BestInvest 2026
Nominees for the achievements in 2025

The proposed nominees are listed in the seven categories:

  1. Private Equity Investment of the Year 2025
  2. Later-Stage Venture Capital Investment of the Year 2025
  3. Early-Stage Venture Capital Investment of the Year 2025
  4. Founder of the Year 2025
  5. Fundraising of the Year 2025
  6. Investor of the Year 2025
  7. Exit of the Year 2025

BestInvest 2026 Nominees for Awards are nominated for private equity and venture capital investment achievements in 2025.

The Award Committee Members decide independently on the winners of the BestInvest awards.

Join the BestInvest conference and learn who this year’s winners are.

Private Equity
Investment of the Year 2025
(in the alphabetical order)

Boogie lab

Hybrid Capital Partners, through HCP Fund I, provided financing to a Croatian premium bakery and food-technology company pioneering proprietary fermentation technology that enables the production of authentic Type 1 sourdough at industrial scale. Structured as mezzanine financing with an embedded equity kicker, the investment supports the company’s next phase of growth, including expansion of production capacity in Croatia and the United States, further development of its proprietary fermentation technology platform, and international market expansion.
Boogie combines artisan authenticity with scalable, technology-enabled production, positioning itself uniquely within the rapidly growing premium bakery segment. Its products serve both B2C retail consumers seeking premium clean-label bakery products and B2B clients including supermarket chains, foodservice distributors, airline catering providers and HORECA partners across international markets. The company has already demonstrated strong commercial traction and exceptional performance, more than doubling revenues over the past three years, validating its scalable business model and positioning it for continued expansion with expected double-digit revenue CAGR over the next five to seven years.
The investment represents a compelling example of how private capital can support innovative Croatian companies in scaling globally. Through a tailored financing structure and an active partnership approach, Hybrid Capital Partners is supporting Boogie Group in its ambition to become a global leader in scalable artisan sourdough production while contributing to the continued development of Croatia’s private equity ecosystem.

Interaktivna Zabava (iGRANDiA & EVERFUN )

Invera’s acquisition of Interaktivna Zabava marks a strategic platform investment in family entertainment sector. The transaction will bring a leading Crotian Family Entertainment Center (FEC) operator into a new phase of growth, building on a proven concept that offers birthday programs, guided activities, themed attractions, and edutainment workshops for children and families. With its two complementary concepts, iGRANDiA and EVERFUN, the company provides a diversified, experience-driven offering and is positioned to expand regionally and scale its proven model.
The business has demonstrated strong growth and their trajectory highlights the scalability and resilience of its operating model in a consumer segment driven by shared, offline experiences.
Combining strong product–market fit with Invera’s proven playbook from experiential consumer platforms such as the Museum of Illusions, the company is well positioned to drive disciplined expansion, both organically and through M&A, capture whitespace in a fragmented industry, and, supported by a strong management team and Invera’s operational expertise, strengthen organisational capabilities, enhance governance, and roll out +20 new corporate-owned locations across the CEE and DACH regions over the next five years, transforming Interaktivna Zabava into a scalable pan-European platform.

Mlinar

At the end of 2025, a landmark investment in Mlinar was signed, led by the European Bank for Reconstruction and Development, with a total value of up to €80 million, positioning the transaction as one of the most significant recent capital deployments in Croatia’s consumer and food production sector. Within this framework, EBRD is committing up to €50 million, alongside key participation from MidEuropa and the BOSQAR INVEST, underscoring a strong alignment between international financial institutions and domestic strategic investors. Notably, BOSQAR INVEST’s role as part of the broader BOSQAR INVEST Group—of which Mlinar is a core portfolio company—highlights its active position in driving consolidation, operational scaling, and long-term value creation within the regional bakery and food retail market.
To date, the partnership between EBRD and BOSQAR INVEST has mobilized approximately €170 million in total financing, reflecting a sustained and strategic commitment to strengthening the competitiveness and resilience of Croatia’s private sector. This capital has enabled Mlinar to accelerate investments in production modernization, retail network expansion, and strategic acquisitions, further reinforcing its leadership position across Southeast Europe. The transaction exemplifies how coordinated institutional and private capital can deliver meaningful, long-term economic impact, supporting not only the growth trajectory of a leading regional platform but also contributing to broader economic development and stability across Croatia and the wider region.

Optika Anda

The acquisition of a majority stake in Optika Anda by MidEuropa marks an important step in the further development and consolidation of the optical retail sector in Croatia and Southeast Europe. Founded in 1999, Optika Anda has grown into the largest optical retail chain in Croatia, operating a nationwide network of 64 stores and employing more than 300 professionals. The company offers a comprehensive portfolio of prescription eyewear, sunglasses, contact lenses and related services, and has built a strong reputation based on high-quality customer service, modern retail concepts and a trusted brand. Recognising the company’s strong market position and growth potential, MidEuropa will support the next phase of development through continued expansion in Croatia as well as targeted growth across Central and Southeast Europe. The partnership, in which the second-generation owner reinvests alongside MidEuropa, is expected to strengthen operational capabilities, accelerate digitalisation and support strategic acquisitions, positioning Optika Anda as a leading regional optical retail platform.

