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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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.

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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.

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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).

The post BestInvest: Croatia is five times better than the CEE region average in attracting private equity and venture capital investments appeared first on CVCA.

On Wednesday, 17 May, and Thursday, 18 May, Dubrovnik hosted the investment elite of private equity and venture capital fund managers (GPs) worth more than four billion euros, the value of two recently built Peljeseac bridges. In addition, their end-investors (LPs), whose amount of capital under management exceeds the Croatian GDP many times over, were also at the conference. The organisers of the LP-GP Networking Event, the Croatian Private Equity and Venture Capital Association (CVCA), point out that the investment elite had the opportunity to get exclusive insight into the potential of Croatia and the region in creating unicorns, successful scaling of startups and the opportunities that venture capital provides for successful Croatian entrepreneurs.

“Croatia has already positioned itself highly in terms of attracting private equity and venture capital in the region, thanks to numerous success stories such as one Rimac and Infobip, but also CVCA members, fund managers who manage more than 3.2 billion euros of capital. Few people know that private equity and venture capital investments in Croatia have become a significant driving force in the economy and that such investments have exceeded 2.5 billion euros in the past two years. Croatia is one of the fastest growing markets in Central and Eastern Europe (CEE) in terms of growth rate, and we are catching up with more developed CEE markets such as Estonia and Poland.” – said Mirna Marovic, President of CVCA. “Examples of venture capital and private equity investments are not only in the Croatian unicorns Rimac and Infobip, and high-tech companies. We find examples of private equity investments at every step, for example, going to a bakery (Mlinar or Pan-Pek), a store (Studenac) or a private health facility – mostly, these are companies that have received such investments“, said Mirna Marovic.

Victoria Zinchuk, Regional Director, EBRD, had a keynote presentation on the important role of the EBRD in building the resilient private equity industry in the CEE/SEE region. With EBRD’s rigorous due diligence and vetting process, EBRD acts as one of the anchor investors for the fund managers and mobilises capital from other investors. EBRD has current total exposure to private equity funds exceeding 3 billion euros, with historical commitments approaching 6 billion euros with more than 2,100 underlying portfolio companies supported to date. Besides traditionally supporting private equity funds, EBRD recently enhanced its support to early-stage innovation, including venture capital investments directly, supporting fund managers and through the star venture programme.

Gelsomina Vigliotti, Vice-president, EIB, and Chair of the Board of Directors, EIF, presented the crucial role of the EIF in supporting the European private equity and venture capital industry with more than 30 billion euros in private equity and venture capital commitments. However, the CEE/SEE region is still underdeveloped compared to the EU average, with the main challenge for the CEE/SEE fund managers remaining fundraising. and in particular, reaching the first closing. EIF has a crucial role as an anchor investor providing the ‘seal-of-approval’ for other investors to invest in the CEE/SEE private equity funds, and EIF has provided lots of support through various dedicated programmes over the last 12 years. To draw in foreign investors, it would be beneficial to showcase market potential through flagship transactions, both investments and exits, to gain attention from market participants, and to have a signalling effect driven by local investors, such as pension funds, actively supporting players within their domestic markets.

Ivan Osmak, CEO of Quantive (formerly Gtmhub), a soonicorn from the SEE region, presented a powerful demonstration of their journey to efficient growth at the LP-GP Networking Event. Osmak revealed that by adopting an AI-driven approach and challenging the status quo of B2B SaaS companies, Quantive achieved a staggering 67% YoY revenue growth, while concurrently reducing operational expenses by 56%. The company completely overhauled its operations, examining every function for incremental improvements and building an efficient business model that led to significant productivity gains in customer support, sales, marketing, and operations. Leveraging acquired AI expertise, they launched a suite of tools, including ‘Ask Quantive’ for internal support, ‘Quantive Cold’ for marketing, a ‘Transcript Summarizer’ for sales, and ‘Quantive Athena’ for operations. Osmak emphasised the crucial role of AI in businesses’ survival and growth, asserting that the ability to achieve more with less is not just possible, but a continuous requirement for modern business operations.

Dominic Maier from AXA Venture Partners, a 1.2 billion dollar venture capital firm, acting mostly as a fund-of-funds (or an LPs) with some direct investments, presented what it takes to make a VC fund successful in the eyes of LPs. His firm focuses on finding VC fund managers who can deliver 3x returns which is hard. However, the VC industry shows statistical and scientific evidence of the persistence of returns in the fund managers that achieve consecutive top-quartile return performance in follow-on funds. Despite the current market valuation turmoil, some of the greatest opportunities are created post-market downturns. An example includes Spotify, created in 2006 before the global financial crisis. The venture capital market valuation correction may not be over, but there is a clear upside.

