CEE’s Tech Valuation Hits $117B
Digital Poland’s Fourth Annual Report Highlights 10% Market Cap Growth and Mid-Sized Tech Boom Across Central and Eastern Europe
The Digital Champions CEE 2025 ranking, released by the Digital Poland Foundation, reveals that the combined market capitalization of the 100 largest tech companies in Central and Eastern Europe (CEE) rose nearly 10% year-over-year, reaching $117 billion USD. The report spotlights 15 new entrants in this year’s list and underscores the rapid growth of mid-sized tech firms across the region.
Estonian fintech Wise, along with Polish giants InPost and Allegro, top the list of CEE’s leading digital firms. While the number of companies with valuations exceeding $1 billion has dropped by 17% since the 2021 peak, 32 unicorns still made the cut this year.
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Among the debutants are Lithuania’s Flo Health (valued at $1.2B), which leverages AI for reproductive health tracking, and Croatia’s Supersport, a sports betting and gaming platform valued at $1.1B. Poland added five new champions:
AirHelp (airline passenger claims),
Kontakt.io (smart hospital operations),
PayPo (fintech),
Nomagic.ai (logistics robotics),
Cloudferro (cloud infrastructure).
The report notes a 138% increase over four years in the valuation of so-called “dragons” — mid-sized companies valued between $250M and $1B — underscoring the emergence of a dynamic middle tier that is attracting investors, scaling fast, and fostering regional innovation.
“We are seeing not only the rise of the region’s tech stars, but the evolution of an entire CEE ecosystem,” said Piotr Mieczkowski, Managing Director at Digital Poland. “This is a maturing platform for innovation, talent, and global competitiveness.”
Poland retained its lead in the region, contributing 39 firms worth a combined $43 billion, or 37% of total valuation. Estonia remains the leader on a per capita basis, with 12 companies including Wise. This small Baltic state continues to punch above its weight in digital innovation.
“Many of our champions are growing via acquisitions across Europe, including Western Europe and Turkey,” noted Radzym Wójcik of Baker McKenzie. “They’re increasingly prepared to raise international capital, attract global investors, and scale beyond regional limits.”
Companies operating in e-commerce and SaaS (Software-as-a-Service) dominate the ranking, jointly accounting for 57% of total valuation. SaaS businesses (31 companies) and marketplaces (23 companies) lead the list. Cybersecurity, while smaller in number (5 firms), posted the highest annual growth rate — up 94% to $8.3B.
“The local markets are no longer sufficient,” said Wojciech Świercz, Partner at Arthur D. Little. “For leading companies, international expansion has become a necessity.”
This year’s edition also saw 15 firms exit the ranking, including ElevenLabs and Grammarly, which no longer qualify due to relocation or structural changes, despite continued growth. Others dropped off due to valuation declines or ownership changes, particularly in public markets.
The 2025 total valuation is still 12% below the 2021 high of $133B, largely due to corrections in large caps like UiPath (−$20B) and Allegro (−$5B), and the shifting of headquarters, especially among Ukrainian companies. Now in its fourth edition, the Digital Champions CEE report uses public market data, EBITDA multiples, revenue benchmarks, and other methodologies to estimate company value. To qualify, companies must generate revenue primarily from digital products, services, or digital-first sales channels.
Strategic partners of the report include Arthur D. Little, Baker McKenzie, BGK, MCI Capital, MidEuropa, mInvestment Banking, PFR Ventures, and PAIH. 📥 Download the full report from Digital Poland (in Polish)
About the Digital Poland Foundation
Founded to boost Poland’s competitiveness in the global digital economy, the foundation promotes innovation, entrepreneurship, and tech education. It unites stakeholders from across industries to position Poland as a global leader in digital transformation.
