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Top 45 VC Funds & Investors in Serbia (October 2026)

The most active venture capital funds investing in Serbia startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Serbia startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
European Bank for Reconstruction and Development
VC Fund
16 Turkey, Egypt, Ukraine Debt Financing, Post-IPO Debt, Private Equity Financial Services, Banking, Manufacturing $5.1M–$369M
South Central Ventures
VC Fund
11 United States, United Kingdom, Serbia Seed, Pre-Seed, Series A Software, SaaS, Artificial Intelligence $34k–$5.3M
ICT Hub Venture
VC Fund
8 Serbia, Belgium, Germany Pre-Seed, Seed SaaS, Software, Gaming $23k–$325k
Eleven Ventures
VC Fund
8 Bulgaria, United States, United Kingdom Seed, Convertible Note, Pre-Seed Software, Information Technology, E-Commerce $28k–$2.3M
Credo Ventures
VC Fund
5 United States, United Kingdom, Czech Republic Seed, Series A, Pre-Seed Software, Artificial Intelligence, Information Technology $385k–$19M
SMOK Ventures
VC Fund
4 Poland, United States, Ukraine Seed, Pre-Seed Software, Information Technology, SaaS $54k–$3M
Innovation Fund Serbia
VC Fund
4 Serbia, United States Pre-Seed, Grant, Seed Artificial Intelligence, Software, Analytics $35k–$133k
SeedBlink
VC Fund
4 Romania, United States, United Kingdom Seed, Pre-Seed, Series A Software, SaaS, Information Technology $139k–$35M
Underline Ventures
VC Fund
4 Romania, United States, Serbia Seed, Pre-Seed, Series A Software, Artificial Intelligence, Machine Learning $865k–$20M
Fiedler Capital
VC Fund
3 Hungary, Latvia, Serbia Seed, Pre-Seed, Series A Software, Information Technology, Mobile Apps $154k–$4M
Earlybird Venture Capital
VC Fund
3 Germany, United States, United Kingdom Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.5M–$75M
Earlybird Digital East Fund
VC Fund
3 United States, Turkey, United Kingdom Series A, Seed, Series B Software, Artificial Intelligence, Enterprise Software $1M–$112M
Fortech Investments
VC Fund
3 Romania, United States, Serbia Seed, Pre-Seed, Venture - Series Unknown Software, Artificial Intelligence, Big Data $147k–$1.2M
Version One Ventures
VC Fund
2 United States, Canada, India Seed, Series A, Series B Software, Blockchain, Internet $1.4M–$55M
Tokonomy
VC Fund
2 Serbia, Liechtenstein Seed, Pre-Seed Web3, Internet, Software $1.5M–$4M
Maven 11 Capital
VC Fund
2 United States, United Kingdom, Australia Seed, Series A, Pre-Seed Blockchain, Cryptocurrency, Financial Services $1.3M–$43M
Crew Capital
VC Fund
2 United States, United Kingdom, Brazil Seed, Series A, Series B Software, SaaS, Information Technology $3.5M–$94M
Accel
VC Fund
2 United States, India, United Kingdom Series A, Series B, Seed Software, Artificial Intelligence, SaaS $1.3M–$75M
Point Nine
VC Fund
2 Germany, United States, France Seed, Series A, Series B Software, SaaS, Artificial Intelligence $900k–$62M
KR1
VC Fund
2 United States, United Kingdom, Switzerland Seed, Series A, Pre-Seed Blockchain, Cryptocurrency, Internet $66k–$43M
Moonfire Ventures
VC Fund
1 United Kingdom, United States, France Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $500k–$25M
V7 Capital
VC Fund
1 Serbia Seed Software
Digital Serbia initiative
VC Fund
1 Serbia, Lithuania Pre-Seed, Seed FinTech, Hospital, E-Commerce
Euroventures
VC Fund
1 Hungary, United Kingdom, United States Series A, Venture - Series Unknown, Seed Software, Information Technology, E-Commerce $551k–$10M
Tenzor Capital
VC Fund
1 Canada, United States, United Kingdom Seed, Pre-Seed Blockchain, Cryptocurrency, Software $1M–$8.5M
Global Environment Fund Management
VC Fund
1 United States, India, Brazil Private Equity, Series B Energy, Forestry, Renewable Energy $1.4M–$265M
CARBYN GROUP
VC Fund
1 Serbia, United States Pre-Seed FinTech, Blockchain, B2B $175k–$425k
Oriole Ventures
VC Fund
1 Hong Kong, United Kingdom, Serbia Seed, Pre-Seed, Series A Blockchain, Cryptocurrency, Financial Services $50k–$5M
Council of Europe Development Bank
VC Fund
1 Italy, Spain, Poland Debt Financing, Post-IPO Debt Financial Services, Banking, Finance $6.5M–$271M
vVv
VC Fund
1 Serbia, Singapore Seed, Pre-Seed Blockchain, Gaming, Generative AI
Fansara
VC Fund
1 Serbia Seed Web3, Internet, Web Design
European Union
VC Fund
1 Germany, United Kingdom, United States Grant, Seed Software, Information Technology, Health Care $16k–$28M
F6 Ventures
VC Fund
1 Egypt, United Arab Emirates, Saudi Arabia Pre-Seed, Seed, Non-Equity Assistance Software, E-Commerce, Information Technology $15k–$1.1M
Kangaroo Capital
VC Fund
1 Vietnam, India, Serbia Seed, Series A Blockchain, Cryptocurrency, Gaming $1.1M–$5M
Exel by Merak
VC Fund
1 Saudi Arabia, Egypt, United Kingdom Pre-Seed, Seed, Venture - Series Unknown Gaming, Video Games, Online Games $293k–$300k
Blockchain Capital
VC Fund
1 United States, United Kingdom, Singapore Seed, Series A, Venture - Series Unknown Blockchain, Cryptocurrency, Financial Services $1M–$40M
Script Capital
VC Fund
1 United States, India, France Seed, Pre-Seed, Series A Software, Artificial Intelligence, Internet $400k–$15M
Innovative Private Sector Development
VC Fund
1 Serbia, United States Seed Retail, Fashion, Shopping
Funders
VC Fund
1 United States, United Arab Emirates, Serbia Seed, Series F FinTech, Financial Services, Apps $354k–$3.5M
PvX Partners
VC Fund
1 United States, Cyprus, Brazil Debt Financing, Corporate Round Apps, Software, Gaming $10M–$100M
Enterprise Expansion Fund
VC Fund
1 Serbia, United States Debt Financing Smart Cities, Manufacturing, Consumer Software $11M–$14M
Purechain Capital
VC Fund
1 Serbia, Singapore, United States Seed, Pre-Seed Blockchain, Cryptocurrency, Web3 $1.1M–$5.2M
Avalanche
VC Fund
1 United States, France, Singapore Seed, Grant, Series A Blockchain, Cryptocurrency, Gaming $365k–$70M
EBRD (Türkiye)
VC Fund
1 Turkey, Egypt, Hungary Debt Financing, Private Equity, Series B Banking, Financial Services, Software $9.8M–$341M
TS Ventures Fond
VC Fund
1 United States, Serbia, Croatia Seed, Pre-Seed, Series A Software, B2B, SaaS $325k–$1.4M
Access all 120 VC funds in Serbia startups.

Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

European Bank for Reconstruction and Development
VC Fund · London, England, United Kingdom · 16 investments in Serbia startups

The European Bank for Reconstruction and Development (EBRD) invests in changing lives. Through our financial investments, business services and work on policy reform, we're doing more than ever before to build open, market economies across 3 continents.

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Investment focus

  • Industry: Financial Services, Banking, Manufacturing
  • Stage:Debt Financing, Post-IPO Debt, Private Equity
  • Geography: Turkey, Egypt, Ukraine

Investor stats

  • Total investments: 498
  • Round size: Post-IPO Debt $17M–$369M; Debt Financing $5.1M–$225M; Private Equity $15M–$100M
  • Lead/follow: 76% lead, 24% follow

Portfolio highlights

  • Infinity Power — Infinity Power is the largest African renewable energy company, offering innovative solutions in solar power, wind energy, and low-carbon hydrogen technologies. Discover our projects and commitment to sustainable energy solutions.
  • Yapı ve Kredi Bankası — Yapi Kredi Bankasi, established in 1944, is one of the first nationwide private banks in Turkey. It is engaged in credit cards, assets management, non-cash loans, leasing, factoring, private pension funds and non-life insurance. It is 80% owned by Koc Finansal Hizmetler (KFH), whose combined financial services network consists of over 13 millioncustomers and 835 branches in Turkey.Yapi Kredi was acquired by Mehmet Emin Karamehmet's Çukurova Holding in 1984. In 2003, Çukurova Holding reached an agreement with the Turkish bank regulator to sell the majority of its shares in Yapi Kredi within two years. In 2005, the majority of shares in Yapi Kredi was acquired by the owners of Koçbank. Koç Finansal Hizmetler (KFH) was an equal partnership between Koç Holding and Italian banking giant, Unicredit. In 2006, Koçbank was merged into Yapı Kredi, leaving 80% of Yapi Kredi owned by KFS.
  • European Metals Holdings — European Metals Holdings is a mineral exploration and development company engaged in the exploration of tin and base metals. The Company is primarily involved in the development of a lithium and tin project in the Czech Republic.
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South Central Ventures
VC Fund · Belgrade, Vojvodina, Serbia · 11 investments in Serbia startups

South Central Ventures is dedicated to investments in startups, small and medium globally oriented technology companies in SE Europe.

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Investment focus

  • Industry: Software, SaaS, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United States, United Kingdom, Serbia

Investor stats

  • Total investments: 63
  • Round size: Seed $224k–$3M; Pre-Seed $34k–$2M; Series A $335k–$5.3M
  • Lead/follow: 59% lead, 41% follow
  • Last fund: Likely still investing — raised $78M in 2022

Portfolio highlights

  • Bubo² — Easily sell & rent high-value equipment online with immersive 3D technology. Drive conversions and boost customer confidence.
  • GlycanAge — The only biological age test that accurately measures your unique response to life changes. Discover your biological age and make lifestyle improvements!
  • Katalist — KatalistAI is a design assistant that unleashes your marketing and design potential. Driven by cutting-edge AI, it streamlines your creative process, elevates your ideas, and amplifies productivity.
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ICT Hub Venture
VC Fund · Belgrade, Vojvodina, Serbia · 8 investments in Serbia startups

Omorika is the traditional name of Picea omorika, one of the most fascinating endemic trees in the world. Our fund is named Omorika in honor of this endangered beauty.morika is the perfect symbol of our investment fund (authentic and rare) and what it strives to become (gigantic and strong). It is also an ideal measure we are looking for in our future partners - endurance and groundbreaking spirit.

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Investment focus

  • Industry: SaaS, Software, Gaming
  • Stage:Pre-Seed, Seed
  • Geography: Serbia, Belgium, Germany

Investor stats

  • Total investments: 11
  • Round size: Seed $23k–$325k; Pre-Seed $34k–$59k
  • Lead/follow: 82% lead, 18% follow

Portfolio highlights

  • randevu.tech — randevu is providing complete technical infrastructure in cloud, that enables companies throughout full marketplace business life-cycle: from building, to running and scaling.
  • Bitebell — Manage 3rd party delivery, integrate online orders to POS, manage menus on delivery platforms and orchestrate on-demand delivery networks.
  • Trickest — Add SEO description here.
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Eleven Ventures
VC Fund · Sofia, Grad Sofiya, Bulgaria · 8 investments in Serbia startups

We empower local heroes to build global success. Eleven is an early-stage VC investing in technology companies in Southeast Europe.

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Seed, Convertible Note, Pre-Seed
  • Geography: Bulgaria, United States, United Kingdom

Investor stats

  • Total investments: 195
  • Round size: Seed $28k–$2.3M; Pre-Seed $55k–$1.1M; Convertible Note $28k–$120k
  • Lead/follow: 33% lead, 67% follow
  • Last fund: Likely still investing — raised $68M in 2022

Portfolio highlights

  • Flataway.ai — Flataway - the home of subscription living. Live & work from anywhere in a trusted proffessionally managed accomodation.
  • nFuse.ai — nFuse scales your B2B sales with AI. Up to 30% revenue uplift, $1 per order processing cost, live in 30 days. No new apps, no behavior change.
  • Blue Longevity — Expert care for a healthier, longer life. Opening soon Athens | Istanbul | Sofia
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Credo Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 5 investments in Serbia startups

We partner with outstanding technology founders from Central and Eastern Europe to help them realize their global ambitions.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, United Kingdom, Czech Republic

Investor stats

  • Total investments: 185
  • Round size: Seed $800k–$7M; Pre-Seed $385k–$5M; Series A $2M–$19M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely actively investing — fresh fund, raised $88M in 2026

