Czechia stars on Deloitte CEE Tech ‘Fast 50’
Reading Time: 4 minutesCentral and Eastern Europe (CEE) is emerging as a hub for innovation and growth with the achievements of its fastest-growing technology companies, according to the Deloitte Technology Fast 50 Central Europe 2024 report.
The global auditor’s annual report, now in its 25th year, ranks the 50 fastest-growing public or private technology companies. Companies across 19 countries and active in software, fintech, environmental technology or communications are eligible with Czechia, Poland, and Slovakia leading the charge. Winners were chosen based on growth rates of their operating revenues of at least EUR 50,000 in 2020-22 and EUR 100,000 in 2023.
The CE Fast 50 rankings are open to companies headquartered in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Estonia, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia or Ukraine.
Czechia tops Deloitte rankings
Czechia was the powerhouse of the Fast 50 list, with 17 companies. In first place of the Fast 50 was Czech betting company Oddin.gg, which recorded 7,958% revenue growth thanks to its combination of machine learning and data science. Oddin.gg’s rapid rise from a 2018 Prague-based start-up to a global leader in esports betting highlights the increasing relevance of data-driven betting technologies. The company optimises betting odds and risk management, a model now used by numerous sportsbooks and platform providers worldwide.
A key factor in Oddin’s expansion has been its focus on real-time data processing, enhancing the speed and accuracy of market settlements. Unlike traditional sports betting, esports betting relies heavily on instantaneous updates and dynamic odds adjustments, making uptime and risk management essential.
The Czech company also emphasises the importance of user engagement, recognising that esports users differ significantly from traditional sports betting audiences. Preferences for speed, variety, and an esports-centric interface shape the platform’s development, reflecting broader shifts in the digital betting industry.
CEO Vlastimil Venclik told Deloitte that the company has flirted with failure multiple times, adding that adaptability and persistence have been key to its survival. The company’s expansion, spanning multiple continents, aligns with the emergence of esports as a major entertainment and commercial vertical, although questions about regulatory frameworks, market saturation and long-term stability remain. Oddin’s trajectory also mirrors an increasing reliance on AI-driven predictive modelling and risk assessment in the gaming sector, the report added.
Other notable Czech companies include Magu, a health drink innovator in second place with 4,248% growth, and Adam, a media-focused business that connects homeowners with renovators, which ranked highly in the “Companies to Watch” category. The diversity of sectors, from environmental tech firm Sensoneo, to health care company Medevio, lays bare Czechia’s broad-based success.
Poland, Slovakia, Romania perform well
Poland continues to be a regional tech hub, with 17 companies on the list, level with Czechia. The country excelled in software innovation, with companies such as SmartLunch and Solidstudio, respectively ranked 4th and 5th, and with growth rates exceeding 3,000%.
The Polish fintech sector also shone, with PayPo and Vestberry driving digital transformation in financial services. Poland’s robust performance betrays its role as a leader across areas ranging from enterprise software to communications and entertainment technology.
Slovakia, though smaller in size, made a significant impact with four companies on the list. AgeVolt, a provider of sustainable charging solutions for electric vehicles, topped the country’s entries with 1,131% growth, showcasing Slovakia’s focus on environmental technology. Trama, a software company that automates trademark protection, scored highly in the “Companies to Watch” category. Other Slovak innovators such as NextRetreat, which simplifies travel planning, further demonstrate the country of 5.4mn punching above its weight on a regional level.
Romanian firm Druid AI was named a CE ‘Tech Rocketship!’ award winner for its conversational AI for productivity and customer service. This special category honours companies that have developed high-quality, scalable solutions with the potential to serve demanding customers, awarding those with the most potential. Other Romanian companies that made the Fast 50 list included media and entertainment company Questo and fintech firm Finqware.
Baltic, Balkan countries also make Deloitte list
Companies from Estonia, Croatia and Serbia also appeared on the Deloitte rankings. Estonia’s energy storage innovation company Skeleton Technologies made the “Impact Stars” category. Croatian edtech company Stemi and Serbian software companies Softech Solutions and Abstract made the list too.
Deloitte Central Europe CEO Tomasz Konik said, “CE Technology Fast 50 companies have created new solutions that make the world safer, more sustainable, more diverse – and more fun. They’ve found markets for their offerings, creating jobs and boosting local economies. And they’ve attracted customers at such scale that over the last year they’ve increased their revenues by hundreds, if not thousands, of percentage points,” Konik added.
