Montenegro is a country in South Eastern Europe, with a population of 616,000. The country’s startup ecosystem is still in the early stages of formation. Even with a small number of startup investors, we can see companies like VOLI, WriteSome, and ReadON that are growing at a faster pace.

However, as a startup leader, you must be thinking about some well-known startup investors in Montenegro. To help you out, we have prepared the following list of the top 5 startup investors in Montenegro along with some additional tips.

Top 5 Startup Investors in Montenegro

Following is a list of some of the top venture capital firms, angel investors, and startup accelerators in Montenegro. 

Balkans Tech Fund

Balkans Tech Fund is the first privately owned VC fund in Montenegro. The firm allows startups to secure funding by arranging different pitching competitions. Plus, with their partnership with Digital Den, they have invested in almost 15 startups and are willing to invest in 50 more startups this year.

Similarly, BTF has announced that they will invest in more than 900 early-stage businesses by the end of 2026, which provides a golden opportunity for early-stage startup founders. The investors prefer businesses that can generate 2x ROI and are at least 1-2 years old.

Aside from investment activities, they promote cross-border partnerships and alliances that connect visionary minds and ambitious entrepreneurs throughout the Balkans. The investment range of BTF can range up to  €500,000. Some of their portfolio companies are:

Flourish: Flourish is a platform that provides innovative access to financial products to help Registered Investment Advisors secure their clients’ financial futures.

FinalFind: FinalFind is a navigation platform that simplifies navigation by enabling users to create custom routes with images, audio, and text4. It is ideal for both personal and business needs. 

StartupX: StartupX is a company that bridges sustainability and innovation through technology. They work with startups and organisations to innovate around solutions that will reimagine and shape the next decade of how we will work, live and play.

Faster Capital

FasterCapital is a venture capital firm that operates on a global level and helps startups and small businesses worldwide. They invest in startups in a work-per-equity model, providing either technical development per equity or business development per equity. They have helped more than 500 startups raise more than  €1.8B, and they have invested over  €560M in 224 startups

Similarly, FasterCapital works with startups from all industries as long as they have a technical component. The investors have a preference for innovative businesses that have experience with raising money or have already approached investors. They also prefer companies whose model has been validated locally, companies which have more than one co-founder, and companies which have larger founding teams.

The investment range of Faster Capital is around  €1M. Some of their portfolio companies include:

Mp3Ready: Mp3Ready is a search engine on the deep web designed to find all the music online.  It has raised a total of  €756K in funding over one round, which was a Seed round.

Lifder: Lifder is a social media platform dedicated to facilitating doing good, participating in charities, or raising public campaigns. It provides different social impact opportunities directly in the user’s feed. 

1-mo: 1-mo is a movie database platform based in the United States. The platform provides a variety of content on movies. 1-mo has raised a total of  €1.2M in funding over 4 rounds. 

Xavier Niel

Xavier Niel is a renowned French businessman and angel investor. He has been active in the data communications, Internet, and telecommunications industry since the late 1980s. He is the founder and majority shareholder of the mobile operator Iliad.

When funding startups, Xavier Neil invests in early-stage businesses that are led by experienced entrepreneurs. He is also the co-founder of Kima Ventures and makes investments through his VC firms when necessary.

Th‌e investment range of Xavier Neil is around  €100,000. Some of the companies in which he has invested include

Cure51: Cure51 is a biotech company that focuses on oncology research and development. The company’s main offerings include a proprietary discovery platform for analyzing and discovering novel therapeutic targets, and the development of precision medicine tools to aid in the creation of new cancer treatments. 

Datagroup-Volia: Datagroup is a leading national fibre infrastructure and digital services provider. In 2021, Datagroup completed the acquisition of Volia, the country’s leading Pay-TV and broadband service provider. 

Oleg Tscheltzoff

Oleg Tscheltzoff is also a well-known angel investor who has started funding startups in Montenegro. As an investor, Tscheltzoff has a rich background and co-founded Fotolia, which became the world’s largest micro stock photography site. He has made over 30 investments as an angel investor, with notable investments in the US as well as Europe.

When funding startups, Oleg Tscheltzoff prefers businesses that are at the early/seed stage and can generate a decent ROI. Tscheltzoff usually invests in startups through networking events or other startup programs. 

The investment range of Oleg Tscheltzoff lies between  €150,000 to  €2.5M. Notable portfolio companies include

Indeez: Indeez is an insurance company that provides income protection solutions for independent workers, gig workers, and freelancers. Indeez has raised a total of  €9.2M in funding.

Virgil: Virgil provides financial services intended to invest in properties with customers according to their needs. Virgil has raised a total of €17.1M in funding over 2 rounds.

Luna: Luna Innovations is an American developer and manufacturer of fibre-optics- and terahertz-based technology products for the aerospace, automotive, and silicon photonics industries. Terra has raised  €1 billion through the sale of LUNA, the native token of the Terra blockchain.

Jacques-Antoine Granjon

Jacques-Antoine Granjon is an investor who has funded 56 startups all across Europe. Granjon usually invests in a variety of sectors, including Media and Information Services (B2B), Electronic Equipment and Instruments, Business/Productivity Software, Horticulture, Household Appliances, National Banks, and Electronics.

Similarly, Jacques-Antoine Granjon looks for businesses that can scale on an international level and are looking for seed-staged investing. He does not invest or screen startups with an age below 4 years.

The investment range of Jacques-Antione Granjon can range up to  €3M. Some of his portfolio companies are:

 

Montvel: Montvel is a French company that specializes in the creation of wood pellet barbecues. 

Kolsquare: Kolsquare is an advanced influencer marketing platform that utilizes AI and big data to optimize influencer campaigns. 

Devialet: Devialet is a French audio technology company that produces a line of speakers and amplifiers. The company provides Analogue/Digital Hybrid amplification technology for audio devices, embedded in all Devialet products.

How To Successfully Pitch To Angel Investors?

The final step before appearing for a screening test is having a well-sorted-out plan for securing an investment. Presentations and pitch decks play a vital role, however, there is a lot that needs to be done to win a pitching competition and secure an investment. 

Some important tips to successfully pitch to angel investors are:

Tell A Realistic Story, Supported With Facts:

Narrating the same old market stats and numbers will bore the investors and they won’t be able to listen to the full presentation. Tell a realistic story about the problem your startup solves, and then present some facts to show the growth potential.

Show Milestones:

As a seed-staged startup, it is very important to show your startup’s milestones and tell the estimated ROI. Investors always prefer startups with massive ROI and that is why you should display your startup as a profitable investment. 

Provide an Exit Strategy:

Although investors do not always question about an exit strategy, it is recommended to be prepared. Telling the exit strategy for a startup helps the investors predict the future and understand where they will be standing with your investment. 

Wrap-Up

Wrapping up, we would advise you to pitch to angel investors with proper research. Remember, some extra minutes of research can save you with huge regrets later!

Frequently Asked Questions