The Balkan startup scene is buzzing with activity and numbers that are hard to overlook. With 12,000 startups and eight unicorns to date, the region has come a long way, proving that growth in CEE isn’t just about quantity anymore, it’s increasingly about depth and staying power. As someone who has built both bootstrapped projects and AI-based tools, I see this evolution firsthand and can’t help but wonder whether all this signifies stability or a stepping stone to something bigger. Let’s unpack the numbers, challenges, and lessons within this fascinating ecosystem.
The Stats That Matter
Between 2015 and 2025, the number of startups in the region tripled, and that’s massive. Yet, recent years like 2024 show slower growth, hinting at a plateau for new projects. Romania and Serbia carry the majority load with over 50% of new startups birthed, positioning them as regional leaders. What’s more intriguing are the 19 "soonicorns," or startups nearing the $1-billion valuation mark. They're largely in sectors like enterprise software and FinTech.
The unicorn count, while standing strong, signals something deeper about where investment is flowing. From cloud tools to breakthrough mobility ventures like those pioneered by Rimac Automobili in Croatia, there’s been a noticeable centering around industries with international scalability.
Challenges That Come With Growth
For founders, the funding trends paint a rollercoaster landscape. Venture deal volumes shrank significantly between 2022 and 2025, a drop that mirrors global contraction but feels intensified within smaller markets like Bulgaria and Romania. Add to that, scaling issues are major pain points. Many startups push through initial funding rounds but fail to secure financing between Series B and C.
Other practical hurdles involve talent migration. A persistent brain drain sees top engineers moving away to richer ecosystems, often in Western Europe or North America. This slows the steady supply of locally nurtured talent capable of supporting high-growth sectors like SaaS and clean tech.
Lessons for Female Founders
As a female entrepreneur active in Europe’s startup scene, I’ve been watching how this ecosystem unfolds and asking myself what others, especially women, can learn from it. Here’s what jumps out:
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Growth Requires Focus: Startups need to zero in on the sectors that attract consistent funding and expertise. For instance, enterprise software and FinTech are dominating the space, any pivot outside these could mean fighting an uphill battle when seeking investors.
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Quality Over Hype: The days of rushing to increase headcount or launch multiple products simultaneously are waning. Survival, particularly for bootstrapped founders like myself, depends on narrowing efforts to fewer, higher-quality ventures.
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Community Partnerships Matter: Whether it’s leveraging platforms dedicated to startups like Fe/male Switch (which I founded) or partnering with accelerators co-investing alongside local VCs, the networks you build will amplify your chances at scaling sustainably.
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Avoid the Reliance Trap: It’s tempting to lean too heavily on external investors, especially during scaling rounds, but there are examples, like Mate Rimac, showing how local VC combined with creative revenue plays can still result in unicorn-level wins.
Common Mistakes Worth Skipping
If you’re stepping into STEM or founding your first tech startup, missing the mark on these could cost you:
- Overestimating Funding Opportunities: Smaller regions like Montenegro have limited pools, and relying too much on VC means frequently overpitching and underdelivering.
- Ignoring Legislative Roadblocks: Balkan countries vary wildly in their tax and regulatory systems, making cross-border scaling far harder than in uniform markets.
- Undervaluing Deep Tech: The 2024 AI bubble proved that ignoring emerging fields like generative AI or blockchain is no longer an option.
My Takeaways
This region isn’t stuck, it’s recalibrating. Founders aren’t rushing for scale; they’re prioritizing smarter moves like international partnerships, tighter niches, and funding strategies that withstand volatility. I often remind aspiring founders on my platform, building successful companies isn’t just about raising capital fast, it’s about ensuring those funds keep the core mission intact while growing connection points worldwide.
Europe's startup movement owes much to underrated spaces like the Balkans, largely because of their ability to innovate locally, even while struggling in some ways to compete globally. And I’d argue (in my founder’s experience) that solutions-driven businesses will eventually push even these regions into their prime. Bootstrapped startups and lean teams can, and should, lead the charge.
Not sure where your own business fits into such landscapes? Timing, mentorships, and collaborative entry points will get you further than trend-chasing on its own. Let’s keep more stories like Rimac’s alive and thriving.
FAQ
1. How many startups and unicorns are currently in the Balkan region?
The Balkan region boasts approximately 12,000 startups and 8 unicorns as of 2025, with significant contributions from Romania and Serbia. Explore the full Balkan startup report
2. Which sectors are leading in the Balkan startup ecosystem?
Enterprise software (including SaaS), FinTech, and HealthTech are among the leading sectors, with DeepTech and CleanTech emerging as key players. Read about the fastest growing sectors
3. What are the primary funding challenges for Balkan startups?
Many startups face difficulty securing funding for scaling stages, like Series B and C, and have limited access to local venture capital. See the funding trends in the region
4. How has the startup landscape evolved over the past decade in the Balkans?
From 2015 to 2025, the number of startups in the region tripled, and the growth has shifted focus from quantity to sustainability and depth. Discover the Balkan startup growth journey
5. What factors contribute to the brain drain in the Balkan tech ecosystem?
A persistent brain drain occurs as top talent, especially engineers, migrate to more established ecosystems in Western Europe and North America for better opportunities.
6. Which countries lead in creating startups within the Balkans?
Serbia and Romania collectively account for over 50% of startup creation in recent years, solidifying their positions as regional leaders.
7. Who are some notable unicorns and soonicorns in the region?
Companies like Rimac Automobili for mobility and others in enterprise software and FinTech have achieved unicorn status. There were also 19 "soonicorns" identified in 2024 nearing the $1 billion valuation mark. Learn more about leading startups in the Balkans
8. What role do international partnerships play in the Balkan startup ecosystem?
International partnerships are essential for scaling, attracting investments, and securing a position in the global market. Rimac Automobili’s innovative ventures are a key example. See case studies from Innotechnics
9. How has venture capital activity changed in the Balkans over the years?
Venture capital activity has declined since 2022, following global trends, although local investors continue to lead in early-stage funding. Check out CEE investor activity trends
10. What is the outlook for the Balkan startup ecosystem in the future?
The region is focusing on smarter scaling, building international connections, and prioritizing sustainable businesses, with high hopes for growth in DeepTech and CleanTech. Explore future trends in the Balkans
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
