Romania ranks as the 25th most popular country in the world and the 10th in Europe for launching a startup. It is home to over 1,600 startups with a combined enterprise value of around €19 billion. The Global Startup Ecosystem Ranking for 2023 places Romania as the 42nd largest startup ecosystem in the world. The number of funding rounds within the country has steadily increased from 93 in 2019 to 102 in 2022; however, it dipped to 73 in 2023. Top startups by sector driving growth include RPA, cybersecurity, and health tech, which promise significant potential for future development.
The Romanian startup ecosystem thrives amidst a blend of challenges and advantages. It faces specific problems in raising startup funding, as its neighbors in south and central Europe such as Bulgaria tend to attract more VCs and investors. Despite this, a an EU member, Romania offers a robust domestic market and serves as an affordable gateway to the expansive EU market. Its strategic location bordering the Black Sea enables swift access to neighboring markets like Turkey, the Balkans, and the Middle East. Success stories such as UIPath highlight Romania’s potential for fostering globally competitive startups.
Romania stands out for its energy independence within the EU, with only 28% dependency on energy imports compared to the EU average of 57%. This provides stability and security for businesses, making Romania resilient against external disruptions. Additionally, Romania's highly skilled and cost-effective workforce is a major draw, especially in startup hubs like Cluj-Napoca and Bucharest. These cities are innovation centers attracting investors and entrepreneurs with a concentration of talent and resources. The government's focus on digitization further underscores its dedication to fostering a business-friendly environment.
1. Bluana Foods
Year Founded: 2022
HQ: București, Romania
Size: 1-50
Founders: Florin Irimescu
Foodtech startup Bluana Foods is on a mission to create plant-based seafood alternatives, specifically targeting tuna and salmon sashimi. Bluana uses natural ingredients and binds them with algae extracts to mimic the taste and texture of fish meat, catering to foodies and flexitarians, while reducing overfishing pressures on the ocean.
Bluana has gained significant traction from investors, having participated in multiple accelerators such as MIT CEE, Transatlantic Start-up Investor Accelerator, and MassChallenge Switzerland. It is also part of the Proveg Incubator Berlin, BRINC accelerator in Hong Kong, and GEC in Düsseldorf.
Bluana raised €180,000 in a Pre-Seed funding round from Brinc and ProVeg Incubator in December 2022. It also received undisclosed amounts in previous funding rounds in 2022. The startup’s innovative approach focuses on using healthy ingredients to replicate the sensory experience of traditional sashimi, while also pledging a percentage of profits to the Blu’wanna NGO for research and development of solutions to collect microplastics from the ocean.
By addressing both consumer satisfaction and environmental impact, Bluana Foods is poised to make a significant mark in the €15 billion plant-based food industry.
2. FlowX.AI
Year Founded: 2020
HQ: București, Romania
Size: 51-200
Founders: Ioan Iacob, Serban Chiricescu
FlowX.AI is a Romanian startup that provides an open, flexible, and secure platform for AI-enhanced application modernization, specifically designed for the banking industry. The platform significantly reduces the time and cost of modernizing applications, delivering enterprise-grade digital front-ends in as little as 10 weeks. It offers robust security with Zero Trust architecture, AI enhancements, and a unified platform for application integration, orchestration, and development. FlowX.AI's technology is helping major financial institutions like BNP Paribas and Alpha Bank to seamlessly integrate legacy systems with modern applications, enabling rapid deployment of new services.
Founded in 2020 and headquartered in Bucharest, FlowX.AI has raised $35 million in a Series A funding round led by Dawn Capital, following a $9 million seed round. The company’s innovative approach allows enterprises to develop complex digital products quickly and efficiently, saving customers an average of $40 million annually. FlowX.AI's AI-enabled Apeiron UX engine automates the creation of modern, intuitive user interfaces, consolidating business logic across systems and supporting the digital transformation of the financial sector.
3. OgreAI
Year Founded: 2021
HQ: București, Romania
Size: 1-50
Founders: Matei Stratan, Mihai Cucuringu, Paul Muscă
Ogre.AI is a data science startup specializing in AI and machine learning solutions for the energy sector. Founded in 2021, the company focuses on providing advanced forecasting and operational tools to utilities, including electricity, gas, water, and district heating. Their platform offers features such as demand forecasting, anomaly detection, and technical loss identification, which help energy companies optimize their operations and reduce financial losses. Ogre.AI’s proprietary algorithms and weather models ensure accurate predictions, facilitating better integration of renewable energy sources and improving overall efficiency in the utility industry.
