ZAGREB, 16 April 2026 – The sixth edition of BestInvest, organised by the Croatian Private Equity and Venture Capital Association (CVCA), was held in a full Emerald Ballroom at Hotel Esplanade in Zagreb, bringing together founders, fund managers, institutional investors and ecosystem partners from Croatia and the wider region. Held for the second time in English and attracting a large number of regional participants, BestInvest 2026 reflected the increasingly international reach of Croatia’s private capital market and the growing scale of an industry in which CVCA members today manage more than EUR 4.5 billion in capital.

Seven awards were presented for achievements in 2025, in the order in which they were announced during the ceremony. The award for Private Equity Investment of the Year 2025 went to Mlinar, for the investment by Mid Europa, EBRD and Bosqar Invest. The award for Venture Capital (Later-Stage) Investment of the Year 2025 went to SplxAI. The award for Venture Capital (Early-Stage) Investment of the Year 2025 went to Arkensight, for the investment by Silicon Gardens. The award for Founder of the Year 2025 went to Kristijan Kamber and Ante Gojsalić of SplxAI. The award for Exit of the Year 2025 went to Invera Equity Partners for its exit from Museum of Illusions. The award for Fundraising of the Year 2025 went to Provectus Capital Partners. The award for Investor of the Year 2025 went to Invera Equity Partners.

Opening the conference, Mirna Marovic, President of the Croatian Private Equity and Venture Capital Association (CVCA), said that Croatia’s private equity and venture capital market has matured into a more international, sophisticated and relevant part of the economy. “BestInvest is not only a celebration of success. It is also a statement of confidence in what comes next. It is proof that Croatian private capital has moved from promise to performance – and that our greatest achievements may still be ahead of us,” said Marovic.

In his keynote address, Alan Herjavec, Member of the Management Board of the Croatian Bank for Reconstruction and Development (HBOR), emphasised HBOR’s role in building a continuous financing pathway from venture capital to public markets. “HBOR plays an active and comprehensive role in the development of the Croatian capital market, and we are taking a further step forward by developing a Pre-IPO fund and considering investments in future IPOs in order to encourage more Croatian companies to list on the Zagreb Stock Exchange,” said Herjavec.

Speaking at the conference, Sladjana Cosic, Head of Office in Croatia, European Investment Bank Group (EIB Group), highlighted the scale of EIB Group support for Croatian funds and co-investments. “The European Investment Bank Group, through the European Investment Fund, continues to play a key role in strengthening Croatia’s private equity and venture capital ecosystem and, through initiatives developed with HBOR and the Ministry of Regional Development and EU Funds, we are expanding access to finance, mobilising private capital and helping strong Croatian ideas grow into European success stories,” said Cosic.

In his remarks, Miljan Zdrale, Director for Central Europe, European Bank for Reconstruction and Development (EBRD), underlined the EBRD’s long-term commitment to Croatia and the growing role of equity in delivering impact across the region. “Over more than 30 years in Croatia, the EBRD has invested EUR 5.2 billion across 275 projects, with equity playing an increasingly central role in delivering impact, and in Croatia we continue to support the development of the local private equity ecosystem through investments in managers such as Provectus Capital Partners and Invera Equity Partners,” said Zdrale.

Addressing the conference on behalf of the Government of the Republic of Croatia and as special envoy of the Prime Minister of the Republic of Croatia, Mr Andrej Plenković, Zrinka Raguz, State Secretary at the Ministry of Regional Development and EU Funds, said that the public sector partnership model is helping multiply investment volumes for Croatian start-ups. “Through the second generation of venture capital funds, the Government of the Republic of Croatia and the Ministry of Regional Development and EU Funds are systematically mobilising private capital with EU resources, generating triple the investment volume for the most promising start-ups and paving the way for new Croatian unicorns through an expected EUR 215 million of future investments,” said Raguz.

Providing a market perspective, Dejan Ljustina, Partner, Vision Partners, argued that recent geopolitical shocks have created complexity, but not contraction, for private capital. “The Gulf War has created the most complex operating environment for private capital since 2008 – but complexity is not the same as contraction; for CEE and Southeast Europe the structural case has strengthened, and the question is no longer whether private capital will flow here, but whether we are ready to absorb it at the speed the current moment demands,” said Ljustina.

