At the opening of the Assembly, CVCA President Mirna Marović presented the President’s Report, highlighting key milestones from the past year. During 2025, CVCA continued to strengthen member engagement, advance industry dialogue, and organize high-level events that supported the development of Croatia’s private equity and venture capital ecosystem.

Members reviewed the Association’s activities and preliminary financial results for 2025, noting continued efforts to ensure operational sustainability while expanding the scope and impact of CVCA initiatives.

The Assembly adopted the 2026 activity plan, which focuses on reinforcing CVCA’s role as a central platform for private capital stakeholders in Croatia and the wider region. Key initiatives include the organization of BestInvest 2026, continued development of member-driven committees, strengthening cooperation between limited partners (LPs) and general partners (GPs), and active participation in European industry dialogue.

The meeting concluded with an open discussion among members on market trends, regulatory developments, capital availability, and long-term industry growth. The discussions reaffirmed the strong commitment of CVCA members to fostering a transparent, resilient, and competitive private capital market in Croatia.

The Annual General Assembly Meeting is a members-only event. For more information about CVCA and its activities, please visit www.cvca.hr  or contact info@cvca.hr

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The 2025 edition coincided with the 20th anniversary of CVCA. From almost embryonic beginnings, CVCA has evolved into one of the largest and most active national private equity and venture capital associations in Central and Eastern Europe, bringing together more than 35 members, including 27 fund managers of alternative investment funds who jointly manage over €4.5 billion in assets across Croatia and the wider region. This year’s event, now it its third edition, drew senior representatives from leading European and international private equity and venture capital funds, pension funds, development institutions, family offices, and other long-term investors, underlining Croatia’s growing role on the European private-capital map.

In her opening remarks, Mirna Marović, President of CVCA and chair of the LP–GP Networking Event, reflected on the journey of the Croatian market and the partnership between public and private capital that has underpinned its development. “From truly embryonic beginnings, CVCA has grown into one of the largest national PE/VC associations in Central and Eastern Europe — with 27 fund managers among more than 35 members, and capital under management north of €4.5 billion, drawing colleagues not only from Croatia but also Slovenia, Austria, Poland, Romania, and Bulgaria,” said Marović. “Croatia now enjoys one of Europe’s most supportive regulatory environments for pension funds to back alternative investment funds. That evolution reflects partnership: international financial institutions like EIF and EBRD, our national development bank HBOR, and — crucially — domestic private-sector LPs who believed that collaboration between local LPs and local GPs is the engine of a healthy market.”  Marović emphasised that in a world of “choice overload” for institutional investors, emerging fund managers deserve a fair allocation of capital, not as an act of goodwill but as a disciplined performance strategy backed by data. She underlined that global evidence shows emerging managers can offer stronger upside, greater alignment and differentiated strategies that respond to today’s market conditions. “The brands of tomorrow are in this room today,” she noted. “A thoughtful carve-out to emerging managers is not charity — it is a performance strategy with evidence behind it.”

The conference opened with institutional addresses from the European Investment Bank (EIB) Group and the International Finance Corporation (IFC), both long-standing partners in the development of Croatia’s venture capital and private equity ecosystem. Speaking at the conference, Slađana Ćosić, Head of the EIB Group Office in Croatia, highlighted the Group’s record financing volumes in Croatia in 2024, including substantial commitments from the European Investment Fund (EIF) that mobilised several times more in private capital. She pointed to EIF’s expanded support for early- and growth-stage funds through mandates such as CVCI II and CROGIP II, as well as the newly launched TechEU platform, designed to mobilise large-scale capital for European innovation, startups and scale-ups by 2027. Ćosić underscored Croatia’s rising role in Europe’s innovation and funding landscape, describing the country as “an emerging force” and reaffirming the EIB Group’s long-term commitment to sustainable growth.

From a global development perspective, Magdalena Šoljakova, Senior Country Officer for Croatia, Slovenia and North Macedonia at IFC, stressed IFC’s determination to support disruptive technologies and digital transformation across the region. She emphasised that IFC is ready to catalyse entrepreneurship ecosystems via venture capital and growth equity and to address critical funding gaps by mobilising early-stage and seed capital, co-investments and blended finance instruments that can crowd in private investors.

A central feature of the LP–GP Networking Event is the close partnership with the Croatian Bank for Reconstruction and Development (HBOR), which served as the event’s Gold Sponsor. HBOR has been a backbone institution for the market’s development, anchoring key fund-of-funds and co-investment programmes and acting as a catalyst for private capital. Reflecting on HBOR’s role, Željka Idžan, Specialist in the Investment Department at HBOR, noted: “Croatia’s private equity market has made strong progress in the last couple of years, though further development is needed to reach EU average. HBOR is proud to have supported industry growth and will continue prioritizing private equity investments moving forward.”

The morning programme featured keynote presentations from three leading European investors: Thomas Rubens, Partner at DN Capital; Dariusz Pietrzak, Partner at Enterprise Investors; and Danijel Višević, General Partner at World Fund. They addressed the interplay between fundraising cycles, valuation resets, the rise of AI and climate innovation, and the shifting role of public and private capital in Europe’s growth story. Against the backdrop of a more demanding fundraising environment and persistent liquidity challenges, the speakers examined how both LPs and GPs are adapting their strategies, with a particular focus on emerging managers, secondary solutions and impact-oriented strategies. In this context, Pietrzak underlined the importance of mobilising local sources of capital in Central and Eastern Europe, stressing that as capital grows scarcer across Europe, relying more heavily on local LPs is essential to capture the region’s significant private-market growth potential.

