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First Venture Capital fund of fund in Croatia launched by EIF and the Croatian government

    Date: 04 July 2018

The European Investment Fund (EIF) and the Ministry of Regional Development and EU Funds of Croatia (MRDEUF), have today presented signed funding agreement to establish the Croatian Financial Instrument “ESIF Venture Capital Fund” with an Acceleration compartment that will in turn invest into risk capital funds targeting local small and medium-sized enterprises with high growth potential.

This is the first EIF managed Croatian Fund of Funds for equity investments which will benefit from the European Structural and Investment Funds (ESIF). The EUR 35 million from the Operational Programme Competitiveness and Cohesion 2014-2020 will target earlier stage investments via venture capital funds to support the development of a Croatian early stage start-up ecosystem. The selected fund managers will be expected to attract private capital to be co-invested alongside with the EU Funds, as well as to boost the availability of financing to promising high-growth ventures, combined with business mentoring and development services for the investee companies.

Commenting on the new initiative, EIF Secretary General, Maria Leander stated: “We are delighted to be launching the first Croatian ESIF Fund of Funds, with the Ministry of Regional Development and EU Funds of Croatia. This ESIF Fund of Funds demonstrates how we can provide risk capital to early stage high-growth SMEs and encourage the development of national ecosystems for equity financing.”

"The European Investment Fund has published the Call for Expression of Interest for the selection of “ESIF Venture Capital Fund” Manager, which will be opened until 13 August 2018, after which the European Investment Fund will decide upon the Fund Manager" said Minister of Regional Development and EU Funds Gabrijela Žalac. Subsequently, Minister Žalac invited all interested Fund Managers to apply and thus contribute to the development of the Croatian economy through the EU funds as well as the efforts to make Croatia an interesting country for attracting investors.

The initiative, which represents EIF’s first partnership in the country with public authorities in implementation of European Structural and Investment Funds, will benefit from EIF’s experience with successful implementation of similar equity instruments in Central and Eastern European countries.

Background information

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

The Ministry of Regional Development and EU Funds of the Republic of Croatia (MRDEUF) is the Managing Authority of the Operational Programme Competitiveness and Cohesion 2014-2020.

Press contacts:

EIF: David Yormesor
Tel.: + 352 24 85 81 346, E-Mail: d.yormesor@eif.org

Miramarska cesta 22, 10 000 Zagreb, Republic of Croatia
Tel.: +385 1 64 00 600
E-mail: fondovi@mrrfeu.hr


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