Reaching the €100 million mark enables the fund to increase its investment capacity, provide stronger follow-on support to existing portfolio companies, and participate in a larger number of funding rounds. It also signals the fund’s maturity and reflects investor confidence in its long-term investment strategy.

Capital that creates additional value

To date, FRC has invested in more than 170 startups and backed around 300 founders. Portfolio companies have collectively raised €430 million in capital, and the fund has completed 11 exits. These figures demonstrate the fund’s ability to identify early-stage teams with the potential for international growth.

“Surpassing €100 million in assets under management is a confirmation of the continuity and trust we have built over the years. This milestone provides greater stability and enables us to act as a long-term partner to founders across different stages of growth,” said Julien Coustaury, Fil Rouge Capital’s Managing Partner.

Structure, discipline and a long-term approach

The fund currently works with 50 LPs and has enjoyed a 90 percent re-up rate in its last vintage FRC3.

According to Stevica Kuharski, Partner at the fund, growth in assets under management also brings increased responsibility.

“In venture capital, fund size requires additional discipline in project selection, risk management and portfolio oversight. Behind €100 million stands ten years of building processes and methodology. Our focus remains on high-quality teams and long-term value creation.”

Regional expansion and a new investment phase

As part of its continued growth, the fund has recently opened an office in Bucharest and Tirana and plans to strengthen further its presence in Belgrade. The objective is to enhance local presence and access a growing number of technology founders across the region.

The fund’s portfolio includes companies such as Native Teams, Bloqit, Hypefy, Lebesgue and Entrio, which was acquired in 2024 by Invera Equity Partners.

Crossing the €100 million threshold marks the beginning of a new phase for Fil Rouge Capital, with greater investment capacity and an even stronger role in the development of the regional startup ecosystem.

The post Fil Rouge Capital surpasses €100 million in assets under management appeared first on CVCA.

Brightwood Capital Advisors was selected as a partner due to its strong strategic alignment with the Museum of Illusions’ long-term vision, as well as its deep understanding of the franchise-based business model that has underpinned the brand’s success to date. The partnership will enable accelerated expansion into new markets, increased investment in innovation, infrastructure, and operational capabilities, while preserving the brand’s identity and core values.

“This strategic acquisition confirms the value of the brand we have built from Zagreb and its long-term global potential. Partnering with an investor such as Brightwood allows us to accelerate international expansion, further invest in innovation and infrastructure, and continue strengthening our position as the world’s leading brand in experiential entertainment, while preserving our business model and identity,” said Tomislav Hlupić, Chief Financial Officer (CFO) of the Museum of Illusions.

The ownership change follows more than a decade of strong and consistent growth. During this period, Metamorfoza, the Croatian company that manages the Museum of Illusions and is headquartered in Zagreb, successfully built and globally positioned the brand as a leader in the edutainment segment—combining education and entertainment. The Museum of Illusions was conceived by founders Tomislav Pamuković and Rok Živković and rapidly evolved into an internationally scalable and commercially attractive business model.

Today, the Museum of Illusions operates nearly 70 locations across 27 countries and five continents, with a particularly strong presence in the North American market. The museums attract millions of visitors annually, offering unique experiences for all generations through recognizable interactive illusions, innovative exhibits, and a high level of experiential value. Since its founding in Zagreb in 2015, the brand has established itself as a global leader among private museums focused on experiential entertainment.

The entry of Brightwood Capital Advisors comes at a time when the Museum of Illusions has reached a level of global maturity that requires additional investment and expanded infrastructure. The investment partner provides access to capital, international expertise, and strategic operational support necessary for accelerated growth, further market expansion, and continued brand development—while maintaining the proven and successful business model.

The company’s global headquarters will remain in Zagreb, while the operational hub for the U.S. market will continue to operate out of Scottsdale, Arizona, reflecting both the brand’s strong European roots and its robust growth in the United States. The existing management team in Croatia and the U.S. remains in place, led by Chief Executive Officer Kim Schaefer, and will guide the next phase of global development. The development of new illusions and exhibits will continue in Oroslavje, led by the company’s research and development team.