Portfolio highlights

  • Modeinspect — acreom is the integrated markdown knowledge base with tasks. Your personal daily driver for your dev workflow.
  • Fabrica AI — Fabrica AI offers a revolutionary platform for faster robot development, using custom hardware designs and learned optimal control to increase efficiency while minimizing complexity and cost. With a vision for a future where robot development takes days, not years.
  • Delta Green — Aggregating household assets in large controllable block of flexibility.
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SMOK Ventures
VC Fund · Warsaw, Mazowieckie, Poland · 4 investments in Serbia startups

Bridging Silicon Valley to CEE

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Poland, United States, Ukraine

Investor stats

  • Total investments: 83
  • Round size: Seed $477k–$3M; Pre-Seed $54k–$1.4M
  • Lead/follow: 54% lead, 46% follow
  • Last fund: Likely still investing — raised $25M in 2024

Portfolio highlights

  • Paypercut — Paypercut is a fintech startup that allows small and mid-scaled merchants to offer Buy Now, Pay Later at checkout via a single integration.
  • Primio — The platform that takes an app from idea to install, because code stopped being the bottleneck.
  • Principle — Test your strategic decisions before you commit. Principle simulates competitors, regulators, and market forces to stress-test your bets against adversarial reality.
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Innovation Fund Serbia
VC Fund · Belgrade, Vojvodina, Serbia · 4 investments in Serbia startups

Serbia was one of the first countries in the region to embrace the so-called “innovation imperative”, that is the notion that successful participation in the global knowledge economy requires the ability to adapt and advance new technological and research capabilities that involve public and private collaboration.Operational since 2011, theInnovation Fund has been a pioneering effort to operationalize and institutionalize this imperative – first by increasing the capacity of startups and resources available for their growth. It is part of a broader innovation strategy now under development.The intention of the Innovation Fund is to contribute to the overall development of innovations through various financial aid instruments, particularly by fostering the establishment of new and strengthening the existing companies, by positioning them to access venture capital markets, and by attracting foreign direct investment in the high-tech research and development.Innovation Fund aims to promote linkages between research and technology development and economy, and encourage and support the development of innovative technologies.The EU’s support for the Innovation Fund has been instrumental in advancing Serbia’s innovation financing and promoting better integration between the research and private sectors. The Fund is thus an important step towards closer links between Serbia’s and EU’s research communities and innovation ecosystems. It enables the positioning of Serbia as a leader in the region and the establishment of links with the EU and global markets. So far, the EU has allocated around EUR 13 million from the IPA funds to the Innovation Fund.

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Investment focus

  • Industry: Artificial Intelligence, Software, Analytics
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Serbia, United States

Investor stats

  • Total investments: 7
  • Round size: Seed $35k–$100k; Grant $84k–$113k; Pre-Seed $52k–$133k
  • Lead/follow: 71% lead, 29% follow

Portfolio highlights

  • VLADAM — VLADAM is an automated smart (AI-based) cryptocurrency trading solution that generates and maintains passive income from cryptocurrency trading.
  • Valuator — Upravljanje nabavkom jednim klikom
  • INVT Novi Sad — We are a multidisciplinary team comprising experts in the domain of artificial intelligence, law, user experience and seasoned IT engineers. Our experience in developing mobile applications and online services provided us with insight into privacy policy challenges. Together with our data privacy and legal tech consultants and user experienceexperts we are working on bringing the complex aspects of privacy policies to end users in a simple, yet informing way.
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Underline Ventures
VC Fund · Bucharest, Bucuresti, Romania · 4 investments in Serbia startups

We underline founders.

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Investment focus

  • Industry: Software, Artificial Intelligence, Machine Learning
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Romania, United States, Serbia

Investor stats

  • Total investments: 21
  • Round size: Seed $1.2M–$5.5M; Pre-Seed $865k–$2.7M; Series A $14M–$20M
  • Lead/follow: 14% lead, 86% follow
  • Last fund: Likely still investing — raised $20M in 2023

Portfolio highlights

  • Almetra — We use computer vision and AI analytics to provide insights into manual assembly processes - our platform supports process engineers in driving productivity and quality of assembly processes
  • Embedd — Chips modelled as digital twins. Software, tests and simulations generated for any target.
  • Veridion — Veridion is a living digital replica of the business world. Decision-grade data for enterprise scale systems
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Fiedler Capital
VC Fund · Vienna, Wien, Austria · 3 investments in Serbia startups

We are a first check investor helping overlooked founders from peripheral European ecosystems defy the odds and create breakout companies.

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Investment focus

  • Industry: Software, Information Technology, Mobile Apps
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Hungary, Latvia, Serbia

Investor stats

  • Total investments: 22
  • Round size: Seed $197k–$4M; Pre-Seed $154k–$1.5M
  • Lead/follow: 9% lead, 91% follow

Portfolio highlights

  • AgroSync — Uncover hidden profits. Use field data to boost returns this season
  • RivalSense — Monitor competitors of your startup. Receive curated weekly updates.
  • Trace.Space — Engineers develop complex products 10x faster with Trace.Space. Requirements management for the next generation
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Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

Browse database — It's Free!
Earlybird Venture Capital
VC Fund · Berlin, Berlin, Germany · 3 investments in Serbia startups

Founded in 1997, Earlybird is a pan-European VC investor backing tech-enabled companies and investing in their growth and development. Funds include Earlybird, Earlybird Health, Growth Opportunities.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series A, Seed, Series B
  • Geography: Germany, United States, United Kingdom

Investor stats

  • Total investments: 401
  • Round size: Seed $1.5M–$14M; Series A $3.5M–$35M; Series B $6M–$75M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: Likely actively investing — fresh fund, raised $422M in 2026

Portfolio highlights

  • Avrea — Avrea is the CI/CD platform built for the age of AI, helping teams ship software faster, more often, and with higher quality.
  • ColibrITD — ColibriTD leader of Simulation solutions using Quantum computing
  • TRAKKER — TRAKKER turns real-world visitor behavior into live analytics, lead intelligence, and personalized event journeys. For organizers, exhibitors, and visitors.
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Earlybird Digital East Fund
VC Fund · Istanbul, Istanbul, Turkey · 3 investments in Serbia startups

Earlybird Digital East Fund is an investment firm that focuses on early stage companies in Eastern Europe and Turkey.

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Investment focus

  • Industry: Software, Artificial Intelligence, Enterprise Software
  • Stage:Series A, Seed, Series B
  • Geography: United States, Turkey, United Kingdom

Investor stats

  • Total investments: 84
  • Round size: Seed $1M–$7.5M; Series A $1.8M–$30M; Series B $4M–$112M
  • Lead/follow: 45% lead, 55% follow

Portfolio highlights

  • FintechOS — FintechOS is the AI platform for financial product operations. Design, price, launch, and evolve financial products with governed AI and reduced core dependency.
  • Simr (formerly UberCloud) — UberCloud's HPC Simulation Platform helps engineers run faster simulations and helps overworked IT teams gain control.
  • Picus — The Complete Security Control Validation Platform | Stay proactive by validating your security controls with attack scenarios, empower your Red, Purple, Blue teams.
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Fortech Investments
VC Fund · 3 investments in Serbia startups

Romanian Investment fund and strategic partner for early-stage start-ups in Energy, Healthcare, Manufacturing, Automotive, and FinTech.