Speaking about the distinctive nature of the LP–GP Networking Event, Danijel Višević emphasised the trust and depth of discussion it enables: “The leading GP-LP event in the Adria region, curated by Mirna Marović, unites Europe’s top investors in a uniquely insightful and trust-driven setting that leaves a lasting impact.”

In line with its core mission, the event devoted significant space to LP perspectives. The LP panel “Inside the Minds of LPs: What Drives Allocation in 2025 and Beyond” brought together Michal Kosina, Manager Institutional Mandate Relationships Nordics, Baltics & CEE at EIF; Željka Idžan of HBOR; and Samo Lubej, CEO of Prosperita Family Office, moderated by Dominic Maier, Partner at Atlantic Vantage Point (AVP). The panellists discussed allocation priorities in a higher-interest-rate environment, the balance between established and emerging managers, the role of ESG and sustainability as value and risk factors, and how liquidity constraints are reshaping portfolio construction. They also examined what LPs expect in terms of strategy clarity, governance and reporting from CEE-focused funds in order to commit capital to new vintages.

A hallmark of the conference is the dedicated session for emerging fund managers. This year, strategies were presented by Fil Rouge Capital, Dream Ventures, Feelsgood Capital Partners and BlackPeak Capital. In his presentation, Julien Coustaury, Partner at Fil Rouge Capital, outlined the evolution of one of the region’s most active early-stage teams. Building on that, the session highlighted new and differentiated approaches to venture and growth investing that are emerging from and into the region.

From the pan-European perspective, Dream Ventures Partner Oli Harris shared his observations from conversations with LPs over the past year: “Numerous conversations confirmed to me that macro issues, both economic and political, remain the biggest cause of paralysis in LP allocations.” His remarks resonated with participants navigating interest-rate uncertainty, geopolitical tensions and shifting regulatory frameworks, all of which influence the pacing and direction of capital flows.

Impact-focused investing featured prominently through the participation of Feelsgood Capital Partners. In a fireside chat moderated by Dr. Paul Stubbs, Emeritus Senior Research Fellow at The Institute of Economics, Zagreb, Managing Partners Renata Brkić and Domagoj Oreb discussed the firm’s approach to aligning financial performance with measurable social outcomes across Croatia and Slovenia. Their joint reflection on the event captured both the momentum and the atmosphere of the Croatian ecosystem: “Participating in CVCA events as part of Croatia’s vibrant and growing investment ecosystem feels good!” Stubbs added his own perspective on the importance of embedding broader societal objectives into investment frameworks, noting: “It is good to see the Investment Community in Croatia continuing to emphasize the importance of social and environmental impacts in all investment decisions.”

BlackPeak Capital, one of the event’s Silver Sponsors, was featured in a dedicated fireside chat with Managing Partner Niklas Pichler and Senior Investment Associate Marko Dabić, moderated by Mirna Marović. The conversation focused on their minority growth-equity strategy in Southeast Europe, including buy-and-build platforms, hands-on value creation and robust minority protections. Reflecting on the session and the event, they stated: “The conference highlighted the importance of a distinctive investment approach, providing an excellent platform to present our minority growth equity strategy that uniquely positions us within our target regions.”

The conference also included a keynote presentation by Christian Blume, Manager of Corporate Strategy & Investments at Rimac Group, on “Rimac’s Unicorn Journey: Building a strong European ecosystem of premium & luxury tech companies”. He shared insights into how Rimac has expanded from a pioneering Croatian technology company to a global innovation platform at the forefront of electrification and high-performance mobility, and how this journey illustrates the potential of Croatian and regional innovators to compete on a global stage.

Beyond the formal sessions, the format of the LP–GP Networking Event remained central to its impact. The programme included a family-office-only breakfast, held under Chatham House Rule and moderated by Virginia Mortari, which provided a confidential setting for European and regional family offices to exchange views on portfolio construction, co-investment, and intergenerational governance. A structured LP–GP speed-dating session offered pre-arranged one-to-one meetings, enabling LPs and GPs to align on strategies, sector focus and capital needs in an efficient, targeted format.

The afternoon was dedicated to showcasing Croatia’s innovation capacity through a guided visit to the Rimac–Bugatti Campus, including a presentation and technology demonstration, followed by a closing reception and gala dinner at the Okrugljak restaurant. These off-site elements reinforced the event’s ethos of combining serious, content-driven discussions with immersive experiences that bring Croatia’s entrepreneurial and industrial capabilities to life.

Several participants reflected on the significance of the event for Croatia and the wider region. From the perspective of regional family offices, Prosperita Family Office CEO Samo Lubej underlined the positioning impact of the event: “With this event Zagreb / Croatia is firmly added on Private Equity and Venture Capital map of Europe.”

The LP–GP Networking Event 2025 was organised by the Croatian Private Equity and Venture Capital Association (CVCA), the national voice of private capital in Croatia. CVCA represents private equity and venture capital fund managers and investors active in Croatia and the broader CEE region, engages with policymakers, and promotes responsible investment as a driver of innovation, growth and competitiveness.

CVCA extends its sincere thanks to the Gold Sponsor, the Croatian Bank for Reconstruction and Development (HBOR), and to the Silver Sponsors – BlackPeak Capital, Feelsgood Capital Partners, Fil Rouge Capital and N Venture / N-Vision Ventures – for their continued partnership in building a sophisticated, internationally connected investment ecosystem in Croatia.

For more information about the LP–GP Networking Event 2025 programme, speakers and partners, as well as upcoming CVCA initiatives, please visit www.cvca.hr

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CVCA, which now counts 31 members – including 24 private equity and venture capital fund managers managing more than €4.5 billion in assets across Croatia, Slovenia, Bulgaria, Romania, and Poland – has become one of the most active national associations in Central and Eastern Europe. SustainInvest 2025 marks a high point in its advocacy for sustainability as a pillar of long-term value creation in private capital.

