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  • Writer's pictureKelly Alica Liman

Top 9 VC Funds and Angel Investors in Serbia

Serbian startup ecosystems are already thriving in a variety of innovative industries. The country's plan involves introducing entrepreneurship education at all levels, as well as improving infrastructure and support programs has bore fruit. With the objective of establishing up to 1,200 active firms that attract global investors, the past few years have shown tremendous growth in the number of startups, inventions, and total ecosystem value created. In this article, we have compiled a comprehensive list of the top VC funds and angel investors in Serbia that may be the right funding partner for you.






Find VCs and Angel Investors in Serbia
Find VCs and Angel Investors in Serbia

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Why Should You Raise Funds in Serbia?


Here are a few reasons why startups should consider raising funds in Serbia:


1. Access to Diverse Funding:


Serbia provides access to many sorts funding options, such as angel investors, venture capitalists, and growth enterprises. According to the National Bank of Serbia, Serbia had a record year of investments in 2022, with inflows of foreign direct investments totaling around EUR4.4 billion. In June 2022, the EU and the World Bank have also agreed to fund Serbian research and entrepreneurship amounting to EUR84.5 million. The Serbia Ventures program, a Serbian Innovation Fund initiative, aims to encourage private investors and institutions to finance businesses and form venture capital funds in Serbia.



2. Engineering and Tech Talent


Serbia has a large pool of tech and engineering talent, making it an appealing destination for businesses looking for qualified professionals. Serbia's IT industry contributes at least 6% of the country's GDP and is quickly expanding. The country has placed its priority on becoming one of the main European centers for EU and international IT corporations through the expansion of a skilled IT workforce. Starting from education, all pupils above the age of 11 must study computer programming, which includes Scratch, Python, Pygame, and Jupyter. Every year, the country generates a substantial number of IT graduates, with over 4,000 students graduating in the sector. Recognized worldwide for its world-class engineers, Serbia now has over 45,000 highly qualified IT experts.



3. Government Incentives

Serbia has made considerable strides in creating a welcoming business climate for entrepreneurs. The country has adopted measures to streamline business registration processes, minimize bureaucracy, and increase general business ease. To foster entrepreneurship and attract foreign investment, the government has also implemented a variety of incentives and assistance programs, such as tax reductions and subsidies. Some of the most important incentives include salary tax incentives for employees performing R&D activities, corporation tax incentives, IP Box regime, and the Double R&D deduction create a significant advantage for entrepreneurs in the R&D phase.





Venture Capitalist Funds in Serbia


The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.


  • Year of Inception: 2012

  • Stage: Pre Seed, Seed

  • Focus: Fintech, Healthcare, Future of Work, Future of Food, Ecomtech

  • Notable Portfolio: Pluria, TrueInsights, NitroPack, Native Teams

  • Contact


Eleven Ventures is a Bulgaria-based venture capital firm that has played a crucial role in catalyzing the startup ecosystem in Southeastern Europe. Having made 150 investments in the last ten years, the business specializes in advising and investing in technology startups in a variety of industries. Eleven Ventures aspires to generate worldwide success for promising Southeast European entrepreneurs by empowering local heroes and providing them with the required resources and taking an individualized approach to each company in its portfolio.



  • Year of Inception: 2017

  • Stage: Pre Seed, Seed

  • Focus: Software

  • Notable Portfolio: Bitebell, One Assessment, Trickest, Shootset

  • Contact


ICT Hub Venture is a private investment firm based in Serbia that focuses on early-stage technology startups in Southeast Europe region (SEE). ICT Hub Venture stands for startups and aids them in their growth path by offering funding and tools. The fund provides investments of up to EUR50,000 to promising firms, allowing them to create new solutions and expand their businesses. Backed by a dedicated team and a network of co-investors, ICT Hub Venture understands the challenges faced by startups and provides the necessary support to fuel their success.





  • Year of Inception: 2010

  • Stage: Pre Seed, Seed

  • Focus: Technology

  • Notable Portfolio: GoAvio, TVBeat, Apiary, Photoneo, Cera

  • Contact


Credo Ventures is a leading venture capital company that partners with exceptional technology founders from Central and Eastern Europe, assisting them in achieving their global aspirations. Apart from financing, Credo Ventures also provides strategic guidance and networking opportunities to help entrepreneurs thrive and succeed. Through their expertise, network, and financial support, Credo Ventures empowers innovative startups to navigate challenges, scale their operations, and make a lasting mark in the global market.



