Startups in Croatia have attracted more than $ 170 million in financing to T1 2021, according to an analysis of Novac.hr. This is not the total amount of investments because the value of certain major transactions has not been announced. Some of these investments include the acquisition of the most prosperous digital marketing startup in Croatia Dotmetrics by Ispsos, InfobipThe acquisition of Shift, and the investment of the M + group in the bulb, were worth around 7 million euros.
The biggest startup funding in the first quarter of this year was the Porsche Investment of 70 million euros In Rimac Automobile. The market capitalization of Mate Rimic’s company is estimated at $ 978.5 million and is expected to reach unicorn status by the end of this year.
Another major investment was the Acquisition of 40 million euros of the manufacturer of mobile applications based in Zagreb Five by the computer manager of the United Kingdom Endava. It was the second largest outing in Croatian history after Nanobit.
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Artificial intelligence
The third on the list is Photomath‘S $ 23 million in investment. The startup founded by Damir Sabol and has around 1 million daily users of its AI mathematics tutoring application was funded by Silicon Val Fund Menlo Ventures.
Startup cognism on British coal arrives fourth on the list of biggest offers in the world of startups in Croatia in the first quarter with a $ 12.5 million investment Joined by Swisscom Ventures, the VC of the largest telecommunications operator in Switzerland. Cognism, which has developed an AI -based cloud system allowing users to improve sales and marketing via Internet Technologies, is one of the fastest growth investments in the portfolio of South central investmentsThe first venture capital fund to invest in Croatia.
Another player who deserves to be mentioned is Memgraph, a startup Croat whose graphic database in fully distributed native memory is designed to manage the use cases in real time. Giants like Amazon, Apple, Facebook and Google develop similar technologies internally and do not intend to sell on the market. In the first quarter of 2021, Memgraph raised $ 6.7 million led by M12, the Microsoft VC fund.
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Incubators
During the period, the Croatia startup ecosystem was joined by Bird incubatorThe first incubator focused on AI startups. SpockThe largest technology faculty of the country, based in Zagreb, has also been reactivated. ZerThe largest Croatian startup center, has demonstrated the achievements Eight local Greentech startups.
In addition, Abi research analysts based in the United States have appointed Gideon brothers The fifth most successful manufacturer of autonomous robots for the freight industry in the world, while the largest venture capital fund in Croatia, Capital red threadwas named the most active EEC VC Fund.
Startups have transformed investors
While some founders of startups such as Damir Sabol, the founder of Iskon and Photomath, having antecedents of investment and work with startups, the person to revolutionize this trend is definitely Alan SuminaNanobit co-founder and CEO. At the end of March, he recorded Trimet, the first private investment vehicle by an entrepreneur in Startup Croat. Meanwhile, Infobip and Rimac Automobili plan to launch their own startup incubators as part of their startup campuses.