First Croatian Venture Capital Fund Succeeds With Startup Investments

Lauren Simmonds

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As Novac/Bernard Ivezic writes, the first Croatian venture capital fund is now worth an impressive 40 million euros. It recently announced that in just five years of operating both independently and in a group, it has invested as much as 77.6 million euros in startups operating in Croatia and the immediate region.

The first Croatian venture capital fund has so far invested in a total of 28 startups across five countries within the region. Here in Croatia, SCV, together with its co-investors, participated in the realisation of 35.5 million euros worth of investments in six promising startups.

Jure Mikuz, co-founder and partner at South Central Ventures, says that the startup community here in Croatia is developing extremely rapidly and more and more innovative projects based on the latest technologies are now being launched.

”I’m proud that as the first Croatian venture capital fund, we were able to support the growth and development of innovative projects here in Croatia and across the entire region, which are now recognised as valuable and successful companies that are accelerating digital transformation and contributing to the development of the entire startup community in this region,” stated Mikuz.

When it comes to Croatian companies, SCV has already supported the growth of Agrivi, which develops software for agricultural production management, in two rounds of financing. Agrivi is otherwise now well recognised as being among the top 10 such solutions globally and is the best here in Europe.

Furthermore, the Croatian venture capital fund has invested in AdScanner, which develops smart TV ad analysis systems, and which is used by more than 50 brands across several European countries. On the list is also Cognism, which is a complete artificial intelligence (AI) sales promotion solution that already does business with more than 700 companies globally and employs more than 180 workers. Cognism has also recorded significant revenue growth from month to month and is one of the most desirable employers in the United Kingdom.

On top of that, SCV has also invested in Sentinel Marine, which is developing a smart solution for boat telematics and surveillance and is the global leader in the number of boat owners who use them. It has invested in Bulb, which is developing advanced platforms for digitising customer support, and which has recently embarked on a strategic partnership with the M+ Group.

Finally, SCV has invested in DaiBau, a platform that connects users with construction contractors and operates right here in Croatia under the eMajstor brand by DaiBau. It is a startup that is a leader in its industry across several European markets, and it recently received an investment from no less than Henkel.

Of the other countries in the region, the first Croatian venture capital fund has invested in fourteen startups in Serbia, five in Macedonia, one in Kosovo and two in Montenegro.

“This pandemic has only further accelerated the development of these companies in which we’ve invested precisely because of their extremely strong technological background, and we’re especially proud of the teams from these companies who didn’t fail to miss the opportunity to take big business steps last year, as well as adapt with more adjustment and extra effort,” concluded Mikuz.

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