DISRUPTORS

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

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 8
6 6
50M 4 4 4 5
2 2
1 1
TOTAL INVESTMENT
INVESTMENT €0M ROUNDS

K VIND

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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 20M 33
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
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27 IO
M .7 N
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RK
€ ETI
17 N
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€
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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, Romania
200K and the Czech Republic. Over 3% Slovakia’s
and Estonia’s population are developers, an
outstanding percentage by comparison to the
3.0
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

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R

AT

EN

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SL

SL
B
R

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CZ

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 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

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V D

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56 C

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17

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11

PR
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LA

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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 97%

€1.1M €1M
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
UiPath investments made in Romania
NUMBER OF
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
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S

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1M

€ FOO
51 T

EN € EC

K
M

5K
€ AL
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I
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SP

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97
CU

CA
J
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H
SO RP

R
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EV
N

K
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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
its early-stages to significantly move the dial on
customer expectations. According to the EY
Global FinTech Adoption Index 2019, 63% of
FinTech adopters say their companies haven’t
planned sufficiently for financial risks and
market downturns, compared with just 36% of
non-adopters. This gap creates a market
opportunity for FinTech startups to develop
predictive tools that address specific SME needs
— such as software that forecasts cash flow and
programs that help firms hedge financial and
economic risks. On the consumer side, money
transfers and payment services with
peer-to-peer payment systems and non-bank
money transfers are the most used Fintech
services. Consumers will try to obtain as many
benefits as possible for their basic needs,
adopting more affordable, digitally accessible
and technology-forward services.
A reaction to the current Fintech sector
problems is to increase their readiness to the
market trends:
Big bets on game changing technologies:
Blockchain, AI and Intelligent Automation will
remain ones of the main FinTech moneymakers
of the next months. The generational wealth
transfer, between the baby boomer’s generation
and millennials, may well result in a behavioral
change. FinTech could act as an intermediary
for this generational shift with their game
changing and disrupting technologies.
Consumers continue to drive demand and
shape supply. Opportunities will continue to
remain strong in emerging markets where there
is a large population of consumers. Large
consumers bases will create opportunities to
leverage data and analytics to reveal in-depth
insights about spending behaviors and other
needs for services and products. This, will
generate more business opportunities for the
FinTech sector to develop more innovative
solutions.
Industry convergence and collaboration: We
anticipate the trend of alliances between
financial services providers and FinTech to
continue to evolve alongside the changing
needs and demands of customers. FinTech
companies will cross the traditional technology
provider borders, entering as a real financial
services player in the market.
Looking ahead: As the smartphone becomes the
primary mode of financial services consumption, a
large segment of the economy will become
digitized, creating a massive “new economy”
opportunity where services can be provided in a
real-time, location-based and decentralized
manner.
The FinTech Romanian ecosystem is dominated by
startups and transactions with money transfers
and payments services. The Open Banking
Standard, European Union “Revised Payment
Service Directive” PSD2, as well as increasing
customer expectations are a huge adoption driver
for FinTech evolution, offering opportunities for the
ecosystem to innovate and extend with new
offerings in other areas. Increasing consumer
adoption and globalization trends of FinTech
startups will disrupt the Romanian FinTech
ecosystem, with new foreign startups entering the
local market. The result will be increased
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
financial market and support our
mission. We believe easy access to
finance is as essential as electricity, water
$3.3M
RAISED
and education.
Our mission is to change the way people
experience and engage with financial
100+ Fintech technology by putting automation and
EMPLOYEES VERTICAL personalisation at the heart of
innovation, transforming the digital
customer experience quickly and
2017
FOUNDED
Romania
COUNTRY
affordably.
Our first customer was NN. We started from
our value proposition - the fact that you can
start tactically and transform a single
process within a matter of weeks rather
than months, familiarize with our
technology and prove its agility.
Future plans:
We are now present in ten markets and
have over 25 global financial organizations
as customers. Our plan is to be in thirty
markets and reach the hundred customers
milestone by the end of 2020.

