ElevenLabs is the most valuable tech company in the CEE
CEE unicorns update - as of May 2026, there are over 40 tech unicorns in Central and Eastern Europe, and ElevenLabs valued at $11.0B is the largest of all.
50%+ of CEE unicorns remain private, yet to realize an exit
30% were acquired, ~20% chose the IPO route and went public
Most unicorns were born in Poland and Estonia
ElevenLabs is the largest CEE unicorn, followed by Allegro and Vinted
Tech unicorns of the Central Eastern Europe - ranking
This ranking includes both exited and still private companies. Most valuations are last reported or recently rumoured. On ZIRP-era valuations: we exclude companies that latest reported valuation would be most likely enough to hit the list, but it is expected that the company is now valued significantly lower.
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1
ElevenLabsElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide.
$11.0B
$500M
22.0x
Private
2
AllegroAllegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts 45% to 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services.
$10.1B
$3.1B
3.5x
Public
3
VintedVilnius-headquartered Vinted runs a peer-to-peer online marketplace for second-hand fashion, active in 20 countries across Europe and the United States. The platform facilitates buying, selling, and swapping clothing, accessories, and shoes for women, men, and children via mobile apps with chat and bundle discounts. Valued at over 4 billion euros, Vinted processes tens of millions of listings monthly and partners with payment providers like PayPal for secure transactions.
$9.3B
$1.3B
7.3x
Private
4
AvastAvast is a Prague-headquartered cybersecurity company marketing antivirus software under Avast and AVG brands for Windows, macOS, Android, and iOS devices. Its threat detection engine processes samples from global sensors certified by AV-Comparatives and AV-Test organizations. Backed by CVC Capital Partners and Summit Partners, Avast secures endpoints against ransomware, spyware, and phishing attacks.
$9.2B
$1.1B
8.7x
Acquired
5
Skype
$8.6B
$900M
10.0x
Acquired
6
BoltBolt is a Tallinn-headquartered mobility company founded in 2013 operating in 45 countries across Europe and Africa. It offers ride-hailing, car-sharing, scooter rentals, food delivery, and grocery services as alternatives to personal vehicle ownership.
$8.3B
–
–
Private
7
Jetbrains
$7.0B
$400M
17.5x
Private
8
CD ProjektCD Projekt SA is the holding company of CD Projekt capital group. The firm with its subsidiary develops and publishes videogames for hardware platforms such as Steam, PlayStation Store, Xbox Games Store, Nintendo, App Store, Humble Bundle, Origin, and its own proprietary GOG.com platform. It is also involved in international digital videogame distribution. The firm has CD Projekt Red and GOG.com segments. It derives the majority of its revenues from CD Projekt Red segment.
$6.0B
$262M
21.9x
Public
9
LogMeInLogMeIn, rebranded as GoTo, is a Budapest/Boston-headquartered provider of cloud-based communication and IT support software. Its portfolio includes GoTo Connect for unified communications, GoTo Resolve for remote support, LogMeIn Rescue for mobile device assistance, and GoTo Central for endpoint management. Serving nearly 800,000 small and midsize businesses globally, the platform supports over 1 billion meeting participants and 500 million remote connections annually. Founded in 2003, GoTo operates in North America, Europe, Asia, and Australia.
$4.3B
–
–
Acquired
10
Benefit SystemsBenefit Systems SA is Poland based company which is engaged in providing work benefits in the area of sport, recreations, culture and entertainment. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities as well as Mybenefit, Benefitlunch, Multibilet, Multikafeteria and others.
$4.2B
$1.2B
4.0x
Public
11
Asseco PolandAsseco Poland SA is a Poland-based information technology (IT) company, which is engaged in the development of software for companies from different sectors of the economy. It also provides enterprise resource planning solutions and services to micro, small, and mid-sized companies, as well as large enterprises; and business intelligence software and services. The company's operating segments include the Asseco Poland segment, the Asseco International segment, and the Formula Systems segment. It generates the majority of its revenue from the Formula Systems segment.
$3.7B
$4.7B
0.6x
Public
12
XTBXTB SA is engaged in brokerage activities business. It is a Polish broker from the fin-tech sector, providing products and services dedicated to active investing, saving, and virtual payment management. The group conducts its operations through two business segments; the Retail segment includes the provision of trading in financial instruments for individual customers; the Institutional segment includes the provision of trading in financial instruments and offering trade infrastructure to entities (institutions), which in turn provide services of trading in financial instruments for their customers under their brand. It derives a majority of its revenue from the Retail segment.
$3.4B
$579M
4.4x
Public
13
Nord SecurityNord Security is a Vilnius-headquartered cybersecurity company providing VPN services through NordVPN and Surfshark brands. The firm offers privacy tools, password managers, and secure storage for consumers and enterprises worldwide. It operates data centers in 60 countries and serves millions of users with no-log policies audited by third parties.