As part of the transaction, five existing franchise museums in the United States—located in Boston, Chicago, Pittsburgh, Philadelphia, and Scottsdale—will transition to corporate ownership, further strengthening the brand’s operational presence in one of its key markets. Investment fund Invera Equity Partners will remain a minority shareholder.

“The Museum of Illusions is one of the few Croatian projects that has grown into a globally relevant brand with a clearly defined business model and sustainable growth. We see the entry of Brightwood Capital Advisors as a logical and powerful step into a new phase of development, while preserving the brand’s values and identity,” said Slaven Kordić, Partner at Invera Equity Partners.

Beth Steinberg, Strategic Partner at Brightwood Capital Advisors, highlighted that the Museum of Illusions represents an exceptionally strong global concept with a proven business model and experienced leadership, noting that the investment is focused on long-term development, expansion into new markets, and further strengthening the quality and reach of the brand.

Plans for the upcoming period include opening new locations in London, Sacramento, Mexico City, Geneva, Hong Kong, Birmingham, Cologne, and Melbourne, continuing one of the most successful international expansions of any Croatian brand. This strategic acquisition further demonstrates that Croatian companies—supported by strong concepts, quality management, and long-term vision—can grow into globally relevant and highly valuable business platforms.

The post Museum of Illusions enters next growth phase as Brightwood Capital Advisors acquires majority stake appeared first on CVCA.

On 28 November 2025, Austrian Post signed a definitive agreement to acquire the majority ownership stake in euShipments.com. Subject to customary regulatory approvals, the closing of the transaction is expected in the first quarter of 2026. The agreement also includes an option for Austrian Post to acquire the remaining 30% stake within the next four years.

Founded in 2012 by Lora Dimitrova and Svetlozar Dimitrov, euShipments.com has developed a technology-driven business model designed to meet the complex logistics needs of online merchants operating across borders. Today, more than 1,300 online retailers rely on the company’s end-to-end solutions, which span fulfilment, domestic and international deliveries, returns management, cash-on-delivery services, IOSS and other value-added logistics services.

With a team of over 350 e-commerce specialists and more than 100% annual growth since its founding, euShipments.com is expected to generate approximately EUR 50 million in revenues across key markets including Bulgaria, Romania, Croatia and Slovakia. The company operates seven proprietary fulfilment and cross-border facilities in six countries and collaborates with more than 60 last-mile courier partners, offering over 800 delivery methods across Europe.

“Together with Austrian Post, we are opening a new chapter of development and growth,” said Svetlozar Dimitrov, co-founder and CEO of euShipments.com. “This strategic partnership will strengthen our regional position, expand our service portfolio and network, and enhance our operational efficiency, while continuing to serve our clients with the same entrepreneurial spirit.”

BlackPeak Capital invested in euShipments.com in 2022, partnering closely with the founders and management team to support the company’s next phase of expansion. During this period, euShipments.com underwent a significant transformation, including the opening of six new fulfilment locations, the addition of more than 40,000 square metres of operational space, and an increase in processing capacity to over one million parcels per month. The partnership also resulted in the creation of more than 300 new jobs, expansion into seven new markets, and a tenfold increase in revenues since the initial investment.

A central pillar of this growth was a targeted M&A strategy, which saw four strategic acquisitions completed in Bulgaria, Romania, Croatia and Slovakia. These businesses were successfully integrated into the euShipments.com platform, further strengthening the group’s regional capabilities and accelerating its scale.

“We are confident that the new chapter with Austrian Post will create numerous opportunities for euShipments.com to expand further and solidify its position as a trusted logistics partner for online merchants across Europe,” said Angel Stefanov, Partner at BlackPeak Capital.

Austrian Post is one of Europe’s established logistics groups, operating in 13 countries and serving more than 150 million consumers. The acquisition of euShipments.com aligns with its LEAD 2030 strategy to become the preferred e-commerce logistics partner across Austria, Central and Eastern Europe, Türkiye and beyond. The partnership is expected to support euShipments.com’s continued international growth while preserving its entrepreneurial culture and customer-centric approach.

The transaction represents a milestone exit for BlackPeak Capital and highlights the impact of long-term, growth-oriented partnerships between experienced founders and disciplined private equity investors focused on responsible scaling and regional leadership.

The post BlackPeak Capital exits euShipments.com as Austrian Post acquires majority stake in regional e-commerce logistics leader appeared first on CVCA.

