SILICON GARDENS

Serbia
2021-2022

The State of Adria Tech

Financing:

€325M

of capital raised

Serbia's tech scene is reaching new heights

Liquidity:

€343M

through one exit

Nordeus, through its exit, provides an additional boost to the tech ecosystem.

Activity:

600

active startups

The ecosystem is growing into a true force for change.

Innovation:

8+

active R&D centers

Such as Bosch, Continental, Siemens any many others, some of which employ hundreds or even thousands of people.

Serbia's tech scene is reaching new heights, with higher investments pointing to its growing maturity and potential.

The Top
five

HTEC Group

Enterprise software

€124M

Tenderly

Fintech

€98M

Tempus finance

Fintech

€28M

Connect the dots

Marketing

€15M

Flyaway

Real estate

€10M

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 one deal, but this deal was substantial in size.

Missing governmental activity

Unfortunately, our dataset regarding the potential governmental investment activity in Serbia 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)
€6M (2%)
6 investments (25%)
Seed (€1M - €4M)
€20M (6%)
8 investments (33%)
Series A (€4M-€15M)
€33M (10%)
5 investments (21%)
Series B (€15M - €40M)
€43M (13%)
2 investments (8%)
Series C (€40M - €100M)
€98M (30%)
2 investments (8%)
Megaseries (over €100M)
€124M (38%)
1 investments (4%)

Succeeding on diversity

Serbian tech companies that have raised capital operate in nine different industries.

In terms of total investment value raised, the fintech industry takes the lead with 44%, followed by enterprise software at 40% and fintech at 6%.

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 BUSINESS MODEL

The core INDUSTRY

Most investments come from the USA

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.

Most investments bypass Serbia

Serbian 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.

With
whom we
did it?

All data · Slovenia · Croatia · Serbia

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.