Turkey Leads Eastern European Startup Investments in 2024
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Startups from Eastern and Southeastern Europe are gaining momentum, with Turkey taking the lead in investment volume and widening its gap from other countries in the region.
According to the "Venture in Eastern Europe 2024 Report," compiled by How To Web and Infobip, startups in the region closed 1,286 deals and raised nearly €3.9 billion in funding last year.
Turkey Dominates in Deal Volume and Investment
Turkey stood out as the top investment destination, securing €1 billion—the highest among all countries—across 534 deals, accounting for over 40% of the region’s total transactions.
The capital wasn’t limited to early-stage startups; Turkish unicorns also attracted major investments. Among the largest funding rounds:
- AI Insider, a marketing-focused AI company, and
- Getir, the well-known online delivery platform,
Both secured €225 million each, highlighting Turkey’s strength in tech-driven sectors.
Poland and Greece Follow, but With Fewer Deals
Polish startups ranked second, raising €592.1 million across 126 transactions.
Greece followed closely, securing €536.6 million in just 41 deals—indicating that fewer companies captured larger amounts of funding. Notable Greek-related investments included:
- D-Orbit, a space technology company, which raised €150 million, and
- Axelera AI, an AI semiconductor firm.
Other Key Players in the Region
Beyond Turkey, Poland, and Greece, other Eastern European nations also saw significant startup investments:
- Czech Republic: €426 million (85 deals)
- Lithuania: €367 million
- Estonia: €342.3 million
- Romania: €130.7 million
- Slovakia: €129.8 million
AI and Tech-Driven Sectors Lead the Way
The report highlights that AI, online services, and deep-tech startups are attracting the most funding, positioning Turkey and the broader Eastern European region as emerging tech hubs.