Following the rapid sell-out of Kinda Cod – a whole-cut cod alternative that moved 1,000 units in just over an hour after release – the companies identified strong unmet demand for premium, versatile plant-based seafood. Kinda Salmon is the next step in addressing that demand, targeting consumers seeking realistic texture, flavour and culinary flexibility in meat-free fish products.

The new product comes as a 110-gram, unbreaded whole-cut fillet seasoned with pink pepper and lemon. Made from mycoprotein using a novel structuring process, Kinda Salmon is designed to function like a raw ingredient rather than a pre-prepared meal, allowing for a wide range of cooking methods and cuisines. The product responds to mounting challenges in the conventional salmon industry, including climate-driven population declines, rising prices, and environmental concerns associated with intensive aquaculture.

“Kinda Salmon fits perfectly into our brand ethos,” said Luka Sinček, co-founder of Juicy Marbles. “When it comes to plant proteins, our goal is to offer the closest possible alternative to a wholesome, raw ingredient – something that chefs and home cooks genuinely want to work with. The response to Kinda Cod made it clear that people are looking for fish alternatives that feel real, and Kinda Salmon delivers exactly that.”

In addition to its culinary versatility, Kinda Salmon offers strong nutritional credentials. Each fillet contains 13 grams of protein and 191 milligrams of omega-3 fatty acids (DHA and EPA) sourced from microalgae oil. It also provides 18% of the daily recommended intake of fibre, 30% of vitamin B6, and 40% each of vitamin B12 and folate.

The product is available via Juicy Marbles’ website in the US and through Revo Foods’ retail partners across the EU. Early feedback on the collaboration has been highly positive, with customers praising the texture and flakiness of the products, reinforcing confidence in further joint development.

Revo Foods founder and CEO Robin Simsa emphasized the strategic value of the partnership: “We’re seeing pent-up demand for our products in the US that we currently can’t supply at scale. Working with Juicy Marbles allows us to reach that market efficiently while staying focused on our core innovation strengths. Collaborations like this are crucial as the category continues to mature.”

Despite a challenging market backdrop – with plant-based meat and seafood sales in the US declining by 7% in 2024 – both companies see cooperation as key to sustaining momentum in the alternative protein sector. As investment tightens and consumer expectations evolve, partnerships such as this aim to accelerate innovation and bring high-quality products closer to everyday kitchens.

Juicy Marbles and Revo Foods believe that while the sector remains relatively niche, collaborative approaches will play an essential role in scaling adoption and shaping the future of animal-free meat and seafood.

The post Feelsgood Capital portfolio company Juicy Marbles launches Kinda Salmon, expanding alternative seafood collaboration with Revo Foods appeared first on CVCA.

Prima Nova is a well-established and highly regarded polyclinic with deep expertise in occupational and sports medicine, as well as preventive healthcare. Through its strong emphasis on high-quality, targeted medical services, Prima Nova has built a solid reputation for professional excellence, reliability and patient-centred care, serving both individual patients and corporate clients.

With this acquisition, Arsano Medical Group gains an experienced multidisciplinary medical team, established know-how and long-standing relationships with employers and patients. Integrating Prima Nova’s capabilities will enable the Group to further enhance its comprehensive diagnostic, preventive and specialist services across its expanding network of clinics. Member institutions within Arsano Medical Group benefit from strong professional, infrastructural and operational support, as well as a stable platform that enables sustainable, long-term development.

“Prima Nova is an institution with decades of experience and consistently high professional standards,” said Boris Rivić, CEO of Arsano Medical Group, commenting on the transaction. “Its integration significantly strengthens our offering in occupational and sports medicine and supports our vision of building an integrated, accessible and high-quality healthcare system for patients and corporate partners across the region.”

The acquisition is also seen as a key step forward for Prima Nova itself. “Joining Arsano Medical Group represents an important milestone for our institution,” said Damir Todorić, MD, founder of Prima Nova. “It provides the stability, support and investment needed for further growth, while allowing us to preserve the values, expertise and quality of care that define our work.”