Accepting the Fundraising of the Year 2025 award on behalf of Provectus Capital Partners, Igor Cicak, Managing Partner and CEO of Provectus Capital Partners, said that the success of the firm’s recent fundraising reflects both investor confidence and the growing strength of the regional ecosystem. “Private equity is playing an increasingly important role in supporting the growth and transformation of companies across Croatia and the wider SEE region, and the success of our recent fundraising is a strong vote of confidence from our investors in both the opportunity set and the strength of the ecosystem,” said Cicak.

The later programme focused on regional market development. In the panel “Adria region’s Private Equity comes of age: bigger funds, better exits, clearer signals,” Sanja Ancic Curkovic, Director, ESG & Portfolio, Provectus Capital Partners, addressed how larger fund sizes and broader LP backing reflect growing confidence in disciplined regional managers; Kristijan Hundric, Investment Manager, Invera Equity Partners, used the Museum of Illusions story to show how a Croatian-born concept can scale internationally and become exit-ready; Marko Perozic, Deputy Chief Content Officer, Bloomberg Adria, examined the signals that support – and still test – the thesis that Adria private equity has come of age; Dragoș Petre, Partner & CFO, Morphosis Capital, outlined the case for expanding regional value-creation strategies into Croatia and wider CEE; and Tomislav Tomljenovic, Regional Director, Adria, Enterprise Investors, assessed whether the region now consistently produces businesses, managers and exits that meet international standards. The panel was moderated by Mirna Marovic, President, CVCA.

In the panel “Scaling regional champions: the new ownership playbook,” Aleksandar Dragicevic, Principal, MidEuropa, argued that scaling today depends as much on governance, management depth and speed of execution as on capital; Darko Horvat, President of the Management Board, Bosqar d.d., discussed how stronger governance, better data and faster decision-making support multi-market platforms; Zvonimir Simic, CEO, Optika Anda, highlighted what makes a company genuinely scalable across markets; and Mladen Veber, CEO, Mlinar, addressed the operational decisions required to turn growth into real regional scale. The session was moderated by Vladimir Nisevic, Editor, Forbes Hrvatska.

In “First check into Frontier AI: the Arkensight story,” Bruno Coric, Co-Founder & CTO, Arkensight, presented how the company is turning visual data into trusted operational intelligence for critical infrastructure, while Izet Zdralovic, Partner, Silicon Gardens, explained why Silicon Gardens wrote the first institutional check into the company and why early conviction matters in frontier AI; the conversation was moderated by Mirna Marovic, President, CVCA. In the closing discussion, “Investing in longevity: GlycanAge and the future of preventive diagnostics,” Nikolina Lauc, Co-Founder & CEO, GlycanAge, spoke about longevity and preventive diagnostics as the next frontier of health innovation, Nina Dremelj, Managing Partner, Vesna VC, discussed the venture capital case for backing the sector, Pedja Predin, Managing Director, Fifth Quarter Ventures, added a regional investor perspective on the opportunity, and Bernard Ivezic, CEO & Co-founder, Unicorn Underground, moderated the session.

The winners of the BestInvest 2026 Awards were selected by an expert jury and Awards Committee comprising, in alphabetical order by surname, Hajdi Cenan, President, Croatian Startup Association (Cro StartUp); Ivana Gazic, President of the Management Board, Zagreb Stock Exchange; Sven Harjacek, Team Lead, BIRD Incubator; Marijana Ivanov, PhD, Professor, Faculty of Economics & Business, University of Zagreb, and Chief Economist, Croatian Exporters Association; Bernard Ivezic, CEO & Co-founder, Unicorn Underground; Andrej Knez, Director of Strategic Risk Management, Addiko Bank AG; Antonija Knezevic, Executive Editor, Lider Media; Leo Mrsic, PhD, Professor and Vice Rector for Science and Research, Algebra University; Antonija Mrsic Radas, Executive Director, Croatian AI Association (CroAI); Vladimir Nisevic, Editor, Forbes Hrvatska; Tamara Perko, Director, Croatian Banking Association; Goran Saravanja, Chief Economist, Croatian Chamber of Commerce; Hrvoje Serdarusic, PhD, Owner & Director, serdarusic.com; Velimir Srica, PhD, University Professor Emeritus and Member, European Academy of Sciences and Arts; Filip Stipancic, Managing Partner, Smion; and Hrvoje Stojic, Chief Economist, Croatian Employers’ Association (HUP).