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 through
Co-founder 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
We strongly believe that number will Our growth has come initially from
25 Fintech 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
supported by Mastercard in 2017 and 2018.
2016
FOUNDED
Romania
COUNTRY

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

AlphaBlock has developed a General AI engine to generate smart investment

FOUNDERS: portfolios and intelligence solutions.
Mukul Pal,
Founder

Pension funds are not Funding:

generating enough returns to take
care of the ageing population
because 90% of global asset
managers don’t beat the market,
net of costs but still continue to
We have successfully found a lead investor with Real
Ventures. This is a top ranked Canadian venture
capital firm, with a big focus on new technologies.
First client:

€1.5M+
RAISED
charge high cost. There are few
systematic, scientific and
In July 2011, the founder, Mukul Pal, flew to Vancouver
to look for clients. The asset managers he met there
replicable processes which can told him to go to Toronto. While he was in Toronto, he
reduce cost, assume market risk decided to push further and took a train to Montreal.
9 Fintech and generate returns (alpha) and
transcend beyond financial
A month later he got introduced to his first client, a
Canadian Portfolio Manager who started an advisory
EMPLOYEES VERTICAL
markets into non-financial relationship, leading to multi year journey of product
domains. AlphaBlock's RMIVG20 prototyping and technology development. The
2017
FOUNDED
Romania
COUNTRY
uses Nasdaq’s validation to prove
that bots can generate consistent
technology was confirmed by an MIT award in 2016
which allowed Mukul to enhance the product and get
and systematic returns. further traction in 2018.
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-
was to build the complex architecture ents. After that, we plan to expand into sev-
20+ Fintech 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
from around the world. on that.
2017
FOUNDED
Romania
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, and
Antonio Separovic, cut costs and fraud. It’s operating in 12 markets, and partners with over 80 financial
Co-Founder & CEO. institutions, in this way providing digital financial services to over 4 million end-clients.
Julian Oehrlein,
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.
solve — even in the most remote and We quickly learned that we needed to pri-
120 Fintech 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,
problem of financial inclusion and this really relevant issues became much more
2012
FOUNDED
Croatia
COUNTRY
is still our key driver. obvious.

CONTACT:
www.oradian.com
hello@oradian.com
 1. How important is for young
entrepreneurs to receive guidance in their
entrepreneurial endeavour?
Having the right guidance in your
entrepreneurial endeavour can help you fail
faster without losing focus and motivation.
Most of the mentors in our programs are
becoming close friends with the
entrepreneurs they are working with and
continue to offer guidance long after the
programs end. The success stories in our
entrepreneurship programs are, without
exception, the result of having the right
mentors at the right time in the
entrepreneurial journey.
2. Why did you choose Fintech as a theme
for the fintech How to Web pre-event
hackathon?
Although funds raised by fintech
companies in Europe have tripled last year
to $37.5 billion, in Romania fintech is still in
Florin Grosu
President, YLC
its infancy. With this hackathon we are
hoping to help creating a generation of
global fintech startups born in Romania.
We expect the participants to find unique
solutions to the challenges proposed by
our partner companies and, furthermore, to
continue to work together and build global
fintech companies.
3. Do you have any startups-related
program or event coming up?
The winning teams at the hackathon will
join us at How to Web 2019 and we will
start a 6 month incubation program for
them. The incubation program is designed
to ready them for the next step in their
evolution and to help them scale
internationally. The YLC Fintech Incubator
will run twice a year and will be open to
teams looking to build a global fintech
startup.
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
are heavily affected by: influence of friends or
doctors’ recommendation, word of mouth,
competitive pressure, personnel attitude,
customer experience and value added services.
There is, therefore, a great need to shift from
sales to
relationship orientation providing a value
proposition, developing a trust relationship and
offering the customer an enhanced experience.
Medicover is a technology oriented company
and had already started an innovation path.
Therefore, the adoption of cutting edge
technology should play a significant role:
achieving operational excellence – using
technology for improved processes &amp;
personalized approach (e.g. the automation of
those repetitive processes, customized
approach tailored on patient’s needs, cutting
waiting period within clinics’ receptions,
effective case management and more.
There is still a toilsome process regarding the
use of technology for customer management,
the whole industry takes small steps forward,
but information technology and medical
equipment (one of the main choice criteria of a
medical provider) could play an important role
in creating value added service and competitive
edge.
Unfortunately, there is no coherent strategy for
the Health Sector to create long term added
value for patients (having a big impact on
private sector). Consequently, there is a natural
tendency and need for a high quality
alternative, which translates into an impressive
rise of private healthcare sector.
Romanian healthcare expenditure has the
lowest weight of GDP in CEE: 5.5% (source:
Eurostat 2014) and this affects medical services.
The market for private medical services has
increased significantly since its creation in the
mid 90’s. With an estimated value of EUR 1.5
billion end of 2015 (*according to Ministry of
Finance data), there has been a 67% rise over
the last 8 years. More than 50% of
Romanians have used private services.
The need of creating a constant flow between
all healthcare systems (private and public) is
more and more stringent: we need an improved
communication, an effective collaboration – all
in the service of our patients. And we, as private
providers, can benefit from technology and
rapidly adapt to innovation and customers’ needs.
Because we, at Medicover, are fast forward
adoption thinkers of new technologies and
medical procedures.
Healthcare trends:
Bots for internal processes and customer care
Repetitive processes automation
Integration of new technology: AI, VR
Telemedicine: the extended adoption of
technological tools regarding communication
Value based delivery – improved patient flow
Patient’s ownership on personal data; medical
history
The so-called Dr. Google: more and more
educated patients do their research before
their medical appointment and have bigger
expectations. So we have to be prepared for
them, anticipate their needs and offer them
high quality content and an improved
experience in order to counteract the tendency
of seIf-diagnostic and self-medication through
prevention and medical education programs
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 comfort
Andrei Kluger, of their homes, monitored by their orthopedic doctor, cutting down 60% of the
CTO 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:

