Investors in Croatia

EnerCap is a specialist clean energy Investor and Adviser with a focus on Central and Eastern Europe. EnerCap manages an extensive portfolio of energy investments in Poland, Romania, Croatia and the Czech Republic. The project assets under management exceed €450 million, providing clean energy to over 200,000 households and saving 130,000 tonnes of carbon p.a.

Quaestus is the leading Croatian alternative asset manager and provider of financial advisory services. Quaestus mission is to generate extraordinary returns to its investors while maintaining Quaestus' reputation and the good name of its investors.

SQ Capital is a venture capital firm specializing in pre-seed and seed investments. The firm seeks to invest in B2B and SaaS business model. The firm seek to invest in the SEE region. SQ Capital was founded in 2017 and is based in Zagreb, Croatia.

Odien Group is a private equity and venture capital firm specializing in seed/startup, emerging growth, early venture, mid venture, late venture, middle market, buyout, special situation, corporate turnaround, growth capital and recapitalization investments. The firm prefers to invest in real estate. The firm prefers to invest in CEE countries. The firm prefers to invest between EUR 10 million ($11.89 million) to EUR 20 million ($23.78 million). The firm prefers a majority stake. The firm holds its investments for 5-10 years. The firm invests its own capital. Odien Group was founded in 2004 and is headquartered in Prague, Czech Republic, with additional offices in Istanbul, Turkey and Croatia.

Proficio d.d. is a venture capital firm that specializes in start-up investments. It seeks to invest in tourism industry. It prefers to invest in Croatia. Proficio d.d. is based in Zagreb, Croatia.

SMOK Ventures invests in early stage startups in Central and Eastern Europe. Our key geography is Poland, but we’ve invested in founders from all over the CEE region: Poland, Ukraine, Belarus, Serbia, Bulgaria, Croatia, Latvia, Bosnia and Czechia.We prefer to invest in Delaware C-Corp companies with a significant business or workforce in the CEE. We are happy to invest directly in any CEE country that is part of the European Union as well. So far out of 37 investments, 18 are headquartered in Poland, 12 are Delaware C-Corps, 2 are in Estonia and 5 are in other CEE countries.We are not interested in startups without a significant connection to CEE, i.e. no workforce in CEE, none of the founders is of CEE-origin, and startup is not based in CEE.Working with an investor is a long-term partnership. We need to be sure we will be able to communicate, help each other out and build awesome things together.

startup300 AG is a venture capital firm conceived as a business angel network specializing in start-up, seed and growth capital investments. The firm seeks to take minority stakes and invests in the technology sector. The firm prefers to invest in Germany, Austria and Switzerland as well as the CEE countries (Albania, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Estonia, Latvia and Lithuania). The firm invests between €0.05 million ($0.06 million) and €0.5 million ($0.57 million) in their early stage program and more than €1 million ($1.13 million) in their growth stage program. startup300 AG was founded in 2015 and is headquartered in Linz, Austria.

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target emerging markets. Arqaam Capital operates out of three hubs, namely the Dubai International Financial Centre (DIFC), Cairo and Johannesburg. Arqaam Capital has ten business lines - Corporate Finance, Asset Management, Cash Equity, Credit Trading, Equity Derivatives, Capital Markets Advisory, Infrastructure, Principal Finance, Treasury and Custody. Arqaam Principal Finance refers to the principal finance, private equity and special situations business of the Group and relates to investments on a proprietary or clubbed investment basis, which is sector agnostic but with a real estate, commodities and technology focus to date. The Group has invested in and/or has interests in and acts as "Manager" of three portfolio projects: Project Dalmatia, Project Mongold and Project Harvest. Project Dalmatia refers to the Group's investment in Brizenica Bay Investors Limited (Cayman Islands) and its subsidiaries in relation to a project to acquire, own, invest in, develop, manage and operate a luxury hotel and residential resort at Brizenica Bay on the island of Hvar in Croatia. Project Mongold refers to the Company's interests in Arqaam Gold Mine Investors Limited in relation to its investment in a gold mining platform in Mongolia. Project Harvest refers to the Company's interests in Arqaam Agricultural Investors Limited in relation to its investment in a business based in Australia mining and processing of Silica-rich Diatomaceous Earth, which is used as an agricultural fertilizer.