“Let us not leave this evening with just ideas. Let us leave with commitments—to challenge greenwashing, to pursue transparency, to support true innovators, and above all, to ensure that purpose is not the garnish, but the core,” said Mirna Marovic, President of CVCA, in her opening remarks.

Inspiration from the gala conference dinner: where performance met purpose

Held in the elegant Emerald Ballroom of the Hotel Esplanade, the SustainInvest Gala Conference Dinner on 25 June featured a series of visionary addresses under the conference theme: “Performance Meets Purpose – Without Compromise.” Each course of the gala dinner was curated to reflect sustainability, local provenance, and responsible excellence.

Renata Brkic, Managing Partner at Feelsgood Capital Partners, the conference’s Gold Sponsor. opened the evening with a powerful message: “How we invest in today shapes the world we will live in tomorrow.”

Her remarks were followed by Alan Herjavec, Member of the Management Board at the Croatian Bank for Reconstruction and Development (HBOR), who emphasised the bank’s deep-rooted approach to sustainability: “Sustainability is not a separate objective – it is a framework for how we operate, design products, and invest. By 2029, HBOR plans to direct over one billion euros into the green transition.”

The evening’s keynote speaker, Tariq Fancy, former Global Chief Sustainability Officer at BlackRock and Lecturer at Stanford Graduate School of Business, drew parallels between the sustainability movement and the early days of tech investing: “We’re in a moment where hype has been stripped away – just as it was after the dotcom crash. But this is where the real work begins. Sustainability is a megatrend that will reshape every sector over the coming decades. Its current challenges aren’t signs of failure; they are the necessary growing pains of capitalism’s creative destruction. Europe has a critical role to play – especially now, when U.S. leadership is retreating. The world cannot wait. We need bold, coordinated action.”

Attendees also heard from:

• Sir Ronald Cohen, President of the Global Steering Group for Impact Investment (GSG) and co-founder of Apax Partners, whose pre-recorded video urged alignment of capital with measurable social outcomes. Every participant received his book Impact: Reshaping capitalism to drive real change in Croatian translation.
• Robert Sroka, Partner at Abris Capital Partners, who reminded the audience that ESG must be linked to real value creation, not tick-box compliance.
• Louis Collet, Principal Environmental Advisor at the European Bank for Reconstruction and Development (EBRD), who positioned ESG standards as essential tools for emerging markets transformation.
• Paul Stubbs, Emeritus Senior Research Fellow at the Economic Institute Zagreb, who reframed sustainability through the lens of equity and systemic change.
• Isabelle Canu, General Partner at Green European Tech (GET) Fund, who explored how greentech VC is driving industrial innovation.
• Danijel Višević, General Partner at World Fund, who urged that “climate innovation must meet ambition if we want to scale solutions for the planet.”

Workshop: rebuilding trust through standards and tools

The SustainInvest ESG & Sustainability Workshop, held on 26 June in Conference Room Paris, gathered practitioners for a technical session focused on ESG integration, regulatory compliance, and investor expectations. In his opening remarks, Pierre Matek, Managing Partner at Feelsgood Capital Partners, emphasised: “Feelsgood Capital Partners is an Article 9 SFDR venture capital fund with social impact, with its own methodology for measuring and evaluating the actual social contribution of our investments.”

Highlights included:

• Merilin Hörats-Beasley, Senior Sustainable Finance Expert at European Investment Fund (EIF), and Member of EU Platform on Sustainable Finance, who presented the EIF Climate Action and Environmental Sustainability Guidelines, key for GPs managing EIF-backed funds. These guidelines provide sector-specific eligibility and best-efforts allocation recommendations aligned with EU objectives.
• Erika Blanckaert, Head of Sustainability, Invest Europe, who detailed the Invest Europe ESG Reporting Guidelines (2024 Edition), including proportionality rules and KPIs for portfolio companies. Reporting is now mandatory for EIF-backed funds by April 30 annually.
• Alexander Knappe, CEO of ImpactNexus, showcased a digital ESG reporting tool endorsed by Invest Europe.
• Renata Brkic and Duro Gavran of Feelsgood Capital Partners, who led a session on Impact Investing in Practice, addressing how to measure impact effectively across venture portfolios.

The workshop was a timely response to concerns over regulatory dilution. CVCA’s leadership voiced strong criticism of recent EU developments: “SFDR was intended to fight greenwashing, not enable it,” said Mirna Marovic. “Instead of a disclosure regime, it became a labelling system that allows funds to declare Article 8 status without meaningful ESG exposure. Similarly, the EU Taxonomy has proven too complex to be usable at scale. We must reclaim the purpose of sustainability regulation: to enable real change.” She continued, noting that under current rules, financial market participants can opt out of Principal Adverse Impact (PAI) reporting unless they exceed 500 employees, undermining the goals of transparency and accountability. Pre-contractual templates have been reduced to compliance exercises—missing the point of contribution to sustainability.

A call to action

SustainInvest 2025 called on the private capital community to resist the pendulum swing away from ESG and Diversity, Equity & Inclusion (DEI), and to reinforce sustainability as a driver of risk mitigation, long-term value creation, and resilient economies. In an era of rising volatility and geopolitical uncertainty, the conference urged investors to stay the course on sustainability—not as a trend, but as a fiduciary responsibility.

Organised by CVCA

SustainInvest 2025 was organised by the Croatian Private Equity and Venture Capital Association (CVCA), the national voice of private capital in Croatia. With members from across Central and Eastern Europe, CVCA supports fund managers, engages policymakers, and promotes responsible finance as a tool for economic transformation.

