Czech companies dominate new ranking of Central Europe's top-50 rising tech stars

In both the fastest growing and rising stars categories, the Czech Republic had the most entries.

Raymond Johnston

Written by Raymond Johnston
Published on 30.11.2020 13:52 (updated on 30.11.2020)

 Czech companies dominated a list of the Central Europe’s top 50 fastest growing technology companies, with a record 21 entries in the annual Deloitte Technology Fast 50 Central Europe report.

Poland came in second of the nine ranked countries, while Croatia had five and Bulgaria three. The list is based on company growth in terms of revenue from 2016 to 2019.

“The Fast 50 always highlights for me the blistering pace of change that is taking place around us. The fact that 42 of this year’s 50 featured companies are new to the ranking demonstrates quite how young and energetic our fastest-growing and most innovative companies are,” Jiří Sauer, partner and Fast 50 Program Leader at Deloitte Central Europe, said.

“This year, in fact, the average growth rate across all entrants stands at 1,460%, significantly ahead of last year’s 1,128%,” Sauer added.

Overall all, though, there were only three Czech companies in the top 10 and the rest were further down in the ranking.

Polish packaging maker Packhelp, which grew by 9,077%, came in first, but second through fourth place went to Czech companies.

DoDo was the highest ranking Czech firm on Deloitte's list.
DoDo was the highest ranking Czech firm on Deloitte's list. (photo: DoDO, Facebook)

“Certainly, the three leaders in our 2020 Fast 50 ranking set an example of how fresh thinking, extreme tech know-how and a determination to make the world a better place combine to have a positive influence on people, society and the environment,” Deloitte Central Europe CEO Jarek Skvrna said in the report.

Delivery startup DoDo grew 8,427%, which was good enough for second place. “The Czech Republic’s DoDo … aims to relieve negative impacts on cities and the wider environment by streamlining ‘last mile’ deliveries to significantly reduce traffic congestion and pollution,” Skvrna said.

Third-placed apartment rental database UlovDomov.cz saw its sales rise 5,525%. “The site uses a friendly interface with ease of searching at its heart. This is based on the belief that renting apartments should be simple, affordable and efficient,” the Deloitte report stated.

Fourth-placed home design and furniture search engine Favi had an increase of 3,389%. “The company aims to make the whole online furniture and home decor shopping experience more convenient for consumers and business partners alike,” the report said.

Women's gift box from Manboxeo. (photo: Manboxeo, Facebook)
Women's gift box from Manboxeo. (photo: Manboxeo, Facebook)

Other Czech companies in the top 25 included lending and consumer credit company Zonky (12th), novelty gift company Manboxeo.cz (15th), cloud software developer Stratox Enterprises (18th), media monitoring firm Monitora Media 21st), app developer Applifting (22nd), and search engine developer Recombee (24th).

Deloitte also has a ranking called Rising Stars for companies that show great potential but are not mature enough to meet the criterion for the main Fast 50 category. Companies must have exceeded €30,000 in each of the years from 2017 to 2019.

The Czech Republic dominated this list as well with 10 of the 25 ranked companies. Poland was in second with nine and Bulgaria third with two.

The Czech Republic had four of the top five spots. First place went to Czech online trading platform FTMO (FF Trader), which saw 2,356% growth.

The other Czech firms in the top five were network security software developer GreyCortex (2nd), machine learning think tank DataSentics (4th) and specialized internet of things (IoT) expertise firm Hardwario (5th).

Festka bicycle frames are made of woven carbon tubes.
Festka bicycle frames are made of woven carbon tubes. (photo: Festka, Facebook)

Deloitte for the first time made a list called Impact Stars, which focuses on companies that have a clear ethical dimension at the heart of their business model. “This year, we are taking to new heights our commitment to recognizing companies that are inspired by making an impact on the business, environment, society and diversity among employees,” Deloitte Central Europe’s Skvrna said.

Each of the nine countries include in the Deloitte report had three entries. The Impact stars for the Czech Republic were bicycle frame maker Festka, textile company Pitko Digital and agricultural firm Varistar (Agrinova Services).

Festka builds bicycle frames using robotically woven carbon tubes. “Festka has also been recently included in the European Space Agency’s BIC incubator, opening doors to a range of exciting technical partnerships and the opportunity to tap into a vast scientific knowledge base. The company is also in demand as a marketing partner — for example, in a long and successful campaign with Nespresso, Festka has produced a frame made of smelted coffee pods,” the report stated.

Pikto Digital’s Maverick digital textile machine.
Pikto Digital’s digital textile printing machine. (photo: CzechInvest)

Pikto Digital has developed a machine for treating roll-to-roll textiles. Its digital technology enables customers to produce high-quality printed fabric on a pigment printer in an effective and sustainable way. “The consumption of chemicals is 30% lower – and energy consumption 70% lower – than that of any conventional solution. This state-of-the-art machine is unique on the market and is runs on user-friendly proprietary software,” Deloitte stated.

Varistar is a service designed to help any size farm meet its environmental, food-quality, productivity and operational efficiency. “By bringing together the contrasting skill sets in IT and agriculture of its two founders, the company delivers a range of key service attributes based on long-term field observations using historical data. … By enabling the optimization of inputs used, Varistar is enabling a reduction in the quantities of chemicals used, increasing yields and quality, and reducing any negative impact of pesticide residues in food products,” the report said.