Romania’s startup ecosystem thrives amidst a unique blend of challenges and advantages. As an EU member state, Romania offers not only a robust domestic market but also serves as an affordable gateway to the expansive EU market. Its strategic location bordering the Black Sea facilitates swift access to neighbouring markets such as Turkey, the Balkans, and the Middle East. With notable success stories like UIPath, a Romanian unicorn, the country’s potential for fostering globally competitive startups is evident.
Moreover, Romania stands out for its remarkable energy independence within the EU, a vital asset amplified amid regional uncertainties. With just 28% dependency on energy imports compared to the EU average of 57%, Romania offers stability and security for businesses. This advantage underscores its resilience in the face of external disruptions.
What truly distinguishes Romania, however, is its highly skilled and cost-effective workforce, particularly evident in startup hubs such as Cluj Napoca and Bucharest. These cities are thriving centres of innovation, with a concentration of talent and resources attracting investors and entrepreneurs alike. Furthermore, Romania’s commitment to digitisation underscores its dedication to fostering a business-friendly environment.
As the government focuses on streamlining interactions between businesses, citizens, and the state, Romania continues to rise as a promising hub for startups and innovation in the region. On that note, we bring the 10 most promising Romanian startups, all founded post-2020, to watch in 2024 and beyond!
Bluana Foods: Bucharest-based Bluana Foods utilises patented technology and molecular gastronomy to create plant-based seafood, providing delicious and cost-effective sashimi fillets with a shelf life extended to 12 months. Founded in 2022 Bluana Foods raised €550k to replace the sushi fish species that are caught from the ocean with a plant-based alternative.
Bonapp.eco: Founded in 2021, Bonapp.eco offers a solution to this issue by connecting food retailers looking to sell food approaching the expiration date, from grocery stores to restaurants, coffee shops, hotels, bakeries, and gas stations, to consumers interested to purchase it at a discount of up to 80%. This Bucharest-based startup raised €1.4 million to prevent food waste.
FlowX.AI: Founded in 2020, FlowX.AI offers an open and secure AI-enhanced platform for the bank of the future. Their customer-focused approach emphasises openness, ensuring enterprises receive cutting-edge tools that make a meaningful impact on society. Bucharest-based startup secured €39.7 million to revolutionise innovation and efficiency benchmarks within the banking and financial industries.
OgreAI: Founded in 2021, OgreAI is an automated B2B platform which uses machine learning to offer financial and operational decision-making support to energy and utilities companies. Ogre AI predicts future demand, generation and losses with precision, assisting businesses in strategic planning. This Bucharest-based startup raised €2.6 million aiming to revolutionise the utility forecasting sector.
Orbotix: Brasov-based startup Orbotix pioneers AI-infused transformative solutions across various defence domains, from drones to data analysis for the defence sector. Founded in 2023, the company secured €500k in total funding to advance its innovative defence technology.
OxidOS Automotive: Cluj-based deep tech startup OxidOS Automotive is developing a Rust-based OS system for the automotive industry. With the help of OxidOS, automotive component integrators and OEM software companies will be able to reduce the time needed for certification of automotive software. Founded in 2022, the company has raised €1.2 million in total funding.
Spark Generation: Cluj-based Spark Generation is an edtech startup innovating the educational system for the high-school students. Spark School aims to integrate AI through machine learning and intelligent automation into their online learning solution. Founded in 2021, edtech startup raised €840k to redirect high school education.
Unfrosen.com: Founded in 2022, Unfrosen.com is a private B2B marketplace for selling unsold clothing items from big brands to independent stores. Bucharest-based startup raised €1 million to offer a sustainable solution for the unsold inventory and reintroduce it into the economic circuit.
Vatis Tech: Bucharest-based Vatis Tech delivers an advanced speech-to-text API, employing proprietary deep-learning algorithms for over 95% accurate transcription of audio or video files. Their technology is accessible to startups, enterprises, podcasters, journalists, and developers, enabling seamless integration across various industries and applications. Founded in 2020, they raised €850k.
Vestinda: Founded in 2022, Vestinda is a no-code platform that expert traders can use to build, run, and manage portfolios like hedge funds do. Vestinda aims to foster a community-driven ecosystem for building diverse and automated trading strategies across multiple assets, brokers, and financial accounts. This Bucharest-based startup secured €830k to expand to Western Europe, SE Asia, and the US.
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