That’s why we consider the SEE region to be one of the most attractive markets in Europe. There’s already a developed ecosystem of local VCs, and the market is growing at a record speed as well, with $2.5+ billion raised in 2021. It’s also easily accessible and well-connected. However, the region remains one of the most overlooked destinations for foreign investors. Of course, the reason we think it’s an attractive destination is derived not only from the effort of seeking lower valuations; instead, we honestly believe that there’s a lot of growth potential, and the reason for that is that the companies founded there indeed have some of the most innovative ideas, successfully coupled with good execution. To preface that with a success story, look no further thanUiPath, the first Romanian unicorn with a $1 billion IPO on the NYSE last year. Naturally, investors won’t learn everything they need to know by just following mainstream media, so here is our selection of some of the more exciting startup stories of the SEE region (Romania, Bulgaria, Greece); the ones more people need to hear about. Payhawk Payhawk was founded relatively recently — in 2018 - by co-founders Hristo Borisov and Boyko Karadzhov and has just become Bulgaria’s first unicorn. The startup, already backed by Stripe investor Greenoaks Capital, successfully raised an additional $100 million flashround at a $1 billion valuation with Lightspeed Venture Partners. That’s a surprisingly short journey. From founding the company to $1 billion in 4 years is an extraordinary feat. According to one of the founders, the reason they’ve succeeded so quickly is simply because they have addressed a significant problem in a large market. But what do they do, exactly? Payhawk has designed a solution to make corporate spending and expense management way easier. Indeed, Payhawk bridges the gap between banks and Source: Crunchbase news $100B $200B $300B $400B $500B $600B $700B Global Venture Dollar Volume 2012 To 2021 ANGEL-SEED Early Stage Late Stage Technology Growth Overall Dollar Volume Yoy Chance 92%
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