SILICON GARDENS

Croatia
2021-2022

The State of Adria Tech

Financing:

€1.86B

of capital raised

Croatia succeeded with the highest total investments raised in the Adria region.

Record-breaking:

€690M

raised by Rimac Group

An absolute winner in terms of raised capital in the Adria region.

The first to raise:

€0.5B

in a single deal

Rimac Group and Infobip are the first to receive significant investments in a single round, reaching new heights in the Adria region.

Scalability:

2 unicorns

active in croatia

From startups to unicorns: the impressive rise of Rimac Group and Infobip.

Croatia ranks first by the value of raised investments.

The Top
five

Rimac Group

Transportation

€690M

Infobip

Enterprise software

€545M

Quantive

Enterprise software

€136M

Cognism

Marketing

€91M

Fonoa

Fintech

€74M

VALUE of investments

by capital type

NUMBER of investments

by capital type

Venture capital dominates

VCs have established dominance in both the number of deals made and the total value invested.

Private equity's outstanding importance

PE executed only two deals, but each was substantial in size.

Missing governmental activity

Unfortunately, our dataset regarding the potential governmental investment activity in Croatia is incomplete. While governments typically make smaller investments, their support is vital for the success of each tech ecosystem.

Where are all the angels?

Are they hiding or need extra encouragement to become more active?

A typical distribution of investments across various investment rounds

A breakdown of investments by different investment rounds

Pre-seed (up to €1M)
€12M (1%)
47 investments (53%)
Seed (€1M - €4M)
€33M (2%)
17 investments (19%)
Series A (€4M-€15M)
€65M (4%)
8 investments (9%)
Series B (€15M - €40M)
€117M (6%)
5 investments (6%)
Series C (€40M - €100M)
€451M (24%)
7 investments (8%)
Megaseries (over €100M)
€1.2B (64%)
4 investment (5%)

Succeeding on diversity

Croatian tech companies that have raised capital operate in 17 different industries.

In terms of total investment value raised, the enterprise software industry takes the lead with a substantial 40%, followed by transportation at 37% and fintech at 7%.

The figures display the number of companies categorized by their primary business model (below) and their primary industry of operation (on the right).

The core INDUSTRY

Most investments come from the USA

Lead investors come from three different regions.

The table presents the % of the invested value and the % of companies receiving investments categorized by the legal seat of the lead investors.

Most investments bypass the Croatia

Croatian tech companies locate their legal seats in three different regions.

The table presents the % of tech companies and the % of investment value received categorized by their legal seat.

Unicorns thriving in Croatia

Unicorn is a tech company that exceeds a valuation of $1B.

Unicorns

Transportation

Unicorns

Enterprise software

Unicorns are boosting the ecosystem through:

Attracting

Top talent

globally

Driving force behind the continuous progress and growth of the tech ecosystem

Providing

20%

higher salary

Creating high-paying jobs and spurring the development of related industries and technologies.

Generating

25%

annual return

Attracting more investors and encouraging further investment in the tech ecosystem.

organizing

dozens of

traning courses and workshops

Disseminating knowledge, expertise, and best practices with both individuals and institutions.