Partners and Supporters

Special thanks to Feelsgood Capital Partners (Gold Sponsor), and to our long-standing partner the Croatian Bank for Reconstruction and Development (HBOR) for its vital role in building Croatia’s investment ecosystem. Official partners of SustainInvest 2025 also included<    azs  Zagreb Stock Exchange (ZSE), Croatian Banking Association (HUB), Croatian Employers’ Association (HUP), CroAI, CroStartup, Bird Incubator, Smion, Narativ, Impact Nexus, and VentureXchange.

For more information and the full programme, please visit the event website:

www.sustaininvest.hr

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Croatia’s private capital market continues to mature

ZAGREB, 9 April 2025 – The Croatian Private Equity and Venture Capital Association (CVCA) hosted the Venture Debt, Growth Debt, and Private Credit Business Breakfast at Hotel Esplanade Zagreb, bringing together more than 40 participants from the investment, banking, and entrepreneurial communities to explore the next frontier of alternative financing in Croatia and the broader CEE region.

The event marked another important step in CVCA’s 20-year mission to diversify and deepen Croatia’s financial ecosystem, emphasizing the role of private credit, venture debt, and growth debt as non-dilutive tools for scaling businesses and strengthening economic resilience.

In her opening remarks, Mirna Marović, President of CVCA, underlined the significance of these financing tools:

“CVCA has been at the forefront of building Croatia’s private equity and venture capital ecosystem over the past two decades. Today, as our members manage over €4 billion in assets, we are proud to actively promote the growth of venture debt, growth debt, and private credit — alternative, non-dilutive financing solutions that remain largely underdeveloped across the CEE region.”

Speaking at the event, Slađana Ćosić, Head of the European Investment Bank (EIB) Group Office in Croatia, emphasized the EIB Group’s pivotal role in shaping Croatia’s alternative financing landscape:

The EIB Group, through its European Investment Fund (EIF), has committed €395 million across 14 Croatian funds and co-investments, playing a pivotal role in catalysing Croatia’s private equity and venture capital markets. Looking ahead, the development of private credit and venture debt represents a logical progression to further reinforce the country’s innovation ecosystem and support long-term, sustainable growth.

Martin Quiniou, Private Credit expert at the European Investment Fund (EIF), delivered a keynote presentation on private credit’s role in Europe’s evolving financial architecture, noting:

“Private credit has firmly established itself as an all-weather asset class, offering resilient, non-dilutive capital options particularly crucial for SMEs and growth-stage companies. With continued bank retrenchment expected, the role of flexible, risk-tolerant lenders is more important than ever.”

Wiktor Namysł and Jerzy Rozłucki, Partners at Orbit Capital, provided practical insights into the deployment of growth debt and venture debt strategies in CEE, addressing the persistent funding gaps in the scale-up stage:

“Companies in CEE raise only about half the growth capital compared to their Western peers. Growth debt is an effective solution to fuel expansion without the high cost of equity dilution, especially for technology and tech-enabled companies with strong unit economics and predictable revenues,” said Wiktor Namysł.

During a fireside chat moderated by Mirna Marović, panellists explored the myths and realities of venture and growth debt.

Martin Quiniou emphasized risk mitigation techniques such as covenants, warrants, and performance-linked structures:

“Structured properly, venture and growth debt offer attractive, risk-adjusted returns.”

Jerzy Rozłucki shared hands-on experiences from Orbit Capital’s portfolio:

“Growth debt works best when deployed proactively to fund expansion, bridge to profitability, or postpone equity dilution, ensuring founders retain control while scaling responsibly.”

The event concluded with an engaging Q&A session focused on how private credit strategies will evolve in CEE, with broad consensus that Croatia is well positioned to lead in adopting these innovative financing models.

Selected photos are available for download at the following link.

For more information about CVCA and upcoming initiatives, please visit: www.cvca.hr

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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.

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CVCA membership, as of the day of the Assembly, included 20 regular members, fund managers of private equity, venture capital, and mezzanine funds with headquarters or representative offices in Croatia, managing more than €4 billion of assets under management, alongside associate, individual, and honorary members, totaling 30 active members. The Assembly was attended by 16 out of 20 regular members, two out of nine associate members — VentureXchange Ltd. and Bradavica Marić Wahl Cesarec Skerlev law firm — and CVCA’s honorary member and founder Mirna Marović, thus forming a valid quorum for decision-making.

Following the General Assembly meeting, four new regular members joined CVCA, bringing the total number of regular members to 23, along with 9 associate members and 1 honorary member, for a total of 30 members as of 28 February 2025.

CVCA’s regular members now include Aymo Ventures, BlackPeak Capital, Blue Sea Capital, ECM Partners, Eleven Ventures, Enterprise Investors, Fil Rouge Capital, Feelsgood Capital Partners, GreenArt Equity (formerly CEE Equity Partners), GYAS, HMID d.o.o. (Croatian Pension Investment Company), Inspire Investments, Integral Venture Partners, InterCapital Asset Management, Invera Private Equity, Mezzanine Partners, N Vision Ventures, Orbit Capital, Prosperus Invest, Provectus Capital Partners, Roca X, Silicon Gardens, and Vesna VC.

Associate members are VentureXchange Ltd., Bradavica Marić Wahl Cesarec Skerlev odvjetničko društvo d.o.o. (law firm), Cohres d.o.o., Forvis Mazars, Hren Tomašković odvjetničko društvo d.o.o. (law firm, former member was Odvetništvo Novak d.o.o. – Podružnica Zagreb), Kovačević Prpić Simeunović odvjetničko društvo d.o.o. (law firm), Law firm Kramarić & Partners (Odvjetničko društvo Kramarić & Partneri d.o.o.), Raiffeisen Bank International, and Wolf Theiss Rechtsanwalte GmbH (law firm).