CVCA extends special thanks to its Gold Sponsor, the Croatian Bank for Reconstruction and Development (HBOR), and its Bronze Sponsor, Provectus Capital Partners. It also thanks its partners and supporters, in alphabetical order: Algebra Lab; BIRD Incubator; Croatian AI Association (CroAI); Croatian Banking Association (HUB); Croatian Business Angels Network (CBAN); Croatian Chamber of Commerce (HGK); Croatian Exporters; Croatian Startup Association (Cro StartUp); Nucleus, Deep-tech Venture Builder; Progress Market ZSE; Slovak Venture Capital & Private Equity Association (SLOVCA); Smion; Unicorn Underground; and Zagreb Stock Exchange (ZSE). The support of 14 partners and supporters, alongside the event’s two sponsors, was a strong testament to the growing depth and interconnectedness of the Croatian private capital market ecosystem.

The post BestInvest 2026 showcases a maturing Croatian private capital market and stronger regional momentum appeared first on CVCA.

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

The post CVCA holds 2026 Annual General Assembly and adopts strategic plan for the year ahead appeared first on CVCA.

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.

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

The post Europe’s private capital elite unite in Croatia to set priorities for innovation and long-term value creation appeared first on CVCA.

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

The post SustainInvest 2025 unites sustainablity leaders to reclaim the purpose of sustainable finance appeared first on CVCA.

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

The post Unlocking New Sources of Growth Capital for Croatia: CVCA Hosts Venture Debt, Growth Debt, and Private Credit Breakfast in Zagreb appeared first on CVCA.

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.

The post From Bold Vision to Regional Force: CVCA Turns 20, BestInvest.hr Celebrates 5 Years of Showcasing Investment Excellence appeared first on CVCA.

Despite this cooling, Europe’s ecosystem has added extraordinary value over the past decade. The continent’s tech economy is now worth around $4 trillion, up from less than $1 trillion ten years ago — an indication of just how quickly innovation has become a central economic engine.

Optimism is climbing back as well: half of all respondents in Atomico’s 2025 survey say they feel more optimistic about European tech than a year ago, the highest level in years. Yet, that also means half remain unsure, reflecting persistent concerns about regulatory friction, capital scarcity at scale, and whether Europe can compete in the AI age.

One of the defining features of 2025 is the resurgence of company creation. Over 27,000 founders started companies this year — the highest number ever recorded in Europe and nearly 60% more than in 2023. Europe still contributes the largest share of global founders, although Asia has now caught up, driven by surges in India and the UAE. At the same time, more than four in five European founders continue to build on home soil, a sign that the continent’s talent engine remains strong. However, among experienced “seasoned founders,” incorporation in the US is rising — a trend tied directly to easier company formation and greater access to growth capital overseas.

In terms of unicorn creation, Europe adds 28 new unicorns in 2025, a more stable output than the explosive wave of 2021 but a sign that entrepreneurial ambition remains strong even in tougher markets. The challenge, however, is not in starting companies — it is scaling them. More than 30% of repeat founders now choose to establish headquarters outside Europe by Series C, citing fragmented regulation, restrictive labour rules, and shallow late-stage capital markets.

Deep tech has emerged as the continent’s strongest driver of investment. In 2025, 36% of all VC dollars went into deep tech — nearly double the share from four years ago. While the US continues to dwarf Europe in absolute numbers, Europe is growing an increasingly diversified deep-tech base across AI, quantum, defence, climate, and advanced infrastructure. Significant raises from Helsing, Isomorphic Labs, and European aerospace and fusion ventures reflect an ecosystem gaining technical depth and strategic importance.

