9 Venture Capital Firms Leading the Charge in Dubrovnik in 2025

Investors Database Croatia

Croatia is emerging as one of Southeast Europe's most promising startup markets. In 2025, the country is building momentum through strong public-private VC programs, regional tech talent, and a new generation of founders addressing global challenges.

Whether you're launching in fintech, healthtech, or the circular economy, venture capital firms in Croatia are increasingly ready to back bold startups with both local market knowledge and international expansion capabilities.

In this article, founders will discover the top 9 venture capital firms in Croatia actively investing in 2025. The goal is to highlight VC partners that align with different stages and sectors — helping startups navigate Croatia's evolving investment landscape.

Quick list of top venture capital firms in Croatia

Fil Rouge Capital: Croatia's flagship VC supporting early-stage tech startups.
Feelsgood Capital Partners: Impact-focused fund investing in social and environmental innovation.
South Central Ventures: Regional fund investing in scalable software and digital businesses.
AYMO Ventures: Early-stage Croatian investor focused on innovation and digital transformation.
Prosperus Growth Fund: Private equity and VC hybrid supporting local SME growth.
Provectus Capital Partners: Regional fund with strategic investments in technology and energy.
Funderbeam South-East Europe: Cross-border investment platform with Croatian presence.
Croatian Venture Capital Initiative (CVCi 2): Government-backed co-investment fund.
Croatian Growth Investment Programme (CROGIP II): National program supporting growth-stage investment.

How to find the right venture capital firm in Croatia

Finding the right VC in Croatia requires understanding the unique characteristics of the Croatian startup ecosystem and aligning with investors who understand local market dynamics.

Here's what to consider:

Stage Focus: Croatian VCs range from early-seed specialists to growth-stage funds with government backing.
Sector Expertise: Many focus on specific areas — impact tech, fintech, healthtech, or regional scaling.
Public vs Private: Consider whether government-backed funds or private investors better suit your needs.
Regional Reach: Look for investors with connections across Southeast Europe and EU markets.
Co-investment Programs: Many Croatian funds work with EU co-investment schemes.

You can explore more with the Papermark Investor Database, filtering by sector, check size, and geographic focus.

How to send your pitch deck to VC funds in Croatia

If you're targeting venture capital firms in Croatia, sending a pitch deck requires sophistication that matches the country's growing business standards. Modern VCs in Croatia expect clear communication, compelling metrics, and strategic vision.

Here's how to present your opportunity effectively:

Professional approach: Use dynamic, trackable links rather than static PDF attachments.
Smart sharing: Leverage Papermark for secure, analytics-driven deck presentation.
Market understanding: Demonstrate clear grasp of Croatian, Southeast European, and EU market opportunities.
Regional strategy: Show knowledge of Balkan market dynamics and EU integration.
Growth metrics: Highlight traction, revenue growth, and market validation clearly.
EU expansion: Articulate expansion plans across European markets.
Engagement tracking: Monitor investor interaction to optimize follow-up strategy.

Why use a pitch deck link instead of attachments?

Get notified when Croatian VCs open your deck
Track how long they spend on each page of your presentation
Capture emails of investors who viewed your materials
Protect your intellectual property using watermarks, screenshot protection and other link permissions
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Pitch deck sharing

How to choose a venture capital firm in Croatia?

When selecting the right Croatian VC partner, consider these essential factors:

Investment Philosophy: Ensure their approach aligns with your business model and growth strategy.
Stage Specialization: Match your funding needs with their typical investment sizes and stages.
Croatian Market Expertise: Prioritize investors with deep knowledge of Croatian business environment and regulations.
Portfolio Synergies: Look for potential collaborations and knowledge sharing within their portfolio companies.
Regional Networks: Consider their ability to support expansion across Southeast European markets.
Operational Support: Assess their value-add services, including talent acquisition and business development.
EU Connections: Understand their connections to European funding programs and markets.
Follow-on Capacity: Evaluate their ability to participate in future funding rounds.
Cultural Alignment: Ensure compatibility between their working style and your company culture.
Track Record: Research their performance with similar companies and exit success.

How to reach out to venture capital firms in Croatia?

Successfully engaging with Croatia's VC community requires a thoughtful, relationship-focused approach:

Thorough research: Use resources like Croatian Venture Capital Association, HBOR, and local startup databases to identify relevant investors.
Leverage introductions: Utilize connections through portfolio companies, Croatian tech ecosystem, or industry networks.
Attend local events: Participate in events like Techne Summit, Croatia Startup Week, and sector-specific conferences.
Understand Croatian business culture: Respect the importance of relationship building and professional communication.
Demonstrate market opportunity: Show clear understanding of Croatian, regional, and EU market potential.
Address EU integration: Highlight benefits of Croatia's EU membership and access to European markets.
Prepare comprehensive materials: Croatian VCs often expect detailed business plans and financial projections.
Use pitch deck sharing software: Track engagement and optimize follow-up timing.
Build long-term relationships: Start conversations early through industry events and update communications.
Consider accelerator programs: Programs like Fil Rouge Capital accelerator provide access to investor networks.

