystem by participating in The Recursive’s Survey Mapping the 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 2024 here -> https://lnkd.in/dQzc9r4K by the end of June!

30/05/2024

🌟 Curious about what it takes to create a successful banking product? Dive into our latest article for a behind-the-scenes look at tbi bank's NEON team! 🚀

Find out:
- How Elena Kaneva bridges product and marketing.
- The strategies Vladimir Tsanev uses to align product features with customer expectations.
- Oleksandr Kyslashko’s approach to advancing the technical excellence of tbi’s mobile app.

Explore topics including:
- The structure of the product development process at tbi.
- The importance of customer feedback and how it shapes product evolution.
- Balancing in-house development with external partnerships.
- How tbi bank is making banking fun and engaging
🌍✨

Behind the Scenes of Building a Successful Banking Product: An Interview with tbi’s neon Team https://hubs.la/Q02yWHFf0

Creating a user-friendly banking product that stands out requires a deep understanding of customer needs, a well-coordinated development process, and

29/05/2024

💡 Despite not being the hottest trend anymore, with 2023 seeing the lowest investment values since 2017, fintech solutions are here to stay. 💳The proof for this is the growing fintech user base - from about 300 million in 2018 to over 547 million in 2024.

💸 To see what’s new or still standing in CEE, below is a list with 10 startups innovating in the sector. Should your startup be on the next fintech list? 📩 Write a message to Elena Ghinita.

P.S: Did you know that 171 of world's unicorns are in fintech?

When was the last time you went to the bank to make a transaction? Or wrote your company’s budget on paper? If you can’t remember, you’re likely a savvy

29/05/2024

🍇 Product Fruits, an AI-driven digital adoption platform, has secured $1.6M in funding! 🎉

💰 Reflex Capital SE is the sole investor in this round.

Learn how they're revolutionizing user onboarding and sales targeting.

In a nutshell Product Fruits, Czech AI-driven digital adoption platform (DAP), has closed a second $1.6M funding round within a year. Czech Reflex Capital

29/05/2024

🎉 Exciting News! Catalyst Romania Fund I has successfully exited its investment in SmartBill, selling its remaining shares to the Norwegian group Visma.

💸 This marks another major milestone for the fund, which has supported over €12M in investments across top Romanian tech companies.

🔗 Read the article below!

In a nutshell Catalyst Romania Fund I just announced the sale of its remaining shares in SmartBill, a Romanian provider of cloud-based invoicing,

29/05/2024

🇭🇷 𝐂𝐫𝐨𝐚𝐭𝐢𝐚'𝐬 𝐀𝐈 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 - 𝐭𝐨𝐩 𝐩𝐥𝐚𝐲𝐞𝐫𝐬

In our first AI report edition, we presented a comprehensive overview of the AI startup ecosystem across all CEE countries. Here is Croatia's presentation. 🇭🇷
From incubators 🏢 and key funding organizations 💰 to educational institutions 🎓 and the most prolific startups 🚀, our report covers everything you need to know. Dive in to explore the dynamic AI scene in Croatia!...........................................................................................................................................................
If you are a startup or scale-up founder developing AI products or providing AI services, an investor in AI innovation 💡, an accelerator, or part of the AI community 🌐 in CEE, add your brick 🧱 to the ecosystem by participating in The Recursive’s Survey Mapping the 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 2024 from bio.

28/05/2024

🎙️ Today, we present a new episode of featuring a fascinating guest: Borys Musielak, an engineer turned entrepreneur turned investor! 🚀

As a founding partner at SMOK Ventures, Borys focuses on software development tools, game development, and artificial intelligence. He is also a dedicated mentor to early-stage startups in the CEE region. 🌟

Tune in to hear Borys discuss:
🔹 Focus and motivation when starting a venture
🔹 Elevating the potential of the CEE region
🔹 The future of venture capital..and much more!

Our next guest is an engineer turned entrepreneur turned investor. Borys Musielak is a founding partner at Polish SMOK Ventures, having a particular focus on...

28/05/2024

🤔 The philosopher’s stone was thought to cure illnesses and prolong life, back in the Middle Ages to the end of the 17th century. 🚀 Fast forward to today, the “quest for the stone” is not over.

🍀 Discover the future of longevity! These 4 innovative CEE startups are leading the charge in extending human lifespan through solutions like biological age testing, epigenetic reprogramming, microbiome health, and more.

✨ Learn more how they're redefining aging.

The philosopher’s stone was thought to cure illnesses and prolong life, back in the Middle Ages to the end of the 17th century. The quest for the stone

27/05/2024

71% of founders surveyed by ULTRA VC see work as a higher or the highest priority in their lives, sacrificing some or any of their “off-work” time for success. 💡

Work weeks of 60 or more hours is very common for them, as well as giving up on sports and meeting friends.

“Working 60 hours or more a week without risking burnouts means that it is important to listen to its own body and disconnect when we feel too tired, or unproductive," suggests Luka Zivkovic, co-founder of FoodTech Bonapp.

