Over the past three years, Moldova’s startup ecosystem has consistently grown. In 2022-2023, 25 startups collectively raised over $15 million, investments deployed by both international and local investors. In 2024, the $7.9 million raised brings the cumulative total to over $22.9 million, proving the rising confidence of private investors in Moldovan startups.This success reflects the rapid development of the local ecosystem, driven by an increasing number of private investors and venture capital funds looking to Moldova as a dynamic hub for innovation.

Regarding startup diversity the dynamics is negative. In 2024, 17% of tracked co-founders were women, compared to 22% in 2023, indicating a slight decline that highlights the need for targeted initiatives to support female entrepreneurship.

The headline investments of 2024 signaled the diversity and potential of Moldova's startup ecosystem:

1) NodeShift: A leading cloud service provider empowering businesses to deploy secure applications. Backed by 7 investors, including Notion Capital and Kestrel 0x1, NodeShift has raised $3.2M over 2 rounds, with the latest Seed round on February 21, 2024.

2) Greeno: This precision agriculture startup raised $1.325 million to expand its cutting-edge platform, which provides agronomic, financial, and sustainability insights tailored to individual fields and farms. The funding will enhance its AI-driven analytics and market penetration.

3) Fagura: A peer-to-peer lending platform for individuals and SMEs, Fagura has raised €2.4M across 7 funding rounds, including €780K on Seedrs and $1.1M in its latest Convertible Note round from u.ventures, Mozaic Syndicate, and Angels. Led by a seasoned Moldova-Romania team with 15 years of collaboration and 5 exits, Fagura provides low-cost loans, cutting banking time by 32%. With €1.6M from 1,500+ investors, the company plans to expand into digital banking and the CEE market by 2026.

4) Aspect Health: Dedicated to improving women’s metabolic health, Aspect Health recently surpassed $1.1M in ARR, showcasing rapid growth and strong market demand. The company raised $1M in a Pre-Seed round on January 1, 2024, backed by prominent investors including EWOR, Embria, Techstars and u.ventures. The funding will support the development of digital health tools and expand access to underserved markets.

These companies reflect Moldova’s increasing potential and readiness to attract significant investment in order to scale up and expand both regionally and globally. Although the ecosystem is still developing and lacks clear verticals, we are seeing a growing number of startups in areas like: EdTech, FinTechs, HealthTech and others.

The Startup Moldova database is now live here, offering an essential overview of Moldova's startup ecosystem across all industries and verticals, featuring most startups that have raised funds or are planning to do so.

Angel investors and venture capital firms played crucial roles in Moldova’s startup growth. Mozaic, the most active angel syndicate, invested $500,000 in 2024, contributing to a total of over €1 million invested over the past two years. They plan to allocate $1 million only in 2025. Other local contributors include Business Angels Moldova, which invested early in some successful use cases such as: Bloomcoding, Fagura and others. Among international private investors, we can highlight the most active VC funds in 2024 such as: u.ventures, Inovo, Notion Capital, Signet Global, Ewor, and Techstars.

Most startups stay in the early stages, with 92% in the validation (48%) and growth (44%) phases. This concentration indicates a growing  ecosystem, where companies progress beyond the ideation stage and succeed in attracting both local and international funding from investors.

Revenue generation also surged. Moldovan startups generated over $40 million in 2024, compared to $35 million in 2023, creating more than 1,000 jobs with an average team size of nine employees. This productivity highlights the tangible economic impact of a thriving startup culture.

Looking ahead, Moldova’s startup ecosystem trajectory aims for further growth. With 80% of startups planning to fundraise within the next 18 months, 2025 is expected to bring increased deal flow. The Mozaic Syndicate’s commitment to doubling investments and the consistent involvement of international VCs signal a promising trajectory for the ecosystem.

Moldova’s startups have demonstrated their capacity to innovate, scale, and create value. With continued support and strategic investment, the ecosystem is well on its way to becoming a regional leader in Eastern Europe.

This article is based on data scouted and mapped by the Startup Moldova team through direct interactions with founders of Moldovan tech startups listed in the open database, with additional insights from individual contributors.

Updated as of January 2024.