Still, Europe’s capital markets continue to be a structural bottleneck. Pension funds — one of the world’s largest sources of patient capital — allocate just 0.009% of assets to venture, compared with 0.028% in the US. Matching US allocation levels would unlock an estimated $210 billion in additional European venture funding over the next decade.

This underinvestment contributes directly to Europe’s slow scaling cycle, where promising companies often look abroad for the depth of capital required to reach global dominance.

A notable detail in this year’s report is Croatia’s continued presence among Europe’s emerging tech investment hubs. While total investment levels in many smaller ecosystems declined in 2025, Croatia remains on the map of the continent’s top 30 countries by capital invested. Atomico’s data shows Croatia maintaining measurable venture activity within the $0–$200 million band, positioning it alongside regional peers in Central and Eastern Europe whose funding trends have softened amid broader macroeconomic pressures.

Although Croatia is not among the fastest-growing ecosystems this year, its consistent appearance in the rankings underscores its ongoing relevance as a developing technology market — one with room to accelerate in future cycles as regional founders, talent, and capital networks deepen.

On the policy side, regulatory complexity remains one of Europe’s thorniest challenges. Seventy percent of founders describe the continent’s regulatory environment as restrictive, pointing particularly to market fragmentation, taxation, labour rules, and slow-moving public procurement. The European Commission has proposed ambitious reforms for 2026 — including a 28th Regime for startups, the European Innovation Act, and a unified policy “launchpad” — but founders remain cautious, noting that implementation will determine whether these changes meaningfully reduce friction.

Public procurement remains one of Europe’s most underutilised levers. Only 9% of European public-sector procurement goes toward innovative solutions — far below the EU’s own 20% target. Studies cited in the report show that a one-percentage-point increase in innovation procurement can boost GDP per capita by as much as €6,000, and a five-point increase could potentially double it. Yet structural barriers and long procurement cycles continue to limit adoption of emerging European technologies.

Whether Europe can lead globally in AI and deep tech is one of the defining questions of the decade. Survey responses reveal a continent evenly split: 35% believe Europe can define its technological future, 36% do not, and 29% remain undecided. Optimism correlates strongly with belief in Europe’s AI leadership, suggesting that success in AI will shape broader perceptions of the continent’s strategic trajectory.

Atomico closes its report with a call for coordinated, founder-first reform across four missions: Fix the Friction, Empower Talent, Fund the Future, and Champion Risk. Together, these aim to build a unified, scalable, competitive European tech economy capable of producing not just hundreds of startups, but dozens of global champions. Europe now stands at a turning point — and whether it can convert talent and innovation into long-term global leadership will define the story of European tech in the years to come.

The post Europe at a Crossroads: Insights From Atomico’s State of European Tech 2025 appeared first on CVCA.

One of the defining characteristics of the 2025 cohort is the strength of proprietary technology. To qualify for the Fast 50 ranking, companies must derive the majority of their revenue from their own IP—a requirement that reveals how well they understand the market and how effectively they are responding to emerging customer needs. Deloitte’s Programme Leader highlights that these are not simply “great technology businesses, but great businesses full stop”—enterprises capable of anticipating demand before the market recognises it.

The 2025 ranking is led by Czech-based Oddin.gg, which secured first place for the second year in a row. With a staggering 4,267% revenue growth, the company continues its mission to elevate esports engagement and provide sportsbook operators with advanced, risk-reducing solutions. Its expansion into Latin America, coupled with its commitment to integrity and responsibility, solidifies its positioning as a global leader in esports infrastructure. In second place, Slovakia’s PowereX posted an impressive 2,510% growth, leveraging AI-driven systems to optimise energy flexibility and accelerate the decarbonisation of Europe’s energy infrastructure. Polish SaaS company Mizzox, growing 2,504%, completes the top three with its AI-powered accounting automation tools designed for the era of mandatory e-invoicing. These top performers highlight not only technological sophistication but also the increasing maturity of Central Europe’s tech ecosystem.