STI d.o.o.

Prosperus Growth’s acquisition of a majority stake in STI d.o.o. marks an important step in strengthening the regional energy sector and accelerating the development of one of Southeast Europe’s leading distributors and service providers of energy equipment and solutions. STI, a family-owned company headquartered in Zagreb and founded in 1990, has built a strong market position over more than three decades of operations, specializing in the sale, servicing, maintenance, and modernization of energy facilities. As an authorized distributor and service partner for INNIO Jenbacher and Waukesha gas engines, STI is active across multiple regional markets and is recognized for its technical expertise, certified team, and long-standing client relationships. Prosperus’ investment provides a platform for further strengthening STI’s market position, accelerating growth, and supporting additional horizontal and vertical integration through acquisitions, partnerships, and capacity expansion. This transaction highlights the value of private equity investment in domestic companies with deep technical know-how, export potential, and an important role in the region’s energy transition.

St Catherine Specialty Hospital

ALFI PE III, a private equity fund managed by ALFI, entered the Croatian healthcare sector through the acquisition of a majority stake in Origo zdravlje, the owner of Special Hospital Sv. Katarina, the largest private hospital in Croatia. The investment represents a strategic platform transaction aimed at supporting the next phase of growth of a leading medical institution recognized for advanced diagnostics, specialized treatments, personalized patient care, and services that are in certain areas unique within Croatia.

Founded in 2011 by Professor Dragan Primorac, M.D., Ph.D., Chairman of the Board of Trustees, Special Hospital Sv. Katarina was established in line with leading global standards of medical excellence. Today, it stands as the largest private hospital in Croatia and a European center of excellence, distinguished by its multidisciplinary approach, state-of-the-art medical equipment and technology, and its ability to provide patients with a complete service in one place and without waiting times — from detailed examinations and top-tier diagnostics to advanced therapeutic and surgical procedures, as well as individually tailored rehabilitation.

Headquartered in Zagreb, the hospital has built a strong reputation based on clinical expertise, innovation, and a highly qualified medical team. Through this partnership, ALFI PE III plans to support the expansion of medical services, strengthen operational capacities, and further position Sv. Katarina as a key player within the regional private healthcare ecosystem.

Professor Dragan Primorac is an internationally recognized pediatrician, geneticist, and forensic expert witness whose distinguished scientific and academic career has contributed to the hospital’s credibility and international standing. With revenues of €17.4 million in 2024 and a strong foundation for sustainable growth, Sv. Katarina represents an attractive platform for value creation. This investment also marks the beginning of ALFI’s strategy to build a regional healthcare platform through partnerships with established institutions that demonstrate strong growth potential and long-term value creation, making this transaction a strong candidate for Private Equity Investment of the Year.

Later-Stage Venture Capital
Investment of the Year 2025
(in alphabetical order)

Glycanage

UK-based longevity startup GlycanAge has raised €7.4 million in new funding to accelerate the clinical development of its glycan-based aageing diagnostics and expand access to testing for clinicians worldwide. The round was led by Fifth Quarter Ventures, with participation from Guinness Ventures, BrightCap Ventures, South Central Ventures, Impetus Capital, Vesna Deep Tech VC, and Lightfield Equity, while existing investors including LAUNCHub Ventures and Kadmos Capital also joined the round. Founded in 2020 by Gordan Lauc and Nikolina Lauc, the company develops diagnostics based on glycans—complex sugars that play a key role in regulating immunity, inflammation, and ageing. By analysing glycan patterns linked to chronic inflammation, GlycanAge provides insights into biological age and how lifestyle and environmental factors influence the ageing process. The new funding will support the development of clinical applications focused on stress resilience, cardiometabolic health, hormones, and weight management, as well as the rollout of lab-developed tests in hospital and laboratory settings. As part of its expansion, the company is collaborating with institutions such as Northwestern University Hospital and Mayo Clinic, while St. Catherine Specialty Hospital in Zagreb serves as its first pilot partner for implementing glycan testing in hospital environments. GlycanAge also plans to expand into the Middle East through a partnership with King Abdulaziz City for Science and Technology, which will host the company’s first laboratory in Saudi Arabia.

Hypefy

Zagreb-based startup Hypefy has raised $1.75 million in a seed funding round led by Interactive Venture Partners, with participation from Euroventures, Oktogon Ventures, and Zagreb-based investment firm InterCapital. Founded in 2021 by Filip Špiranec, Davor Šibenik, and Stjepan Zelić, the company develops an AI-driven platform that automates and streamlines influencer marketing campaigns for B2C brands. The platform removes the need for manual tasks such as profile research, contract management, and content oversight, enabling brands to collaborate with influencers more efficiently while optimizing return on investment. Hypefy currently serves more than 80 clients, including international brands such as NIVEA, Doritos, Philips, Glovo, and Schwarzkopf. The new funding will support the company’s plans to expand its team, accelerate the development of its AI platform, and grow into the US and other European markets.