Cogito Capital Partners is Venture capital firm specializing in early stage, emerging growth, late venture & growth capital investments. The firm typically invest in growth of B2B technology companies with investments at series B&C, particularly in enterprise software, fintech, healthcare/healthtech, insurtech, and mobility. The firm seeks to invest in European market with focus on Austria, Belgium, Germany, Luxembourg, Netherlands, Switzerland, Bulgaria, Croatia, Czech Republic, Estonia, Hungry, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine and in the United States. It prefers to invest equity between €2.53 million ($2.75 million) and €15 million ($15.62 million). It acquires minority stakes in its portfolio companies. Cogito Capital Partners was formed in 2018 and is based in Warsaw, Poland with additional offices in Luxembourg, Luxembourg and New York, New York.

Gecad Ventures is a venture capital firm specializing in seed/startup, early stage, expansion phase, and growth capital. It seeks to invest in software and hi-tech companies, including security software, FinTech, cyber security, artificial intelligence, machine learning, virtual reality, augmented reality, IoT, agri-tech, online financial services, financial software, cloud technologies, e-commerce, crypto currencies and payment methods. The firm invests in the Central and Eastern Europe region that includes Romania, Bulgaria, Hungary, Croatia, Serbia, Slovenia, Poland, Czech Republic, Slovakia, Estonia, Lithuania, Latvia, Greece, Montenegro, Bosnia and Herzegovina. The firm typically invests between $1 million and $8 million in equity. It makes balanced sheet and personal capital investments. Gecad Ventures, formerly known as Gecad Group, was founded in 1992 and is based in Bucharest, Romania.

Booster Capital is a private equity firm specializing in middle market, growth capital, buyout and add-on acquisitions investments. The firm seeks to invest in IT services, specialist retail, e-commerce, B2B services, consumer goods, value-added manufacturing, health and wellness. The firm prefers to invest in Central and Eastern Europe, focusing on equity-related investments in SMEs in Romania, Hungary, Bulgaria, Croatia, and Slovenia, with the objective of generating long-term capital appreciation. The firm typically invest between €5 million ($5.44 million), and €15 million ($16.5 million) in a company. The firm seeks to make majority and controlling minority investments in a company. Booster Capital is based in Luxembourg with additional offices in Romania.

Blue Sea Capital is a unique team with a pioneering pan-regional private equity concept in the countries of former Yugoslavia. Blue Sea Capital is looking to benefit from the reintegration of the markets in the region and staged accession into the EU by investing in businesses with regional growth potential, following up clear trends already initiated by some large strategic and private equity players. The Region has a total population of 21.3 million and GDP of USD 211 billion, with two of its largest economies (Croatia and Slovenia - generating more than 50% of the region’s GDP) being EU members.

Cudos Capital AG is a private equity and venture capital firm specializing in later stage, restructuring, growth capital, growth equity, middle market, buyouts, mid venture, emerging growth, management buy-ins and buyouts, successor issues, mezzanine, and distressed investments. The firm does not invest in real estate and tourism sectors. The firm is industry agnostic but has focus on invest in mechanical and electronic engineering, telecoms, utilities and transportation. It seeks to invest in Dach and CEE regions, Central and Eastern Europe and German-speaking countries with a focus on Poland, Czech, Slovakia, Hungary, Germany, Romania, Slovenia, Bosnia, Croatia, Serbia, Bulgaria, Montenegro, Austria, Southern Germany, Switzerland and selected neighboring countries. It seeks to invest in mid-market, small and medium-sized companies with revenues in the last 12 months, minimum €10 million ($11.46 million) and €100 million ($114.66 million) in sales value. The firm typically invest between euro 1 million ($1.11 million) and euro 8 million ($8.91 million).The firm prefers to have seats in management, supervisory or advisory boards depending on the investment situation. It prefers to have a say in strategic decisions and also the portfolio company in which the firm has invested needs to provide financial reporting to the firm on a regular basis. The firm targets stakes range from qualified minorities to full acquisitions. The firm’s investment period per deal is 5 years. Cudos Capital AG was founded in 2011 and is based in Vienna, Austria

Oktogon Ventures is venture capital firm specializing in seed/startups, early ventures, bridge financing transactions and growth capital investments. The firm seek to invest in e-commerce software, devops, IT security industries. It seeks to invest in central and eastern Europe, particularly in Bulgaria, Croatia, Romania, Slovenia, Czech Republic, Hungary, Poland, Slovakia, Estonia, Latvia, Tithuania regions. It make investment between 150k ($0.15 million) and $1.5 million. Oktogon Ventures was founded in 2019 and is based in Budapest, Hungary.

