Three banks have joined Innovate Poland, the government-backed program that pools public and institutional money and invests it through private equity, private debt and venture capital funds. Erste Group, Bank Pekao and PKO Bank Polski are putting a combined €116 million (PLN 500M) into Innovate PL FoF, the programme's fund of funds managed by PFR Ventures.

Sofia-founded cargo drone developer Dronamics has signed a definitive business combination agreement with GP-Act III Acquisition Corp. (Nasdaq: GPAT), a publicly traded special purpose acquisition company. The deal still needs approval from GPAT shareholders and regulators and is expected to close in the first half of 2027. If it goes through, the combined company will be listed on Nasdaq, and Dronamics says it will become the first company of Bulgarian origin to list on the exchange.

Berlin-based venture capital firm Robin Capital has closed its second €15 million early-stage fund, bringing its total commitments across two funds to €30 million. Fund II has already made 17 investments, including SkySpy.ai, Marble Imaging, and Helicity Space, targeting technologies in intelligence, defense, Earth observation, and space exploration.

TrollWall AI, a Slovak company whose Moderation Agents automatically hide toxic comments on social media, has acquired its competitor Elv.ai. The deal is closed, and Elv.ai’s clients, media outlets and public institutions in Slovakia, the Czech Republic and other European countries, now run on the TrollWall AI platform. Financial terms were not disclosed.

San Francisco- and Warsaw-based e2e has raised €7 million ($8 million) in seed funding to develop an open-source framework designed to change how developers test web and mobile applications in the age of AI agents. The round was led by Credo Ventures, KAYA, Point Nine, Baobab Ventures and Script Capital, with participation from Snowflake co-founder Marcin Żukowski and Uber co-founder Oscar Salazar. 

Bulgarian e-commerce platform CloudCart is expanding its AI-powered services for online merchants as it marks its tenth anniversary. The company is introducing tools that allow businesses to manage parts of their online stores through AI assistants such as ChatGPT, Claude, and Gemini, while also expanding the use of AI in customer support and shopping experiences.

Vest Ventures has announced plans to invest €1 million across Smartsy, BioSync, Jobful, and PeMarket.ro, the four finalists of the PROWpeller startup competition held at PROW Conference in Timișoara on October 30. The investments are scheduled for the next six months, according to the fund’s announcement.

Latvian proptech startup Unitoq has raised €155,000 in a pre-seed round from a syndicate of business angels, including members of the Latvian Business Angel Network (LatBAN). Founded in 2026 by Eduards Raudonis and Nikita Manija, the Riga-based company is building a platform that lets individuals invest in vetted residential properties starting from €100 and earn a share of rental income and any rise in property value.

Record-breaking fund for Creandum

Swedish VC firm Creandum has closed its eighth fund at $750 million, targeting early-stage technology startups from pre-seed to Series A, primarily in Europe but with an expanding global focus.

Founded in 2003, Creandum follows a generalist investment strategy, with growing attention to opportunities emerging from AI-driven changes across industries. The new fund is backed by institutional investors, including pension funds, university endowments, and charitable foundations.

The firm is also expanding its US presence, having tripled its San Francisco team over the past two years as it strengthens its international investment activities.

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