Across the full ranking, software continues to dominate with 31 entrants, followed by fintech and media/entertainment. The industry distribution underscores a broader trend: the convergence of AI, automation, and data-driven decision-making in nearly every vertical. Companies such as FaceUp Technology, Surveily, and Antigro Designer demonstrate how AI and machine learning are no longer optional upgrades but essential engines driving competitive advantage and operational efficiency. The geographic distribution is equally telling, with the Czech Republic and Poland emerging as the strongest performers, yet with noteworthy contributions from smaller markets such as Croatia, Latvia, and Estonia.

This year’s report also places a spotlight on the Companies to Watch—ten rising stars under four years old that are already defining the future of Central Europe’s tech scene. Lithuanian winner UAB Pulsetto stands out with a remarkable 5,354% growth, offering a wearable device designed to manage stress and sleep by stimulating the vagus nerve. Slovak AI-powered accounting solution Doklado follows in second place, and Poland’s bards.ai, which bridges academic AI research with real-world commercial applications, secures the third position. These companies illustrate the region’s strong commitment to R&D investment, proprietary tech development, and long-term innovation.

Adding another dimension to the 2025 landscape, Deloitte and Google Cloud introduced the inaugural AI Value Driver – CE Rocketship Innovations in GenAI Award, reflecting the fast-growing importance of generative AI in creating real-world value. The first-ever winner, Poland’s Surveily, transforms standard CCTV systems into smart safety-monitoring platforms using advanced computer vision—an innovation aimed at reducing workplace accidents worldwide. Runners-up such as bards.ai, PowereX, Flowpay, and Fluentbe demonstrate the breadth of GenAI’s application, from funding automation to scalable clean-energy solutions. As Google Cloud emphasizes, the rise of these companies signals a new generation of entrepreneurs who prioritise both commercial value and social impact.

A particularly meaningful part of the report is the Impact Stars category, which recognises companies that combine strong commercial products with positive social or environmental contributions. In 2025, 21 companies across fintech, cyber, ESG, defence, and MedTech/BioTech earned this designation. These businesses prove that technology can simultaneously address market needs and contribute to broader societal challenges, from sustainability to public health. As Deloitte’s CE Impact Leader notes, these Impact Stars showcase how young companies increasingly integrate purpose directly into their operating philosophy.

Croatia’s Growing Presence in the Central European Tech Landscape

The 2025 report reveals a notable rise of Croatia within the regional tech ecosystem, marking the country as a growing hub of innovation and high-growth companies. Croatia contributes six companies to the Fast 50 and additional representation in the Companies to Watch and Impact Stars categories—an impressive result for one of the smaller markets in Central Europe. Among the Fast 50, Croatia’s Margins (1,660% growth) and Cactus Code (1,650% growth) stand out as top-performing software firms, while hardware innovator Orqa posts 1,182% growth and further appears in the Impact Stars category for its contributions to defence technology. Other Croatian companies such as Spectral Core, Farseer, B.I.D. Grupa, and Utiliter reinforce Croatia’s position as a growing regional contender. On top of that, Croatian startup Cyber64 secures its place among the Companies to Watch, and three Croatian companies—Aircash, CircuitMess, and Devot Solutions—achieve Impact Star recognition for fintech, ESG, and MedTech/BioTech innovation. Collectively, this strong presence highlights Croatia’s accelerating shift from an emerging market to a significant contributor to Central Europe’s technology future.

Looking ahead, the report suggests that Central Europe’s technology ecosystem is poised for continued evolution. With AI adoption deepening across industries, regulatory environments shifting, and competition accelerating, the companies featured in the 2025 Fast 50 demonstrate that the region’s entrepreneurial spirit remains strong. Even amid global uncertainty, innovation, resilience, and bold ambition continue to define Central Europe’s tech sector. As more companies harness proprietary technology and expand globally, the region’s influence in the broader innovation landscape will only continue to grow.

Seeing how this momentum shapes 2026 and beyond will undoubtedly be fascinating.

The post Central Europe’s Tech Momentum in 2025: Resilience, Acceleration, and the Rise of Regional Innovators appeared first on CVCA.