BlackPeak Capital is a private equity and venture capital firm specializing in early venture, mid venture, mezzanine, small buy-out, inorganic growth through acquisitions and other forms of hybrid capital and growth equity investments. It avoids investments in gambling, logging, animal husbandry, aquaculture and sectors directly backed by the EU such as, fishery agriculture and forestry as well as financial institutions and real estate. The firm also makes follow-on equity and debt raising. The firm is generalist in terms of industry and seeks to invest in small and medium-sized enterprises in niche manufacturing, FMCG, information technology, industrials, and healthcare, e-commerce, professional services, consumer staples, financials, communication, information technology, Utilities, real estate sectors. It prefers to invest in export-oriented companies or companies which have some unique technology, or which are well-positioned on the local market. It primarily invests in the Southeast Europe and European Union with a focus on Romania, Bulgaria, Slovenia, Croatia, Serbia. The firm typically invests between $1.17 million and $12.13 million. The firm takes significant minority or majority stakes. The firm also makes co-investments. The firm exits its investments via trade sale or IPO. The firm invests its own capital. BlackPeak Capital was founded in 2014 and is based in Sofia, Bulgaria with an additional office in Europe.

Impact investing is an exciting and rapidly growing industry powered by investors who are determined to generate environmental, social and governance impact on top of the financial returns.​ It has been estimated that financing of the achievement of 17 Sustainable Development Goals will require an additional $ 30 trilion in investment over the next decade. ‍ Feelsgood Social Impact Investment Fund is designed to invest in Croatian and Slovenian ventures that have typical private equity/venture capital for-profit-aims like commercial business models, led by strong management teams and ready to scale, but in addition can and will deliver measurable social impact.

Ten reasons you will want to work with us: One We love building and being a part of an entrepreneurial ecosystem where everybody plays their role. We want to make the Croatian entrepreneurial ecosystem the best in class so expect to see a lot of us because this is what we want to achieve! Two Our reputation is our wealth. Three We always stand behind our founders, in good and bad times, we mean it, you will see! Four We hate getting the “long yes” so we never give …the “long yes”. Five We love bold founders and we provide “Capital for the Bold”. Get it? Six We at FRC have “been there, done that”. Our combined M&A and financing track records exceed $4B. We didn’t always get it right, but we’re not ashamed of it. Seven We can give continuous support to our startups from incubation and acceleration to scale-up and exit. Eight “We bring you more than money”: every VC claims it but very few actually live by it – we do. We were voted “Best Investor” in our region 2 years in a row and there is a reason for that. Nine We’re fine with opinions but we’d rather focus on facts. Ten We are no nonsense guys. We will tell you things as they are, we never intend to demean or hurt. We might seem offensive every now and then, remember, we NEVER mean bad but we’d rather be straight.

Rockaway Ventures is a Private Equity and a venture capital firm specializing in Seed to Series A stage startups, early venture, and growth capital investments. The firm seeks to invest in Data Processing and Outsourced Services, Internet Services and Infrastructure, Application Software, Systems Software, Media and Entertainment, Real Estate Services, Retailing, Consumer Services, food and staples retailing, health care technology, financials, retail and e-commerce, travel & hospitality, digital logistics, digital media, cybersecurity, defense, CleanTech, and PropTech. It seeks to invest in Czech Republic, Slovakia, Hungary, Poland, Croatia, Slovenia, Serbia, Kosovo, Romania, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Estonia, Latvia, Lithuania, Macedonia, Montenegro and Switzerland. The firm prefers to take management control. The firm makes equity investments ranging between Euro 1 million ($1.18 million) to Euro 10 million ($11.85 million). Rockaway Ventures was founded in 2013 and is based in Czech Republic. Rockaway Ventures operates as a subsidiary of Rockaway Capital SE.

7L Capital Partners is an independent private equity firm active in Southeastern Europe, investing in Communications, Technology and Applications and Branded Goods and Services. Since 2006, 7L Capital Partners has been advising 7L Capital Partners Emerging Europe L.P. a fund focused on Southeastern Europe, including Bosnia & Herzegovina, Croatia, the Former Yugoslavian Republic of Macedonia, Kosovo, Montenegro, Serbia, Slovenia, Bulgaria, Romania, Greece, Turkey and Cyprus.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.

Prosperus Invest is a fund management firm based in Zagreb, Croatia, specializing in growth opportunities and buy-and-build strategies within the Adria region. With over €60m in AUM, they focus on sectors including healthcare, hospitality, renewable energy, and FMCG.

