Capital raising services in Croatia
Croatia's venture market has accelerated sharply following the Infobip and Rimac milestones, with international investors now actively seeking Croatian deal flow across CPaaS, deeptech and B2B SaaS.
Infobip's unicorn valuation and Photomath's acquisition by Google have put Croatian tech firmly on the radar of US and European growth funds, creating a halo effect that is drawing capital into earlier-stage deals.
Flow works with mid- to late-stage Croatian companies raising growth capital on the best available terms - providing an extensive VC investor network, fundraise preparation and pitch deck building, financial and operating model construction, and end-to-end process management from investor targeting through to close.
UK
Ireland
France
Germany
Spain
Portugal
Italy
Netherlands
Belgium
Switzerland
Austria
Denmark
Sweden
Norway
Finland
Iceland
Poland
Czech Republic
Slovakia
Hungary
Romania
GreeceCroatia
Estonia
Latvia
Lithuania
Malta
US
Canada
Mexico
Brazil
Argentina
Chile
Colombia
Peru
Uruguay
Panama
Ecuador
Dominican Republic
Israel
UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
South Africa
Nigeria
Kenya
Egypt
Morocco
Rwanda
India
Kazakhstan
Turkey
Australia
New Zealand6
VC rounds raised in the last 12 months in Croatia
$12M
Median VC valuation (across all stages) in Croatia
-
Median VC revenue multiple (across all stages) in Croatia
$15M
Largest VC round raised in Croatia in the last 12 months
Raising venture capital in Croatia
Croatia's VC market is small but growing rapidly post-Infobip and Rimac. Most material rounds involve cross-border participation, particularly from European, US and Croatian-diaspora investors.
Croatian VC conventions
Croatian venture rounds typically use documentation aligned with broader CEE and European venture conventions, with US-influenced terms common given the heavy presence of US co-investors at growth stage. Series A and later rounds adapt to the Croatian d.o.o. or d.d. structures.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Croatia. SAFEs are increasingly used where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Croatian d.o.o. and d.d. structures require notarised resolutions for share transfers and capital increases.
Public co-investment
Direct equity co-investment by Croatian state vehicles is limited. EU PNRR funding flows through ministerial agencies; HBOR provides lending and guarantees rather than direct equity. Private VC and angel capital dominate the institutional cap table.
Foreign investment screening
Croatia operates EU-aligned FDI screening with notification required for non-EU investors taking qualifying stakes in Croatian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions.
Notarised closings
Capital increases and share transfers in Croatian d.o.o. and d.d. companies require notarised resolutions and Court Register filings. Closings are notary-driven events with associated formalities and fees.
Largest private tech companies in Croatia
Rimac Group valued at $2.3B is the largest still privately-owned company in Croatia.
See all large tech companies in Croatia| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Rimac Group | | Rimac Group is a Croatia-headquartered developer of electric vehicle technology, producing the Nevera hypercar with 1,914 horsepower and supplying powertrains to automakers. Founded in 2009 near Zagreb, Rimac partners with Bugatti-Rimac for high-performance EVs and Porsche for platform engineering. The company delivers battery systems, motors, and software for vehicles achieving sub-two-second 0-60 times. | May-22 | $537M Series D | $2.3B |
Startups who recently raised money in Croatia
Largest VC round raised recently in Croatia was a $15M Series A of Orqa in March 2026.
See all VC rounds in Croatia| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Orqa | | Orqa is a developer of first-person view technologies for drones headquartered in Split, Croatia. Its FPV goggles and remote reality products, like FPV.One, feature high-resolution displays and low-latency transmission. The company supplies pilots and manufacturers in the consumer and professional drone markets worldwide. | AYMO VenturesExpeditions Fund+3 | $15M | - | Series A | |
Feb-26 | Farseer | | Farseer is a financial planning and analytics platform that integrates with ERP systems to automate forecasting, budgeting, and reporting for finance teams. The web-based tool applies machine learning for predictive insights on cash flow, revenue, and expenses. Farseer serves mid-sized enterprises in Europe with scenario modeling and real-time dashboards. | AYMO VenturesSQ Capital | $7.2M | - | Series A | |
Jan-26 | InsiderCX | | InsiderCX is a customer experience platform that captures feedback through surveys and analyzes it via AI-driven tools. Headquartered in Tel Aviv, the company provides self-service dashboards for text analytics and trend identification, used by e-commerce brands in retail and hospitality. InsiderCX integrates with Zendesk and Salesforce, enabling action plans from NPS scores. Launched in 2020, it processes millions of feedback responses monthly for global enterprises. | GapMinder VCSilicon Gardens | $1.8M | - | Seed | |
May-26 | Crumbs | | Crumbs is a platform connecting consumers with surplus food from local restaurants and wholesalers to cut food waste. Users access discounted meals via the app at pickup points. The service targets urban areas with high waste volumes. | AYMO Ventures | $700K | - | Seed | |
Mar-26 | eYou.Social | | eYou.Social is a social media startup. | Fil Rouge Capital (FRC) | $400K | - | Pre-seed | |
Dec-25 | The Open Machine | | The Open Machine is a Helsinki-based edge AI platform running billion-parameter LLMs on CPUs without GPUs or cloud dependency. It deploys models like Llama 70B on laptops and IoT devices with unified tokenizers for multimodal tasks. Founded in 2023, demos showcase training on Raspberry Pi equivalents for industrial and consumer applications. | Fil Rouge Capital (FRC) | $200K | $12M | Seed |
Top VCs and strategic investors in Croatia
AYMO Ventures, Fil Rouge Capital (FRC), SQ Capital and Silicon Gardens funded the most startups in Croatia in the last 12 months.
