At the annual BestInvest Croatia conference, organised by the Croatian Private Equity and Venture Capital Association (CVCA) and held on 12 June 2024 at Hotel Westin, Zagreb, the annual awards for the best investments in fast-growing companies and startups, i.e., the best private equity and venture capital (PE&VC) investments, were presented. In the categories, the Founder of the Year award went to Matija Nakic, founder and director of Farseer, and Investor of the Year was Provectus Capital Partners. The award for Private Equity Investment of the Year was won by Invera Equity Partners for their investment in the Museum of Illusions. The Venture Capital Investment of the Year went to Farseer for raising venture capital investments from Apertu Capital, SQ Capital, and other investors.

“The Croatian Private Equity and Venture Capital Association has existed for 20 years, and back then, and for many years after, it was just a brave group of ‘risk capital’ investors, where most entrepreneurs did not recognise them as partners for development, growth, and success. Today, private equity and venture capital funds, also known as risk capital funds, are no longer something exotic or a market niche. On the contrary, they are funds that, by supporting the most dynamic companies in our economy, have become the cornerstone of the Croatian economy and an integral part of Croatian society. Private equity and venture capital funds support our everyday lives to an extent we do not fully realise. Today, these companies are present in all leading firms in various sectors, from IT to retail, healthcare, tourism, manufacturing, and many others. The initial investment is often in startups or small and medium enterprises, and these small firms become international success stories because private equity and venture capital investors seek investment opportunities with the potential for rapid growth and globally competitive products or services. Ambitious local companies with a few employees and a bright idea can become multinational corporations employing thousands. The contribution of private equity and venture capital to the Croatian economy and society as a whole is a story of support for innovation, growth, and job creation. Today, we are at the forefront of transforming the Croatian economy in the desired direction of ‘high skill, high tech, and high wage.’ This is exactly in line with the slogan of our BestInvest conference – support the best and transform the rest!” said Mirna Marovic, President of CVCA.

“The Croatian Bank for Reconstruction and Development (HBOR) is crucial for developing the venture capital and growth capital market and has been the central point of development for this industry for over a decade. In the last five years, HBOR has launched a series of new initiatives, including CROGIP and CEETT, in partnership with the European Investment Fund (EIF), into which 50 million euros have been invested so far, with this amount increased by private investors’ capital to 300 million euros, representing available capital for fast-growing and innovative Croatian companies. New initiatives include CROGIP 2 and the Three Seas Initiative, and new financial instruments are being developed that HBOR will be able to create after a rigorous approval process by the European Commission from the InvestEU program,” highlighted Hrvoje Cuvalo, President of the Management Board of HBOR, at BestInvest.

Sladana Cosic, Head of Office in Croatia, European Investment Bank (EIB) Group, stated from the conference stage that the EIB, together with its sister company the EIF, is crucial for the development of the private equity and venture capital industry in Croatia, participating in the CROGIP, CROGIP II, CVCi, CVCi II, CEETT initiatives together with partners HBOR and the Ministry of Regional Development and European Funds.

The event, which brings together investors worth over three billion euros and the most innovative Croatian entrepreneurs, was held for the fourth consecutive year. The expert jury consisted of prominent experts from the business community: Velimir Srica (Faculty of Economics), Marijana Ivanov (Faculty of Economics/Croatian Exporters), Leo Mrsic (Algebra), Ivana Gazic (ZSE), Goran Saravnja (HGK), Tamara Perko (HUB), Hajdi Cenan (CRO StartUP), Sven Harjacek (Bird Incubator), Filip Stipancic (Smion), Vladimir Nisevic (Poslovni dnevnik), Andrej Knez (Addiko Bank), Bernard Ivezic (Unicorn Underground).