Hungarian startup clinches 2nd place in CEE Scaleup Challenge

Incubators

BroadBit Batteries, a technology company from Hungary developing revolutionary new batteries using novel sodium-based chemistries, placed second at the CEE Scaleup Challenge, a 100% online competition for growing companies in the CEE region, organized by Vestbee.

CEE Scaleup Challenge is a 100% online event, where regional scaleups are competing for the main prize of an investment worth EUR 1 million. (Photo for illustrative purposes)

According to the eventʼs organizers, Broadbit Batteries gained exposure to global investors and corporate partners that resulted in many interesting contacts for them. They are now talking about a possible investment. In addition, they got free tickets to conferences such as Webit or Techsylvania and received tools from the eventʼs partners.

The company sells battery cells and cell components for a family of batteries including a low-cost, high-performance and eco-friendly battery with 50% more energy per unit cost and 20% more energy per unit mass than lithium-ion. To date, founders, international angels, and Yaskawa Electric have financed the company with EUR 1.4 million.

The competition was won by eAgronom, an Estonian scaleup providing tools for farm management.

eAgronom is now present on five Central European markets with its  SaaS platform that provides farmers with reports, financial management, resource management, and AI-based tools for crop planning.

The startup outcompeted more than 500 companies fighting for an opportunity to win a EUR 1 mln investment from Next Road Ventures. 

"I was struck by the number of good projects. Virtual access to quality deal flow is a must for every active VC these days. CEE Scaleup Challenge has delivered what one expects from a startup event in a very convenient online version," outlines Marcin Łączyński, partner at Next Road Ventures.

"This edition was great! I am impressed by a large number of various high-quality companies. Many of the projects that have not yet been on my radar became strong new leads," adds Paweł Maj, partner at bValue and competition judge. 

The competitionʼs top 10 features scaleups from a variety of industries: Sympower and BroadBit Batteries representing energy, Spindiag from the healthcare sector, Influ2 and Videobolt operating in the marketing industry, Ondato and Cursor Insight developing AI, CleverMaps from data analytics and Luigi’s Box, representing e-commerce.

Apart from the main prize, selected teams from the top 10 were granted special prizes, such as an invitation to Fast Track To Investment program, awarded by challenge’s strategic partner, EIT InnoEnergy. This prize went to Hydrogen First LLC, Polish scaleup designing modern composite pressure vessels. 


Zięba & Partners provided a free Q&A legal online session on "Investment Process For Scaleups" for the top 10 teams. Besides this, all participants received special discounts or free tools provided by the partners of the competition - HubSpot, Amazon Web Services, Revolut, DigitalOcean, infoShare, and MamStartup.

CEE Scaleup Challenge is a continuation of the series of online competitions in CEE organized by Vestbee platform. Among investors and corporates supporting the regional startup ecosystem together with Vestbee are partners such as Balderton Capital, Credo Ventures, ENGIE, PGE Ventures, Tera Ventures, Science Park Graz, Talanx and EIT Digital.

The application for the next online competition, CEE Startup Challenge will start in May.

ADVERTISEMENT

Consumer price levels below EU avg in 2020 Analysis

Consumer price levels below EU avg in 2020

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.