# PBZ

> PBZ is a VC fund in Zagreb backing Energy, Manufacturing and Renewable Energy. See 7 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Zagreb, Croatia
- Total investments: 7
- Last investment: Jul 2026
- Lead investor: 43%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/pbz/
- X (Twitter): https://twitter.com/pbzzg?lang=en
- Website: http://www.pbz.hr
- Facebook: https://www.facebook.com/privrednabankazagreb/

PBZ is a VC fund in Zagreb focused on Energy and Manufacturing. PBZ Group specializes in the financial sector with a diverse range of specialized services including asset management, and banking.

## Round sizes

| Stage | Round size |
| --- | --- |
| Post-IPO Debt | $3.4M–$320M |
| Debt Financing | $3.2M–$21M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Energy | 2 | 29% |
| Manufacturing | 2 | 29% |
| Renewable Energy | 2 | 29% |
| Food and Beverage | 2 | 29% |
| Bakery | 1 | 14% |

17 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Post-IPO Debt | 5 | 71% |
| Debt Financing | 2 | 29% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Croatia | 6 | 86% |
| France | 1 | 14% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Koncar | Koncar Group's business activity lies mostly in power generation, distribution and transmission of electrical energy, industry. | $320M | Post-IPO Debt | Jul 31, 2026 | https://www.koncar.hr/ |
| The Garden Brewery | The Garden Brewery is a food and beverage company. They provide craft beer, a brewery, and beer. They offer craft beer at the music festivals blossoming on croatia’s shimmering adriatic coast. | $3.4M | Post-IPO Debt | Jun 18, 2025 | https://x.com/GardenBrewery1 |
| Bosqar | BOSQAR is an expanding CEE firm builder and perpetual capital supplier. | $165.4M | Post-IPO Debt | Jun 13, 2025 | https://bosqar.com/ |
| Pan-Pek | It is the leading company in the production of bakery and confectionery products. | $21.3M | Debt Financing | Nov 11, 2024 | https://panpek.hr/ |
| Submarine Burger | Submarine Burger offers homemade gourmet burgers and superfood salads. | $3.2M | Debt Financing | Jun 20, 2024 | http://www.submarineburger.com |
| Valamar Riviera | Valamar Riviera is a hospitality and vacation tourism company. They offer tourism experiences through restaurants, hotels, and camps. It provides information and organizes vacation experiences.. | $140.4M | Post-IPO Debt | May 29, 2024 | http://www.valamar-riviera.com |
| Voltalia | Voltalia is a power producer and service provider in renewable electricity production from solar, wind, hydro and biomass energies (combining storage solutions). Voltalia has developed a strong expertise throughout the value chain of a renewable project: project development, project financing, EPC and operation & maintenance. The Group isactive in 20 countries and is able to offer services to its clients worldwide.As of December 31, 2018, Voltalia has developed and sold more than 1.8 GW and built more than 1.3 GW. It operates more than 1 GW and owns more than 0.5 GW of consolidated installed capacity. | $109.5M | Post-IPO Debt | Apr 24, 2023 | http://www.voltalia.com |

7 of 7 investments shown.

## Co-investors
- [European Bank for Reconstruction and Development](https://shizune.co/investors/profile/european-bank-for-reconstruction-and-development-ebrd) — VC Fund, 3 deals together
- [Erste & Steiermärkische Bank](https://shizune.co/investors/profile/erste-steierm%C3%A4rkische-bank) — VC Fund, 2 deals together
- [International Finance Corporation](https://shizune.co/investors/profile/international-finance-corporation) — VC Fund, 2 deals together
- [ZaBa](https://shizune.co/investors/profile/zaba) — VC Fund, 2 deals together
- [Intesa Sanpaolo](https://shizune.co/investors/profile/intesa-sanpaolo) — VC Fund, 1 deal together
- [Intesa Sanpaolo Bank Albania](https://shizune.co/investors/profile/intesa-sanpaolo-bank-albania) — VC Fund, 1 deal together

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## FAQ

### What does PBZ invest in?

PBZ invests primarily in Energy, Manufacturing and Renewable Energy startups, most often at Post-IPO Debt and Debt Financing stage. Most of the 7 investments tracked by Shizune back companies in Croatia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is PBZ's check size?

PBZ typically joins rounds of $3.4M–$320M at Post-IPO Debt and $3.2M–$21M at Debt Financing. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds PBZ participates in.

### When did PBZ last invest?

The most recent investment recorded for PBZ closed in Jul 2026. Shizune tracks 7 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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