In 2015 first VC fund in Croatia focused on investments in startups

By the end of 2015 shall be established the first venture capital (VC) fund in Croatia focused on investments in start-ups, with a capital of € 40 million, or just over 300 million HRK. This makes it the largest VC fund not only in the Adriatic region but in all of South East Europe. It will be funded under a public-private partnership. Half of the € 20 million the state wants to provide through a World Bank loan and the rest of the money it wants to obtain from the private sector. It is planned to publish the tender for the company to manage the new fund in June 2015. According to the sources from the investment industry, the portion of the funds available will be reserved for smaller, so-called seed investments.

Mr Darko Liović, president of HAMAG-BICRO, the Croatian Agency for SMEs, Innovation and Investments, on November 13th at the conference Zagreb Connect announced that all preparations for the launch of the fund shall be completed by June next year. In an interview with Poslovni dnevnik, Mr Liović said “We want to enable our startups, through the VC funding, to remain in Croatia and give additional boost to accelerate the development of the Croatian startup ecosystem”. He also added, “I can say that HAMAG -BICRO will not engage in the selection of projects for VC fund but it will be done by the company that wins the tender, and many other details of the VC fund are subject to discussions with the World Bank “, stressing that HAMAG -BICRO wants the new fund not only to provide startups with the money but also with the quality support to grow.

Source: Banka.hr/Poslovni dnevnik, 14.11.2014.