The honorary member and founder is Mirna Marović.

At the Assembly, Mirna Marović, CVCA President, presented the President’s Report on activities carried out in 2024, including the fourth edition of BestInvest.hr, a prestigious awards ceremony and conference for private equity and venture capital investments, held on 12 June 2024 in Zagreb, and the second LP-GP Networking Event, organised on 9–11 October 2024 in Dubrovnik, bringing together Croatian and international fund managers and investors. The President also presented CVCA’s ongoing policy dialogue with the Ministry of Finance regarding Croatia’s FATF grey list exit, a barrier to international investors, and highlighted CVCA’s strategic partnerships with leading European and domestic institutions, including EIB, EIF, EBRD, HBOR, as well as national market actors such as the Zagreb Stock Exchange, Progress Market, Croatian Chamber of Commerce, Croatian Employers’ Association, Croatian Exporters, CroAI, CroStartUp, Smion, Bird Incubator, and Algebra Lab.

The preliminary financial results for 2024 showed that CVCA made a small net profit of EUR 1,251.38 for the year, due to careful management of membership fees and event budgets, with a modest surplus achieved at the LP-GP Networking Event and a loss on BestInvest.hr, which was balanced by other income. The members unanimously approved the financial results and the plan to secure more annual sponsorship packages going forward.

The plan of activities for 2025 was presented and unanimously approved, including the fifth edition of BestInvest.hr to be held on 8 April 2025, which will also mark the 20th anniversary of CVCA, the Croatian PE & VC Success Stories publication, the SustainInvest.hr event on sustainable investing on 25–26 June 2025, and the LP-GP Networking Event to be held on 11 September 2025 in Zagreb, along with themed breakfasts, data collection efforts, and continued advocacy and education initiatives.

The Assembly also approved the new annual sponsorship packages to support CVCA’s growing activities, including Leader, Champion, Supporter, and E-newsletter packages, aimed at enabling sponsors to benefit from year-long visibility and partnership.

Finally, elections for the new Management Board members were held during the Assembly. The newly elected Management Board, in alphabetical order of surname, includes Mirna Marović (CVCA Founder and Honorary Member), Renata Brkić (Feelsgood Capital), Julien Coustaury (Fil Rouge Capital), Mila Čiček (Blue Sea Capital), Marko Galić (Provectus Capital Partners), Krešimir Gjenero (Mezzanine Partners), Igor Hržić (GreenArt Equity Partners, formerly CEE Equity), Slaven Kordić (Invera Equity Partners), Monika Mikac (N Vision Ventures), Tomislav Tičić (Prosperus Invest), and Tomislav Tomljenović (Enterprise Investors).

The election of the Management Board concluded the Assembly meeting. The newly elected Management Board held an immediate session, as prescribed by the CVCA Articles of Association, at which Mirna Marović was unanimously re-elected as President of CVCA for a new four-year mandate.

Mirna Marović expressed her gratitude to all CVCA members present for their unanimous support, stating: “It is an honour to spearhead the private equity and venture capital market development in Croatia from its embryonic stages in 2004 to the heights of being the driving force transforming the Croatian economy and fuelling its growth.”

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Mirna Marovic, President of CVCA and conference chair, opened the event by highlighting three key messages. First, she stressed that emerging fund managers deserve a chance, as track records can often be overrated or misleading during fundraising. Academic research and commercial data show that emerging managers bring fresh perspectives and innovative approaches that merit attention. Second, she emphasised diversity as a winning strategy, noting that diversity is a value and a proven driver of better outcomes and resilience. Private equity and venture capital funds led by women or mixed teams tend to perform better and carry less risk. Finally, Marovic underscored the unique opportunities in frontier markets, which offer fertile ground for investors, especially when supported by public sector initiatives.

Marija Jerkic of the Croatian Bank for Reconstruction and Development (HBOR) outlined HBOR’s pivotal role in developing Croatia’s private equity and venture capital markets, especially since 2011 with the establishment of the Equity Investment Department. She emphasised the success of key initiatives like CROGIP, CEETT, and CVCi I, which have nurtured a new generation of growth and venture capital fund managers with support from HBOR and the European Investment Fund (EIF). HBOR’s strong multiplier effect has been a driving force, with every euro of public funding attracting six euros in total investments, significantly boosting Croatia’s innovative SMEs and startups. Jerkic also announced future initiatives, including CROGIP II and the Three Seas Initiative, which are expected to launch in 2025. These initiatives will further strengthen the country’s venture capital landscape by introducing new fund managers to support continued growth.

Alicja Hlibowicka from the European Investment Fund (EIF) provided a view from Europe’s largest LP, emphasising that emerging fund managers often deliver top-tier returns and deserve greater investor attention. She also pointed to a shift toward sustainability-focused investment strategies within the European private equity landscape.

In a highly anticipated session, Professor Josh Lerner from Harvard Business School shared key insights into the global venture capital landscape, focusing on three central themes: the venture capital cycle, the rise of AI, and the role of government policy in supporting venture capital markets. Lerner stressed that timing the markets is incredibly difficult, and for end-investors (LPs), a long-term investment strategy in private equity and venture capital, diversified across vintages and strategies, is the most effective approach. He also addressed the growing excitement around AI, cautioning that while it is a transformative technology, its widespread application will take time, and its impact will take time. Lastly, Lerner highlighted the importance of government initiatives in fostering venture capital ecosystems but noted that for every successful public initiative, many others fail. Success in these initiatives requires not only boosting the supply of venture capital but also creating the right conditions for startups and entrepreneurial activities to thrive. Without this fertile ground, even well-intentioned efforts may not achieve lasting results.

