Croatia Boosts Startups with €270M Venture Capital

A long-term partnership between the European Investment Fund (EIF), the Croatian Bank for Reconstruction and Development (HBOR), and Croatia’s Ministry of Regional Development and EU Funds has mobilized €270 million in public investment over the past eight years to strengthen Croatia’s venture capital ecosystem and support innovative businesses.

Since launching in 2018, the initiative has helped approximately 200 Croatian startups and scale-ups access venture capital and growth financing, with support expected to expand to 500 companies as second-generation investment programmes continue. Combined with institutional and private investor participation, the underlying investment funds are expected to reach a total value of approximately €700 million.

The partnership established Croatia’s modern venture capital market through two key programmes—the Croatian Venture Capital Initiative (CVCi I and II) and the Croatian Growth Investment Programme (CROGIP I and II). These initiatives have attracted private investment, supported emerging fund managers, and expanded financing options from startup acceleration to private equity and growth capital.

The programmes have financed innovative companies across sectors, including technology, manufacturing, digital platforms, and sustainable business development. Investments have supported firms such as Bloq.it, Entrio, GameBoost, Hypefy, Flexkeeping, Native Teams, CupUp, and Biovega, while also establishing Croatia’s first Vesna Deep Tech Venture Fund to commercialize university and scientific research.

The first CVCi programme, launched with €35 million from European Union structural funds, supported 145 startups through venture capital financing and accelerator services. The second programme, CVCi II, backed by €60 million in EU funding for the 2021–2027 period, is expected to mobilize more than €200 million in additional investment for Croatian companies.

Beyond financing, the initiative aims to strengthen Croatia’s innovation ecosystem, encourage companies to remain and grow within the country, create high-value jobs, and improve international competitiveness. Croatia is also expanding its participation in regional investment platforms, including the Three Seas Initiative Innovation Fund, to attract larger pools of capital and integrate more closely with European innovation markets.

The programme demonstrates how coordinated public and private investment can accelerate entrepreneurship, strengthen domestic capital markets, and support long-term economic growth through innovation-led business development.