auto-calibration system that detects how We met them at a medical trade fair: a
12 Healthtech 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.
Romania and the US. We think client
25 Healthtech 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
meeting that took more than 3 hours. markets.
2015
FOUNDED
Romania
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 outcomes
CEO 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,
One of the biggest problems we had so far our ML solution and grow our team. We’ll
12 Healthtech 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.
it, it’s really messy.
2018
FOUNDED
Romania
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 and,
MD, PhD (candidate) in the morning, superificalizes sleep so that people wake up fresh, rested and full of life.
Darius Misca,
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,
vibrate. So we switched towards “sleep as a while we continue our research into
6 Healthtech service”. digital therapeutics for mental health and
EMPLOYEES VERTICAL sleep apnea.
Now our research takes us into sleep spindles,
lucid dreaming and a possible digital As both a digital therapeutic and a digital
2017
FOUNDED
Romania
COUNTRY
therapeutic for depression, which will be truly supplement, WakeZ is a good fit for a
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 countless
FOUNDERS: people looking for an alternative treatment. The team is dedicated to revolutionizing
Maya Zlatanova, the way patients reach clinical trials by making possible a better match between clinical
Co-founder & CEO 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
ones who need them. platform, our ML solution and grow
11 Healthtech 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
treatment, and most of all provide people with countries.
2015
FOUNDED
Bulgaria
COUNTRY
access to promising treatments in development.

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
key aspect of customer shopping behavior,
while the checkout processes and
warehouses processes will be
revolutionized. Very soon, cashless
payments and robot warehouse operations
will be very common among many
retailers.
The transportation area is about to become
slimmer and more effective, pushing the
expected delivery time to less than 1 hour
for a customer.
The infrastructure will become more
intelligent and we see this already. There
are many aspects of the market that are
changing heavily and very fast nowadays.
Market needs:
Addressing more customers.
Find the right marketing and promotion
channels
Seamless connection between the Artificial Intelligence helping the
channels. companies to personalize their offers or
Personalized offers that address helping in optimizing the operations.
individually each customer. Augmented Reality/ Virtual Reality to
Market challenges: improve the customer journey as well as
The main problem is to understand that the employee journey.
brick and mortar retail is not the main Using smart devices that are empowered
solution anymore, for an effective and with “intelligence”, using cloud services or
performing retail sector. artificial intelligence.
Right after that, is the large volumes of
customers, assortments, and
transactions to deal with and the
handling of multuchannel distribution.
Stay creative and fresh in the eyes of the
customers
Potential useful technologies:
Cloud platforms to assure the right
elasticity
Ready to use services with a pay per use
model to leverage the resource usage
Ready to use solutions, many of them
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 on
Rares Benga, Co-founder 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
listed, from which we had only 30K on stock.
This was quite a hassle in fulfillment and we
understood the need for such a service and
€1.5M+
RAISED
not only that.
Early on we understood that educating
the market should became a part of our
mission in order to help ecommerce
businesses grow faster and outside their
current markets.

Scaling outside home markets for online Access to capital:

shops is even harder as stocks need to be We went through 3 rounds of
22 Retailtech 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
for different countries or for different channels round (1.2M).
2014
FOUNDED
Romania
COUNTRY
(like Amazon, eMag, etc).

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.

Our initial hypothesis of ‘There is
8 Retailtech valuable data which is being
EMPLOYEES VERTICAL captured but not used’ was
confirmed through multiple
discussions with leadership in the
2014
FOUNDED
Romania
COUNTRY
Retail, Real Estate, Imaging and
Manufacturing space.
First client:
It was a large multinational retail chain also
present in Romania. The inflection point (pun
very much intended) in this specific customer
journey was when we got the opportunity to
show the client how we can solve their
specific needs (and not just talk about
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 using
FOUNDERS: synthetic data alone. This allows a faster, cheaper and cost effective solution. Their long
Paul Pop, 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:

Our vision is to be the go-to company when
12 Retailtech 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
different (basically almost starting safer using image-based automation.
2018
FOUNDED
Romania
COUNTRY
from scratch) was extremely difficult
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
the current in-store marketing solutions are
outdated and inefficient.
Clients’ inertia in using inferior solutions is still
high though.
Coca-Cola - we did a free pilot in a gas
station right near their offices. They saw
it and apparently liked it, then got our
contact info from the gas station, called
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
every new technology there are some early international Retail Chains.
2016
FOUNDED
Romania
COUNTRY
adopters, but the majority are followers.

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
and the user through the use of
AI-powered Virtual Assistants.
Thanks to innovative AI technology
supporting both voice and text
The virtual assistant can also deliver visual search
capabilities, which is a valuable aspect for fashion
brands who are searching to deliver new levels of
service and value to the user. The full
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
by Yosh.AI for Intu in 2018 was including Best Tech Startup for Retail Europe
2017
FOUNDED
Poland
COUNTRY
presumably the first voice fashion
shopping assistant in the world.
2019, is was named by Forbes as “a company that
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, it
Adrian Cernat, CEO 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
low scalability, but the biggest challenge was to angel round. This helped us to scale
33 SaaS 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
global enterprises, the global sales engine.
2014
FOUNDED
Romania
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 native
FOUNDERS: apps, mobile and PC. The technology is mostly being used in 2FA/MFA (multi-factor
Raul Popa, authentication) to provide an additional layer of security to government, enterprise and
Co-founder, CEO & data scientist 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:

between user experience and Our first clients were all exam proctoring (verifying
18 SaaS 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
that improves both. This is what fraudster they will share their passwords as well. But
2016
FOUNDED
Romania
COUNTRY
we are doing. they can’t share their biometrics.

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
chance to use it. In the meantime, we Biggest challenge:
8 SaaS 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
Dora is saving costs, increases results and implementing with the speed of
2017
FOUNDED
Romania
COUNTRY
takes over most of the stressful and repetitive companies' ability to adapt to and
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:

in Dropbox, gathering feedback in Eating your own dog food. We believe in
11 SaaS 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
I was looking for a tool to help me easily what we’re doubling down on moving
2016
FOUNDED
Romania
COUNTRY
collaborate with my team and we built forward.
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
Development space. Experience gained and
deep understanding of enterprise L&D
market enabled us to build HCM Deck with
$5M
RAISED
success and with almost instant
product-market fit.
From the beginning, our strategy was to
65 SaaS focus on enterprise clients with high ARPA
EMPLOYEES VERTICAL and we were using ABM to achieve the goal.
Keeping the same, ultra-valuable
company culture while growing 100% year
after year.
First client:
In the enterprise world, you need to gain
the first client almost with bare hands. You
need to double, triple or even quadruple
your efforts to achieve success. It was a mix
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:
Thus we resort to artificial intelligence We are looking for collaboration with
7 Proptech 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
behavior of the user. adds value to their product.
2017
FOUNDED
Romania
COUNTRY

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

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

We talked and interviewed many Funding:

companies within the real estate industry
and office owners; both personas shared
the same pain: To many apps to control
the devices from a building.
€100K
RAISED
- 500K One of the biggest challenges until now
was to switch from a business model with
low scalability (CEE market focus); to a
3 Proptech scalable SaaS business model, with global
EMPLOYEES VERTICAL footprint: pricing structure, product
scalability and fit within global enterprises
and global sales engine.
2019
FOUNDED
Romania
COUNTRY
We are a product oriented company, so the
idea had matured inside, up to PoC stage.
After that we got funding from EUROPEAN
UNION for the OKOSH MVP development.
Growth plans:
Our growth plan was split into two stages:
The first one was to sign local enterprise
customers in the beginning (2019-2020)
and then to scale regionally. We are
currently in stage one, with 5K eur / month
subscription target.

