The first three places in this year’s ranking of the largest technology companies in Central and Eastern Europe were taken by Estonian fintech Wise, as well as two Polish companies: InPost and Allegro.
The report shows that the value of 32 companies in the region exceeds $1 billion, while another 50 boast valuations above $250 million. The largest number of companies on the list come from Poland — the region’s biggest economy — with 39 technology firms from the country having a combined valuation of over $43bn.
Meanwhile, Estonia and the Czech Republic each have 13 companies among the CEE digital champions, with the value of Estonian firms being nearly twice as high as that of Czech firms — $21.7bn versus $12.2bn. Lithuania (7 companies) and Romania (6 companies) rank further down the list.
CEE: Poland and the Baltics are tech frontrunners
“Poland has become fertile ground for building digital companies, and local VC and PE funds play an increasingly important role in driving their growth. It is worth noting that companies that have leveraged such financing often not only gain a strong position in the domestic and regional markets but also make significant progress on the global stage. InPost, Booksy, and ICEYE are the best examples — technology companies whose products and services have gained international reach far beyond Poland and the CEE region,” said Rozalia Urbanek, Investment Director at PFR Ventures.
ICEYE is a Finnish company that was co-founded by Poland’s Rafal Modrzewski, and it also has significant operations in Poland.
Although the largest number of companies in the top 100 ranking come from Poland, the Baltic countries remain the undisputed leaders of the technology sector in the region. The 23 companies from Lithuania, Latvia, and Estonia included in the ranking account for over 30% of the total valuation of all companies on the list, while these countries are home to only about 4% of the CEE region’s population.
As the report points out, the technology sector in Central and Eastern Europe performs exceptionally well compared to the overall economy of the region’s countries. Technology companies from CEE countries account for more than 8% of the European digital economy, with a combined value of €3 trillion. Importantly, over the past decade, the value of companies here has grown two to three times faster than similar firms in Western Europe.
Challenges for the industry
“Technology companies from the CEE region have enormous potential and consistently prove that they are on par with competitors from other parts of the world. However, it’s important to emphasise that these companies must have an international outlook, as only that allows them to fully realise their potential. Developing technology in Central and Eastern Europe also has a significant advantage — the region offers excellent IT talent while enabling businesses to operate at reasonable costs,” said Filip Kaczmarzyk, Management Board Member at XTB, in an interview with Euronews.
Representatives of technology companies, however, point to numerous growth barriers. Marcin Kuśmierz, CEO of e-commerce company Allegro, highlights issues such as complex EU regulations, a lack of synchronisation in their implementation across member states, and unfair competition from outside the EU.
“We believe that these burdens are disproportionately greater for European companies compared to their non-European competitors. In our dialogue with national and EU authorities, we consistently call for a level playing field for all entities operating in the EU market, regardless of their size or origin, as this is the best way to foster healthy competition and innovation, as well as to protect consumer interests,” Marcin Kuśmierz told Euronews.
One of the biggest challenges for technology companies in the Central and Eastern European (CEE) region is limited access to capital.
“Although many companies have innovative ideas and the potential to expand into foreign markets, they often lack sufficient capital to successfully execute their plans. Accessing external sources of financing, such as venture capital funds, could provide crucial support for companies in the CEE region. A similar situation applies to IPOs — few companies choose this route, considering it too complex or risky,” said Szymon Wałach, Vice President of Digital and Strategy at InPost.
He adds, however, that investor interest in the sector is growing, as evidenced by the total value of investments in CEE tech companies in 2024, which reached €3.89bn. Poland, with €592.1 million, ranked second — just behind Turkey.
A survey conducted by The Recursive in early 2025 showed that 62% of venture capitalists in the CEE region expect a more favourable investment climate in 2025 compared to the previous year. Investors are particularly optimistic about long-term growth opportunities in the artificial intelligence, cyber security and deep technology sectors.