Arsano Medical Group is owned by Provectus Capital Partners, a private equity fund focused on supporting scalable, high-quality businesses in the region. Provectus Capital Partners continues to actively back Arsano Medical Group’s long-term growth strategy, including the expansion of its service portfolio and the development of a leading integrated healthcare platform across the Adria market.

The post Provectus Capital Partners portfolio company Arsano Medical Group acquires Prima Nova, expanding specialist healthcare services in the Adria region appeared first on CVCA.

This new initiative builds upon the resounding success of its predecessor, the EUR 35 million Croatian Venture Capital Initiative (CVCi 1), which made its debut in June 2018. The inaugural program facilitated the establishment of Croatia’s first institutional-grade venture capital fund, complete with a dedicated acceleration compartment that has supported over 100 start-ups in their pre-revenue stages to date. CVCi 2, with a formidable financial foundation of EUR 60 million from the ERDF-funded Programme Competitiveness and Cohesion 2021-2027, supplemented by an additional EUR 20 million, sets out to further elevate Croatia’s venture capital and innovation ecosystem.

A distinguishing feature of CVCi 2 is its collaborative approach, as it does not make direct investments in start-ups. Instead, the initiative delegates such investments to selected independent, private investment teams. These teams, chosen for their expertise and vision, not only handle the deployment of funds but also actively seek additional capital from a diverse range of investors, thereby amplifying the impact and reach of CVCi 2 in the Croatian entrepreneurial landscape.

All fund managers can apply on the EIF website, please click here for more details.

The post Croatian Venture Capital Initiative 2 (CVCi 2) appeared first on CVCA.

The main goal of this program is deeply rooted in encouraging the development and strengthening of private equity fund management companies, which direct a significant part of their investments to support fast-growing Croatian small and medium-sized enterprises, smaller medium-sized enterprises and medium-sized enterprises.

The total value of this program is an impressive EUR 52 million. This amount is divided between the Croatian Bank for Reconstruction and Development (HBOR) and the European Investment Fund (EIF), each providing EUR 26 million. Furthermore, this initiative is expected to attract additional funds from private investors who will invest in growth capital funds. Together with funds from the program, these funds will stimulate financial support for innovative and ambitious projects.

HBOR’s funds for EUR 26 million are financed from the Recovery and Resilience Facility under “Next Generation EU”, which clearly shows the connection of this project with European efforts to stimulate recovery and growth.

On the other hand, the European Investment Fund (EIF) published a Call for Expressions of Interest intending to select financial intermediaries, i.e. growth capital fund management companies, that meet all the necessary conditions for access to funds available within CROGIP II.

The deadline for submission of expressions of interest is set for 31st December 2023, providing an opportunity for all relevant stakeholders to get involved in this significant project aimed at stimulating economic growth and development in Croatia.

The post Croatian Growth Investment Programme (CROGIP) II appeared first on CVCA.

AGRIVI, airt, Amodo, Ascalia, BiteMe Nutrition, Cidrani, CircuitMess, Codemap, Elevien, Farseer, Identyum, Legit, Mediatoolkit, Mindsmiths, MIRET, MobilityONE, Orqa, Productive, Robotiq.ai, Sportening, Sportreact, STEMI, Talentlyft, Treblle and Wasp

Croatia also has two unicorns, Infobip and Rimac, and approximately 30 scaleups which could not be nominated for this Top25 Startup list. The criteria defining scaleups include meeting one of the following: employing more than 100 employees, more than HRK 100 million in revenue, or more than HRK 100 million in realised financing round.

Croatia is home to approximately 1000 startups, and the shortlist proposed by the jury members included 120 startups, from which Top25 startups were selected.

The jury members included representatives of the Croatian Private Equity and Venture Capital Association (CVCA) members: Fil Rouge Capital, Feelsgood Capital, South Central Ventures, VentureXchange, as well as CVCA’s President, Mirna Marovic.

Source: novac.jutarnji.hr/novac/

The post Top 25 Croatian Startups to watch in 2023 appeared first on CVCA.

This investment marks the first investment into hospitality for Prosperus Growth. Previously, 51 percent of Yellow Submarine’s equity was owned by The Garden Brewery, while in 2019 Submarine achieved revenue of HRK 34.37 million. Now that the majority ownership stake has been handed over to Prosperus Growth, an increase of 171.46 percent is expected to occur in the three-year period, seeing as Submarine’s 2022 revenue is now expected to amount to HRK 93.31 million.