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

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

“he idea came to us while First client:

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

The biggest challenge we have Future plans:

faced until now was finding a We aim to launch the solution in a 2nd city by the
4 Proptech 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
economy principles can bring the community a total of 6000 (out of the existing
2018
FOUNDED
Romania
COUNTRY
into their lives. 60K) residential parking spots by Spring 2021.

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 that
Lucian Corduneanu, CEO own or rent office spaces, sports facilities or factories can use the SensiX solution to
Ionut Movila, CTO 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:

It’s very simple: we want to build a scalable
10 Proptech 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.
that.
2016
FOUNDED
Romania
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:
Miroslav Miroslavov,
Co-founder & CEO
Miroslav Nedyalkov,
Co-founder & Chief Architect
automates the management tasks in a shared workspace, maximizes the staff efficiency
and improves the member experience. With more than 1000 spaces using the platform
worldwide, OfficeRnD is one of the leaders on the coworking software market in thin
moment.

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,
we started working with around 10
48 Proptech 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:
building more meaningful inbound Hiring enough engineering talent to meet
2015
FOUNDED
Bulgaria
COUNTRY
marketing and proper sales channels to product needs.
speed up growth.

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

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

Our company CEO has previously Funding:

worked in the power and gas
markets and has witnessed firsthand
the need within the market.
€0-100K
RAISED
Having development skills, Mihai
developed internal software for the
companies he previously worked
and then decided to create a
22 Energy commercial software that addresses
EMPLOYEES VERTICAL the market needs, incorporating all
prior experiences.
We received a 200K Euro overdraft from a
bank and are in due diligence process for an
additional 200K Euro quasi-equity financing
from InnoEnergy. We are also planning to
submit our application for a 1.5M Euro grant
from H2020 SME Instrument Phase 2.
First client:
Our first client was Arelco - the last company
Mihai DARZAN worked for. When he quit to
build Ringhel, Arelco became our first client.

2011
FOUNDED
Romania
COUNTRY

CONTACT:
www.ringhel.com
office@ringhel.ro
 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
business owners in the field was the
need for daily forecasts of
market-wide consumption of natural
-RAISED gas.
We have 2 types of customers: the
ones that use our forecasts and
2 Energy analyses to drive their growth and
EMPLOYEES VERTICAL those who rely on our forecasts to
reduce their day-to-day financial risk
exposure. There are many more
2017
FOUNDED
Romania
COUNTRY
companies of type 2 in the energy
sector than of type 1.
Is getting type 1 leads to understand that our
services effectively eliminate their daily financial
risk - this risk is ingrained in their day-to-day
operations and they cannot imagine that it’s
possible to eliminate it. The second challenge we
have is teaching type 1 customers to become
type 2 customers
Access to capital:
We didn’t need that, as we had a profitable
company since day one and we used the revenue
that we generated to drive organic growth. We
are only now considering investments to finance
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 improvement
Valentina Tambou, actions in real-estate sector and takes responsibility for the public information duty on
Founder & Managing partner legislative changes, policies and programs in force, technology news and energy
Bogdan Uta, efficiency practices.
Co-founder & partner

The reason we entered the energy certificates Business opportunity

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

Geta Energeta concept is possible

The project assumes the duty of public information thanks to the opening and
- Energy 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.
efficiency.
2019
FOUNDED
Romania
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
companies and were supporting use
cases for the targeted market. We
-RAISED anticipated the mixture of tech, like
Telco, Software and industrial
engineering.
8 Energy The biggest challenge we face though, is
EMPLOYEES VERTICAL the industry implementation timeline,
that can take up to onr, even one and a
Our first client was ENEL. We won a
hackathon where they were present, they
liked our solution and we went on.
Future plans:
We are looking to secure a round of 0.5 - 1M
funding round in the near future, so that
we can expand abroad. We’re planning to
increase sales and to get an US patent.
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
cameras, GPS and inertial measurement
unit.
$82M
RAISED
The company's aim is to fundamentally
reshape how goods are shipped and
delivered, and make local delivery,
ultimately, free. It also enables a new era
200+ Energy of instant delivery that works around your
EMPLOYEES VERTICAL schedule at much lower costs.
We believe our robots will revolutionise
food and package deliveries, offering
people new convenient services that
improve everyday life.
With a combination of mobile technology,
autonomous robots and partnering with
stores and restaurants, we make local
delivery faster, smarter and more
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