Croatian Venture Capital Initiative 2 (CVCi 2)

In September 2023, the EIF and the Ministry of Regional Development and EU Funds of the Republic of Croatia signed a new funding agreement, setting up a new €80 million fund-of-funds initiative focused on investments in innovative Croatian SMEs with high growth potential through accelerators and venture capital funds, the Croatian Venture Capital Initiative 2 (CVCi 2). The new programme will provide a further boost to the vibrant venture capital and innovation ecosystem in the country.

The programme is a follow-up to the successful €35 million Croatian Venture Capital Initiative (CVCi 1) launched in June 2018, which enabled the creation of Croatia’s first institutional-grade venture capital fund, including a separate acceleration compartment that has supported over 100 generally pre-revenue stage start-ups to date. The CVCi 2 consists of a contribution of €60 million from the ERDF-funded Programme Competitiveness and Cohesion 2021-2027, coupled with €20 million of additional resources. Moreover, some further €20 million is anticipated to be invested in the new venture capital funds by private investors.

The CVCi 2 does not invest directly in start-ups – such underlying investments in portfolio companies will be carried out by the selected independent, private investment teams who will also raise additional capital from other investors.