“I am extremely pleased with the opportunity to invest in a fast-growing and quality brand like Submarine. From the beginning, Prosperus Growth has positioned itself as a fund that invests in companies with significant potential for regional and global growth, and in this context, we are also looking at Submarine. As a co-owner of this brand, we want to contribute to its further development and an even stronger presence in the premium burger segment,” said Tomislav Tičić, member of the Board of Prosperus-Invest, the company that manages the Prosperus Growth fund, on the occasion of closing the transaction.

The company Yellow Submarine d.o.o has even prior to this investment achieved great success, it is the only non-technological company from Croatia that was on the Financial Times list of 1000 fastest growing companies in 2020 and will generate revenue of HRK 94.3 million in 2022. Their product, Submarine, started as one restaurant in Zagreb opened in 2014, and is now a chain of 16 restaurants located in Croatia. Furthermore, Submarine is the only Croatian burger brand included in the map of the 50 best burgers in the world based on research by the British tourist portal Big7 Travel.

“Quality natural foods, care for the local community and employees, and a tempting taste in every bite are values ​​that we have not deviated from since the first day of business, and we will remain faithful to them in this new phase of business development. We only serve healthy and delicious, organic ingredients without the use of additives – these are the reasons why our guests keep coming back and why we will serve more than a million burgers in 2022 alone. This transaction is a great success for us. We are convinced that Prosperus Growth will bring us new momentum so that we can reach an even greater number of satisfied guests with our burgers,” emphasized Dragoljub Božović, the president of the Yellow Submarine Management Board.

Prosperus Growth has previously invested in IntechOpen which is the world leader in the Open Access Book market. One of the founders of Open Access happens to be Alexandar Lazinica, who has prior to the transaction with Prosperus Growth, been the owner of Submarine. Additionally, Prosperus Growth previously invested in Neos and the software company SV Group.

Prosperus is a member of the Croatian Private Equity and Venture Capital Association (CVCA).

The post Prosperus invests in the company Yellow Submarine, which manages the leading premium burger brand in Central Europe, Submarine appeared first on CVCA.

CVCA Annual General Assembly & Xmas Party

14 December 2022 , hotel Esplanade, Zagreb at 16:00

On 14 December 2022, the Croatian Private Equity and Venture Capital Association (CVCA) held the General Assembly Meeting of its members, followed by the Xmas Networking Drinks.

At the General Assembly, Mirna Marovic, CVCA’s President, presented the President’s report on the activities in 2022. 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 and was widely covered by media. Other activities included regular Management Board Meetings, establishing partnerships with various institutions, regularly updating the CVCA website with market news, member news and various reports, and regular social networks posts and e-newsletter.

Following the President’s report and a short recap of activities in 2022, the CVCA Members discussed concrete next steps in the CVCA’s activities, operational matters, and some other topics. Some of the activities planned for 2023 include publication Croatian PE&VC Success Stories, SustainInvest to promote the sustainable and responsible investment of the PE&VC industry (1 March 2023, hotel Westin, Zagreb), an LP/GP Networking Event in Dubrovnik (17-19 May 2023, hotel Excelsior, Dubrovnik), third annual BestInvest Croatia conference event (27 June 2023). Other activities will include surveys and data collection (for CVCA and as part of the European Data Cooperative, Invest Europe), cooperation with the leading global and regional partner events, and members’ contribution to the CVCA website, social networks, and e-newsletter content.

After the formal part of the assembly, Xmas Networking Drinks followed, bringing CVCA members and representatives of the business community associated with the private equity and venture capital industry.

16:00 - 17:00CVCA Annual General Assembly, conference room Paris, the Esplanade

CVCA Annual General Assembly, conference room Paris, the Esplanade

17:00 - 18:30Xmas Party, conference room Paris, the Esplanade

Xmas Party, conference room Paris, the Esplanade

18:30Afterparty, Zagreb Advent, Oleander terrace, the Esplanade

Afterparty, Zagreb Advent, Oleander terrace, the Esplanade

The post Annual General Assembly Meeting & Xmas Networking Drinks appeared first on CVCA.