$3.0B
–
–
Private
14
MewsMews is a cloud-native property management system for hotels, hostels, and serviced apartments serving over 5,000 properties in 85 countries. It automates reservations, payments, and housekeeping via open APIs with 1,000-plus integrations including Stripe and Google. Amsterdam-headquartered Mews won Best PMS at the 2024 HotelTechAwards. Founded in 2013 by hoteliers, it processes millions in bookings monthly across five continents.
$2.5B
$100M
25.0x
Private
15
Rimac GroupRimac Group is a Croatia-headquartered developer of electric vehicle technology, producing the Nevera hypercar with 1,914 horsepower and supplying powertrains to automakers. Founded in 2009 near Zagreb, Rimac partners with Bugatti-Rimac for high-performance EVs and Porsche for platform engineering. The company delivers battery systems, motors, and software for vehicles achieving sub-two-second 0-60 times.
$2.3B
$385M
6.0x
Private
16
ID.meID.me is a next-generation digital identity network that allows users to verify their identity once and use that credential across multiple sites. Serving over 152 million users, it replaces fragmented verification processes with a centralized digital wallet, helping government agencies, healthcare networks, and consumer brands prevent fraud and authenticate users seamlessly.
$2.0B
$130M
15.4x
Private
17
ModivoModivo SA operates in the footwear and apparel segment across multiple European markets. The group follows an omnichannel retail model that includes a network of physical stores and e-commerce platforms. Its operations are conducted under several brands, including CCC, HalfPrice, eobuwie.pl, MODIVO, Worldbox, and Boardriders.
$1.9B
$3.0B
1.0x
Public
18
eobuwie.pleobuwie.pl is an e-commerce retailer of footwear and accessories across Central and Eastern Europe. Zielona Góra, Poland-headquartered and founded in 2005, it stocks 1,000 brands including Nike and Adidas with 10 million products shipped yearly to Poland, Czechia, and Slovakia. The platform features 24/7 customer service in six languages.
$1.7B
$800M
2.1x
Private
19
4iG4iG Nyrt is engaged in the provision of comprehensive telecommunications services, the operation of telecommunications-related infrastructure, platform-independent, custom software design and development, the design and implementation of full-scale enterprise IT solutions, IT operation and support, service provision, the operation of ERP (complex enterprise resource planning) systems, full support for banking data services, the development and operation of document and case management systems. Its activities are divided into three segments IT Services and Trading activities; Telecommunications activities, and Other Holding activities.
$1.7B
$2.4B
1.9x
Public
20
TechlandTechland is a Wroclaw-headquartered video game developer and publisher based in Poland. Established in 1991, the studio initially distributed software before shifting to in-house production of titles using its proprietary Chrome Engine technology, now in version 6. Techland creates high-budget games for PC, Xbox One, PlayStation 4, and mobile platforms, with notable releases including the Dead Island and Call of Juarez series. The company maintains offices in Warsaw, Ostrow Wielkopolski, and Vancouver, Canada.
$1.6B
$58M
27.4x
Acquired
21
VeriffVeriff is an identity verification platform using AI and human experts to prevent online fraud for businesses. Tallinn-headquartered since its 2015 founding, it combines machine learning for instant checks with manual reviews for edge cases, serving fintech firms like Bolt and Wise across Europe and North America. Veriff processes biometric selfies, ID scans, and liveness detection in over 190 countries, achieving sub-minute verification times.
$1.5B
$100M
15.0x
Private
22
PipedrivePipedrive is a Tallinn-headquartered customer relationship management platform designed for sales teams. The software visualizes pipelines, automates workflows, and integrates with tools for lead management and deal tracking. Used by over 100,000 teams in 170 countries, Pipedrive emphasizes ease of use for small and medium-sized businesses seeking revenue growth.
$1.5B
$90M
16.7x
Acquired
23
AVGAVG is a Czech cybersecurity company that develops antivirus software for Windows, Mac, Android, and iOS devices. Its portfolio includes AVG AntiVirus, Internet Security, and TuneUp for PC optimization. Acquired by Avast in 2016, AVG serves consumer and small business markets with cloud-based threat detection across Europe and North America.
$1.3B
$428M
3.0x
Acquired
24
airSlateairSlate is a global SaaS company offering no-code automation for business processes and document management. Its portfolio includes airSlate for workflows, pdfFiller for PDF editing, signNow for e-signatures, and USLegal for forms. These tools enable digital transformation in document handling. Founded in 2010, the Minsk-headquartered firm serves enterprises across multiple industries.
$1.3B
–
–
Private
25
PreplyPreply is an online language tutoring marketplace launched in 2012 that matches learners with tutors for live video lessons. The platform supports over 100 languages including English, Spanish, French, and Mandarin through personalized sessions. Tutors create profiles with trial lessons and rates starting from $5 per hour. Preply operates offices in Kyiv and the US, serving millions of users worldwide with tools for scheduling, payments, and progress tracking.
