The Romanian technology startups with the highest number of employees are in fintech (35.2%), automation (35.2%), and marketing (14.2%), according to a study initiated by the Romanian Tech Startups Association (ROTSA).
Furthermore, the startups with the highest revenues are in the same categories: automation (38.1%), fintech (31.8%), and marketing (12.1%). Regarding the profile of a Romanian technology startup, these are locally registered organisations, active on the market for less than 4 years, with less than 4 employees, and a turnover of approximately 150,000 EUR per year.
The most thriving ecosystem of local technology startups is in Bucharest, followed by Cluj, Timiș and Bihor. Also, the most significant evolution of the startup ecosystem in Romania occurred in 2017, when the number of newly established technological start-ups almost tripled compared to the previous year.
The main markets represented or targeted by the Romanian startup ecosystem are in Europe, France, Spain, Italy and 41% of respondents indicate the USA as their main market.
The main challenge for technology startups is the need for funding to support operations and expansion. The main source of funding for technology start-ups is self-financing, while 36% of them have raised private funds (Business Angels 23%, VC 9%, Equity Crowdfunding 4%).
The study was initiated by ROTSA, in partnership with over 130 players in the national startup ecosystem. ROTSA (Romanian Tech Startups Association) is a non-profit organisation that aims to promote, support, and represent the interests of technology startups in Romania.
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