Dominic Maier from AXA Venture Partners delivered a realistic assessment of the liquidity challenges in the venture capital space, highlighting the growing need for alternative liquidity solutions. He emphasised the increasing role of secondary markets, LP secondaries, and structured deals as essential tools in addressing these challenges, though they come with higher costs and complexities.

Marija Djordjevic of BlackRock discussed the widening gap between capital calls and distributions, a sign of the ongoing difficulties in achieving timely exits. She noted that this prolonged exit environment is creating pressures on fund managers and investors alike, complicating fundraising efforts and limiting capital flow.

Luka Habek from Esas Holding shared strategies for family office investments in private equity, particularly focusing on the benefits of co-investments. He highlighted how co-investments allow family offices to diversify their portfolios while maintaining more control and reducing fees, making them an attractive alternative to traditional fund investments.

Dariusz Pietrzak of Enterprise Investors presented a sobering view of the CEE region’s private equity fundraising, which saw a 53% decline in 2023, pointing to the growing gap with Western Europe. He stressed mobilising more private capital from local pension funds, insurance companies, and family offices.

Three emerging fund managers showcased their innovative and attractive investment strategies at the LP-GP Networking Event 2024, offering unique approaches in the growing venture capital landscape. 

Renata Brkic and Domagoj Oreb of Feelsgood Capital demonstrated their focus on impact-driven investments that create value and deliver profitable returns. With EUR 30 million in committed capital, Feelsgood Capital has invested in 12 portfolio companies in Croatia and Slovenia, positioning itself as a pioneer in the region’s impact investing ecosystem. Their selected portfolio includes companies like 57 Hours, Mindsmiths, Juice Fast, Gameboost, and Spona, proving that social impact can drive successful investment outcomes.

Wiktor Namysl and Jerzy Rozlucki from Orbit Capital presented two novel fund strategies for the CEE region: a growth capital fund targeting scaleups and a venture debt strategy. Orbit Capital’s Growth Capital Fund I has already invested in four unicorns or soonicorns, including Preply, Booksy, Mews, and Rohlik Group, highlighting its ability to attract top-performing scaleups in the region. Their unique approach to supporting high-growth companies through these funds underscores Orbit’s role as a key player in the CEE’s venture capital landscape.

Dan Mihaescu, Founding Partner of GapMinder, outlined the firm’s focus on deeptech investments, positioning it as one of the leading venture capital funds in the CEE region. GapMinder’s portfolio includes high-potential startups across sectors like enterprise automation, cybersecurity, and fintech. With an impressive 85% graduation rate for seed-stage investments and over €180 million in co-investments from global VCs, GapMinder is driving innovation in Romania, with 5 out of the country’s 10 soonicorns coming from its portfolio.

A panel discussion on LP views, moderated by Mirna Marovic, brought together Alicja Hlibowicka (EIF), Carlo Tancredi (EBRD), Zeljka Izdan (HBOR), Dominic Maier (AXA VP), Igor Filipovic (Erste Plavi Pension Funds), and Primoz Kovacic (Prosperita Family Office). Panellists discussed the evolving dynamics of LP-GP relationships, fundraising challenges, and the increasing importance of sustainability and ESG considerations in investment decisions.

Nenad Marovac and Steve Schlenker of DN Capital shared their unique approach to building unicorns, emphasising their “transatlantic bridge” strategy, which helps European startups scale in the U.S. and vice versa. They highlighted their investment in companies like Shazam and Auto1, demonstrating the importance of identifying “outlier” founders who defy conventional expectations.

The Family Office Only Breakfast, hosted by Ignacio Garcia, Founder of Trampoline Family Office, focused on the value of co-investment strategies, where family offices can pool resources, expertise, and networks to access high-quality early-stage ventures while sharing the associated risks. Participants explored shared deal flow opportunities and the operational expertise family offices bring to portfolio companies post-investment. 

In conclusion, the LP-GP Networking Event 2024 reaffirmed its role as a leading platform for fostering partnerships and driving future investment strategies across both Europe and the CEE region. The LP-GP Networking Event 2024 brought together key players from Europe’s and the CEE region’s private equity and venture capital sectors, offering critical insights into emerging trends and challenges. With a focus on supporting emerging fund managers, promoting diversity, and leveraging sustainability as a value driver, the event highlighted the evolving strategies shaping the industry. Key discussions covered liquidity challenges, opportunities in AI, and the role of public and private collaboration in fostering growth. Featuring influential LPs and GPs like EIF, EBRD, HBOR and AXA VP, the event underscored the importance of cross-border collaboration for sustainable growth and innovation in Europe and CEE.

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“The Croatian Private Equity and Venture Capital Association has existed for 20 years, and back then, and for many years after, it was just a brave group of ‘risk capital’ investors, where most entrepreneurs did not recognise them as partners for development, growth, and success. Today, private equity and venture capital funds, also known as risk capital funds, are no longer something exotic or a market niche. On the contrary, they are funds that, by supporting the most dynamic companies in our economy, have become the cornerstone of the Croatian economy and an integral part of Croatian society. Private equity and venture capital funds support our everyday lives to an extent we do not fully realise. Today, these companies are present in all leading firms in various sectors, from IT to retail, healthcare, tourism, manufacturing, and many others. The initial investment is often in startups or small and medium enterprises, and these small firms become international success stories because private equity and venture capital investors seek investment opportunities with the potential for rapid growth and globally competitive products or services. Ambitious local companies with a few employees and a bright idea can become multinational corporations employing thousands. The contribution of private equity and venture capital to the Croatian economy and society as a whole is a story of support for innovation, growth, and job creation. Today, we are at the forefront of transforming the Croatian economy in the desired direction of ‘high skill, high tech, and high wage.’ This is exactly in line with the slogan of our BestInvest conference – support the best and transform the rest!” said Mirna Marovic, President of CVCA.