Splix.AI

Split-based AI security startup SplxAI has raised $7 million in a seed funding round led by LAUNCHub Ventures, with participation from Rain Capital, Inovo VC, Runtime Ventures, DNV Ventures, and South Central Ventures. The company develops a platform designed to help organizations address security risks associated with artificial intelligence systems, particularly AI agents and chatbots powered by large language models. By combining automated security testing, dynamic remediation, and continuous monitoring, SplxAI enables companies to secure both internal AI agents and customer-facing AI applications before vulnerabilities can be exploited.Founded by Kristian Kamber and Ante Gojsalić, the startup focuses on identifying weaknesses in AI systems by simulating advanced attack scenarios across multiple modalities, including text, image, and voice inputs. As AI agents become increasingly integrated into enterprise software—potentially powering a third of business applications by 2028—the company aims to address the growing need for specialized AI security solutions. Since launching its platform in August 2024, SplxAI has recorded strong demand, reporting quarterly growth of 127%, while also introducing open-source tools such as Agentic Radar to help developers map dependencies and detect security gaps in agentic AI workflows. The new funding will support further development of the platform and accelerate its adoption among global enterprise clients.

Wasp

Croatian developer tools startup Wasp has raised $3.7 million in a new investment round led by HV Capital, with participation from Fifth Quarter Ventures, Big Bets, Metis Ventures, Lunar Ventures, and Abstraction Capital, alongside angel investors Ant Wilson, co-founder and CTO of Supabase, and Søren Bramer Schmidt, co-founder and CEO of Prisma. Founded by brothers Matija Šošić and Martin Šošić, Wasp develops a modern full-stack framework designed to combine the benefits of AI-assisted programming with the reliability and scalability required for enterprise environments. Rather than focusing solely on AI-generated code, the platform emphasizes best practices, maintainability, and long-term scalability of applications. The open-source tool has gained strong traction among developers worldwide, collecting more than 26,000 stars on GitHub and being adopted by both startups and larger companies. The new funding will be used to further develop the product, strengthen the ecosystem around the framework, and expand the team with additional engineers, designers, and developer relations specialists.

Early-Stage Venture Capital Investment of the Year 2025
(in alphabetical order)

Arkensight

The Croatian startup Arkensight has joined the portfolio of Silicon Gardens Fund following a €600,000 pre-seed investment round led by the fund together with entrepreneur Damir Sabol. Founded by brothers Domagoj Ćorić and Bruno Ćorić, Arkensight develops a platform that integrates visual data from drones, satellites, cameras, and other sources into a unified intelligence layer. By enabling users to ask natural language questions and receive real-time insights, the technology helps organizations monitor and manage critical infrastructure more efficiently. The investment reflects confidence in the team’s ability to rapidly develop and scale their solution, while strengthening the region’s growing ecosystem of deep-tech and AI-driven startups.

Bumbar

The venture capital investment in Bumbar recognizes the company’s pioneering approach to building critical spatial data infrastructure for the next generation of autonomous systems. Bumbar develops high-endurance aerial platforms capable of continuously capturing high-precision “ground truth” data, enabling AI models used in drones, robotics, and autonomous vehicles to better understand real-world environments. By combining long-duration airship technology with advanced imaging and monitoring capabilities, the company is able to generate dynamic 4D datasets that address one of the most pressing challenges in AI development—training models that perform reliably in real-world conditions. Its dual-revenue model allows the platform to generate immediate value through monitoring natural resources and infrastructure, while simultaneously building a valuable long-term dataset asset for AI companies. Supported by a highly experienced technical and entrepreneurial team led by CEO Domagoj Rožić, Bumbar is positioning itself at the intersection of aerospace, AI, and data infrastructure, creating a scalable platform with strong potential in rapidly growing markets such as autonomous systems and AI training data.

Genesis Space Flight Laboratories

European space technology startup Gen Space Technologies secured €300,000 in a pre-seed funding round in July 2025, led by Fil Rouge Capital, to support the development of GEN, a next-generation demonstration spacecraft designed for autonomous microgravity experiments and controlled atmospheric reentry from Low Earth Orbit. The project represents an important step toward establishing an independent commercial reentry capability in Europe, enabling the rapid and cost-efficient return of biological and material payloads from space. By allowing researchers and companies to retrieve samples after extended orbital missions, the GEN capsule aims to open new opportunities in pharmaceutical research, life sciences, and space-based manufacturing—fields that currently face high logistical barriers due to limited return capacity. As development progresses toward full system integration and subsystem validation, the company is preparing a seed funding round to complete qualification and begin operational missions, bringing Europe closer to sovereign, reusable space reentry capabilities.

