Romanian start-ups raise 60% less financing in 2020
The total funding raised by Romanian startups decreased by 60% in 2020, to EUR 225 mln. The financing volume will continue to drop dramatically in 2021, shows an EY analysis, quoted by Ziarul Financiar.
However, the total financing rounds and the total amount of local capital attracted this year rose by 27% and 20% compared to 2019, thanks to the Seedblink crowdfunding platform, more active angel investors, and local investment funds' involvement.
The average value of funding, EUR 552,000 per round, remained constant compared to the previous year, amid a higher number of Seed rounds.
Excluding RPA specialist UiPath and TypingDNA, which specializes in keystroke biometrics, the Romanian entrepreneurial ecosystem remains an incubator for innovative startups in the enterprise software applications and security sectors, which registered 38% of the total investments.
With a share of over 90% in the financing of the Romanian startup ecosystem from 2017 until now, UiPath has propelled Romania for three consecutive years in the top 10 most funded ecosystems in Europe.