Dariusz Pietrzak from Enterprise Investors, the oldest and one of the largest private equity firms in the CEE, presented the recent trends and untapped opportunities in the region. Enterprises Investors focuses on two major investment themes: consumption-driven and export-driven companies. The CEE private equity markets represent the growth opportunity to close the gap of lagging behind Western European counterparts. However, attracting LPs remains challenging in the current market environment due to the denominator effect (other asset classes valuations falling), recent rapid capital deployment/change in valuations, and avoidance of geopolitical risks more present in the CEE.

During the LP-GP Networking Event’s Fireside Chat, Nenad Marovac, Founder and Managing Partner of DN Capital, engaged in a conversation moderated by Mirna Marovic. With more than 25 years of venture capital and private equity investment experience, Marovac shared his journey into venture capital, his founding of DN Capital, and his leadership that has contributed to the creation of ten unicorn companies. Marovac explained the traits he looks for in potential unicorn investments, emphasising market size, team strength, unique and defendable products, traction, and price. Using the example of Shazam, he highlighted his active participation in building unicorns. Marovac also shared his views on the CEE/SEE region’s potential for venture capital ecosystem development and unicorn creation, recommending international orientation from the start for companies in smaller markets. He addressed the importance of LPs as the lifeblood of the industry and the necessity for continuous engagement and communication with them. Discussing his secret sauce for persistently delivering returns for end-investors, Marovac emphasised the importance of discipline, diversification, and backing winning companies. As a highly respected figure in the venture capital industry, Marovac gave his insights into the evolution of the sector, anticipating a period of consolidation and challenging times ahead due to falling tech stocks, downrounds, geopolitical conflict, energy crisis, and rising inflation. Despite these challenges, Marovac remained optimistic about finding excellent investment opportunities and emphasized the importance of launching DN Capital’s sixth fund to seize these opportunities.

A dynamic VC panel discussion took place with Valeri Petrov of Eleven Ventures, Julien Coustaury from Fil Rouge Capital, Domagoj Oreb of Feelsgood Capital, and Silvije Radisic from Aymo Ventures, moderated by Mirna Marovic, President of CVCA. The panellists explored the unique challenges and opportunities within the CEE/SEE region venture capital ecosystem, debating whether the current landscape, with more realistic valuations and less available capital, presents an optimal time for investment. They shared insights on identifying promising startups, emphasising the potential for creating unicorns within the CEE/SEE region. With exponential growth of local venture capital investment in the early stage startups, the CEE/SEE region now represents an attractive opportunity for further scalling of local startups.

An insightful PE panel discussion was conducted by distinguished panellists: Ivan Kurtovic from InterCapital Asset Management, Igor Cicak of Provectus Capital Partners, Marko Hinic at Integral Venture Partners, Janez Skrubej from Invera Private Equity Partners, and Ivana Hatvalic Poljak of Prosperus Invest, moderated by Mirna Marovic, President of CVCA. They analysed the potential of value creation strategies, including long-term views ranging from buy-and-build approaches, cost-cutting, and commercial excellence, to financial structure optimisation. The panellists examined how these strategies have shifted in light of current market conditions. In discussing how the CEE/SEE region might close the private equity investment activity gap with Western Europe, they acknowledged challenges related to market size, fragmentation, legal/regulatory uncertainties, and attracting end investors. The challenges and potential solutions for attracting LPs from outside the CEE/SEE region to local growth capital and private equity funds were also discussed, along with the impact of the green transition on investment strategies. They contemplated the opportunities and challenges linked to a shift towards sustainable investments, and the potential of ESG/sustainability integration as a value creation source at the fund and portfolio company levels.

An engaging panel discussion with the Limited Partners (LPs’) views on the Central and Southeast Europe (CEE/SEE) region and outlook included Victoria Zinchuk from the EBRD, Marco Natoli of the EIF, Gordan Kuvek representing HBOR, Dominic Maier of AXA Venture Partners, and Gordana Neralic from Erste Ltd., with moderation provided by Mirna Marovic, President of CVCA. The panellists delved into the role of public investors, international financing institutions, and national development promotional banks in venture and growth capital investments, emphasising the Croatian context. They further explored criteria for investment decisions in the CEE/SEE region, providing insights into successful fundraising. Market volatility and its effect on LP allocations, illiquidity risk, and LP-GP dynamics in fundraising were major points of discussion. Emphasising the current shift towards green transition, the panellists evaluated the impact of ESG and sustainability considerations on investment strategies, arguing for their potential as sources of value creation. They also explored the role of LPs and General Partners (GPs) in promoting diversity, equity, and inclusion within the venture capital and private equity ecosystem.

The LP-GP Networking Event concludes with the dynamic LPs-GPs ‘speed-dating’ one-to-one round-table discussions, fostering direct dialogue between end-investors or Limited Partners (LPs) and PE/VC fund managers or General Partners (GPs) to uncover promising investment opportunities in the CEE/SEE private equity and venture capital markets. The side events offered additional opportunities for networking between LPs and GPs.

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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/

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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).

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