1. Fil Rouge Capital

Fil Rouge Capital is one of Croatia's most active early-stage investors, running a twice-yearly accelerator and writing follow-on cheques up to €3 million.

Sector: Sector-agnostic pre-seed to Series A
Stage: Pre-Seed, Seed, Series A
Location: Zagreb, Croatia
Website: Fil Rouge Capital

2. Feelsgood Capital Partners

Feelsgood Capital Partners is Croatia's first social-impact VC fund, investing for measurable environmental and social returns alongside profit.

Sector: Impact tech, Circular economy, Fintech, Healthtech
Stage: Seed, Series A
Location: Zagreb, Croatia
Website: Feelsgood Capital Partners

3. South Central Ventures

South Central Ventures is a regional fund with Zagreb presence and €130 million AUM, backing Southeast European tech scale-ups.

Sector: Software, B2B SaaS, Deep-tech
Stage: Series A, Series B, Growth
Location: Zagreb, Croatia (regional office)
Website: South Central Ventures

4. AYMO Ventures

AYMO Ventures is an EIF-backed platform launching €52 million across accelerator and growth funds for Croatian and SEE startups.

Sector: Croatian & SEE startups, Multi-sector
Stage: Seed, Series A
Location: Zagreb, Croatia
Website: AYMO Ventures

5. Prosperus Growth Fund

Prosperus Growth Fund is a private-equity-style VC aimed at scaling Croatian SMEs and mid-caps across key sectors.

Sector: Tourism, FMCG, Renewables, IT services
Stage: Growth, Series B, Series C
Location: Zagreb, Croatia
Website: Prosperus Growth Fund

6. Provectus Capital Partners

Provectus Capital Partners is a growth-equity house managing the €94 million Adriatic Structured Equity Fund.

Sector: Consumer, Healthcare, Industrials across SEE
Stage: Growth, Series B, Series C
Location: Zagreb, Croatia
Website: Provectus Capital Partners

7. Funderbeam South-East Europe

Funderbeam South-East Europe is a joint venture providing a marketplace for crowd-VC rounds in the region.

Sector: Seed to Series A digital & consumer plays
Stage: Seed, Series A
Location: Zagreb, Croatia
Website: Funderbeam

8. Croatian Venture Capital Initiative (CVCi 2)

Croatian Venture Capital Initiative is an €80 million fund-of-funds (EIF + Croatian government) anchoring new local VCs.

Sector: Early-stage tech via partner funds
Stage: Fund-of-funds supporting Seed to Series A
Location: Zagreb, Croatia
Website: CVCi 2

9. Croatian Growth Investment Programme (CROGIP II)

Croatian Growth Investment Programme is a €52 million FoF (EIF + HBOR) backing growth-stage equity funds for Croatian SMEs.

Sector: Scale-ups & mid-caps via intermediaries
Stage: Fund-of-funds supporting Growth stage
Location: Zagreb, Croatia
Website: CROGIP II

Important Note: Venture Capital in Dubrovnik

As of mid-2025, there are no venture capital firms based in Dubrovnik. Mentions of "VC in Dubrovnik" usually refer to one-off events (like Techne Summit's Investors Bootcamp) or angel networks (MED Angels, CroBAN outreach sessions).

All active VC funds investing in Croatian startups are headquartered in Zagreb, Split, or abroad. In Dubrovnik, they only host occasional pitch days or conferences. Local sources show no VC firms registered in the city. Dubrovnik startups typically connect with Zagreb-based or visiting international investors.

Did not find the right venture capital firm in Croatia?

Don't worry, you can explore our comprehensive investors database with 7k+ VC funds listed, where we have catalogued over 7k+ VC firms, organized by sector, stage, and location.

Conclusion: venture capital firms in Croatia actively investing in 2025

Croatia has established itself as an emerging startup ecosystem in Southeast Europe, with its venture capital landscape particularly strong in impact tech, fintech, and regional scaling opportunities. The 9 firms and programs profiled here represent the core of Croatia's startup funding ecosystem, collectively managing over €400 million dedicated to backing innovative companies.

What distinguishes Croatian VCs is their unique combination of local market expertise, EU integration benefits, and strong government support through co-investment programs. These investors offer more than capital — they provide regulatory guidance, connections to EU markets, and access to Croatia's growing tech ecosystem and EU funding programs.

The strength of Croatia's ecosystem lies in its integration with EU markets, strong government support through initiatives like CVCi 2 and CROGIP II, and its position as a gateway to Southeast European markets. Early support from seed investors like Fil Rouge Capital or AYMO Ventures can create pathways to growth capital from South Central Ventures or Prosperus Growth Fund, and ultimately to EU expansion.

As Croatia continues to strengthen its position as a regional tech hub, supported by EU funding and local innovation programs, these venture capital firms remain instrumental in maintaining the country's innovative momentum. Their commitment to supporting ambitious founders and companies addressing both local and global challenges ensures that Croatia's startup community will continue delivering both technological innovation and business impact for years to come.