“The Croatian Bank for Reconstruction and Development (HBOR) is crucial for developing the venture capital and growth capital market and has been the central point of development for this industry for over a decade. In the last five years, HBOR has launched a series of new initiatives, including CROGIP and CEETT, in partnership with the European Investment Fund (EIF), into which 50 million euros have been invested so far, with this amount increased by private investors’ capital to 300 million euros, representing available capital for fast-growing and innovative Croatian companies. New initiatives include CROGIP 2 and the Three Seas Initiative, and new financial instruments are being developed that HBOR will be able to create after a rigorous approval process by the European Commission from the InvestEU program,” highlighted Hrvoje Cuvalo, President of the Management Board of HBOR, at BestInvest.

Sladana Cosic, Head of Office in Croatia, European Investment Bank (EIB) Group, stated from the conference stage that the EIB, together with its sister company the EIF, is crucial for the development of the private equity and venture capital industry in Croatia, participating in the CROGIP, CROGIP II, CVCi, CVCi II, CEETT initiatives together with partners HBOR and the Ministry of Regional Development and European Funds.

The event, which brings together investors worth over three billion euros and the most innovative Croatian entrepreneurs, was held for the fourth consecutive year. The expert jury consisted of prominent experts from the business community: Velimir Srica (Faculty of Economics), Marijana Ivanov (Faculty of Economics/Croatian Exporters), Leo Mrsic (Algebra), Ivana Gazic (ZSE), Goran Saravnja (HGK), Tamara Perko (HUB), Hajdi Cenan (CRO StartUP), Sven Harjacek (Bird Incubator), Filip Stipancic (Smion), Vladimir Nisevic (Poslovni dnevnik), Andrej Knez (Addiko Bank), Bernard Ivezic (Unicorn Underground).

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CVCA membership includes 18 regular members, fund managers of private equity, venture capital and mezzanine funds with headquarters or representative offices in Croatia who manage EUR 3.5 billion of assets under management. Besides regular members, CVCA members include associate members, individual members, honorary members (founders), and a total of 28 active members.

The Assembly meeting was attended by representatives of most (15) regular members, including Aymo Ventures, BlackPeak Capital, Blue Sea Capital, ECM Partners, Enterprise Investors, Feelsgood Capital, Fil Rouge Capital, Gyas, HMID, Inspire Investments, Integral Venture Partners, Invera Equity Partners, Mezzanine Partners, Prosperus Invest, Provectus Capital Partners. Three (3) regular members could not join: GreenArt Equity Partners, InterCapital Asset Management and Maverick. Two out of nine associate members attended the Assembly: Bradovica, Marić, Wahl, Cesarec (BMWC) law firm and VentureXchange, as well as an honorary member and founder Mirna Marovic. A total of 18 out of 28 active members were present at the Assembly, representing a valid quorum for taking all decisions, including amending the Articles of Association.

At the Assembly, Mirna Marovic, CVCA’s President, presented the President’s Report on the activities in 2023. Some of the activities included the flagship conference BestInvest Croatia, with an award ceremony for the best private equity and venture capital investments, which was a significant success held in its third annual edition (find out more). In 2023, CVCA organised the LP-GP Networking Event for the first time, bringing together fund managers (GPs) and end-investors (LPs) to Dubrovnik (find out more). CVCA also organised an ESG/sustainability webinar for best market practices in preparation for the EU sustainability regulation (SFDR, TR) with the Croatian financial market regulator (HANFA). CVCA established partnerships with many international and local institutions, including the Croatian Bank for Reconstruction and Development (HBOR), the European Investment Bank (EIB), the European Investment Fund (EIF),  European Bank for Reconstruction and Development (EBRD), Croatian Chamber of Commerce (HGK)Croatian Banking Association (HUB), Zagreb Stock Exchange (ZSE), Progress Market, Croatian Exporters, CroStartUp, CroAI, Algebra, Bird Incubator, LeanStartup Croatia (now Smion), Poslovni dnevnik, and other conference organisers (Podim, InformaConnect) relevant for its industry. President’s Report for 2023 was supported unanimously by members present at the Assembly.

Mirna Marovic presented the plan for the activities for 2024, which would include the fourth edition of BestInvest.hr, SustainInvest dinner and workshop of the best market practices of integrating ESG/sustainability in managing private equity and venture capital funds, Croatian Success Stories publication on the economic impact of the industry on the Croatian economy and presentation of successful case studies, LP-GP Networking Event, and thematic breakfast events on the range of topics. The presented plan of activities for 2024 was supported and voted for unanimously by members present at the Assembly.

Mirna Marovic also presented preliminary financial results for 2023 and a plan for 2024. Going forward, CVCA will try to secure sponsorships for more than one event and activity, offering various year-long packages.

Finally, the Assembly held elections for the Management Board members. The Articles of Association, Article 27.1, limit the total number of Management Board members to 11. Among 14 candidates, 11 new Management Board members were elected. The new Management Board members include (in alphabetical order of surname): Renata Brkić (Feelsgood Capital), Julien Coustaury (Fil Rouge Capital), Mila Čiček (Blue Sea Capital), Marko Galić (Provectus Capital Partners), Krešimir Gjenero (Mezzanine Partners), Darko Horvatin (HMID), Slaven Kordić (Invera Equity Partners), Kornelija Lojo (Inspire Investments), Mirna Marović (CVCA Founder), Tomislav Tičić (Prosperus. Invest), Tomislav Tomljenović (Enterprise Investors).

The election of the Management Board concluded the Assembly meeting. The newly elected Management Board had an immediate meeting to elect the President. All Management Board members voted for Mirna Marovic to be re-elected as the President of CVCA.

