Top 6 Venture Capital Firms in Croatia
Croatia’s startups are funded mostly by venture capital firms, not individual angel investors, led by names like Fil Rouge Capital, South Central Ventures, and Day One Capital. Talking about the booming startup scene in Croatia, people often say “It all started with an idea”, but how did these ideas turn into successful businesses?
So, here’s a well-researched list of the top 6 venture capital firms in Croatia, along with detailed information on their investment preferences.
Top 6 Venture Capital Firms in Croatia
Following is the list of some of the top-ranking VC firms in Croatia.
Fil Rouge Capital
- Website: Fil Rouge Capital
- Investor Type: Venture Capital Firm
- Investment Interests: Tech, Software, Blockchain, Web3, Consumer Products, and Digital Businesses.
- Investment Stage: Early and Seed
Founded in 2014, Fil Rouge Capital is the biggest and most active VC firm in Croatia with over 170 investments. The firm is headquartered in Zagreb and strongly focuses on startups that are in the early/seed stage.
The angels at FRC focus on emerging tech startups that have strong business models. The startup must be led by individuals with at least 4 years of relevant industry experience and should also be well aware of the marketing strategies.
Aside from investment, Fil Rouge Capital also has an amazing mentorship panel, consisting of some of the most experienced individuals. The investment range of FRC can range up to €3M. Some of their portfolio companies are:
Beyond Seen Screen: A startup whose mission is to revolutionize TV programs by making them interactive. They achieve this by connecting primary screens (such as TVs) with secondary screens (such as mobile devices or tablets).
Reveris: Reveris is a multifaceted startup providing services in many different fields. Most of their common services are from the blockchain tech revolutionizing data security and supply chain management.
South Central Ventures
- Website: SC Ventures
- Investor Type: Venture Capital Firm
- Investment Interests: Tech, Healthcare, Retail, Delivery Services, and Consumer Products.
- Investment Stage: Early and Seed
South Central Ventures is a venture capital firm that was founded in 2015. The firm invests in small & medium tech companies in the Western Balkans. They have funded dozens of startups and have offices in Ljubljana, Zagreb, Belgrade, and Skopje.
Moreover, the investors at SCV focus on startups that have decent revenue generation processes and can double the investment within the first 2 years of investment. They look for early-stage, high-growth companies that are led by experienced leaders. SCV also organizes the annual SCV Summit, where mentors meet the startups and help them where things aren't going in their favor.
The investment range of SCV lies between €500,000 to €5M. Some of their portfolio companies are:
57hours: 57hours is a travel marketplace booking platform designed to connect travelers with tour guides & explorers for adventure activities.
HireApp: HireApp is a gig platform in the US hospitality sector, utilizing advanced technology to link professionals with shifts. Their services are reshaping the landscape of staffing and the future of work.
Mily Tech: A delivery analytics platform tailored for parcel delivery companies. It collects, connects, and enriches delivery data to help parcel delivery companies reach breakthrough performance in the last mile.
Pixyle: Pixyle AI helps fashion retailers with image recognition solutions, enabling them to deliver a better online shopping experience. The software boosts e-commerce sales and improves efficiency in catalogue management with smart product data entry.
Day One Capital
- Website: Day One Capital
- Investor Type: Venture Capital Firm
- Investment Interests: AI and Software
- Investment Stage: Early and Seed
Day One Capital is also a reputable VC firm that funds startups in Croatia. The network has been operating since 2018 and invests in innovative tech-related startups at the early and seed stages.
During the screening tests, the investors at Day One Capital focus on businesses that can revolutionize modern technology and come up with new ideas. The startup must be able to at least 2-3x the investment within the first 2 years and have a strong revenue-generating stream.
Aside from investments, Day One Capital also conducts many growth events, startup accelerators, and networking events to boost the entrepreneurial culture in Croatia. Their investment range is between €100,000 to €1.5M. Notable names in their portfolio are:
Turbine: Turbine is a developer of cancer combination therapies that leverage bioinformatics, network medicine, and artificial intelligence. This enables cancer patients to receive a low-cost and effective cancer treatment plan. They secured a total of €25.5 million in their Series A round, which included participation from Day One Capital alongside Accel, Mercia, and MSD Global Health Innovation Fund.
Volteum: Volteum is a developer of an electric fleet optimization platform designed for fleet optimization for electric cars and vans. They have raised a total of €3.75 million across a pre-seed and seed round, with backers including Movens Capital, WakeUp Capital, Aidiom, and Day One Capital.
Webshippy: Webshippy is a developer of a cloud-based logistics software designed to automatically synchronize webshop orders. The company’s software offers automatically controlled packing stations and barcode-based identification.