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Investment focus

  • Industry: Software, Artificial Intelligence, Big Data
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Romania, United States, Serbia

Investor stats

  • Total investments: 19
  • Round size: Seed $147k–$1.2M; Pre-Seed $416k–$922k; Venture - Series Unknown $482k–$500k
  • Lead/follow: 42% lead, 58% follow

Portfolio highlights

  • SaleSqueze — The 3D configurator for outdoor living that prices your product on the spot, writes the quote itself, and helps you close before the deal goes cold.
  • Collabwriting — Collabwriting is a simple browser extension that helps you share, comment and collaborate on content you find online
  • blue auditor GmbH — blue auditor is a sustainability management tool for buildings and real estate portfolios with the focus on transitioning to a sustainable real estate industry; providing wholistic and overall performance monitoring and improvements for sustainability management.
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Version One Ventures
VC Fund · Vancouver, British Columbia, Canada · 2 investments in Serbia startups

Version One Ventures backs mission-driven founders at the earliest stages. Full thesis here: https://versionone.vc/updated-thesis/

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Investment focus

  • Industry: Software, Blockchain, Internet
  • Stage:Seed, Series A, Series B
  • Geography: United States, Canada, India

Investor stats

  • Total investments: 165
  • Round size: Seed $1.4M–$5.7M; Series A $4M–$22M; Series B $8M–$55M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: Likely actively investing — fresh fund, raised $78M in 2026

Portfolio highlights

  • rio.ai — rio.ai provides WhatsApp-based delivery of medicines, personal care items, baby products, and pet supplies.
  • Pilot Protocol — Network OS for AI Agents
  • Arctus Aerospace — We build unmanned airplanes for zero infrastructure earth observation. We fly at 45,000 feet for 24 hours at a go.
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Tokonomy
VC Fund · London, England, United Kingdom · 2 investments in Serbia startups

Tokonomy investing in blockchain and the token economy and focus on early stage investments and Web3 infrastructure.

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Investment focus

  • Industry: Web3, Internet, Software
  • Stage:Seed, Pre-Seed
  • Geography: Serbia, Liechtenstein

Investor stats

  • Total investments: 3
  • Round size: Seed $1.5M–$4M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Celestia — Celestia is the modular blockchain powering unstoppable applications with full-stack customizability.
  • Superchain Network — The Open Index Protocol - By collecting and customising data in minutes, Superchain serves as the layer on top of which builders create applications, faster
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Maven 11 Capital
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 2 investments in Serbia startups, 15 in the past 12 months

Maven 11 is a global blockchain and digital asset investment firm. The teams we partner with are on a rigorous quest to solve most exciting problems and make the necessary shift towards decentralised tomorrow.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Financial Services
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, United Kingdom, Australia

Investor stats

  • Total investments: 138
  • Round size: Seed $1.9M–$10M; Pre-Seed $1.3M–$3.1M; Series A $5M–$43M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: Likely actively investing — fresh fund, raised $107M in 2025

Portfolio highlights

  • tenka — tenka is an institutional-grade, decentralized market layer for asset-based finance (ABF) and private credit
  • functionSPACE — functionSPACE builds DeFi infrastructure to price and trade numerical outcomes.
  • Alkemya Luxembourg — Alkemya Luxembourg is an international high tech metals firm specializing in sourcing and distributing rare earth oxides, titanium, and nickel wire, that are increasingly important to R&D and manufacturing companies in semiconductor, aerospace, and other high technology industries.
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Crew Capital
VC Fund · New York, New York, United States · 2 investments in Serbia startups

Crew Capital is a venture capital firm investing in entrepreneurs building category-defining technology companies.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Seed, Series A, Series B
  • Geography: United States, United Kingdom, Brazil

Investor stats

  • Total investments: 49
  • Round size: Seed $3.5M–$12M; Series A $13M–$51M; Series B $10M–$94M
  • Lead/follow: 16% lead, 84% follow
  • Last fund: May invest from a new fund soon — raised $3.7M in 2021

Portfolio highlights

  • 6thSense — 6thSense builds touch-aware capture hardware for robot learning: Skin, a 464-channel wearable tactile sensor, and Eye2 Pro, an egocentric stereo camera.
  • Dentronic — Dentronic is a medical AI robotics business that focuses on dental care automation.
  • Qualitate — Qualitate deploys the world's most intelligent AI moderator to conduct expert-driven conversations at scale - uncovering high-quality insights, fast.
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Accel
VC Fund · Palo Alto, California, United States · 2 investments in Serbia startups

First partner to exceptional teams everywhere

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Series A, Series B, Seed
  • Geography: United States, India, United Kingdom

Investor stats

  • Total investments: 2492
  • Round size: Seed $1.3M–$10M; Series A $4.3M–$40M; Series B $10M–$75M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely actively investing — fresh fund, raised $750M in 2026

Portfolio highlights

  • Vectra AI — Vectra AI, the cybersecurity AI company that protects modern networks from modern attacks.
  • MobStac — Developer of a cloud-based mobile marketing platform designed to connect the digital and physical worlds through the use of innovative technology. The company's platform is based on the principals of proximity marketing and engage customers in a personalized, context-aware way that leverages indoor location and proximity, enabling businessesand brands to leverage BLE beacon technology to deliver context-rich experiences to their end users.
  • Perplexity — Perplexity is a search engine platform that uses artificial intelligence to provide large language models and search engines. The company's platform enables the development of beneficial artificial general intelligence, as well as an open-source environment that is accessible to the public, allowing clients to develop skills and knowledge inartificial intelligence.
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Point Nine
VC Fund · Berlin, Berlin, Germany · 2 investments in Serbia startups

Point Nine Capital is a Berlin-based venture capital firm focused exclusively on early-stage Internet investments in areas like Software-as-a-Service (SaaS), online marketplaces, and mobile.The fund and its managers, Pawel Chudzinski and Christoph Janz have backed a number of highly successful Internet companies such as Delivery Hero, Clio,Shiftplanning, Vend, Typeform, and Zendesk from their earliest stages.

