Ambition and struggle - The tech ecosystem in 2024

seen from public announcements standpoint

Romania’s startup scene in 2024 was buzzing with ambition. With approximately €245 million in announced financing rounds the year showcased a growing appetite for innovation and scaling up. However, let’s not get ahead of ourselves. These figures reflect financing intentions—what startups sought to raise—not necessarily closed deals or achieved amounts. In other words, the announcements highlight the ecosystem’s needs and potential, even if they don’t yet paint a full picture of outcomes.

Disclaimer: Some of the rounds included in this analysis belong to Romanian co-founded teams based outside Romania. This reflects not only local activity but also the global footprint of Romanian entrepreneurial talent.

So, what are we looking at? A hefty €243, 5 million was announced across startups in diverse fields in 76 financing rounds. The key here is announced. Some of these rounds are still in progress, and others might not close at the sought-after amounts. But the sheer scale of what’s being pursued reflects confidence and momentum.

As with any ecosystem, the story isn’t evenly distributed. A few big players stole the spotlight:

• Dexory, a Romanian co-founded startup, based in UK, grabbed 80 million euro, proving there’s plenty of space for optimization in logistics and smart data use. Well, building the world tallest robot (at least to date) also helped.
• Ezra, also Romanian co-founded MedTech gem headquartered abroad, secured a notable €21 million, making MRI screening accessible and thus a rising star.
• FintechOS takes the crown of full Romanian founded startups, with a massive €60 million round, solidifying fintech as a dominant force in the Romanian startup space.

These three deals alone account for €161 million—or 66% of the total announced funding. Without them, the ecosystem’s total drops to €82 million. Still impressive, but it goes to show how much the big fish shape the narrative.

The ecosystem in motion

Let’s zoom out to see the bigger picture. Romania’s startups didn’t just stick to a single lane—they spread their bets across multiple industries, showing off a diverse and dynamic ecosystem:

• Logistics leads in value with Dexory's high level round and some other smaller rounds.
• However, the most balanced rank star is HealthTech & MedTech: With 21 million euro for Ezra, €5 million for dotLumen and other smaller deals, this sector grabbed almost 13% of the number of opened rounds and 12% from the total value—a nod to the growing importance of innovation in healthcare.
• Fintech: The constant heavyweight champion, claiming 25% of the pie. From streamlining financial services to innovative tools, it’s a space that continues to attract major investor attention.
• AI & Data solutions: Representing 8%, this segment showed steady growth with notable contributors like Footprints AI. It is also important to mention that AI is becoming part of most solutions and move from a category to a feature of many startups.

These numbers are exciting, but they’re not guarantees. What’s clear is the intent: startups are actively seeking investment to fuel growth, scale operations, and develop cutting-edge solutions. But as any entrepreneur knows, the gap between seeking and securing funding can be wide. For many, these announced rounds represent the start of a journey rather than the finish line.

Looking back to look forward

How does 2024 stack up? Compared to 2023’s €66.85 million across 50 rounds, this year’s €243 million and 76 rounds mark a substantial leap. Even against 2022’s €101.7 million, 2024 feels like a turning point. The ecosystem isn’t just growing—it’s diversifying and maturing.

But let’s not forget the role of the heavyweights. The ecosystem’s average round size shrinks significantly when we exclude the largest deals, underscoring the early-stage, growth-focused nature of most players.

Romania’s startup ecosystem in 2024 reflects a dynamic and ambitious environment. While the total announced financing paints a positive picture, the reliance on large deals and the uncertainty around actual closings and achieved amounts highlight areas for improvement in transparency and follow-through. The inclusion of Romanian co-founded teams based abroad also emphasizes the broader impact of local talent globally. The sectoral diversity and the growing presence of smaller rounds underscore the ecosystem's potential for long-term growth and innovation.

Here’s to the startups taking their shot, and here’s hoping we’ll see even bigger leaps (and more closed deals) in 2025.