Meddox

AYMO Ventures invested in Meddox, a digital health platform focused on centralizing medical data and improving access to healthcare services. By combining health records with services such as appointment booking and pharmaceutical access, the platform enables more proactive and personalized care. With integrations across clinics, pharmacies, and pharma partners, Meddox is positioned to shift healthcare from reactive to preventive, particularly in managing chronic conditions. Built with a strong focus on data ownership, security, and compliance, the platform addresses a growing need for integrated digital health solutions in under-digitized markets. The platform has over 40,000 registered users, 830,000 annual website users (2025), and represents the first all-in-one health app in Croatia, supported by over 85 years of combined founder experience in healthcare. Operating at the intersection of healthtech and data-driven care, Meddox aims to become a central health data layer for patients and partners in the CEE region.

Sentona Games d.o.o

AYMO Ventures backed Sentona Games, a mobile game studio developing narrative-driven puzzle games targeted at adult female audiences, combining casual merge mechanics with emotionally engaging storytelling. Its flagship concept blends medical drama narratives with gameplay, creating a differentiated experience in a crowded casual gaming market. Backed by an experienced team from leading gaming and entertainment companies, Sentona focuses on delivering relatable, story-rich content alongside proven free-to-play monetization models. The company leverages a proprietary merge engine and scalable production pipeline to support rapid development and long-term live operations. Positioned at the intersection of mobile gaming and narrative entertainment, Sentona aims to build a portfolio of titles tailored to an underserved but high-value player segment.

Founder of the Year 2025
(in alphabetical order)

Miho Borkovic, PHOBS

Miho Borković is nominated for Founder of the Year in recognition of his leadership in building and scaling Phobs into a globally competitive hospitality technology company. Under his guidance, Phobs has developed an innovative SaaS platform that helps hotels and travel businesses optimize direct bookings, reduce dependency on intermediaries, and improve revenue management. Following the successful PE/VC investment secured in 2025, the company has accelerated its international growth, expanded its product capabilities, and strengthened its position in the hospitality tech market. His entrepreneurial vision, strong execution, and commitment to innovation have not only driven Phobs’ growth but have also contributed to the development of the Croatian startup ecosystem.

Domagoj Coric, Bruno Coric – Co-founders, Arkensight

Domagoj Ćorić and Bruno Ćorić are the co-founders of Arkensight, a company developing an advanced AI platform for analyzing visual data from drones, satellites, and other sources. Domagoj, the company’s CEO and a “30 Under 30” honoree at the VIDI AWARDS, leads business and strategic development, while Bruno, as CTO, brings deep technical expertise in artificial intelligence and computer vision. Their journey began with the development of unmanned aerial vehicles, but through a timely pivot to software and AI, they built a platform that enables organizations to automate monitoring and management of critical infrastructure through large-scale visual data analysis. Their combination of technical excellence and clear vision positions Arkensight as one of the most promising AI solutions emerging from the region.

Marko Dravinec, David Dravinec – Co-founders, Juicefast

Marko and David Dravinec are brothers, both under 30, who jointly built the company Juicefast over three years to reach annual revenues of EUR 6.5 million. Today, Juicefast is a leader in Croatia in the production and distribution of cold-pressed juices, healthy meals, and energy bars. Marko Dravinec, a chef who personally creates Juicefast’s healthy meals, is also an operations expert with more than 10 years of experience in the food industry. At Juicefast, in addition to designing meals, he manages the supply chain, operations, and strategic partnerships.
David Dravinec is a serial entrepreneur with one successful business exit prior to founding Juicefast. At Juicefast, he focuses on brand development, innovation in digital sales channels, and driving the company’s expansion into EU markets. A notable achievement of the duo in 2025 was the acquisition of the BITEME brand, which showed strong growth immediately after joining the Juicefast portfolio. In 2025, Juicefast secured a late-seed investment of EUR 1.1 million from investors Feelsgood Capital Partners and Stellar Ventures. Alongside strong financial growth, Juicefast also delivers significant environmental and social impact embedded in its business model. Over three years, the company has processed 709 tons of organic fruit, composted 347 tons of organic waste with local farmers, and educated 3,500 users through workshops on healthy lifestyles.

Ante Gojsalic, Kristian Kamber – Co-founders, Splix.AI

Ante Gojsalić and Kristian Kamber are the founders of SplxAI, one of the first companies globally focused on protecting users and businesses from security risks associated with artificial intelligence. By returning to their hometown to launch the company, they quickly attracted the attention of international investors, securing $2 million in funding—one of the largest early-stage investments in a regional startup. Ante brings over a decade of experience in artificial intelligence and computer science, including building and leading large teams, as well as working on big data and cybersecurity projects in collaboration with international companies, forming a strong technological foundation for the development of SplxAI.

Nikolina Lauc, Co-founder & CEO, GlycanAge

Nikolina Lauc is CEO and Co-Founder of GlycanAge, a leading health-tech and longevity company whose technology is built on more than 20 years of research supported by €40 million in European grant funding. Using the largest proprietary dataset of the human glycome, GlycanAge is pioneering advanced blood biomarkers for the prediction of age-related diseases and biological ageing.
Nikolina is a successful serial entrepreneur with 11 years of experience, having co-founded several startups across biotech, SaaS, travel, and consumer sectors. She is the co-inventor of a patent in the women’s health diagnostics space and is focused on unlocking the human glycome for preventive health and longevity. As CEO, she is leading GlycanAge in the development of cutting-edge biomarker technology from research into practical health applications.