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Investment focus

  • Industry: Software, SaaS, Artificial Intelligence
  • Stage:Seed, Series A, Series B
  • Geography: Germany, United States, France

Investor stats

  • Total investments: 309
  • Round size: Seed $900k–$7.5M; Series A $3.2M–$24M; Series B $9M–$62M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: Likely still investing — raised $173M in 2022

Portfolio highlights

  • Kaiko — Kaiko provides real-time and historical cryptocurrency trade data, order books, and aggregated prices through a cryptocurrency API, downloadable CSV files, and a livestream WebSocket. We cover 100+ crypto exchanges and 35,000+ trading pairs for Bitcoin, Ethereum, and altcoins.
  • Delivery Hero — Delivery Hero is the world's leading local delivery company. We are on a mission to deliver an amazing experience - fast, easy, and to your door.
  • Polar Analytics — Your Shopify Analytics. Effortless. Centralized. Smart. Connect your datasource in one clic, automatically calculate KPIs. Visualize them all in one place. Get alerts and recommendations in realtime
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KR1
VC Fund · Douglas, NA - Isle of Man, Isle of Man · 2 investments in Serbia startups

KR1 is a publicly listed investment company focussed on the blockchain ecosystem. We invest in early stage projects and blockchain-based digital assets.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Internet
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, United Kingdom, Switzerland

Investor stats

  • Total investments: 54
  • Round size: Seed $200k–$6M; Pre-Seed $66k–$1.3M; Series A $2.5M–$43M
  • Lead/follow: 41% lead, 59% follow

Portfolio highlights

  • Avail — Meet the Avail team building the future of modular blockchain infrastructure.
  • Code & State — Code & State is a venture builder. We start companies with founders and build alongside them.
  • Mode Network — Mode Network is a DeFi blockchain platform that builds new on-chain economic systems to enable developers to scale their applications.
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Moonfire Ventures
VC Fund · London, England, United Kingdom · 1 investments in Serbia startups, 10 in the past 12 months

At Moonfire, we team up with the most innovative early-stage founders to invest where our sectors of focus intersect with global technological disruption.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United Kingdom, United States, France

Investor stats

  • Total investments: 69
  • Round size: Seed $2.5M–$8M; Pre-Seed $500k–$3.4M; Series A $11M–$25M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $115M in 2023

Portfolio highlights

  • Pharosyn — Pharosyn is an AI-powered competitive intelligence and decision-making platform developed for the pharmaceutical and biotechnology sectors.
  • Weave — Engineering intelligence for the AI era (YC W25)
  • Orchestra — Orchestra helps Data Teams connect any Data Tool to reliably and efficiently release data. Stop maintaining pipelines & start delivering value.
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V7 Capital
VC Fund · Bucharest, Bucuresti, Romania · 1 investments in Serbia startups

Guided by trust, responsibility, and vision, we back entrepreneurs whose long-term perspective builds resilience, sustainability, and meaningful change.

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Investment focus

  • Industry: Software
  • Stage:Seed
  • Geography: Serbia

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Collabwriting — Collabwriting is a simple browser extension that helps you share, comment and collaborate on content you find online
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Digital Serbia initiative
VC Fund · Belgrade, Vojvodina, Serbia · 1 investments in Serbia startups

Digital Serbia initiative is a nonprofit organization that focuses on developing the digital economy in Serbia.

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Investment focus

  • Industry: FinTech, Hospital, E-Commerce
  • Stage:Pre-Seed, Seed
  • Geography: Serbia, Lithuania

Investor stats

  • Total investments: 5
  • Lead/follow: 60% lead, 40% follow

Portfolio highlights

  • Veli — Veli is a fintech firm that provides platform for crypto investing.
  • Getafeel — We specialize in 3D digital twin solutions for residential real estate developers.
  • Vinaver Medical — Vinaver Medical uses AI to unlock the full power of spectral CT, delivering richer tissue data and sharper diagnostics from scanners you already own. Their software boosts clinical confidence and enhances precision in treatment planning.
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Euroventures
VC Fund · Budapest, Budapest, Hungary · 1 investments in Serbia startups

Budapest-based Euroventures is one of the longest-established and leading independent private equity and venture capital firms in Central Europe, with a proven ability to achieve international exits over two decades in a fast-changing environment. It has advised or is advising five investment programmes totalling over €180m since 1989, with a focuson funding INNOVATION and GROWTH in Hungary and Central Europe. The investors in Euroventures funds have been international institutional Investors. Euroventures' nearly 50 current and former portfolio companies illustrate the commitment to provide steady support through the cycles of the regional and global economy. Its professional team members have many decades of private equity / venture capital experience between them. Recent investments have targeted growing businesses with innovative technologies in the fields of medtech, big data, security, and IoT among others. Euroventures has had an outstanding track record in supporting its portfolio companies entering global markets. As a result, it has delivered highly successful exits, including IPOs (Vienna, NASDAQ, NYSE) and several dozens of trade sales to international corporations. Euroventures is a founding member of the Hungarian Venture Capital Association and complies with the conduct, governing principles and valuation/reporting guidelines of Invest Europe.

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Series A, Venture - Series Unknown, Seed
  • Geography: Hungary, United Kingdom, United States

Investor stats

  • Total investments: 30
  • Round size: Seed $551k–$3.3M; Series A $554k–$10M; Venture - Series Unknown $3.8M–$4.3M
  • Lead/follow: 20% lead, 80% follow
  • Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

  • Datapao — Discover DATAPAO's data consulting solutions in cloud migrations, data science, data engineering, AI & ML.
  • Daytrip — Book private car transfers, round-trip day trips, or hire an hourly driver. Enjoy door-to-door rides and sightseeing in 130+ countries with local drivers.
  • Hypefy — An influencer marketing platform built for brands that want to discover creators, run campaigns, and measure performance with ease.
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Tenzor Capital
VC Fund · Gibraltar, Gibraltar, Gibraltar · 1 investments in Serbia startups

Investments we power the web3 pioneers, builders and enablers

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Software
  • Stage:Seed, Pre-Seed
  • Geography: Canada, United States, United Kingdom

Investor stats

  • Total investments: 24
  • Round size: Seed $1M–$8.5M; Pre-Seed $1M–$3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Thytadel — Safety is an information problem. We solve it by giving operators the right signal at the right moment - and removing everything else.
  • KOKODI — A third-person fantasy extraction shooter inspired by Asian culture.
  • Sats Terminal — All-in-one, self-custodial app: Buy BTC, Borrow against it, Earn on USDC, Spend anywhere. Live on iOS now Backed by @yzilabs, @cbventures, @drapervc and more
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Global Environment Fund Management
VC Fund · Chevy Chase, Maryland, United States · 1 investments in Serbia startups