CEE Equity Partners Ltd is a private equity firm specializing in buyouts, buyins, expansion capital, development capital, replacement capital, mezzanine, turnaround, project finance, and restructuring investments. It prefers to invest in infrastructure, energy, telecommunications, specialized production healthcare, education, agriculture, manufacturing, waste management, high-tech and innovative business. Within infrastructure it invests in classic infrastructure: roads, rails, bridges, ports, and airports; municipal infrastructure: car parks, terminals, and street lighting; environmental infrastructure: sewerage/water treatment facilities, and waste management facilities; and heat production and distribution plants. Within energy it invests in renewables: wind farms, hydro, biogas, biomass, biofuels, geothermal and other feasible technologies; conventional fuel based (coal, gas, oil) power plants and heat producers; waste-To-Energy facilities; and storage and transmission distribution facilities. Within telecommunications it invests in fibre-optic infrastructure, both backbone, as well as fibre to home and to business; data centres; telecom operators; mobile-telephony infrastructure; and cable operators and their infrastructure. Within specialized production it invests in engineering; automation; equipment used for various sectors: infrastructure, energy, telecommunication; and industrial products and services. It also invests in incinerators, co-generation power plants, PPP ventures, and green energy. It prefers to invest in Central and Eastern Europe which includes Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, and Slovenia. The firm invests between $20 million and $100 million in equity and can also help arrange debt financing. It typically invests for a period of 5 to 8 years. CEE Equity Partners Ltd is based in Nicosia, Cyprus with additional offices across Europe.

ZICER - Zagreb Innovation Centre: A Catalyst for Innovation and Sustainable EntrepreneurshipZICER - Zagreb Innovation Centre is the leading business support organization in Croatia, established and owned by the City of Zagreb. With a mission to foster innovation and entrepreneurship, ZICER provides cutting-edge resources and programs designed to transform ideas into sustainable businesses.At ZICER, startups and high-tech teams gain access to comprehensive incubation and acceleration programs, coworking spaces, and an ecosystem that empowers entrepreneurs at every stage of development. Services include tailored education, strategic consulting, hands-on mentoring, access to state-of-the-art infrastructure within 7 high-tech labs, and financial incentives to fuel growth.Collaboration is at the heart of ZICER’s approach. By partnering with government bodies, agencies, academic institutions, investors, and international organizations, ZICER ensures that its members have access to a robust support network and the expertise needed to succeed in a competitive market. As a regional hub for innovation, ZICER goes beyond business development by contributing to development of the broader entrepreneurial climate. It champions innovative ideas, equips teams with entrepreneurial competencies, and facilitates access to financing opportunities, creating a vibrant ecosystem where innovation thrives.ZICER is more than a business incubator – it is a launchpad for visionary entrepreneurs shaping the future of business and society.

Elements Capital Partners specializes in direct and fund of fund investments. Within direct, it specializes in private equity and venture capital investments in growth capital, industry consolidations, distressed, recapitalizations, and buyout transactions. It prefers to invest in mature, turnaround, mid and late venture companies. The firm also makes real estate investments in heritage properties. It seeks to invest in renewable energy and financial services. Within fund of fund, it prefers to invest in private equity funds, turnaround debt funds, real estate and hedge funds. It prefers to invest in diversified financial services sector, although it also invests in other sectors. The firm typically makes investments in South East Europe, Western Europe, the U.S, Cyprus, Greece, Serbia, Slovenia, and Croatia. It prefers to invest at least €20 million ($21.9 million). The firm typically take an equity position for 3-5 years .Elements Capital Partners was founded in 2010 and is based in Nicosia, Cyprus with additional offices in Turkey and Ljubljana, Slovenia.

Primus Capital Management Ltd. is a venture capital firm specializing in seed, startup, early and expansion stage investments. It seeks to invest in technology and services sector including software, electronics, telecom equipment, and medical technology, technology related services, pharmaceuticals, biotech services, and real estate. The firm invests in Central Europe with a focus on Hungary followed by other countries which joined the European Union in 2004, including Croatia, Czech Republic, Poland, Slovakia and Slovenia. It can consider investments in Austrian companies with links to the above mentioned countries. The firm makes initial investment between $0.05 million and $0.5 million per company and seeks to invest in companies with revenues of less than $5 million. Primus Capital Management Ltd. was founded in 2003 and is based in Budapest, Hungary with an additional office in New York, New York.