Bence Mátyás, Founder & CEO, Genesis Space Flight Laboratories

Bence is the founder and CEO of Genesis Space Flight Laboratories, a Croatia-based space technology company focused on democratizing access to microgravity research and in-space manufacturing. With a Ph.D. in Environmental Sciences and prior experience as a Principal Professor at Universidad Politécnica Salesiana in Ecuador, his background spans astrobiology, soil science, and sustainable technologies. Through Genesis, Bence is building small reentry capsules designed to enable scalable and cost-efficient access to space, following the company’s debut mission with MAYASAT-1 on a SpaceX Transporter mission in 2025. Under his leadership, the company is expanding its capabilities across satellite systems, onboard computing, and scientific payloads, with the goal of enabling frequent space missions and lowering barriers for new-space startups, supported by investors including Fil Rouge Capital and the European Union.

Dragan Primorac, Founder and Chairman of St Catherine Specialty Hospital

Professor Dragan Primorac, M.D., Ph.D., is a globally recognized physician, scientist, and founder of St. Catherine Specialty Hospital, established in 2011 as one of Croatia’s leading private healthcare institutions and a European center of excellence in personalized medicine. A pediatrician, geneticist, and forensic expert, he has been ranked among the top 2% of scientists worldwide for both career-long and single-year scientific impact for four consecutive years, based on Stanford University citation metrics published by Elsevier.
Prof. Primorac holds academic appointments at leading institutions in the United States, Croatia, and Germany, and has authored nearly 400 scientific publications and 30 books or book chapters. His work has been published in prestigious journals including Science and Nature, and his research has made important contributions to molecular genetics, forensic science, regenerative medicine, and personalized medicine.
In addition to his scientific and academic achievements, Prof. Primorac is a visionary founder who established St. Catherine Specialty Hospital according to leading global medical standards, helping position it as the largest private hospital in Croatia and a highly respected institution in the region. His career has been marked by innovation, international recognition, and a long-standing commitment to advancing medicine, science, education, and healthcare excellence.

Ivan Vucinic, Director, STI Ltd.

Ivan Vučinić is the director of STI d.o.o., one of the leading regional companies in the energy equipment and services sector, operating across Southeast Europe. Under his leadership, STI has built a strong reputation as a trusted partner in the sale, maintenance, and modernization of energy facilities, serving both domestic and international clients. Vučinić is focused on strengthening technical expertise, operational excellence, and long-term client relationships, while maintaining the highest industry standards. His strategic vision is further reflected in the partnership with the Prosperus Growth fund, which marks a new phase in the company’s development through accelerated growth, regional expansion, and the execution of new investment and development projects.

Karlo Vulin, Founder, Boogie Lab

Karlo Vulin is the driving force behind the transformation of Boogie Bakery, a modern artisan bakery brand that evolved from his family’s business, originally founded as Pekarnica Kroštula in 1991. Taking over the company at just 21 while still studying food technology, Karlo led a bold turnaround by shifting production entirely to sourdough-based products, redefining the brand’s identity and positioning it in the premium bakery segment. Under his leadership, the business transitioned from a traditional wholesale bakery into a scalable, innovation-driven concept, culminating in the launch of the Boogie Bakery brand and the opening of BoogieLab—an artisan bakery, bar, and bistro concept. Together with his sister Đina Vulin and partner Mladen Vidović, Karlo has expanded operations across Croatia and initiated international growth, including entry into the U.S. market and development of a production facility in New York, positioning Boogie Bakery as a globally relevant craft food brand.

Fundraising of the Year 2025
(in alphabetical order)

Aymo Ventures

The capital raising process led by the AYMO Ventures team lasted several years and took place in a challenging macroeconomic environment marked by rising interest rates, geopolitical instability, and a generally more cautious approach by institutional investors toward higher-risk asset classes such as venture capital. Despite these conditions, the AYMO Ventures team successfully completed the first closing of two funds in mid 2025 – AYMO Fund SCSp and AYMO Accelerator Fund SCSp – with total commitments of €52 million. At the same time, the team built a strong investor base that includes the European Investment Fund, HBOR, leading Croatian and regional pension funds, and other institutional investors.