In December 2023, Ogre.AI secured €625,000 from Czech Soulmates Ventures, alongside previous investments totaling €2 million from Early Game Ventures and MMC Ventures. The funds are being used to scale their product regionally and globally, with plans to develop their own weather models and price forecast solutions. Ogre.AI's clients include major energy companies like Enel, Shell, and Vattenfall, benefiting from the platform’s ability to integrate data seamlessly and provide actionable insights.
4. Vestinda
Year Founded: 2022
HQ: București, Romania
Size: 1-50
Founders: Diana Drăjneanu, Alin Breabăn
Vestinda is a no-code crypto investment automation platform that enables users to implement hedge-fund-like trading strategies. The platform offers a comprehensive suite of tools for building, backtesting, simulating, and automating trading strategies across various asset classes, including stocks, forex, indices, commodities, and cryptocurrencies. With Vestinda, users can leverage the expertise of top traders through a library of pre-built, curated strategies that are constantly updated to adapt to market conditions.
Since its inception in 2022, Vestinda has facilitated over $50 million in trading volumes, executing more than 150,000 orders across five integrated exchanges, including Binance, Kraken, KuCoin, and OKX. The platform prides itself on providing a user-friendly, no-code environment where both novice and experienced traders can automate their trading activities. Security is a top priority for Vestinda, featuring two-factor authentication, data encryption, API whitelisting, and compliance with GDPR standards. The company's mission is to democratize access to advanced trading tools, helping users achieve financial independence through automated investment solutions.
5. 2value
Year Founded: 2021
HQ: București, Romania
Size: 1-50
Founders: Mihaela Raluca Tudor
2value is an innovative media communication platform that helps small and medium-sized enterprises (SMEs) enhance their media presence affordably and efficiently. The platform guides users in crafting compelling media content, which is then refined by professional journalists to maximize its impact. 2value distributes this content to a curated list of media outlets, guaranteeing at least three media appearances with just a few clicks.
This service transforms the communication process between companies and journalists, making it easier for SMEs to gain visibility and credibility in both local and national media. 2value is known for its unique technology that allows businesses to reach a wider audience at lower costs compared to traditional methods. It offers a range of features including press release distribution, SEO optimization through backlinks, and the creation of interviews and event promotions. The platform's user-friendly interface and affordable pricing make it a valuable tool for companies looking to grow their media presence.
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6. Cartloop
Year Founded: 2020
HQ: Sanmartin, Romania
Size: 1-50
Founders: Lisa Popovici, Andrei Negrau
Cartloop is a conversational SMS marketing platform designed to enhance the shopping experience by enabling real-time, human-powered text conversations. Focused on increasing sales and customer loyalty, Cartloop allows brands to engage with customers through personalized 1:1 SMS interactions. This service is particularly beneficial for industries such as beauty, health, apparel, food & beverage, and travel, providing a VIP shopping experience that customers appreciate and remember.
The platform supports brands in driving re-engagement, upsells, cross-sells, and timely reminders through its Conversational Flows feature, which proactively interacts with shoppers at crucial moments, such as cart abandonment or post-purchase follow-ups. Cartloop boasts a 31% conversion rate and a 98% open rate. The platform integrates seamlessly with Shopify and other e-commerce tools, offering dedicated local or toll-free numbers for high deliverability and compliance with TCPA and GDPR standards.
7. Spark Generation
Year Founded: 2021
HQ: Cluj-Napoca Cluj, Romania
Size: 51-200
Founders: Ruxandra Mercea, Florina Popirtac, Raluca Manole
Spark Generation is a pioneering online educational platform tailored for high school students, providing a flexible and innovative learning environment. As a registered Cambridge International Online School, Spark Generation offers a comprehensive curriculum that includes IGCSE and A-Level courses. The platform is designed to accommodate the diverse needs of students, parents, and schools, offering a modern alternative to traditional education systems.
Spark Generation's approach focuses on personalized learning paths, allowing students to learn at their own pace and according to their interests. The platform provides a wide range of academic courses, wellbeing programs, and future readiness resources, ensuring a holistic educational experience. With features like real-time feedback, automated assignment tracking, and extensive teaching resources, Spark Generation supports students in achieving academic excellence while also focusing on personal development and future career readiness. The platform's innovative model has already attracted thousands of students from over 25 countries.
