Investors in Montenegro

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.

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

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.

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.

Horizonte Venture Management GmbH is a venture capital and private equity firm specializing in start-up, seed stage, early venture, mid venture, late venture, turnaround, and expansion stage companies. It seeks to make early and growth stage investments typically in product development and early revenue stages. It does not seek majority control. The firm prefers to invest in information technology, consumer discretionary, consumer staples, energy, materials, telecommunications, utilities, biotech, construction, communications, real estate projects, and general manufacturing companies. It prefers to invest in companies based in Austria; Bosnia and Herzegovina; Croatia; Serbia, including Slovakia and Slovenia; Southeast Europe including Bulgaria, Macedonia, and Montenegro. The firm typically invests between €1 million ($1.26 million) and €4 million ($5.03 million). It typically invests in the form of equity, equity-linked securities or a combination of equity and debt. The firm prefers to be the lead investor and often is the first outside investor in the companies it invests in. It seeks board representation in its portfolio companies and prefers to exit its investments within three to five years through a public offering of securities, sale to another company, or share repurchase. Horizonte Venture Management GmbH was founded in 1985 and is headquartered in Vienna, Austria with additional offices in Zagreb, Croatia; Sarajevo, Bosnia-Herzegovina; and Ljubljana, Slovenia.

Western Balkans Private Equity Fund - Vintage I(“WBPEF-I”)Invests in small and Midcap companies in the Balkan region (Albania, Bosnia & Herzegovina, Croatia, Kosovo, North Macedonia, Montenegro, Serbia). Led by a team of experts in Private Equity and Acquisitions in the region, with a track record of over 40 billion euro in investments made.The team identifies targets within the medical, manufacturing, fintech, IT & Gaming, food sectors, creating value through the M&A process, and post-acquisition leadership it provides. We assess the management, the industry, historical financials and forecasts and conduct valuation analysis considering all appropriate parameters before making a commitment.WBPEF is seed funded by USAIDLong-Term Commitment Impactful investments, by acquiring capital holdings with voting rights in Western Balkan countries that are not on the Financial Action Task Force Money Laundering’s listOut of €80M fund, up to 15 sustainable investments in Western Balkans SMEs with good growth trends; focused in medium-to-long term capital growth, multiple investment rounds with concentration limitations and initial tickets €3-9M in minority or majority, by holding shares, quotas, equities and convertible bonds.Full due diligence how to invest well, generate value and disinvest in the best momentOriented, constantly monitored, weighted and preventive risk managementESG and sustainable development and exit driven approachWe plan to address these with the following benefits our team offersContinuous strategic support in establishing a strong company, following its ongoing development and a responsible exit strategy ensuring company longevityAccess to a managerial pool of talent. International experience leveraged onto our portfolio of companies to support their success and continuous developmentAccess to financing for growth and developmentCommitment to continuous improvement culture that creates stronger, longer lasting companiesWorking hand in hand with USAID to support female empowerment