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26.06.2026.
The Croatian venture capital and private equity market has been developing rapidly in recent years, and Croatian innovative and growing companies have gained access to increasingly diverse sources of finance to support their growth and development. The results of this transformation were presented at the conference "Start-up to Scale-up - Croatian Venture Capital Initiative & Growth Investment Programme" that took place in Zagreb and was organised by the European Investment Fund (EIF) in cooperation with the Ministry of Regional Development and EU Funds and the Croatian Bank for Reconstruction and Development.
As highlighted during the conference, since the launch of the first programmes in 2018, such as the Croatian Venture Capital Initiative (CVCi I and II) and the Croatian Growth Investment Programme (CROGIP I and II), approximately EUR 270 million of public funds have been provided for investments mobilising many times greater investment potential through various venture capital and private equity funds. As a result, support has been provided to approximately 200 Croatian start-ups and companies, while more than 300 beneficiaries are expected to receive support through the CVCi II and CROGIP II programmes.
The conference was attended by HBOR Management Board Member, Alan Herjavec, who highlighted, in his opening remarks, the importance of the long-standing cooperation between HBOR and the EIF in developing new financing options for Croatian companies.
"The cooperation between the two institutions has played a very important role in the development of the Croatian venture capital and private equity market and has opened up access to sources of finance for Croatian companies that were not available to this extent a few years ago. This has created the preconditions for stronger growth of innovative and growing companies, the development of new business models, investments in innovation and a greater step forward into international markets," said Herjavec.
He added that the new programmes have expanded financing options to companies at different stages of development - from start-ups and technology-oriented companies to more mature companies that need capital for business expansion and internationalisation.
The Vice-President of the European Investment Bank, Marko Primorac, referred in his speech to the long-standing successful cooperation between the Government of the Republic of Croatia, responsible ministries, HBOR, the European Commission and the EIF, which has resulted in a structured, diverse and increasingly resilient capital market in Croatia, which offers a range of financing and thus supports companies at different stages of their growth. “Until 2018, the Croatian private equity market was still in its early stages of development, with limited access to capital and a small number of market players, while today, the situation is completely different. This is where the role of the EIF, as part of the EIB Group, in improving access to financing for small and medium-sized companies is important," emphasized Primorac, adding that the European Investment Bank has not only invested capital, but also helped create a functional ecosystem by developing the capacities of fund managers, strengthening investor confidence and connecting national markets with the broader European investment landscape.
The conference participants were also addressed by State Secretary at the Ministry of Regional Development and European Union Funds, Domagoj Mikulić, State Secretary at the Ministry of Economy, Goran Romek, and Senior Economic Advisor to the European Commission Hana Huzjak, who emphasised the importance of continued cooperation between Croatian and European institutions in further development of the capital market and financing of innovative entrepreneurship.
As part of the conference, two panel discussions were held: "Building Croatia's Venture Capital Ecosystem: From Policy Idea to Early Growth" and "Scaling Croatian Companies: Growth Capital and Private Equity under CROGIP I & II", where representatives of institutions, venture capital and private equity funds as well as entrepreneurs discussed the development of the Croatian investment ecosystem and the possibilities of financing companies in various phases of development.
The programme included a discussion between the Head of Mandate Origination and Relationship Mangement at the EIF, Vincent Van Steensel, and the President of the Croatian Private Equity and Venture Capital Association (CVCA), Mirna Marović, while the conference was closed by the Head of the European Investment Bank Group Office in Croatia, Slađana Ćosić.
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The Croatian venture capital and private equity market has been developing rapidly in recent years, and Croatian innovative and growing companies have gained access to increasingly diverse sources of finance to support their growth and development. The results of this transformation were presented at the conference "Start-up to Scale-up - Croatian Venture Capital Initiative & Growth Investment Programme" that took place in Zagreb and was organised by the European Investment Fund (EIF) in cooperation with the Ministry of Regional Development and EU Funds and the Croatian Bank for Reconstruction and Development.
As highlighted during the conference, since the launch of the first programmes in 2018, such as the Croatian Venture Capital Initiative (CVCi I and II) and the Croatian Growth Investment Programme (CROGIP I and II), approximately EUR 270 million of public funds have been provided for investments mobilising many times greater investment potential through various venture capital and private equity funds. As a result, support has been provided to approximately 200 Croatian start-ups and companies, while more than 300 beneficiaries are expected to receive support through the CVCi II and CROGIP II programmes.
The conference was attended by HBOR Management Board Member, Alan Herjavec, who highlighted, in his opening remarks, the importance of the long-standing cooperation between HBOR and the EIF in developing new financing options for Croatian companies.
"The cooperation between the two institutions has played a very important role in the development of the Croatian venture capital and private equity market and has opened up access to sources of finance for Croatian companies that were not available to this extent a few years ago. This has created the preconditions for stronger growth of innovative and growing companies, the development of new business models, investments in innovation and a greater step forward into international markets," said Herjavec.
He added that the new programmes have expanded financing options to companies at different stages of development - from start-ups and technology-oriented companies to more mature companies that need capital for business expansion and internationalisation.
The Vice-President of the European Investment Bank, Marko Primorac, referred in his speech to the long-standing successful cooperation between the Government of the Republic of Croatia, responsible ministries, HBOR, the European Commission and the EIF, which has resulted in a structured, diverse and increasingly resilient capital market in Croatia, which offers a range of financing and thus supports companies at different stages of their growth. “Until 2018, the Croatian private equity market was still in its early stages of development, with limited access to capital and a small number of market players, while today, the situation is completely different. This is where the role of the EIF, as part of the EIB Group, in improving access to financing for small and medium-sized companies is important," emphasized Primorac, adding that the European Investment Bank has not only invested capital, but also helped create a functional ecosystem by developing the capacities of fund managers, strengthening investor confidence and connecting national markets with the broader European investment landscape.
The conference participants were also addressed by State Secretary at the Ministry of Regional Development and European Union Funds, Domagoj Mikulić, State Secretary at the Ministry of Economy, Goran Romek, and Senior Economic Advisor to the European Commission Hana Huzjak, who emphasised the importance of continued cooperation between Croatian and European institutions in further development of the capital market and financing of innovative entrepreneurship.
As part of the conference, two panel discussions were held: "Building Croatia's Venture Capital Ecosystem: From Policy Idea to Early Growth" and "Scaling Croatian Companies: Growth Capital and Private Equity under CROGIP I & II", where representatives of institutions, venture capital and private equity funds as well as entrepreneurs discussed the development of the Croatian investment ecosystem and the possibilities of financing companies in various phases of development.
The programme included a discussion between the Head of Mandate Origination and Relationship Mangement at the EIF, Vincent Van Steensel, and the President of the Croatian Private Equity and Venture Capital Association (CVCA), Mirna Marović, while the conference was closed by the Head of the European Investment Bank Group Office in Croatia, Slađana Ćosić.