SILICON GARDENS

Slovenia
2021-2022

The State of Adria Tech

Financing:

€1.25B

of capital raised

Six times more than five years ago.

Liquidity:

€1.2B

in exits and secondaries

Top performer in Adria's exits and secondaries.

Going public:

€800M

in IPOs

Carried out by Sportradar and Outbrain.

Scalability:

4 unicorns

active in Slovenia

From one to four unicorns in the last five years.

6x higher total investments than five years ago

Over the last five years, the funding amount for the tech industry has skyrocketed from €200M in 2016-2017 to an impressive €1.2B in 2021-2022.

The below map displays the total value of investments raised and the number of deals made by Slovenian tech companies during the period 2005-2022, excluding exits and IPOs.

Value of investments
Number of investments

*To gather information on investments in Slovenian tech companies, we used interviews, crowdsourcing, and public information for 2005-2017 and 2021-2022. However, for investments made between 2018-2020, we could rely only on data from publicly available sources, which may have resulted in an incomplete picture of investments made during that period. Due to the uncertainty, we decided not to include this data in our analysis.

SLOVENIA HOLDS THE TOP SPOT FOR THE NUMBER OF RAISED INVESTMENTS, AND EXECUTED EXITS AND SECONDARIES.

The Top
five

Aleph Holding - Httpool

Marketing

€450M

Celtra

Marketing

€164M

HYCU

Enterprise software

€127M

KraftPal

Transportation

€113M

Apex.AI

Transportation

€77M

VALUE of investments

by capital type

NUMBER of investments

by capital type

Private equity takes the lead in invested value

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

Venture capital drives innovation

Despite being the second-highest capital type in total investment amount, VCs carried out the most deals and are therefore playing an essential role in developing the Slovenian tech ecosystem.

Government's broad activity

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.

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)
€23M (2%)
158 investments (76%)
Seed (€1M - €4M)
€50M (4%)
24 investments (12%)
Series A (€4M-€15M)
€113M (9%)
15 investments (7%)
Series B (€15M - €40M)
€104M (8%)
5 investments (2%)
Series C (€40M - €100M)
€179M (14%)
3 investments (1%)
Megaseries (over €100M)
€113M (9%)
1 investment (0.5%)
Secondary
€673M (54%)
3 investments (1%)

Succeeding on diversity

Slovenian tech companies that have raised capital operate in 18 different industries.

In terms of total investment value raised, the marketing industry takes the lead with a substantial 49%, followed by enterprise software at 22% and transportation at 16%.

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 the Slovenia

Slovenian 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.

Unicorns thriving in Slovenia

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

Unicorns

Slovenia

Unicorns

Slovenia

Unicorns

Slovenia

Unicorns

Slovenia

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.