Credo Ventures
- Website: Credo
- Investor Type: Venture Capital Firm
- Investment Interests: Tech
- Investment Stage: Seed
Credo Ventures is another venture capital firm that invests in Croatia-based startups. The network was founded in 2009 and has backed startups across Central and Eastern Europe.
During the investment, the angels prefer startups with proven growth, qualified teams, and the ability to serve as an international brand. Moreover, they also invest in tech based businesses that have the potential to grow.
Other than its investment activities, Credo Ventures also has a strong network of international mentors and is known for its services like operational support and mentoring. The investment range of Credo Ventures can range up to several million euros. Among their portfolio, notable portfolio companies are:
Collabwriting: Collabwriting is a platform that helps you organize online research through team collaboration directly on web pages. The company raised a €1.1 million seed round led by SMOK Ventures, with Credo Ventures among the participating investors, plus a separate €300,000 grant from the World Bank-backed Katapult Accelerator.
Fabrica AI: Fabrica AI is a developer of automatic tile grouting robots. The company uses deep learning models with computer vision and light detection and merged with simultaneous localization. They have raised a total funding of €2.2 million.
Axoflow: Axoflow is a company that operates in the cyber-security and information technology industries. It offers a platform that transforms on-premises and cloud logs, metrics, and traces into a cloud-native observability infrastructure. Axoflow has raised close to $10 million in total funding, including a $7 million seed round led by EBRD Venture Capital, with Credo Ventures among its backers.
J&T Ventures
- Website: J&T Ventures
- Investor Type: Venture Capital Firm
- Investment Interests: Travel
- Investment Stage: Seed
J&T Ventures is a venture capital firm that invests in early-stage companies and is headquartered in Prague, Czech Republic. Even though the firm doesn't have many offices in Croatia, it still invests in 1-2 startups each year.
The investors prioritize startups that are in the travel sector and are providing innovative services. The firm invests in companies in exchange for equity or an ownership stake. Moreover, J&T Ventures only organizes 1 pitching competition per year and invests in the startups with the lowest competition.
The investment range of J&T Ventures is around €2.5M. Some of their portfolio companies are:
Daytrip: Daytrip is a global travel platform providing private door-to-door car transfers in over 110 countries worldwide. They raised $10 million (about €9.2 million) in their Series B round, led by Taiwania Capital with participation from J&T Ventures, Euroventures, and N1.
Davinci Travel System: Davinci Travel System is a B2B online platform for booking and management of group reservations at hotels. They have raised a total funding of €2.32 million over 1 round from 4 investors.
PortfoLion Capital Partners
- Website: PortfoLion
- Investor Type: Venture Capital Firm
- Investment Interests: AI and Health sciences
- Investment Stage: Early and Seed
PortfoLion Capital Partners is another venture capital firm that supports startups throughout different stages. They usually invest at the Pre-Seed, Seed, Series A, Series B, Series C, and also in established enterprises.
Like most other firms, PortfoLion Capital Partners prefers businesses that can make long-term deals and generate 3x ROI within 24 months of funding.
The investment range of PortfoLion Capital Partners lies between €500,000 to €3M. Notable portfolio companies are:
edrone: edrone is a developer of artificial intelligence (AI)-powered marketing automation for e-commerce businesses. They raised €4.6 million in 2024 in a round led by INventures, with PortfoLion Capital Partners among the participating investors.
Mindgram: Mindgram is a science-based platform and mobile app for complete mental wellness. The platform provides well-being tools to employees in order to build resilient and socially responsible organizations.
Wrap-Up
Finally, as we have concluded the list of the top-ranking investors in Croatia, you must be thinking about the pitching procedure and how first-time investor meetings can turn out to be a disappointment.
You can also browse VC firms directly using AngelMatch’s VC Database, or see how the scene compares in other European markets, like our list of top VC firms in the Netherlands.
Frequently Asked Questions
Which industries do VC firms in Croatia focus on?
VC firms active in Croatia invest across a wide range of sectors, including SaaS, fintech, AI, healthtech, logistics, and consumer products. Some firms are generalist, while others, like Day One Capital, concentrate on AI and software-focused startups.
What is the difference between Venture Capital Firms and Individual Angel Investors?
Venture capital firms are organized setups that aggregate capital from various investors and deploy it into startups at a larger scale, offering expertise and guidance.
In contrast, individual angel investors are private individuals who invest personal funds directly into startups, typically at an early stage, using a more personalized approach and hands-on involvement in the startup's growth.
Do VC Firms Provide Mentorship Programs?
Yes, many VC firms provide mentorship programs alongside financial support. They leverage their experience to offer strategic insights, assist in critical decision-making, and facilitate introductions to their network connections. This mentorship is pivotal for startups, aiding them in overcoming obstacles and expediting their growth trajectory.