Fil Rouge Capital

Fil Rouge Capital has established itself as the defining venture capital platform in Croatia, surpassing €100 million in assets under management in 2025 and continuing the fundraising momentum for its latest fund. In a country historically underserved by venture capital, FRC has emerged as the clear category leader, both in terms of activity and market coverage.
The firm’s fundraising success is driven by strong conviction from a growing base of institutional and private investors, including the European Investment Fund (EIF), alongside international fund-of-funds, family offices, and high-net-worth individuals. Notably, FRC has achieved a high re-up rate from existing LPs while simultaneously onboarding a significant share of new international investors—an indicator of both consistent performance and increasing global attention toward the region.
FRC operates a high-velocity, high-conviction investment model tailored to fragmented and inefficient early-stage markets, enabling it to systematically capture opportunities ahead of competition. Having invested in more than 170 startups, FRC has the largest and most active startup portfolios in Southeast Europe. The firm has built unmatched deal flow access and regional intelligence, positioning itself as the first institutional partner for founders across the Balkans.
Beyond capital deployment, FRC is actively shaping the venture ecosystem by setting new standards for early-stage investing in the region and by bridging local founders with global capital bringing his 220 VC co-investors network to continuously invest in its most successful startups. Its continued fundraising success reflects a broader structural shift: Croatia is transitioning from an overlooked market to an emerging venture hub—and FRC is at the center of that transformation.

Hybrid Capital Partners

HCP Fund I is a mezzanine private capital fund managed by Hybrid Capital Partners, focused on providing flexible, non-dilutive growth capital to SMEs and small mid-cap companies in Croatia and Southeast Europe. With a €55 million first closing, representing one of the largest first-time fundraises in the Croatian alternative investment market, the fund provides scarce institutional mezzanine capital that bridges the gap between traditional bank financing and private equity, expanding the range of capital solutions available to growing companies. Its strategy enables businesses to finance expansion, acquisitions, and ownership transitions while allowing founders to retain control and ownership. The fund is backed by a strong institutional investor base including the European Investment Fund (EIF), Croatian Bank for Reconstruction and Development (HBOR), all Croatian pension funds, and private investors. HCP Fund I primarily targets established SMEs entering their next growth phase, offering tailored financing structures that combine the flexibility of equity with the non-dilutive nature of debt. In addition to capital, the fund applies an “Active partnership approach”, supporting portfolio companies through strategic guidance, financial advisory support, and access to the team’s network and expertise. By addressing a structural financing gap in the Croatian market, the fund contributes to strengthening the domestic private capital ecosystem and supporting the growth and internationalisation of Croatian companies.

Provectus Capital Partners

In October 2025, Provectus Capital Partners (HQ in Zagreb), one of the leading private equity firms in Southeast Europe, held the first close of its second buyout fund, PCP SEE Fund II, with total commitments of €162.5 million – thereby exceeding EUR 260 million total assets under management via its two equity funds. With Fund II, Provectus significantly enlarged its team in Zagreb HQ and furthermore expanded throughout Southeast Europe by opening local offices in Romania and Bulgaria. PCP SEE Fund II is expected to have its final close in Q2/Q3 in 2026 with the final fund size amounting to up to EUR 250 million (almost EUR 350 million in two equity fund). PCP SEE Fund II attracted strong interest from institutional investors, reflecting growing confidence in Southeast Europe’s private equity market and Provectus’ proven investment model. Commitments were secured from a diversified base of institutional investors, including banks and development finance institutions, pension funds, insurance companies, and family offices. Almost all the investors from PCP Fund I have already committed capital to Fund II, while new investors now account for approximately 50% of the total investor base, demonstrating both continuity and strong expansion of the investor base. Given its size and buy and build strategy, Provectus is helping to develop the Croatian PE ecosystem, by offering co-financing opportunities to other regional funds in financing of its portfolio companies (e.g. mezzanine financing of Provectus’ portfolio companies by Mezzanine Partners and Accession Capital Partners).

Investor of the Year 2025
(in alphabetical order)

Aymo Ventures

The AYMO Ventures team successfully completed the first closing of two funds in mid-2025 – AYMO Fund SCSp and AYMO Accelerator Fund SCSp with total commitments of €52 million, while also building a strong investor base that includes the European Investment Fund, HBOR, leading Croatian and regional pension funds, and other institutional investors. In parallel with the fundraising process, the AYMO Ventures team also began its investment activities through AYMO Fund SCSp (AYMO VC) and AYMO Accelerator Fund SCSp (AYMO AC). AYMO VC invested in the companies Orqa and Farseer, while AYMO AC invested in Financiraj.hr, Meddox, Sentona Games d.o.o., and Booga Enterprise. By combining successful fundraising with the first investments in high-potential technology companies, AYMO has laid strong foundations for building its portfolio and supporting the development of the venture capital ecosystem in Croatia and the wider region.

Accession Capital Partners

Accession Capital Partners has continued to strengthen its position as a leading growth investor in Central and Southeast Europe through targeted investments that support regional market leaders and scalable platforms. In 2025, the firm agreed to provide up to €30 million in growth capital to Vetti Group, the largest veterinary services group in Croatia and the Adriatic region, marking its third transaction of the year. Vetti operates a network of 20 veterinary clinics and practices across more than 35 locations in Croatia and Serbia and employs over 330 professionals, including leading specialists across veterinary disciplines. The investment, made through ACP’s fifth fund AMC V SCA SICAV-RAIF, aims to support the group’s continued regional expansion, market consolidation, and further development of its clinical capabilities and infrastructure. With more than €1.2 billion raised across five growth capital funds and a strong track record of supporting high-growth companies across Central Europe since 2000, Accession Capital Partners continues to drive value creation by partnering with leading management teams and accelerating the development of scalable regional platforms.