Global Environment Fund (GEF) is a global alternative asset manager established in 1990 to invest in high-growth clean energy, energy and resource efficiency, environmental, and sustainable natural resource management industries throughout the world. Our investments finance innovative businesses that deploy proven technologies, products and services that incrementally make the world economy run with less energy,

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Investment focus

  • Industry: Energy, Forestry, Renewable Energy
  • Stage:Private Equity, Series B
  • Geography: United States, India, Brazil

Investor stats

  • Total investments: 69
  • Round size: Series B $5.4M–$24M; Private Equity $1.4M–$265M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • Optimoz AI — Discover high-impact, AI-driven, cloud-powered solutions with Optimoz. From atmospherics AI to optalk and openHIT, we deliver innovative technologies to transform your business.
  • Farmalogist — Farmalogist d.o.o distributes pharmaceuticals, medical devices, and offers regulatory registration services for healthcare products.
  • ESDS Software Solution Limited — ESDS, a premier cloud service provider in India, offers managed and datacenter services, ensuring seamless, secure, and scalable solutions for businesses of all
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CARBYN GROUP
VC Fund · Limassol, Limassol, Cyprus · 1 investments in Serbia startups

Early stage VC studio. Marketing support. Advisory. Development support. Carbyn - is your driven force!

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Investment focus

  • Industry: FinTech, Blockchain, B2B
  • Stage:Pre-Seed
  • Geography: Serbia, United States

Investor stats

  • Total investments: 2
  • Round size: Pre-Seed $175k–$425k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • ASTERIZM — Asterizm is an encrypted and trustless cross-chain communication protocol binding L1 & L2 networks (private and public blockchains). In Asterizm we are focused on B2B enterprise market. We are developing solution to let companies build any cross-chain logic even in private chains.
  • Chainspot — Deposit to any supported yield vault from any chain and any token with a single transaction. Manage your DeFi positions in one window from all chains.
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Oriole Ventures
VC Fund · Zürich, Zurich, Switzerland · 1 investments in Serbia startups

Oriole Ventures is an investment fund dedicated to supporting blockchain projects in the WEB 3.0 space. In addition to the capital injection, Oriole Ventures helps projects via its expertise & connections with local crypto-influencers, media channels, and marketing agencies from all over the world.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Financial Services
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Hong Kong, United Kingdom, Serbia

Investor stats

  • Total investments: 17
  • Round size: Seed $50k–$5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • SYNTHR — SYNTHR is redefining instant and slippage-free asset movement across chains
  • Zone — Zone is a community-driven GameFi ecosystem built on Algorand blockchain. The ZONE ecosystem is cross-compatible with other blockchains and offers a gamefi bot for Discord that enables on-chain gaming challenges and fantasy sports.
  • Starfish Finance — Starfish Finance is the Operator of a gamified defi platform intended to be the web3 entertainment-fi brand.
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Council of Europe Development Bank
VC Fund · Paris, Ile-de-France, France · 1 investments in Serbia startups

Council of Europe Development Bank, a multilateral development organisation with an exclusively social mandate

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Investment focus

  • Industry: Financial Services, Banking, Finance
  • Stage:Debt Financing, Post-IPO Debt
  • Geography: Italy, Spain, Poland

Investor stats

  • Total investments: 9
  • Round size: Debt Financing $6.5M–$271M
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • FED invest — FED invest provides financial, non-financial, and banking services.
  • MicroBank — MicroBank is a financial service company. They provide financing to groups and projects that generate a favorable social impact. It is an international initiative that to achieve a voluntary commitment from entities in social responsibility, and in this way contribute to responsibility.
  • University of Tartu — The University of Tartu is a classical university in the city of Tartu and the national university of Estonia.
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vVv
VC Fund · Dubai, Dubai, United Arab Emirates · 1 investments in Serbia startups

All digital assets on one exchange

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Investment focus

  • Industry: Blockchain, Gaming, Generative AI
  • Stage:Seed, Pre-Seed
  • Geography: Serbia, Singapore

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Kindred — Blockchain-enabled AI companions for the masses. On @SeiNetwork
  • KOKODI — A third-person fantasy extraction shooter inspired by Asian culture.
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Fansara
VC Fund · 1 investments in Serbia startups

Fansara is an investement firm.

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Investment focus

  • Industry: Web3, Internet, Web Design
  • Stage:Seed
  • Geography: Serbia

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Superchain Network — The Open Index Protocol - By collecting and customising data in minutes, Superchain serves as the layer on top of which builders create applications, faster
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European Union
VC Fund · London, England, United Kingdom · 1 investments in Serbia startups, 35 in the past 12 months

Discover how the EU functions, its principles, priorities; find out about its history and member states; learn about its legal basis and your EU rights.

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Grant, Seed
  • Geography: Germany, United Kingdom, United States

Investor stats

  • Total investments: 210
  • Round size: Seed $16k–$5.4M; Grant $60k–$28M
  • Lead/follow: 64% lead, 36% follow

Portfolio highlights

  • Alawyer — Alawyer is the proactive legal AI for non-lawyers. It help small and medium-sized enterprises (SMEs) as well as private individuals to better master legal questions and risks in everyday life—independently and without prior legal knowledge.
  • National Bank of Egypt — National Bank of Egypt Home Page
  • Duke-NUS Medical School — Collaboration between Duke University and National University of Singapore. Duke-NUS follows the American model of post-baccalaureate medical education in which students begin their medical studies after earning a bachelor's degree. Offers MD, MD/PhD and PhD programs.Duke-NUS aim to develop students to become medical doctors andmedical researchers. Creativity, critical thinking and teamwork are important values that are imparted to our students - that will help them to change and improve the practice of medicine.
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F6 Ventures
VC Fund · Gîza, Al Jizah, Egypt · 1 investments in Serbia startups

F6 Ventures is a leading seed stage venture capital firm operating across emerging markets. We back exceptional founders from idea-stage all the way to Series A, combining early capital with strategic support and a commitment to long-term partnership. With deep ties across the Middle East, Africa, and beyond, we empower innovative startups to scalewith purpose and impact. We manage over $90M in AUM across more than 300 investments in seven countries. By investing early in Pre-Seed to Pre-Series A rounds, we help founders cover initial costs, develop their product, and take it to market. This early capital acts as a launchpad, enabling startups to hit key milestones like securing first customers, attracting follow-on funding, and making significant strides forward.

