Croatia has been witnessing momentum in its startup ecosystem, which provides numerous opportunities for startups to thrive. Within the past two years, the country has witnessed the birth of two unicorns (Infobip and Romac cars), and they are anticipating more successes to come. The recent growth of the startup ecosystem is undoubtedly a result of concerted efforts and support from various parties, including venture capital firms and angel investors. In this article, we have compiled a comprehensive list of top VC Funds and Angel Investors in Croatia that can provide you with the capital and support to help you succeed!
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Venture Capitalist Funds in Croatia
The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2012
Stage: Pre Seed, Seed
Focus: Fintech, Healthcare, Future of Work, Future of Food, Ecomtech
Notable Portfolio: Perfeqt, NitroPack, Quantive, Payhawk, Woli
Eleven Ventures is a major venture capital firm with a considerable influence on the Southeast European startup environment. With a focus on early-stage technology firms, Eleven Ventures has been actively promoting innovation and driving development in industries such as Fintech, Healthcare, the Future of Work, and the Future of Food. Eleven Ventures distinguishes itself by its strong awareness of local market dynamics and its ability to uncover high-potential businesses with revolutionary ideas. They offer vital financial support to portfolio companies, allowing them to develop their operations and bring their ideas to market.
Year of Inception: 2019
Stage: Pre Seed, Seed
Focus: Marketplaces & Consumer, SaaS, Food & Health, Education & Gaming, FinTech
Notable Portfolio: Blub Blub, Influee, Mimo, Noir, Katalys
Silicon Gardens is a venture capital firm situated in Ljubljana, Slovenia that invests throughout Europe. Since its inception in 2019, the VC swiftly established itself as a key member of the startup ecosystem. Silicon Garden’s focus is to deliver value beyond financial investment. They believe in actively assisting early-stage technology firms by giving them the tools, expertise, and contacts they need to succeed. As entrepreneurs, the Silicon Gardens team understands the obstacles and possibilities that startups encounter, and they use their own experiences to assist and coach the firms in which they invest.
Year of Inception: 2021
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Relio, LegalAI, Privacy Culture, Winji, Pandatron
daFUND is a venture capital fund that focuses on early-stage investments in European B2B startups. The fund specializes in software-powered businesses that have the potential for considerable development and success. With a strong emphasis on empowering and assisting entrepreneurs, they provide financial resources, experience, and vital contacts to assist these startups in thriving.
Year of Inception: 2010
Stage: Pre Seed, Seed
Focus: Technology
Notable Portfolio: Axoflow, Eleven Labs, Upheal, Mindgram, EquiLibre
Based on Prague, Czech Republic, Credo Ventures is a well-known venture capital firm with the mission to find and support excellent technology entrepreneurs from Central and Eastern Europe, assisting them in achieving their worldwide goals. The firm's primary focus is on investing in seed and early-stage technological startups. Credo Ventures provides not just financial resources, but also important experience and contacts to assist these firms in growing and contributing to the growth of the European startup ecosystem.
Year of Inception: 2019
Stage: Pre Seed, Seed
Focus: Technology
Notable Portfolio: SpectreXR, Spiritus, Rendin, GitGut
ZAKA VC is a renowned venture capital firm that specializes in early-stage technology investments. ZAKA VC invests for the long run, hoping to form long-term relationships with the firms it supports. They offer financial support and a variety of value-added services to assist entrepreneurs in growing and scaling. This includes support with business growth, marketing and branding, recruiting personnel, and gaining access to subsequent investment rounds.
Year of Inception: 2014
Stage: Pre Seed, Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: AutoVantage, Bytegra, Convoworks, Felloz, Flowy
Fil Rouge Capital, situated in Zagreb, Croatia, is a renowned venture capital firm. Since its inception in 2014, the firm has established itself as a key member in the European startup ecosystem. Focused on early-stage investments, they have made a total of 173 investments across several industries, with a track record of 27 successful exits. Fil Rouge Capital actively seeks for new investment possibilities and provides funding, experience, and assistance to companies in order to help them develop. Their dedication to innovation and track record of success make them a perfect partner for forward-thinking business owners.
Year of Inception: 2015
Stage: Seed, Series A, Series B
Focus: Technology
Notable Portfolio: HireApp, Pixyle AI, Underline, Rubik
South Central Ventures (SCV) is a prominent Southeast European venture capital firm. With its headquarters in Ljubljana, Slovenia, and offices in Zagreb, Croatia, Belgrade, Serbia, and Skopje, North Macedonia, SCV is perfectly positioned to find and promote innovative projects across the Adriatic region. One of the key strengths of SCV lies in its team of experienced professionals who possess a deep understanding of both the local market dynamics and global trends. SCV invests hands-on, collaborating with founders and management teams to give strategic advice, operational assistance, and access to their wide network of industry contacts.