Invera Equity Partners

Invera Equity Partners has continued its strategic investment trajectory with a diversified and impactful portfolio in the region, including companies such as the Metamorfoza (Museum of Illusions) – which was in a mean time sold to Brightwood Capital, Kompare, Marles, Entrio, and most recently the integrated entertainment platform Igrandia & Everfun. In 2025, Invera invested in Interaktivna Zabava d.o.o., the company behind Igrandia and Everfun btands, further broadening its holdings in high‑growth experiential sectors. Invera’s portfolio comprises more than 25 companies (including bolt-on acquisitions), generating run-rate revenues exceeding €150 million in 2025, with expected revenues surpassing €200 million in 2026. The portfolio companies span more than 40 markets globally and employ +1,000 individuals. So far, our portfolio companies have, with support from Invera, secured over €50 million in external financing. Through targeted investments and operational support, Invera continues to strengthen its portfolio companies while driving sustainable growth and innovation across diverse B2C sectors, positioning portfolio companies for continued scale and long-term success.

MidEuropa

MidEuropa has reinforced its position as one of the leading private equity investors in Central Europe through a series of high-impact transactions, portfolio expansions, and landmark exits across the healthcare sector. Most notably, the firm acquired a majority stake in MBL Group, a Denmark-founded and Europe’s largest CDMO focused on assisted mobility and rehabilitation equipment, further strengthening its exposure to high-growth, demographically driven healthcare segments.
At the same time, MidEuropa has actively supported the expansion of its portfolio company FAMAR through the strategic acquisition of a sterile manufacturing site in Germany, enhancing its capabilities in high-value dosage forms and reinforcing its European production footprint. In parallel, MidEuropa successfully executed one of the most prominent exits in the region with the IPO of Diagnostyka on the Warsaw Stock Exchange in 2025, achieving a market capitalization exceeding €1 billion and raising over €400 million in proceeds. This transaction, alongside prior landmark exits such as Allegro and Profi, highlights MidEuropa’s consistent ability to scale portfolio companies into market leaders and realise value through both public markets and strategic sales. During its ownership, Diagnostyka completed over 120 acquisitions, delivering sustained annual revenue growth of 24% and significantly expanding access to diagnostic services to more than 20 million patients annually.
With a diversified healthcare-focused portfolio, a strong track record of transformational investments, and demonstrated execution across complex transactions—from platform acquisitions to capacity-expanding add-ons and large-scale exits—MidEuropa continues to set the benchmark for private equity performance in the region. Its ability to identify structural growth trends, partner with management teams, and deliver scalable, high-quality platforms positions the firm as a compelling candidate for Investor of the Year.

Silicon Gardens

Silicon Gardens Fund continues to demonstrate a highly active and conviction-driven investment strategy across the early-stage technology landscape, with a strong focus on backing exceptional founders from the CEE region building globally scalable products. The fund has recently deployed capital across multiple pre-seed and seed-stage opportunities, including a $500,000 investment in EVE as part of a $2 million round alongside leading global investors, targeting a large and underserved SMB market with an AI-native revenue solution. In parallel, Silicon Gardens supported ClozerAI in its $500,000 pre-seed round, as well as leading a €600,000 pre-seed investment into Arkensight, further reinforcing its role as a first-check investor in high-potential regional startups.
Beyond initial investments, the fund continues to actively support its portfolio companies in scaling and follow-on fundraising, exemplified by its participation in the $14 million Series A round of Bible Chat alongside top-tier global investors such as True Ventures. Silicon Gardens also maintains long-term relationships with proven founders, as seen in its renewed backing of Dušan Omerčević’s new venture Codeplain following the successful exit of Cleanshelf. Through a combination of early-stage conviction, founder-first approach, and active portfolio engagement, Silicon Gardens is playing a pivotal role in shaping the next generation of globally relevant startups emerging from the region, positioning itself as a key catalyst in the development of the CEE venture ecosystem.

Vesna VC

Vesna VC, as the first regional deep tech venture capital fund with a clearly defined mission of commercializing scientific research, manages a total of €49 million in capital raised with the support of key institutional investors, including the European Investment Fund, HBOR, and SID Banka. As part of the CEETT initiative, the fund is focused on bridging the gap between scientific institutions and the market, targeting early-stage projects (from Proof of Concept onward) with the goal of transforming high-tech innovations into viable business ventures. Its investment focus spans sectors such as artificial intelligence, biotechnology, and energy, supported by a structured funding model that guides projects from initial validation to market commercialization. Led by Nina Dremelj and a team with deep expertise in investment and technology, Vesna VC actively collaborates with universities and research institutions to drive technology transfer, protect intellectual property, and foster the development of a new generation of deep tech companies in Croatia and Slovenia, positioning itself as a key catalyst of the regional innovation ecosystem.