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Investment focus

  • Industry: Software, E-Commerce, Information Technology
  • Stage:Pre-Seed, Seed, Non-Equity Assistance
  • Geography: Egypt, United Arab Emirates, Saudi Arabia

Investor stats

  • Total investments: 365
  • Round size: Seed $15k–$1.1M; Pre-Seed $49k–$600k
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely still investing — raised $95M in 2023

Portfolio highlights

  • Tagaddod — Tagaddod is a renewable Energy and Waste Management Egyptian company, started in February 2013 and operating in Cairo –Egypt. Currently focusing on clean fuels, Tagaddod is working on Biodiesel production from Vegetable Oils. Biodiesel is a fuel alternative that is produced from waste vegetable oils and used in conventional diesel engines, whichcan directly substitute for or extend supplies of traditional petroleum diesel.
  • Makan Home — SHEN168 adalah situs toto togel online yang terpercaya, menawarkan pengalaman bermain yang aman dan menyenangkan bagi para penggemar togel online.
  • MyAlice — The modern customer service and social selling platform. Support anytime and sell anywhere with all your messages, orders, and agents in one place.
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Kangaroo Capital
VC Fund · 1 investments in Serbia startups

Kangaroo Capital is a community driven blockchain and cryptocurrency venture capital that is dedicated to helping young startups and more established projects accelerate.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Series A
  • Geography: Vietnam, India, Serbia

Investor stats

  • Total investments: 21
  • Round size: Seed $1.1M–$5M
  • Lead/follow: 10% lead, 90% follow

Portfolio highlights

  • Solak — Solak is an AI browser and DeFi platform that is transforming the digital world.
  • STAGE — Always-on music competitions powered by the blockchain. Vote for your favorite artists and share their success.
  • KOKODI — A third-person fantasy extraction shooter inspired by Asian culture.
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Exel by Merak
VC Fund · Riyadh, Ar Riyad, Saudi Arabia · 1 investments in Serbia startups, 19 in the past 12 months

The Exel Gaming Accelerator is a 16-week program tailored to support early-stage gaming startups in achieving their full potential.

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Investment focus

  • Industry: Gaming, Video Games, Online Games
  • Stage:Pre-Seed, Seed, Venture - Series Unknown
  • Geography: Saudi Arabia, Egypt, United Kingdom

Investor stats

  • Total investments: 35
  • Round size: Seed $300k–$300k; Pre-Seed $293k–$300k; Venture - Series Unknown $300k–$300k
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Sandouq — Sandouq focuses on creating delightful gaming experiences branded as "Sandouq".
  • Taka Studio — Indie game studio crafting design-driven experiences. Currently developing HexaFootball, a turn-based football strategy game for PC.
  • Entropy Minds — Entropy Minds is a Saudi game development studio founded in 2024, creating innovative gaming experiences blending Saudi culture with global standards.
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Blockchain Capital
VC Fund · San Francisco, California, United States · 1 investments in Serbia startups, 9 in the past 12 months

Partners to crypto builders since 2013.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Financial Services
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: United States, United Kingdom, Singapore

Investor stats

  • Total investments: 218
  • Round size: Seed $1M–$14M; Series A $5M–$33M; Venture - Series Unknown $4M–$40M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: Likely still investing — raised $580M in 2023

Portfolio highlights

  • NG.CASH — NG.CASH is a digital bank designed to help the new generations (ages 12 to 30) achieve financial independence. It lets users take charge of their money through solutions like PIX (Brazil’s instant-payment system), prepaid and virtual cards, allowance management, and now credit products tailored for young adults. As a financial hub, NG.CASH is builtto grow with its clients, boosting financial literacy and supporting them at every stage of life.
  • TRM Labs — Next Generation Blockchain Intelligence | Monitor, Investigate, and Mitigate Crypto Fraud and Financial Crime
  • Tare — Tare uses AI and tokenization to change the entire credit lifecycle.
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Script Capital
VC Fund · San Francisco, California, United States · 1 investments in Serbia startups, 11 in the past 12 months

122WEST is a venture capital firm focusing on early-stage internet and software investments. The firm seeks to invest in Information technology, software, internet of things, SaaS, fintech, mobile, infrastructure, big data, and cryptocurrency sectors. It was founded in 2016 and is based in San Francisco, California.

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Investment focus

  • Industry: Software, Artificial Intelligence, Internet
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United States, India, France

Investor stats

  • Total investments: 81
  • Round size: Seed $1.5M–$6M; Pre-Seed $400k–$2.5M; Series A $5M–$15M
  • Lead/follow: 9% lead, 91% follow
  • Last fund: Likely actively investing — fresh fund, raised $3.9M in 2026

Portfolio highlights

  • boxd — Persistent, forkable and suspendable virtual machines for agents and agentic workloads.
  • Rivo — Rivo moves the idle cash in your bank account into government-backed securities and brings it back before your bills hit, all automatically.
  • Pangram Labs — The most accurate technology to detect AI-generated content. Detects ChatGPT, Gemini, Meta AI, Claude, and more. Supports 20+ languages with 99.98%+ accuracy.
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Innovative Private Sector Development
VC Fund · Ramallah, West Bank, Palestinian Territory · 1 investments in Serbia startups

IPSD - Innovative Private Sector Development

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Investment focus

  • Industry: Retail, Fashion, Shopping
  • Stage:Seed
  • Geography: Serbia, United States

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • gamiphy — GAMIPHY is a user engagement and retention platform that equips brands in different industries with tools proven to increase customer reach and loyalty such as branded mini games, playable Ads and digital loyalty programs. The tools and techniques offered by GAMIPHY can be either integrated into existing websites and apps, or can be used to createplatform-independent solutions. The available solutions are diverse, fully customizable, DIY, and are guaranteed to improve each customer journey, thus shorten the path to earn the loyalty sought after.
  • Modesta — Modesta is an e-commerce store that helps women express themselves by featuring the latest trends in modest fashion.
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Funders
VC Fund · Limassol, Limassol, Cyprus · 1 investments in Serbia startups

Funders is a venture capital firm focused on seed-stage investments, with a primary focus on Fintech, AI and SaaS across Americas & Europe

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Investment focus

  • Industry: FinTech, Financial Services, Apps
  • Stage:Seed, Series F
  • Geography: United States, United Arab Emirates, Serbia

Investor stats

  • Total investments: 10
  • Round size: Seed $354k–$3.5M
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • AlgoX2 — The infrastructure powering exchanges, trading platforms, and prediction markets. From the creators of the New York Stock Exchange architecture.
  • web2wave — We redefine user acquisition by revolutionizing how web-to-app funnels are built and optimized. Experience unmatched control and efficiency with our platform, designed to tackle the challenges of modern digital marketing and drive your business forward with groundbreaking results.
  • Signa — Signa detects and removes illicit online product trade.
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PvX Partners
VC Fund · Singapore, Central Region, Singapore · 1 investments in Serbia startups, 14 in the past 12 months

PvX Partners is a platform designed to help consumer apps scale. PvX Capital is our first line of services focused on cohort financing: fast, flexible capital without the risk and drawbacks of traditional equity or debt. PvX Capital enables you to scale marketing spends meaningfully without the worry of equity dilution or loan defaults. PvX is alsodeveloping an operating system for growth — a unified platform enabling incremental ROAS. A single integration that will grant you access to the industry’s most useful tools proven to help consumer businesses scale.

