Cohesion policy supports innovative start-ups in Croatia
Good news for the Croatian start-ups. The European Investment Fund (EIF) and the Ministry of Regional Development and EU Funds of Croatia have set up the Financial Instrument “ESIF Venture Capital Fund”. Thanks to €35 million from the Operational Programme Competitiveness and Cohesion 2014-2020, it will invest into risk capital funds targeting local small and medium-sized enterprises (SMEs) with high growth potential, allowing them to scale up and compete on the global stage.
The ESIF Venture Capital Fund will target in particular earlier stage investments and will offer a fully-fledged acceleration program. It adds up to the adding a new element to the successful portfolio of debt instruments, supported by the European Regional Development Fund, and will contribute to developing a sound and dynamic start-up ecosystem in the country.
This is a good example of how cohesion policy invests in jobs and growth, in line with the Investment Plan for Europe. After the selection of the fund managers, the support will be available in early 2019. At least 50 seed stage and 15 start-up stage companies will receive vital support. The instrument is also expected to have strong spill-over effect in terms of business angels, entrepreneurial workshops, corporates, etc. and a strong pipeline leading to a much more pronounced interest of regional VC funds to invest in Croatia.