Mirna Marovic expressed gratitude to all CVCA members present for their unanimous support. She stated that it is an honour to spearhead the private equity and venture capital market development in Croatia from its embryonic stages in 2004 to the heights of being the driving force transforming the Croatian economy and fuelling its growth.

Following the formal part of the Assembly and Management Board meetings, CVCA members held Xmas Networking Drinks attended by approximately 80 members and business partners, including end-investors (LPs), lawyers, advisors, and other market participants.

Explore our photo gallery to relive the memorable moments from the event and connect with the faces behind our thriving community.

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In the category the Founder of the Year 2022, the award was won by Nikolina Lauc, co-founder and CEO of GlycanAge, and Investor of the Year 2022 is Provectus Capital Partners. The award for Private equity investment of the Year 2022 was also given to Provectus Capital Partners for the investment in Arithera Special Hospital. The Later-stage Venture Capital Investment of the Year 2022 went to Rimac Group. The Early-stage Venture Capital Investment of the Year 2022 was awarded to Fil Rouge Capital for their investment in Native Teams, and the Fundraising of the Year 2022 went to Provectus Capital Partners.

“When private equity and venture capital investments are viewed in the context of a share of total GDP, Croatia attracted 0.650% of its GDP in private equity and venture capital investments in the last year. Croatia is the only Central and Eastern European (CEE) country besides Estonia whose 2022 private equity and venture capital investments as % of GDP exceeded the European average of 0.638%. All other CEE countries are far below that average, as the CEE average for attracting private equity and venture capital investment is 0.131% of GDP for 2022. Croatia is, therefore, five times better than the regional average (CEE) and slightly better than the European average, which is rare in other economic indicators.” – said Mirna Marovic, President of CVCA.

“Croatia, on the wings of the success of Infobip, Rimac, Photomath, Fonoa and many other successful scaleup and unicorn business stories, supported by private equity and venture capital investments, has the opportunity to transform its economy. This positive transformation – embodied in the BestInvest.hr slogan: “Support the Best & Transform the Rest” is based on three pillars: high tech, high skills, and high wage! For a small country like us, it is the only way to achieve long-term and sustainable growth.” – said Mirna Marovic, President of CVCA.

At this year’s BestInvest, we also had the opportunity to welcome the State Secretary Zrinka Raguž from the Ministry of Regional Development and EU Funds, who officially opened the BestInvest conference on behalf of Minister Erlic.

The main keynote presentation was given by Hrvoje Cuvalo, President of the Management Board, Croatian Bank for Reconstruction and Development (HBOR), in which he emphasised the crucial role of HBOR in contributing to the development of the private equity and venture capital markets.

“HBOR has profiled itself as the central institution for developing Croatia’s equity and quasi-equity market. For the creation of new venture capital funds and their investment in the initiation, growth and development of Croatian companies, along with HBOR and EIF, the presence of other institutional investors is necessary, as well as private investors, because only with them in synergy can we achieve significant growth.“- said Hrvoje Cuvalo, President of the Management Board of the Croatian Bank for Reconstruction and Development (HBOR), at BestInvest.

Victoria Zinchuk, Regional Director of the European Bank for Reconstruction and Development (EBRD) presented regional support to private equity and venture capital ecosystems provided by the EBRD.

Other speakers with the keynote presentations were Nikolina Lauc (GlycanAge), who gave a presentation on the topic “Can we stop or even restore biological ageing in order to live a longer and healthier life?”, Dubravko Babic (Eridan Communications Inc.) talked about technology startups in Silicon Valley, Dominik Dolenec (Emona Capital), presented his London-based views on global scaling up opportunities for CEE companies, and Ivo Bozic (Raiffeisen Bank International AG), who discussed opportunities for the venture debt and other debt financings for startups/scaleups.

The panel of private equity investors was attended by investors who collectively manage over 4 billion euros, namely Marko Galic (Provectus Capital Partners), Krešimir Gjenero (Mezzanine Partners), Tomislav Tomljenovic (Enterprise Investors), Aleksandar Dragicevic (Mid Europa) and Mateo Zokalj (BlackPeak Capital), and the panel was moderated by Vladimir Nisevic (Poslovni dnevnik).

Miryana Joksovic (Arcion Labs), Matija Nakic (Farseer), Edo Mujkic (BiteMe Nutrition) and Marin Bek (Ascalia) participated in the Founder’s panel, and the panel was moderated by Bernard Ivezic (Jutarnji List).

Two Fireside Chats were also held, where Goran Deak (TDA), Julien Coustaury (Fil Rouge Capital) and Pierre Matek (Feelsgood Capital), and moderator Mirna Marovic (CVCA), discussed the path from local funding to the global influence of TDA. The second Fireside Chat was on the topic of the global success of the Museum of Illusions, where Teo Sirola, president of the Museum of Illusions, shared his thoughts in a conversation with Mirna Marovic (CVCA).

The expert jury for the selection and awarding of BestInvest awards consisted of eminent experts from the business community who presented the awards to this year’s laureates (in alphabetical order): Hajdi Cenan (CRO StartUP), Ivana Gazic (ZSE), Marijana Ivanov (Faculty of Economics/Croatian Exporters), Bernard Ivezić (Jutarnji list), Andrej Knez (Bloomberg Adria), Zeljko Krizmanic (Bird Incubator), Leo Mršić (Algebra), Vladimir Nisevic (Poslovni dnevnik), Tamara Perko (HUB), Morena Plejic (Progress Market ZSE), Miodrag Sajatovic (Lider), Goran Saravnja (HGK), Hrvoje Serdarusic, Velimir Srica (Faculty of Economics) and Filip Stipancic (Lean Startup Croatia).

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