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Investment focus

  • Industry: Apps, Software, Gaming
  • Stage:Debt Financing, Corporate Round
  • Geography: United States, Cyprus, Brazil

Investor stats

  • Total investments: 15
  • Round size: Debt Financing $10M–$100M
  • Lead/follow: 93% lead, 7% follow

Portfolio highlights

  • Tevo — A global AI and mobile technology company from Southeast Asia.
  • Feenko — Feenko is a personal finance and subscription management app that helps users identify, track, and manage recurring subscription payments.
  • Burlingame Studios — Burlingame Studios is a new game studio started by veterans of casual games.
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Enterprise Expansion Fund
VC Fund · London, England, United Kingdom · 1 investments in Serbia startups

Enterprise Expansion Fund (ENEF), is an entity that finances small and medium-sized enterprises with high growth potential to support the development and expansion of their businesses.

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Investment focus

  • Industry: Smart Cities, Manufacturing, Consumer Software
  • Stage:Debt Financing
  • Geography: Serbia, United States

Investor stats

  • Total investments: 2
  • Round size: Debt Financing $11M–$14M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • HTEC — At HTEC Group, technology excellence is at the core of everything we do.
  • Meter and Control — Meter and Control provides hardware and software solutions for smart energy management in industrial and residential environments. Their products include smart electricity metres with PLC and GPRS/3G communication, data concentrators and gateways, communication and switching modules, and AMM/AMI software for remote metre reading andcommercial and residential power consumption management.
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Purechain Capital
VC Fund · 1 investments in Serbia startups

Purechain Capital is a venture capital firm focused on promoting the blockchain sector through smart investments in innovation and technology.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Web3
  • Stage:Seed, Pre-Seed
  • Geography: Serbia, Singapore, United States

Investor stats

  • Total investments: 8
  • Round size: Seed $1.1M–$5.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Credbull — Credbull manages on-chain private credit funds that provide vital financing solutions to creditworthy small and medium-sized enterprises (SMEs).
  • Kindred — Blockchain-enabled AI companions for the masses. On @SeiNetwork
  • KOKODI — A third-person fantasy extraction shooter inspired by Asian culture.
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Avalanche
VC Fund · Brooklyn, New York, United States · 1 investments in Serbia startups

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Grant, Series A
  • Geography: United States, France, Singapore

Investor stats

  • Total investments: 39
  • Round size: Seed $1.4M–$15M; Grant $365k–$4.5M; Series A $7.5M–$70M
  • Lead/follow: 21% lead, 79% follow

Portfolio highlights

  • Oumla — Secure, scalable blockchain infrastructure for businesses, enterprises, and governments to manage digital assets with ease and compliance.
  • KOR Protocol — KOR Protocol is a decentralized intellectual property (IP) infrastructure designed to empower creators, protect rights, and enable seamless collaboration and monetization of IP assets across various industries, including music, film, TV, gaming, and art. Backed by notable entities like Animoca Brands, Republic, Niantic, Sfermion, Solana, andprominent creators such as Black Mirror, Disclosure, deadmau5, and Richie Hawtin, KOR leverages blockchain, AI, and DeFi to offer a transparent, efficient, and scalable environment for IP expansion.
  • Forg3t Protocol — Forg3t Protocol provides provable AI unlearning infrastructure for enterprises. It enables verification and auditing of sensitive data removal from AI models. This ensures strong regulatory compliance. Built for secure, transparent AI data management.
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EBRD (Türkiye)
VC Fund · Istanbul, Istanbul, Turkey · 1 investments in Serbia startups

Information on European Bank for Reconstruction and Development's (EBRD) equity projects.

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Investment focus

  • Industry: Banking, Financial Services, Software
  • Stage:Debt Financing, Private Equity, Series B
  • Geography: Turkey, Egypt, Hungary

Investor stats

  • Total investments: 23
  • Round size: Series B $12M–$231M; Debt Financing $9.8M–$67M; Private Equity $11M–$341M
  • Lead/follow: 43% lead, 57% follow

Portfolio highlights

  • Euro Manganese — Ultra High Purity Manganese Products World Class Environmental and Social Standards In The Heart of Europe
  • Feka Automotive — Feka Automotive supplies OEM and Tier 1 businesses in Turkey and around the world with automotive systems and parts. The company primarily sells completed trim pieces, water expansion and steering hydraulic oil tanks, rearview mirrors, and interior and outdoor illumination.
  • NLB Komercijalna Banka — NLB Banka Beograd is a banking institution that offers a wide range of financial services. These services include personal banking, business banking, and digital banking services. Personal banking services encompass various types of accounts, loans, and cards. Business banking services cater to the needs of small businesses, corporations, andentrepreneurs, providing them with accounts, loans, and other financial solutions. The bank also offers digital banking services through its NLB eKlik and NLB eBizKlik platforms, allowing customers to manage their finances online. In addition, NLB Banka Beograd provides customer support through its contact center.
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TS Ventures Fond
VC Fund · Belgrade, Vojvodina, Serbia · 1 investments in Serbia startups

We help the most ambitious startups build the next big things. Benefits? Sure, there are plenty. Every step of the process is considered with detailed care. Supervisor Committee Expert Team

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Investment focus

  • Industry: Software, B2B, SaaS
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United States, Serbia, Croatia

Investor stats

  • Total investments: 7
  • Round size: Seed $325k–$1.4M
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • B2Bee — B2Bee is B2B ordering automation for wholesale distributors. Orders reach your ERP without manual entry, so you capture more revenue from the accounts you already have.
  • Getafeel — We specialize in 3D digital twin solutions for residential real estate developers.
  • Connect The Dots — Connect The Dots is a network intelligence platform that uses AI to map and manage career-long professional relationships. The company was founded in 2019 and is based in San Francisco, California, United States.
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VC funding in Serbia at a glance

Stats across 160 deals from 120 investors.

120
investors
in Serbia startups
160
deals
in Serbia startups
$1.1M
median round
in Serbia startups
46%
lead investors
lead at least one round
29%
Debt Financing
most common funding stage

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