Venture capital firms have been instrumental in propelling the entrepreneurial momentum in North Macedonia. As of 2025, the startup landscape in North Macedonia is characterized by a blend of local ingenuity and international investment interest, particularly in sectors such as technology, e-commerce, and sustainable solutions. These VC funds are at the forefront of driving innovation, supporting early-stage companies, and fostering economic growth in the region.
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Venture Capitalist Funds in North Macedonia
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: 2013
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: VAURON, DOXTEAM, PLAZMA, ATELIER KOKEV
Year of Inception: 2015
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: AGRIVI, Leanpay, Cognism, Alchemy, Hunch
Year of Inception: 1998
Stage: Series A
Focus: Sector Agnostic
Notable Portfolio: -
Year of Inception: 2016
Stage: Seed, Series A, Series B
Focus: Media
Notable Portfolio: -
Frequently Asked Questions on Venture Capitalist Funds in North Macedonia
What is the current state of venture capital in North Macedonia?
The current state of venture capital in North Macedonia is signaling a positive shift, with a growing interest from investors in tech startups and innovative business models. Projections indicate that the country's venture capital market is set to reach a Total Capital Raised of $27.51 million by 2025, with the Later Stage market segment expected to dominate, accounting for $12.95 million of this total according to Statista. As of 2024, North Macedonia had approximately 444 startups, with a relatively high density of 30 startups per million inhabitants. This indicates a vibrant startup ecosystem in the country. However, like other countries in the Western Balkans region, North Macedonia faces challenges such as limited access to capital, the need for internationalization due to a small domestic market, and talent retention issues.
How does North Macedonia compare to other Western Balkan countries in terms of VC activity?
While North Macedonia’s VC scene is growing, it’s generally less developed compared to its Western Balkan neighbors. Serbia and Croatia are currently dominating the Western Balkans startup scene, with Croatia's startup value increasing 7.4 times since 2019 and Serbia doubling its startup workforce to 6,000 in just two years. North Macedonia, along with Slovenia, is moving at a slower pace but is gradually gaining attention from investors. It still has ground to cover to match the VC activity levels of regional leaders like Serbia and Croatia.
What sectors are North Macedonian VCs most interested in?
VCs in North Macedonia are particularly interested in the following sectors:
Technology and IT startups
Innovative digital platforms
Fintech
AI and machine learning
Blockchain technologies
E-commerce
Are there any notable success stories of VC-backed companies from North Macedonia?
Yes, one of the most prominent success story include:
Native Teams: A startup that raised multiple rounds of funding, including a recent €6.275 million investment
Expanded globally with offices in 10 cities across different countries
Employs over 200 team members, with 69 in North Macedonia
Backed by prominent regional VCs like Eleven Ventures (Bulgaria) and Fil Rouge Capital (Croatia)
What are the future prospects for VC in North Macedonia?
The future prospects for VC in North Macedonia looks promising, with:
Ongoing legislative reforms to align with EU standards and government initiatives to support the startup ecosystem
Increasing number of innovative startups and growing interest from international investors
Emerging sectors aligning with the country's economic development goals (ICT, green tech, etc)
Regional collaboration with other Western Balkan countries may boost VC activity and knowledge sharing
EU funding opportunities that provide additional capital and support for the startup ecosystem
Closing Thoughts on Venture Capitalist Funds in North Macedonia
The emergence of prominent venture capital funds in North Macedonia marks a significant milestone in the country's economic landscape.The impact of venture capital on North Macedonia's startup ecosystem is multifaceted. Beyond providing crucial financial support, these investments are fostering a culture of innovation, attracting international talent, and facilitating knowledge transfer. The future looks promising for North Macedonia's startup ecosystem, with these leading venture capital funds at the helm of this transformative journey.
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