Are these statistics applicable for you? Let us know in the comments. 👇

71% of founders surveyed by ULTRA.VC, an early stage investor/accelerator, see work as a higher or the highest priority in their lives, sacrificing some

27/05/2024

⚡ Exciting news! Czech energy startup Delta Green secured a €2.2M investment from Tilia Impact Ventures, joined by Credo Ventures and Purple Ventures.

🚀 With this boost, they will expand into Western Europe to scale up their sustainable energy management solutions for households.

Read the below!

In a nutshell Czech energy tech startup Delta Green secured a €2.2M investment. The round was led by Tilia Impact Ventures, along with Credo Ventures and

27/05/2024

When raising capital for your startup or venture fund, exploring various sources is a must. Don’t forget about the family offices. 💯

Even if it might take some more work to reach them, it’s worth your time. Family offices operate with a longer-term perspective and boast a unique network that may otherwise be inaccessible.

➡ To give you a helping hand if you are in the fundraising process, we've compiled a list of FOs in CEE.

Have a look and make some notes.

Family Offices are now key players in finance. Managing Ultra-High-Net-Worth Individuals' assets, they are crucial in the tech startup scene, offering

25/05/2024

Last year, we've identified over 90 venture capital and five private equity firms actively supporting the Central and Eastern European AI startup ecosystem. 🌍🤖

A substantial portion of these funds originates from the largest regional ecosystems: Poland and the Czech Republic, followed by Bulgaria, Hungary, Romania, and Greece. 🇵🇱🇨🇿🇧🇬🇭🇺🇷🇴🇬🇷

In addition to VC and PE firms, accelerators and incubators 🚀, as well as government initiatives 🏛️, represent the secondary sources of support.
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If you are a startup or scale-up founder developing AI products or providing AI services, an investor in AI innovation 💡, an accelerator, or part of the AI community 🌐 in CEE, add your brick 🧱 to the ecosystem by participating in ’s Survey Mapping the 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 2024 from bio 📊

     

24/05/2024

Are you attending or organizing a conference in 2024? 🎤

Make sure to pay extra attention to personalization, sustainability and the power of technology, says Vlad Ciurca, co-founder of the tech conference Techsylvania.

In his guest article for The Recursive he shares what happens behind the scenes and how his team plans to offer the best conference experience for attendees and partners. 💯

See what to expect from this year's Techsylvania taking place on June 26-27 in Cluj, Romania and see you there! ✈

As the founder of Techsylvania, I've had the privilege of witnessing the transformative power of events in Romania's tech and business landscape. In a

24/05/2024

: https://hubs.la/Q02ymyxM0
🧭 Your bi-weekly compass in CEE’s ecosystem!

✨ 𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐉𝐨𝐢𝐧 𝐎𝐮𝐫 𝐍𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫:
👉 Stay updated on who is innovating and learn about their impact on the market.
👉 Discover the hottest trends and their potential market effects through detailed analyses.
👉 Access the latest opportunities and best practices for growth in the regional and global tech ecosystem.

24/05/2024

🌿 ViennaUP 2024 is the place to be for green tech startups and innovators! Explore a range of impactful events from June 3-9, 2024, including:

🌱 Creative Days Vienna: Culture meets sustainability.
🌍 Impactful Solutions Exhibition: Replicating success for societal change.
🏙️ Smart City Summit: Urban energy transition insights.
🤝 Impact Days: Collaborating for a sustainable future.
💡 Brunch with Vienna Planet Fund: Financing green innovations.

Join us in Vienna to connect, learn, and innovate for a greener world! 🌍

ViennaUP 24, the highly anticipated startup festival, will take place from June 3 to 9, 2024. This year’s program is set to spotlight further the

23/05/2024

🚀 Exciting news! Polish-founded DeepL, an AI translation powerhouse, led by Jarek Kutylowski, landed a $300M investment from Index Ventures.

🌐 This investment is set to fuel their expansion into the US, Asia, and Latin America, while ramping up research and commercial efforts.

🇵🇱 Poland has been a nurturing ground for tech talents over the past couple of years. In 2019, the AI Tech scientific consortium was established.

Sam Altman, CEO of OpenAI, has previously recognized Poland's engineering expertise, a sentiment reflected by the recent appointment of Jakub Pachocki as Chief Scientist at OpenAI.

In a nutshell Polish-founded DeepL, a startup focused on AI-powered translation services, announced a $300M investment at $2B valuation. The round was led

23/05/2024

🎉 Pluria, а B2B SaaS solution revolutionizing remote collaboration, acquired bili, a menu ordering and payment solution. 🌍 This strategic move is set to enhance flexible workspaces worldwide.

🚀 Find out more about thе acquisition now!

In a nutshell Romanian Pluria, a B2B SaaS solution connecting distributed teams with nearby workspaces, has announced its acquisition of Bili, a menu

22/05/2024

Around 2-5 key mentors are needed to nurture a founder during their early stages, but it takes all ecosystem key players to contribute to the CEE community and understand the market. 🤝

If you are a startup or scale-up founder developing AI products or providing AI services, an investor in AI innovation 💡, an accelerator, or part of the AI community 🌐 in CEE, add your brick 🧱 to the ecosystem by participating in The Recursive’s Survey Mapping the 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲, check the link from bio to acces the survey.