#Deep Tech #CEE #Digital Champions

Exploring the Digital Champions CEE 2026

The Digital Champions CEE 2026 report, released by the Digital Poland Foundation, sheds light on the remarkable transformation in the tech landscape of Central and Eastern Europe (CEE). The report ranks the top 100 most valuable tech companies in the region with a combined market capitalization nearing $127.9 billion, marking a substantial annual growth of 9.36%. However, this figure only captures part of the reality, as the total value including companies that have relocated or been acquired could exceed $170 billion.

Key Findings on Market Dynamics

The report reveals a noteworthy trend: many prominent tech companies from CEE, such as Grammarly, Avast, and Rimac, have shifted their headquarters to jurisdictions in the United States or the United Kingdom. This migration, driven by the pursuit of greater access to capital, has significant implications for the region's market representation. If these entities were still assessed under the index's geographic criteria, the aggregate valuation would almost certainly surpass $170 billion.

According to Radzym Wójcik from Baker McKenzie, while the digital ecosystem initially thrived post-communism, leading to a rapid expansion phase, the current focus has shifted towards sustainable growth. Companies are now navigating increased global pressures, adapting their strategies for better resilience and opportunity. He notes that a positive trajectory remains, but the story of digital transformation is evolving.

A Closer Look at the Regional Leaders

Poland retains its position as the leading tech ecosystem in CEE, contributing approximately $47.39 billion or 37.05% of the region's overall value. With 42 companies listed in the top rankings, Poland showcases a robust mix of emerging scale-ups and billion-dollar champions. Conversely, the Baltic states have emerged as leaders in terms of tech company valuations per capita, with Estonia especially noted for its impressive performance.

All CEE nations combined, including Poland, Estonia, Lithuania, and the Czech Republic, represent nearly 78% of the region's tech sector valuation. Remarkably, Croatia has exhibited the most considerable growth rate, enjoying a 170.7% increase since 2021, while Bulgaria has nearly doubled its market capitalization within the same span.

The Drive Towards Deep Tech

As reported, e-commerce and marketplace platforms remain the most significant contributors to the region's tech market with over 36% of the total capitalization. However, a clear structural shift towards deep tech, space technologies, health tech, and dual-use innovations is also evident. Within the ranking's new entries, companies such as EnduroSat and Creotech Instruments illustrate the growing interest in sectors aligned with defense and strategic resilience. Wójcik from Arthur D. Little emphasizes that while traditional sectors like e-commerce, SaaS, and fintech continue to be foundational, newer technology domains associated with productivity and security are gaining ground.

Record-High Exits Indicate Maturing Ecosystem

A remarkable trend highlighted in this year’s report is the record number of exits from venture-funded firms within the region. Following a peak of 82 exits in 2024, the ecosystem maintained momentum with 81 exits in 2025. This rapid increase, up from merely 31 exits in 2015, underscores the evolution of CEE from a developing startup market into a mature ecosystem capable of consistently producing firms ready for acquisition or IPO status.

In terms of venture capital investments, 2025 saw funding levels reach €2.71 billion. However, the data—containing around €730 million in rounds from companies that have relocated abroad—highlights a critical issue in capital access contributing to the observed trends of migration.

The Relocation Dilemma: A Rethinking of Competitiveness

A poignant conclusion of the report is the concerning trend of successful tech companies relocating outside the CEE region—48% of monitored companies have moved their HQs abroad, notably to the United States. This has wider implications for Europe’s competitiveness, and a surge of companies is following this route for capital access.

Piotr Mieczkowski of the Digital Poland Foundation observes that Europe is becoming a vital R&D hub for the U.S. tech sector, with numerous ideas birthed locally yet ultimately developed under American financial support.

Emerging Leaders within the Ecosystem

In contrast to the trend of relocation, a new wave of tech leaders is emerging from the CEE landscape. Companies founded between 2017 and 2021 experienced the most rapid valuation growth, boasting an impressive 189.09% increase since the first report edition. Their ability to maintain presence within the top 100 over five years speaks to their stability and growing resilience in a dynamic tech environment.

As noted by Jarosław Dąbrowski from BGK,