BestInvest.hr brings together Croatian investors managing over four billion euros and honours top investments in fast-growing and innovative companies
ZAGREB, 8 April 2025 – The fifth edition of BestInvest Croatia, the flagship annual conference of the Croatian Private Equity and Venture Capital Association (CVCA), was held at Hotel Esplanade in Zagreb to mark two major milestones: five years of BestInvest.hr and 20 years since the founding of CVCA. The event brought together the country’s most innovative entrepreneurs and leading investors managing over €4.2 billion in capital, and recognised the best private equity and venture capital investments for 2024. BestInvest.hr 2025 once again confirmed Croatia’s position as a rising innovation hub in Central and Eastern Europe.
Six awards were presented for achievements in 2024. The award for Private Equity Investment of the Year was presented to Entrio, for the investment by Invera Equity Partners. The Venture Capital Investment of the Year award went to Orqa, for its €5.8 million seed round led by global investor Lightspeed Venture Partners. The Founder of the Year award was received by the trio behind Orqa FPV – Srđan Kovačević, Ivan Jelušić, and Vlatko Matijević. Entrio was also recognised in the Exit of the Year category, marking the successful exit by Fil Rouge Capital and the entry of Invera Equity Partners. Silicon Gardens Fund III was awarded Fundraising of the Year, having raised over €24.5 million in its first close. The prestigious Investor of the Year title was awarded to Invera Equity Partners for its strategic, hands-on approach to building portfolio companies and driving sustainable growth.
In her keynote address, Mirna Marović, President of CVCA, reflected on the 20th anniversary of the association and the evolution of the Croatian private equity and venture capital market. She highlighted that what began as a small group of risk capital pioneers two decades ago has grown into a central pillar of the Croatian economy. Today, CVCA members manage over €4.2 billion in capital targeting Croatia and the region. Private equity and venture capital funds have become the main engine of growth for some of Croatia’s most dynamic companies – those with potential for fast scaling, internationalisation, and job creation. Marović also pointed out that during record years such as 2021 and 2022, Croatian companies and founders raised over €2 billion in PE and VC investments, and despite the global downturn in 2023 and 2024, Croatia continues to lead in attracting venture capital in the CEE region. The total enterprise value of the Croatian startup ecosystem now exceeds €8 billion. “We have grown from almost nothing to a meaningful ecosystem, with real traction and increasing international credibility,” said Marović. “Private equity and venture capital are now deeply embedded in Croatian society and the economy – and this is why the motto of our conference is: Support the best and inspire the rest.”
In his remarks, Alan Herjavec, Member of the Management Board of the Croatian Bank for Reconstruction and Development (HBOR), emphasised HBOR’s role as a key institutional catalyst for private capital development. “HBOR is recognised as a central actor in developing Croatia’s capital markets, and that role is backed by clear results: so far, we have invested over €100 million of our own capital in the development of the venture capital market. In the next phase, we will invest at least that much again – with a clear goal to strengthen fund capacities, attract private capital, and enable entrepreneurs to access financing that drives growth, innovation, and resilience across the Croatian economy.”
Speaking at the conference, Slađana Ćosić, Head of the European Investment Bank (EIB) Group Office in Croatia, highlighted the significant role the European Investment Fund (EIF) – as part of the EIB Group – has played in developing Croatia’s venture capital and growth equity ecosystem. Through strategic initiatives such as CROGIP, CROGIP II, CVCi, CVCi II, and CEETT, launched in collaboration with HBOR and the Ministry of Regional Development and EU Funds, the EIF has so far committed €395 million across 14 Croatian funds & co-investments. This includes multi-country funds with strong Croatian presence and annual record of over €170 million signed in 2024. Ćosić also announced that new initiatives, including those under the Three Seas Initiative Innovation Fund, will further strengthen Croatia’s integration into the European innovation funding landscape – a key step in strengthening regional competitiveness and long-term sustainable growth.
Representing the Government of the Republic of Croatia and the Prime Minister, Kristina Bilić, State Secretary at the Ministry of Regional Development and EU Funds, addressed the audience with a message on the role of EU structural funds in building the Croatian venture capital market. She highlighted that the Ministry has committed over €115 million in EU funds to the CVCi and CVCi II programmes, which, in partnership with HBOR and EIF, have enabled the launch of Fil Rouge Capital Fund II and III, and will support two additional venture capital funds in 2025. Combined with private capital, these programmes will mobilise nearly €150 million dedicated to early-stage funding.
The event also showcased Croatia’s innovation momentum through fireside chats and presentations from high-growth companies and their investors. The first conversation featured Nenad Marovac, Founder and Managing Partner of DN Capital, in a fireside chat moderated by Mirna Marović, President of CVCA. With over 25 years of experience, Nenad leads one of Europe’s most established VC firms, which has backed 11 unicorns, and he spoke about venture capital trends and Croatia’s growing role in the European innovation ecosystem.
Davor Tremac, Co-founder and CEO of Fonoa, presented his entrepreneurial journey and the growth of Fonoa, a Croatian-founded company automating global tax infrastructure using AI, with a focus on scaling internationally from Croatia. Ivan Jelušić, Co-founder and Chief Sales Officer of Orqa FPV, then shared how the team built a world-class autonomous drone company from Osijek. Zvonimir Sedlić, Founder and CEO of Nutris, spoke about scaling a sustainable foodtech company focused on fava bean proteins and ESG-driven innovation.
After the award ceremony, the programme continued with a fireside chat featuring Slaven Kordić (Invera Equity Partners), Roger Blott (Fil Rouge Capital), and Berislav Marszalek (Entrio), moderated by Mirna Marović, discussing Entrio’s VC-to-PE growth journey. Next, Marko Galić (Provectus Capital Partners) and Suzana Škorija (Vetti Group), in a session moderated by Vladimir Nišević, explored how buy-and-build strategies are creating regional champions in veterinary care. The innovation segment concluded with Domagoj Oreb (Feelsgood Capital) and Perica Levatić (57hours), in conversation with Bernard Ivezić, sharing how purpose-driven venture capital fuels sustainable business growth.
The winners of the BestInvest.hr 2025 Awards were selected by an expert jury made up of some of the most respected professionals from Croatia’s financial, investment, and startup sectors. The jury in the alphabetic order of the surname included Hajdi Ćenan, President of CRO STARTUP; Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange; Marijana Ivanov, PhD, Professor at the Faculty of Economics, University of Zagreb; Bernard Ivezić, CEO and Co-founder of Unicorn Underground; Leo Mršić, PhD, Vice Rector for Science and Research at Algebra University; Vladimir Nišević, Editor-in-Chief of Forbes Hrvatska; Tamara Perko, President of the Croatian Banking Association; Hrvoje Serdarušić, Financial Consultant at serdarusic.com; Martina Silov, President of CroAI; Velimir Srića, PhD, University Professor Emeritus and Member of the European Academy of Sciences and Arts; Filip Stipančić, Managing Partner of Smion; Hrvoje Stojić, Chief Economist at the Croatian Employers’ Association (HUP); Goran Šaravanja, Chief Economist at the Croatian Chamber of Commerce; and Vid Zavalić, Project Manager at BIRD Incubator.