$1.2B
$50M
24.0x
Private
26
RohlikRohlik operates automated dark stores to deliver groceries including fresh produce, dairy, and household items within 90 minutes across Central Europe. Prague-headquartered in the Karlín district, the company runs platforms as Rohlík.cz in the Czech Republic, Košík.cz in Slovakia, Rohlik.hu in Hungary, Rohlik.at in Austria, and Rohlik.pl in Poland. Launched in 2014, it maintains fulfillment centers in cities such as Prague, Bratislava, Budapest, Vienna, and Warsaw, partnering with regional suppliers for daily restocking.
$1.2B
$345M
3.5x
Private
27
EasybrainEasybrain is a Belarusian mobile game studio developing puzzle and logic titles such as Sudoku.com and Blockudoku. The developer employs in-house analytics to refine game mechanics and user engagement.
$1.2B
$309M
3.9x
Acquired
28
Baltic Classifieds GroupBaltic Classifieds Group PLC is an online classifieds group in the Baltics which owns and operates various vertical and generalist online classifieds portals in Estonia, Latvia, and Lithuania. Its online classifieds portfolio comprises vertical online classifieds portals, including vertical portals for automotive, real estate, and jobs and services, and a few generalist portals, offering a wide line of products. The main focus of the Group is operating online classifieds platforms for automotive, real estate, jobs and services, and general merchandise in the Baltics. lt generates revenue from fees for service packages based on the number of job ad postings; fees for short-term services including job ad promotion, job ads, and access to the resume database.
$1.1B
$97M
11.0x
Public
29
MALL.czMALL.cz is a Prague-headquartered e-commerce group operating over 45 online stores across Czech Republic, Slovakia, Poland, Hungary, and Germany. The platform covers 1,200 product categories including electronics, household goods, and fashion from brands like Apple, Samsung, and Bosch. Founded in 1998 by former MPŘíkaz.cz team, it delivers 2 million orders annually through fulfillment centers in Central Europe, emphasizing fast shipping and customer service.
$1.0B
$489M
2.1x
Acquired
30
PayhawkPayhawk is a spend management platform serving businesses in over 32 countries across Europe, the US, and UK. It unifies corporate cards, expense reimbursements, accounts payable, and integrations with accounting tools like QuickBooks and Xero. The Sofia-headquartered firm maintains offices in London, Berlin, Barcelona, Paris, Amsterdam, Vilnius, and New York, with clients including LuxAir, Babbel, Vinted, Wallbox, and Wagestream.
$1.0B
–
–
Private
31
Skeleton Technologies
$1.0B
$10M
100.0x
Private
32
InfobipInfobip is a Vodnjan-headquartered global communications platform as a service provider enabling omnichannel messaging via SMS, voice, WhatsApp, Viber, and email. Founded in 2006, it supports customer engagement, two-factor authentication, and fraud prevention for enterprises. The company operates data centers in over 40 countries, processing billions of messages monthly for brands in retail, finance, and travel sectors worldwide.
$1.0B
–
–
Private
33
DocPlannerDocPlanner is a healthcare software provider streamlining patient-doctor interactions. Warsaw-headquartered and founded in 2012, it runs online marketplaces under brands like ZnanyLekarz across 13 countries in Europe and Latin America. DocPlanner offers appointment booking, reviews, scheduling, teleconsultations, and clinic management tools, with advanced optimization via the TuoTempo suite for large institutions. Offices span Barcelona, Istanbul, Rome, Mexico City, Munich, Berlin, Rio, and Amsterdam.
$1.0B
–
–
Private
34
Unstoppable DomainsUnstoppable Domains is a blockchain company offering NFT-based domain names like .crypto and .nft for decentralized digital identities. Las Vegas-headquartered and founded in 2018, it enables users to replace complex wallet addresses with human-readable names usable across 300 Web3 apps including MetaMask and Brave Wallet. Domains resolve to IPFS-hosted websites, providing censorship resistance and Web3 website building tools. The platform minted over 3 million domains by 2024, with integrations for payments via cryptocurrencies like Bitcoin and Polygon. Partnerships with Microsoft and GoDaddy expand mainstream adoption. Recent developments feature the Launchpad for custom TLD auctions and Layer-2 scaling on Polygon.
$1.0B
–
–
Private
35
Outfit7Outfit7 is a mobile gaming company behind titles downloaded over 26 billion times worldwide. Headquartered with an international team, it develops more than 20 games alongside animated series, theme parks, and licensing programs reaching up to 470 million monthly active users.
$1.0B
$108M
9.2x
Acquired
36
PrintfulPrintful is a print-on-demand dropshipping company specializing in custom clothing, accessories, and home goods for online brands.
$1.0B
$200M
5.0x
Private
37
GliaGlia is a unified customer service and interaction management platform that connects businesses with clients across messaging, voice, video, and co-browsing. Purpose-built for financial institutions, it empowers banks, credit unions, and insurance companies to enhance digital experiences, drive revenue, and automate workflows.
$1.0B
–
–
Private
38
BLIK
$1.0B
–
–
Private
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.
