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The Digital Poland Foundation has published the fourth edition of the Digital Champions CEE ranking, which presents the 100 most innovative technology companies from Central and Eastern Europe (CEE). This year's report brings exciting news: the total capitalisation of the leaders has increased by nearly 10% compared to the previous year, reaching an impressive USD 117 billion.
What is more, as many as 15 new companies have appeared on the list, and the region's technology sector shows that it has enormous potential to become a global leader in innovation. Let's take a closer look at what makes CEE a true epicentre of technological development.
Ranking leaders: Wise, InPost and Allegro at the top
Three powerhouses took the podium in the 2025 ranking: Estonian fintech Wise, which took first place, and Polish giants InPost and Allegro, which took second and third place, respectively. Poland confirms its dominance in the region, representing as many as 39 companies with a total value of USD 43 billion, accounting for 37% of the total capitalisation of all companies in the ranking. However, it is Estonia, with 12 champions, including the leader Wise, that leads the way in terms of per capita, demonstrating the remarkable efficiency of its technology ecosystem.
New stars on the horizon
Among the 15 newcomers to this year's ranking are companies that are already changing the face of their industries. Lithuania's Flo Health (valued at $1.2 billion) is revolutionising women's health with an AI-powered app that tracks menstrual cycles and pregnancy. Croatia's Supersport ($1.1 billion) is conquering the sports betting and gaming market. Poland has contributed five new champions: AirHelp (airline passenger support), Kontakt.io (operating block management), PayPo (fintech), Nomagic.ai (robotics for logistics) and Cloudferro (cloud services). These companies show that the CEE region is capable of creating innovations with a global reach.
‘Dragons’ drive the ecosystem
Experts from the Digital Poland Foundation point to the dynamic growth in the value of medium-sized companies, referred to as “dragons” (companies with a market capitalisation of between USD 250 million and USD 1 billion). Their value has increased by as much as 138% over the last four years, which demonstrates the enormous potential of this segment. ‘Dragons’ drive innovation, support staff development, attract investors and create an ecosystem conducive to the exchange of experience. As Piotr Mieczkowski, managing director of the Digital Poland Foundation, emphasises: ‘The development of the region's biggest stars is a source of pride, but even more encouraging is the evolution of the entire CEE market, which is becoming a platform for dynamic, innovative companies.’
Driving sectors: e-commerce, SaaS and cybersecurity
The CEE Digital Champions 2025 ranking confirms the dominance of the e-commerce and SaaS (Software as a Service) sectors, which together account for 57% of the value of all companies on the list. The ranking includes 31 SaaS companies and 23 companies from the e-commerce and marketplace category. However, the largest increase in value – by as much as 94% to USD 8.3 billion – was recorded by the cybersecurity sector, represented by five companies. This shows that CEE is becoming a key player in the field of digital security, responding to global challenges related to data protection.
International expansion and global capital
The CEE region is becoming too small for its leaders. As Wojciech Świercz, partner at Arthur D. Little, notes: ‘The local business environment is no longer sufficient for the biggest players. International expansion is a natural step that allows them to scale their operations and build a global brand.’ CEE companies are increasingly bold in acquiring entities from Western Europe and Turkey, and their ability to raise international capital is growing. Radzym Wójcik from Baker McKenzie emphasises: ‘Companies from the region are increasingly well prepared for talks with global funds, obtaining funds at higher valuations. This is a result of their ability to operate in international markets.’
Challenges and changes in the ranking
Despite their successes, the current capitalisation of the 100 leading companies is 12% lower than the record result of 2021 (USD 133 billion). The decline in value affected, among others, the Romanian giant UiPath (-USD 20 billion) and Allegro (-USD 5 billion). Some companies, such as ElevenLabs and Grammarly, left the ranking due to a change in their registered office or ownership structure, which excluded them from the criteria for Central European companies. Only three companies dropped out of the list due to a deterioration in their financial condition, which testifies to the overall stability of the sector.
Methodology and partners
The CEE Digital Champions ranking was based on public market valuations, market benchmarks, EBITDA ratios and revenues. The champions include companies whose main source of profit is digital products and services or sales through digital channels. The strategic partners of the report are Arthur D. Little and Baker McKenzie, and the partners are Bank Gospodarstwa Krajowego, MCI Capital, MidEuropa, mInvestment Banking, PFR Ventures and PAIH.
The future of technology in CEE
The fourth edition of the Digital Champions CEE ranking shows that Central and Eastern Europe is a region full of opportunities, ready to play a key role on the global technology stage. The dynamic growth of ‘dragons’, international expansion and a growing number of newcomers are signs that CEE is becoming a magnet for innovators and investors. As emphasised by the Digital Poland Foundation, whose mission is to position Poland as a leading centre for digital innovation, the future of the region looks promising.
The full report is available on the Digital Poland Foundation website - publications tab.
Official press release in English is also - please visit our PR office.