 

 

Exit of the Year 2025
(in alphabetical order)

1. Mlinar, MidEuropa ➡️BOSQAR INVEST

The investment of BOSQAR INVEST into Mlinar Group marks a significant transaction in the regional food industry and represents a successful exit for the company’s previous ownership structure. Through a strategic partnership with existing shareholders of Panvita Group, led by Peter Polanič, and Mlinar’s management team headed by Mladen Veber, BOSQAR committed a total investment of €100 million, securing a 67% indirect stake in the bakery group and an immediate 50.1% ownership position. The transaction integrates Mlinar into BOSQAR’s rapidly growing Future Food vertical, while also bringing continued strategic support from MidEuropa, a leading European private equity investor with deep experience in Central and Southeast Europe. Founded in Croatia, Mlinar has developed into one of the region’s leading bakery producers, generating €163 million in revenue and employing around 2,500 people in 2023. The investment provides the company with a strong platform for the next phase of regional and international expansion, leveraging BOSQAR’s resources, Panvita’s food production capabilities, and MidEuropa’s strategic expertise. This transaction illustrates how a regional food champion can attract significant strategic capital and transition into a broader growth platform, reinforcing Mlinar’s position as a leading fresh food producer and convenience retail operator in Southeast Europe.

Museum of Illusions – Partial Exit of Invera Equity Partners to Brightwood Capital

The sale of a majority stake in Metamorfoza, the Zagreb-based company behind the Museum of Illusions concept, to Brightwood Capital Advisors marked a significant regional transaction and a strong exit for Invera Equity Partners. Founded in Zagreb in 2015, Museum of Illusions developed into the world’s largest and fastest-growing chain of private museums, operating nearly 70 locations across 27 countries and five continents, with a particularly strong presence in North America. Built on a scalable mix of corporate and franchise model with continuous product innovation led from Croatia. The brand established a globally leading position in the edutainment segment through interactive exhibits and immersive experiences. During Invera’s ownership, Museum of Illusions further expanded internationally, strengthened its organisational structure and governance, and built the operational platform required for global scale. As part of the overall transaction, five U.S. franchise locations – Boston, Chicago, Pittsburgh, Philadelphia and Scottsdale – have transitioned into corporate ownership, reinforcing direct presence in a US market. Global headquarters remains in Zagreb, and the existing management team continues to lead the next phase of development. Brightwood Capital Advisors was selected as a strategic partner due to its alignment with the company’s long-term vision models. Invera remains a minority shareholder, continuing to support future growth. This exit demonstrates how a concept created in Croatia can evolve into a globally recognised brand and attract a leading international investment partner, representing a strong example of value creation and cross-border strategic investment.

Pan Pek– Exit of Enterprise Investors to Inter Europol

The exit of Enterprise Investors from Croatian bakery company PAN-PEK represents a significant transaction in the regional food industry. The fund first invested in the company in 2018 and, during its ownership period, supported the expansion of production capacity, operational growth, and the launch of exports to new markets, including Italy and the United States. Founded in 1992, PAN-PEK has developed into one of the leading producers of frozen bakery products in the Adriatic region, operating more than 70 retail locations, employing nearly 800 people, and generating revenues exceeding €50 million in 2024. In 2025, Enterprise Investors successfully exited the investment through the sale of a 100% stake to Polish bakery group Inter Europol, the largest player in Poland’s bakery market. The transaction highlights the successful transformation and growth of the company under private equity ownership and represents a strong example of value creation and cross-border strategic acquisition in the food industry.

Splx.AI acquired by Cloud Behemoth Zscaler

The acquisition of Croatian AI security startup SplxAI by global cloud security leader Zscaler marks a notable milestone for the regional tech ecosystem and highlights the growing importance of AI cybersecurity. Founded in 2024 by Kristian Kamber and Ante Gojsalić, SplxAI quickly positioned itself as an innovator in securing AI applications and large language models, developing its platform to detect and mitigate vulnerabilities in AI-driven systems. The company attracted strong investor interest early on, raising $7 million in a seed round led by LAUNCHub Ventures with participation from Rain Capital, Inovo VC, Runtime Ventures, DNV Ventures and South Central Ventures. Within less than a year, SplxAI demonstrated strong market traction, reporting rapid growth and securing enterprise clients such as KPMG, Infobip and Glean. The acquisition will integrate SplxAI’s technology into Zscaler’s Zero Trust Exchange platform, expanding its capabilities with advanced AI security features and enabling protection across the entire lifecycle of AI applications. This transaction illustrates how a fast-growing startup from the region can rapidly evolve into a strategic asset for a global technology leader, reinforcing the increasing strategic importance of AI security solutions.

Organized by CVCA

Powered by VentureXchange

NAVIGATION

SOCIAL

CONTACT

@2022. Bestinvest Croatia