8. Unfrosen.com
Year Founded: 2022
HQ: București, Romania
Size: 1-50
Founders: Horia Stupu, Șerban Buliga, Ciprian Dudulea
Unfrosen is a private B2B marketplace designed to help brands, retailers, and manufacturers sell overstock inventory to B2B buyers in a controlled and private manner. Founded in 2022, this Bucharest-based startup connects over 2,000 retailers with suppliers, allowing them to liquidate unsold stock quickly and efficiently while protecting brand integrity. Unfrosen has successfully raised €1 million to support its mission of offering a sustainable solution for unsold inventory, reintroducing it into the economic circuit instead of letting it go to waste.
The platform enables sellers to create profiles, upload stock lists, set rules for buyer access, and accept orders transparently. Unfrosen handles logistics, payments, and shipping, ensuring a hassle-free experience for both buyers and sellers. The company aims to revolutionize local retail by providing a secure and convenient way for brands to move excess inventory, achieving sales of over €1.2 million within nine months of its launch. Unfrosen's innovative approach has attracted top brands and retailers, making it a promising player in the B2B e-commerce space.
9. Orbotix Technologies
Year Founded: 2023
HQ: Brașov, Romania
Size: 1-50
Founders: Gregory Letare, Bogdan Ochiana
Orbotix Technologies is a defense technology startup specializing in autonomous drones and advanced AI systems aimed at revolutionizing military operations. Founded in 2023 and based in Brașov, Romania, Orbotix focuses on developing innovative solutions to enhance the safety and efficiency of military operators. Their flagship products include AI-powered drones such as the WASPER-1, OROS-X, and WATCHER-1, designed for various military applications including precision strikes, close-quarters combat, and surveillance.
Orbotix's Autonomous Target Acquisition (ATA) system is a groundbreaking innovation that integrates advanced AI with robust hardware to deliver real-time threat detection and engagement. This system enhances situational awareness and response capabilities, ensuring precise and swift actions against threats, particularly in complex and dynamic battle environments. By leveraging AI, Orbotix aims to reduce human exposure to danger while improving mission success rates.
The company's commitment to innovation and safety is evident in its approach to developing technology that not only meets current battlefield needs but also anticipates future challenges. Orbotix Technologies is dedicated to creating ethical and effective defense solutions that protect lives and uphold values on the global stage.
10. SmartBusiness
Year Founded: 2022
HQ: Iaşi, Romania
Size: 1-50
Founders: Oana Coroama, Delian Coroama, J. Daniel
SmartBusiness is an innovative startup focused on revolutionizing e-commerce through AI-powered personalization. The platform enhances user experiences by providing real-time, tailored recommendations to even first-time visitors without relying on cookies. By leveraging advanced AI algorithms and machine learning, SmartBusiness can accurately identify visitors, map their buying journey, and make personalized product suggestions that increase conversion rates and sales.
The platform's key features include accurate user fingerprinting, understanding user behavior through real-time data, business process automation using RPA, eye-tracking for customer insights, and sentiment analysis. SmartBusiness's technology helps businesses optimize their e-commerce strategies by offering personalized shopping experiences, which significantly boost customer engagement and loyalty. With a focus on security and user privacy, SmartBusiness ensures that all data is handled securely and compliantly, making it a robust solution for modern e-commerce needs.
By automating repetitive marketing processes and providing detailed customer insights, SmartBusiness allows companies to streamline their operations and focus on growth. The platform's ability to deliver personalized experiences without cookies sets it apart in the competitive e-commerce landscape, making it a valuable tool for businesses looking to enhance their digital presence and customer satisfaction.
11. dotLumen - Empowering the Blind
Year Founded: 2020
HQ: Cluj, Romania
Size: 1-50
Founders: Cornel Amariei
dotLumen is a groundbreaking startup dedicated to enhancing the mobility and independence of visually impaired individuals through innovative AI-powered glasses. Founded in 2020 and headquartered in Cluj-Napoca, Romania, dotLumen utilizes advanced artificial intelligence, robotics, and neuroscience to create wearable technology that mimics the functionality of a guide dog. This scalable solution offers a viable alternative for the 40 million blind individuals worldwide, vastly outnumbering the availability of guide dogs.
The .lumen glasses leverage pedestrian autonomous driving AI to understand and interact with the environment, providing haptic and auditory feedback to the user. This innovation not only aids navigation but also enhances safety and autonomy for blind users. The company has received significant recognition, including participation in the AlchemistX accelerator program and winning the MedTech award at the Tech Awards Gala Berlin 2023. Additionally, dotLumen has joined the NVIDIA Inception program, which supports startups in AI and data sciences through technical assistance and market development.