Year of Inception: 2021
Stage: Seed, Series A
Focus: FinTech & InsurTech, Metaverse, Gaming, Logistics & Supply Chains, Health
Notable Portfolio: ZenOwn, Viar, Bloq.it
Suricate Ventures is a venture capital firm based in Ljubljana, Slovenia, that focuses on investing in early-stage technology ventures across Southeastern Europe. Recognizing the revolutionary potential of technology, the firm focuses its startups on the Fintech, Gaming, Health, Metaverse, and Logistics & Supply Chains sectors. Startups must have a proof-of-concept and a client base to qualify for their funding, proving market potential and traction.
Year of Inception: 2018
Stage: Seed, Series A, Series B, Series C
Focus: FinTech
Notable Portfolio: FinCompare, Agro.Club, Twisto, Tarfin, Cloudcart
Elevator Ventures is the venture capital arm of Raiffeisen Bank International (RBI) that focuses on early-stage and growth investments in fintechs and associated technologies in the Central and Eastern Europe (CEE) region. They focus on strategic direct investments in later-stage fintechs and work closely with Elevator Lab to assist potential scaleups develop across the CEE region and beyond, utilizing RBI's experience and network. Elevator Ventures is also a member of the Fintech Growth Fund Europe, a collaborative investment vehicle for later-stage fintech investments.
Angel Investors in Croatia
Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: -
Skok123 is a group of angel investors from the United States who invest in startups across Southeastern Europe (Bosnia, Croatia, Montenegro, Northern Macedonia, Serbia, and Slovenia). They contribute value to startups by actively assisting portfolio firms through the various obstacles of startup growth, providing support and insight into key business activities such as business and pricing models, organizational growth, contracts, clients, and more.
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio:
The Croatian Business Angels Network (CRANE) is a non-profit organization that provides a forum for private investors interested in supporting and investing in early-stage creative firms. CRANE connects business angels from Croatia and throughout the world, creating a network for collaboration and investment possibilities. As a non-profit organization, they seek to promote entrepreneurship and economic growth by linking entrepreneurs with experienced investors who can offer not just financial assistance but also mentorship and counseling. CRANE is critical to the development of Croatia's startup ecosystem, supporting the flow of funding and knowledge to potential enterprises.
Closing Thoughts on VCs and Angel Investors in Croatia
Though small in size, Croatia has demonstrated its potential with the two emergence of 2 unicorns, with more expected to come. As the ecosystem continues to evolve and address its challenges, the Croatian startup scene appears to hold immense potential for innovation, growth, and success.
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Frequently Asked Questions on VCs and Angel Investors in Croatia
What characterizes the current venture capital and angel investment landscape in Croatia?
Croatia's startup investment ecosystem has experienced significant development, particularly centered in Zagreb's growing tech scene. Key organizations shaping the landscape include the Croatian Private Equity and Venture Capital Association (CVCA), Zagreb Innovation Centre (ZICER), and the Croatian Agency for SMEs, Innovation and Investments (HAMAG-BICRO). The ecosystem features emerging venture capital firms like Fil Rouge Capital and South Central Ventures, alongside active angel networks such as the Croatian Business Angels Network (CRANE), collectively establishing Croatia as an emerging Adriatic innovation hub.
How do Croatian startups typically secure investment funding?
Croatian entrepreneurs access capital through various channels including EU development funds, local venture capital firms, and growing angel investor networks. Notable platforms include the CRANE network, HAMAG-BICRO programs, and accelerators like Startup Factory Zagreb. Many startups leverage Croatia's strong technical expertise and strategic location to attract investors from both Central European markets and the wider EU, while also benefiting from various EU funding mechanisms designed to support innovation in emerging European markets.
Which sectors in Croatia attract the most venture capital and angel investment?
The most attractive sectors for investment in Croatia include tourism technology, fintech, gaming development, maritime technology, and digital solutions. The country's strong tourism industry has created opportunities for travel tech startups, while its technical talent pool has sparked investor interest in software development, artificial intelligence applications, and digital platforms. The growing gaming industry and emerging blockchain sector also consistently attract significant investor attention.
What government and EU initiatives support startup investment in Croatia?
The Croatian ecosystem benefits from both national and EU-level support mechanisms, including HAMAG-BICRO programs, the Croatian Venture Capital Initiative, and various EU operational programs. Key support includes innovation vouchers, seed funding schemes, and R&D tax incentives. The government also facilitates startup growth through simplified business registration processes and programs supporting technology transfer, particularly focusing on helping Croatian startups access EU markets.
What are typical investment terms and funding ranges in Croatia's startup ecosystem?
Investment tickets in Croatian startups typically range from €20,000 to €200,000 for angel investments, while early-stage venture capital rounds usually fall between €200,000 and €2 million. Terms often emphasize regional scalability potential, particularly targeting expansion into EU markets. Investors frequently seek startups that can leverage Croatia's competitive advantages, including its skilled workforce, strategic location between Central Europe and the Adriatic, and growing reputation as a tech hub.
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