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A Growing Tech Ecosystem to Watch

A Growing Tech Ecosystem to Watch
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CHISINAU, Moldova, Feb. 6, 2024 /PRNewswire/ — Moldova, a small Eastern European nation, is quietly emerging as a hub for startups and investors in the tech ecosystem. With a population of 2.45 million and a GDP of $45.02 billion, this nation is making significant strides in rebuilding and prospering since gaining independence from the Soviet Union in 1991. One key indicator of its growth is the remarkable surge in Foreign Direct Investment (FDI), which reached $264 million in 2021, constituting about 35% of the country’s GDP. This growing interest from global investors highlights Moldova’s potential on the international stage.

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What sets Moldova apart are its distinctive qualities, including the presence of Europe’s first e-park, the Moldova Innovation Technology Park (MITP). Established in 2018, MITP boasts 1200 active residents and 200 companies with foreign capital from 40 countries. It offers startups in Moldova access to a highly skilled IT workforce, competitive labor costs, favorable visa options, and one of the lowest taxes in Central and Eastern Europea flat 7% tax on revenue.

Moldovan startups are increasingly realizing the benefits of collaborating with neighboring Romania, fostering a mutually beneficial business dynamic. Shared language and proximity facilitate cross-border ventures, providing Moldovan startups with access to the broader European market through Romania. Successful examples like Fagura and Planable demonstrate the effectiveness of this strategy, while Romania benefits from Moldova’s innovation and skilled talent pool.

Overview of Moldova’s Startup Scene:

Number of Startups: Moldova currently boasts 82 startups, spanning various industries from AgTech and InsureTech to WineTech, all contributing to the nation’s growing entrepreneurial spirit.

Startup Funding: In 2022, 11 Moldovan tech startups raised a total of $11 million in funding, a significant increase in confidence from both local and international investors. These startups secured investments from VCs worldwide, with the average deal amount standing at €865k.

   – XOR AI ($2.7M)
   – Brizy.io ($2.4M)
   – Greeno (€2M)
   – ENABLD ($1.4M)
   – Bloomcoding (€1.1M)
   – Fagura (€786,845)
   – SelfTalk (€150k)
   – EdooSitter (€120k)
   – EasyPlan (€90k)
   – Doctorchat.md (€50k)
   – UNDE.io (€10k)

Financing Landscape: Moldova’s startup ecosystem enjoys support from various investor groups and organizations. Business Angels Moldova, Mozaic, investiții.md, XY Partners, Startup Moldova, Moldovan Association of ICT Companies, Orange Moldova, Orange Systems, the European Bank for Reconstruction and Development, and the Western NIS Enterprise Fund all play crucial roles in supporting startups in their investment journey. Additionally, CEE VCs like Gapminder, Credo, Fuel Ventures, Inovo, and others frequently explore opportunities in Moldovan startups.

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Tech Talent and Workforce: The Moldovan startup scene benefits from a pool of over 20,700 IT specialists proficient in Romanian, Russian, English, and often French. This talent pool covers various domains, including data analytics, UI/UX design, software development, application development, and game development. The 7% flat tax rate for employers further incentivizes hiring IT professionals in Moldova.

Ecosystem Initiatives and Support: The Moldovan government and various organizations actively promote the startup environment through initiatives such as conferences, incubators, and mentorship programs. Ecosystem builders like Startup Moldova, Dreamups, Yep Moldova, Technovator, XY Partners, Moldova Innovation Technology Park, and others create an enabling atmosphere for startups.

The upcoming Startup Moldova Summit on March 14th is an excellent opportunity to explore the thriving Moldovan startup ecosystem. The event will bring together startup enthusiasts, IT professionals, businesses in search of innovation, investors, and industry experts. It will feature knowledgeable speakers and investors, providing valuable insights and networking opportunities. Additionally, a pitch competition will offer startups a platform to present their ideas to potential investors.

As Moldova continues to grow its tech startup landscape, it’s a country worth watching for both investors and entrepreneurs seeking new opportunities in the dynamic Central and Eastern European region.

Video – https://www.youtube.com/watch?v=ROwdQ95WmW0&t=49s

SOURCE Startup Moldova

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