12. APass
Year Founded: 2020
HQ: Bucuresti, Romania
Size: 1-50
Founders: Patzelt Dan
APass specializes in providing accessibility solutions to make public and private spaces accessible for people with disabilities. Founded in 2020, the company focuses on transforming both physical and digital environments to meet international accessibility standards. APass offers a wide range of services, including consulting, audits, and the implementation of Braille prints, tactile signage, and touch boards. By employing people with disabilities, APass ensures their solutions are practical and effective, while also promoting social responsibility and inclusion.
The company's mission is to create inclusive spaces by using innovative technology and modern tools. APass reinvests 90% of its profits into educational initiatives for the visually impaired, demonstrating a strong commitment to social impact. As an Authorized Protected Unit (UPA), their services are also deductible from the disability fund, making them an economically viable option for businesses and public authorities.
13. Salarium Fintech SRL
Year Founded: 2020
HQ: Bucuresti,Romania
Size: 1-50
Founders: Andrei Vasile
Salarium Fintech SRL offers innovative financial services designed to improve employee satisfaction and productivity. Their primary product, the Salarium app, allows employees to access their earned wages before the official payday, addressing financial stress and improving overall job satisfaction. This service is free for employees and integrates seamlessly with existing payroll systems, ensuring a hassle-free experience for employers.
Salarium's approach offers several benefits, including enhanced employee loyalty and reduced absenteeism, as workers have immediate access to funds in emergencies. The app leverages modern technologies such as Visa Direct and Mastercard Send to facilitate instant transfers, providing a smooth and efficient financial experience for users. Through their innovative platform, Salarium Fintech SRL is setting a new standard for financial wellness and workforce management in Romania.
14. Recycllux
Year Founded: 2020
HQ: București, Romania
Size: 1-50
Founders: Sorina (CEO), Bogdan (CTO), Alexandra (Chief Scientific Officer)
Recycllux is an innovative startup leveraging cutting-edge technologies such as satellite Earth Observation data, AI, and blockchain to address the pervasive issue of marine plastic pollution. By utilizing machine-learning algorithms, Recycllux can accurately identify marine plastic litter hotspots, facilitating targeted cleanup efforts. The company incentivizes recycling by using blockchain to track and reward collectors, ensuring transparency and full traceability of the recycled materials. This approach not only improves plastic recovery rates but also builds consumer trust in products made from reclaimed plastic.
Recycllux's impactful work has gained recognition through various accomplishments and awards, including being featured on the European Commission’s Horizon Results Platform and winning several innovation awards. The company continues to push the boundaries of environmental technology, aiming to create sustainable and scalable solutions for marine plastic waste management, thus contributing significantly to the global fight against plastic pollution.
15. ZayaAI
Year Founded: 2020
HQ: București, Romania
Size: 1-50
Founders: Cristian Mogodici, Sabina Zurac, Mihai Trăscău
ZayaAI is a digital pathology company that leverages artificial intelligence to improve the accuracy and speed of disease diagnosis. The platform is designed for use by medical professionals in hospitals and researchers in pharmaceutical companies, enabling remote access and second-opinion diagnoses from anywhere. This innovation helps pathologists by analyzing tissue and cell images more quickly and accurately, ultimately enhancing patient outcomes. Founded in 2020, ZayaAI launched a seed round of €600,000 in Q4 2023.
The company has developed several products, including ZayaAI Dx, which uses AI to highlight areas with high tumor cell density, and ZayaAI Telepathology Dx, which facilitates remote collaboration and diagnosis. Their Laboratory Information System (LIS) streamlines lab operations, increasing efficiency. ZayaAI aims to address the shortage of pathologists worldwide by reducing diagnostic time, minimizing human error, and lowering costs for pathology labs. With a strong focus on R&D and recent funding efforts, ZayaAI is poised to become a significant player in the global digital pathology market.
FAQs
How Many Startups Does Romania Have?
According to startup-ro, Romania is home to over 2,500 startups having secured a total funding of nearly €90 million in 2023.
What Are the Main Industries in Romania?
Key sectors driving growth in the Romanian startup scene include robotic process automation (RPA), cybersecurity, and health tech. These industries have attracted significant investment and are poised for further development, aligning with global trends and addressing critical market needs.
What Are the Most Profitable Businesses in Romania?
In Romania, some of the most profitable businesses are those in the IT and technology sectors, particularly software development and IT services. Companies like Bitdefender and UiPath have shown substantial success, contributing to the country's reputation for tech innovation. Additionally, real estate, agriculture, and renewable energy sectors are also lucrative, driven by Romania's strategic location and resources. Additionally, top Romanian startups focusing on fintech, health tech, and AI, such as FintechOS and Elrond, are rapidly growing, leveraging the country’s skilled workforce and cost-effective business environment .