See all VCs in Croatia| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Fil Rouge Capital (FRC) | | Fil Rouge Capital is a Ljubljana-based venture capital firm investing in early-stage tech businesses across Europe. Founded by experienced entrepreneurs, it provides equity and debt from angel to Series A rounds, targeting sectors like software services and hardware. With connections to accelerators in Central Europe and Silicon Valley, FRC focuses on Central Eastern Europe, Austria, Southern Germany, and opportunistic US deals. | eYou.SocialThe Open MachineDING Jobs+2 | 4 | Pre-seed | |
AYMO Ventures | | AYMO Ventures is a venture capital fund investing in early- and mid-stage startups and scaleups across Southeast Europe. | CrumbsOrqaFarseer | 3 | Series A | |
SQ Capital | | SQ Capital is a Zagreb, Croatia-based investment and fund management firm advising on private equity, real estate, and venture deals. It structures funds for institutional investors and family offices across Southeast Europe. SQ Capital manages assets in hospitality and logistics sectors. | FarseerDING JobsLuppa+1 | 3 | Pre-seed | |
Silicon Gardens |  | Silicon Gardens connects over 500 technology entrepreneurs in Slovenia through events, mentoring, and networking from its Ljubljana hub. The community fosters startups in fintech, AI, and biotech with programs like Startup Weekend and investor pitch nights. Partnering with ABC Accelerator and LAUNCHub Ventures, it supports scale-ups such as Sensum and CloudFactory entering European and US markets. | InsiderCXFotoNationSuperapp+1 | 2 | Seed | |
Taiwania Capital Management Corporation |  | Taiwania Capital Management Corporation is a Taipei venture capital firm founded in 2017 managing US$300 million across three funds for AI, biotech, and semiconductor startups. Backed by National Development Fund, it invested in 40 companies including Appier and NextDrive, with exits via US IPOs. Offices in Silicon Valley facilitate US-Taiwan tech transfers, focusing on Series A rounds up to US$15 million. | OrqaAll eyes on screensHavocAI+2 | 2 | Series A | |
Radius Capital | | Radius Capital is a New York-based venture capital firm investing in software and data technologies for mobility systems. It backs companies developing autonomous vehicles, EV infrastructure, and fleet management platforms intersecting digital and physical transportation. | OrqaC-InfinityWorldscape+1 | 2 | Seed | |
GapMinder VC | | GapMinder VC is a Belgrade-based venture capital fund investing in early-stage deeptech and SaaS startups across Southeast Europe. The fund targets seed rounds from €500,000 to €5 million in AI, fintech, cybersecurity, and automation companies, with follow-on capacity up to €12 million. Portfolio includes firms like Seven Bridges Genomics, providing operational support for international expansion. | InsiderCXDesignVerseSalestools AI+1 | 1 | Seed | |
Mercedes Bent | | Mercedes Bent is a partner at San Francisco-based Lightspeed Venture Partners, investing in enterprise software and consumer tech. She previously led operations at a VR startup and served as general manager at General Assembly, overseeing its experiential education business before its acquisition. | OrqaNas.comModus+2 | 1 | Series A | |
Expeditions Fund | | Expeditions Fund is a Warsaw-based venture capital firm investing in early-stage mission-driven tech companies globally. It deploys capital into sectors like climate tech, healthtech, and edtech from offices in Poland and the United States. Originating from the Firlej Kastory family office in 2021, the fund now manages commitments from family offices and unicorn founders exceeding €100 million. Portfolio includes European startups like Spectate and Brainly with focus on long-term partnerships. Expeditions supports founders through board seats and operational scaling. | OrqaTwin PrimeEgide+1 | 1 | Series A | |
Purple Ventures | | Purple Ventures is a UK-based venture capital firm investing in early-stage technology startups generating initial revenue with purpose-driven missions and global ambitions. London-headquartered, it supports climate tech, healthtech, and social impact companies through capital and networks spanning Europe and North America. | BitreportRightchargeDelta Green+2 | 1 | Seed |
What if not VC? Non-equity funding in Croatia
Croatia's non-dilutive funding stack is moderate by European standards - the R&D super-deduction, EU PNRR funding, HBOR lending and EU funding access provide the main non-VC capital paths.
R&D tax incentives
Croatian companies can claim additional deductions of 50-100% on qualifying R&D expenditure depending on classification. Combined with the Croatian corporate tax rate, materially reduces the post-tax cost of R&D for Croatian tech.
HBOR lending and guarantees
HBOR provides subsidised loans, guarantees and equity investments via partner programmes. Often used alongside private VC and EU grants to extend non-dilutive runway.
EU PNRR and operational programmes
Croatian EU Recovery and Resilience Plan funding plus operational programmes flow through HAMAG-BICRO and ministerial agencies for R&D, digitalisation and the green transition. The largest single non-dilutive capital source for qualifying Croatian SMEs.
EU funding access
Croatian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Plus structural EU funding for R&D and digital transformation.
Croatian angel ecosystem
Infobip, Rimac, Photomath and other Croatian tech alumni anchor a small but active angel scene. Tickets typically €25k-250k per investor; structured rounds often syndicated across 5-15 angels via CRANE Croatian Angels Network.
Cross-border venture debt
Kreos Capital, Claret Capital Partners and HSBC Innovation Banking operate in Croatia via cross-border lending. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Croatia and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Croatia.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Croatia
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Croatia
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO