For the first time, Slovenia, Croatia, and Serbia are collaborating to showcase their diverse and dynamic tech communities.
Which is almost 12 times more than five years ago.
Exits and secondaries have increased five times over the past five years, with a total combined value of €4.7B up to 2022.
From one to six raised unicorns over the past five years.
Over the last five years, the funding amount for the tech industry has skyrocketed from €300M in 2016-2017 to an impressive €3.45B in 2021-2022.
The below map displays the total value of investments raised and the number of deals made by tech companies in each country during the period 2021-2022, excluding exits and IPOs.
Croatia
Croatia
Slovenia
Slovenia
Croatia
by capital type
by capital type
VCs have established dominance in both the number of deals made and the total value invested.
PE executed only a limited number of deals, but each was substantial in size.
The government is taking an active role by executing over 100 deals. While governments typically make smaller investments, their support is vital for the success of each tech ecosystem.
Are they hiding or need extra encouragement to become more active?
A breakdown of investments by different investment rounds
Regional tech companies that have raised capital operate in record number of industries.
The top five industries collectively raised over 90% of the total investment value.
The extensive use of SaaS as a business model is a strong indicator of regional tech companies' impressive expertise in software development.
The figures display the number of companies categorized by their primary business model (below) and their primary industry of operation (on the right).
Lead investors come from four 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.
Adria tech companies locate their legal seats in four different regions.
The table presents the % of tech companies and the % of investment value received categorized by their legal seat.
Total value of exits and secondaries €1.6B in 2021-2022.
Their value has increased five times over the past five years, totaling €4.7B up to 2022.
exit
Slovenia
exit
Slovenia
exit
slovenia
exit
Slovenia
secondary
Slovenia
secondary
slovenia
exit
Slovenia
exit
Serbia
Exit
Croatia
Unicorn is a tech company that exceeds a valuation of $1B.
Croatia
Croatia
Slovenia
Slovenia
Slovenia
Slovenia
Driving force behind the continuous progress and growth of the tech ecosystem
Creating high-paying jobs and spurring the development of related industries and technologies.
Attracting more investors and encouraging further investment in the tech ecosystem.
Disseminating knowledge, expertise, and best practices with both individuals and institutions.
A sneak peek into our methodology.
The data is provided for investments made in Slovenian, Croatian and Serbian tech companies.
Future plan: To add the data on investments in BiH, North Macedonia, Montenegro, Albania, and Kosovo tech companies.
A company is attributed to a particular country if at least one of its founders holds citizenship in that country. In cases where founders come from multiple countries surveyed, we attribute the company to the country where the core team is based.
All values are presented in Euros. We used a fixed exchange rate of Euro 1.1 to US Dollar for both observation years to convert currencies.
Our dataset showcases the cumulative sum of investments made in tech companies from 2021 to 2022.
We gathered the data from various sources, including interviews, crowdsourcing, and publicly available information.
Pre-seed (up to €1M), Seed (€1M - €4M), Series A (€4M-€15M), Series B (€15M - €40M), Series C (€40M - €100M), Megaseries (over €100M).
Disclaimer: Standardized funding ranges are used to categorize rounds in this report, which may differ from the company's self-reported round type.
We are grateful to our exceptional partners and the Silicon Gardens community for their valuable assistance in creating this infographic.
This infographic was created by Silicon Gardens community. Data was collected through interviews, crowdsourcing and public information. Big thanks to cofound.it for data on crypto activities, and to all others who contributed the information!
Numbers crunched by @igzebedze and @ada, design by @timotej.
We have taken reasonable measures to ensure accuracy. Works only in browsers of this age.