  • Year of Inception: 2019

  • Stage: Pre Seed, Seed

  • Focus: Technology

  • Notable Portfolio: Alpha3D, Miros, Cruxo, e-mobilio, Orderlion

  • Contact


ZAKA VC works across the whole European Union, with a strong focus on early-stage technology-driven investments. The firm seeks out innovative and promising tech startups at the idea stage, providing crucial support and funding to help turn these ideas into successful ventures. While they invest globally, ZAKA VC focuses on the UK, DACH (Germany, Austria, and Switzerland), Baltic, and CEE (Central and Eastern Europe) areas. With their extensive network and expertise, ZAKA VC aims to support and nurture innovative ideas, helping startups grow and thrive in the dynamic tech industry.





  • Year of Inception: 2015

  • Stage: Seed, Series A, Series B

  • Focus: Technology

  • Notable Portfolio: HireApp, Pixyle AI, Mily Tech, Orgnostic, Pathfinder

  • Contact


South Central Ventures is a Southeast European venture capital firm that focuses on startups and small to medium-sized internationally-focused technology enterprises. They have a long history in the Adriatic area with offices in Ljubljana, Zagreb, Belgrade, and Skopje. With a strong emphasis on assisting promising enterprises, South Central Ventures provides financial assistance and strategic coaching to help these firms develop.



  • Year of Inception: 2018

  • Stage: Seed, Series A

  • Focus: FinTech

  • Notable Portfolio: Agro.Club, FinCompare, Finqware, Tarfin, Pisano

  • Contact


Elevator Ventures is the corporate venture capital arm of Raiffeisen Bank International (RBI) with a strong network throughout Eastern Europe. They focus their investments on early and growth-stage startups in the fintech and other technology industries in Central and Eastern Europe. Elevator Ventures intends to foster digitization and provide finance solutions in the SME area, with a strategy that entails tight collaboration with Elevator Lab, a leading fintech partnership program.


  • Year of Inception: 2021

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: BiteBell, Brush Galaxy, Shopnosis, OTA Sync

  • Contact


TS Ventures Fund is a visionary venture capital firm headquartered in Belgrade, Serbia. Their major purpose is to assist and invest in technology and commercial solutions that enable market innovation. With a focus on high-tech businesses, the VC believes in giving visionaries with exceptional ideas the opportunity for quick development. Their objective is to nurture and encourage entrepreneurs, allowing them to convert their ideas into profitable enterprises.





Angel Investors in Serbia


Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.


  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: -

  • Contact


The Association of Business Angels of Serbia (ABAS) is a non-profit organization dedicated to enabling angel investments. ABAS brings together angel investors who not only provide capital but also offer invaluable business management expertise, skills, and contacts. ABAS plays a crucial role in supporting new and growing businesses by facilitating investments and co-investments in various sectors and regions. As part of the European Union's efforts to promote business angel investments, ABAS encourages cross-border collaborations and works to create incentives for angel investments in Serbia. With their mission to foster private investments, ABAS is a vital resource for start-ups seeking external funding and guidance.



  • Stage: Pre Seed, Seed

  • Focus: Sector Agnostic

  • Notable Portfolio: EvermedTV, Plus Plus, Sport React

  • Contact


Skok123 is a North America-based angel investor network with a focus on supporting start-up companies in Southeastern Europe, specifically Croatia, Serbia, and Slovenia. They offer financing and actively assist portfolio companies in various aspects, including business models, organizational development, and contract negotiations. Skok123 primarily seeks out companies in the pre-seed or seed stage that demonstrate potential for commercial success and possess a product and business model suitable for the US market. One unique aspect of Skok123 is that the founders are required to have a personal investment in the company and maintain at least 90% ownership. With a name that translates to "Jump" in local languages, Skok123 prides itself on its entrepreneurial experience and expertise in the field.





Closing Thoughts on VCs and Angel Investors in Serbia


Serbia is rich with untapped potential. Although the Serbian startup ecosystem is still in its early stages, they are solidifying. We are seeing a high level of participation and effort from a variety of supporting organizations, agencies, and the government to accelerate the transformation of the startup ecosystem. With such public sector backing, and given the country's exceptional potential, it is conceivable that new success stories will emerge in the Serbian startup ecosystem, motivating local founders and investors to believe in their potential.


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