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10 startups from the Western Balkans to watch for in 2022

One of the main goals of the Western Balkans Investment Readiness Program is to put the Western Balkans region in the investment spotlight in 2022.
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One of the main goals of the Western Balkans Investment Readiness Program is to put the Western Balkans region in the investment spotlight in 2022. The program also aims to map rising startups in the Western Balkans and help them further elevate their growth. 

This year, 25 startups from across the region will have the opportunity to learn from top experts about what is needed to become better at fundraising, as well as to become a contributing factor in the startup scene in their respective countries. 

The startups that participate in the program are searching for investments in the range between $100K and $1M, and already have a product which is launched on the market or tested with clients.

The main organizers of the program are the Swiss Entrepreneurship Program, in partnership with Vestbee and local ecosystem partners in Albania (Women Founders Network Albania), Bosnia and Herzegovina (Start), Kosovo (Women Entrepreneurs Kosovo), North Macedonia (Startup Macedonia), and Serbia (Preduzimanje).

“The idea behind the program is simple—enabling startups to learn and improve their business and fundraising profile. At the same time, in such a supportive and safe environment, startups get encouraged to meet investors.” Igor Madzov, investment facilitator at the Swiss Entrepreneurship Program, one of the main organizers of the program, tells The Recursive.

In this article, take a look at The Recursive’s choice of top 10 startups from this program.

Kagera AI

Serbia-based Kagera AI is a machine learning solution that can minimize danger, save time and preserve money when solving critical business problems. It offers a cleantech web cloud application consisting of the following features: short, mid and long term recommendations for preventing the risk, responsive real-time analytics and dynamic reports. The most desirable markets for Kagera AI are companies in the energy sector from Egypt, Qatar, UK, Indonesia but the team is also working to establish partnerships in Canada and US.

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Synapse Aviation 

Based in North Macedonia, Synapse Aviation is a fusion of experienced aviation experts, IT professionals and entrepreneurs looking to create innovative software solutions for contemporary aviation. 

Synapse’s mission is to improve flight safety, efficiency and to mitigate the risks of operational errors within the airlines. The tool presented by Synapse Aviation called “Airport Briefing” is an interactive software platform that provides fast and easy access to only relevant information by using the latest 3D technology.

Innovation Dooel

Innovation Dooel is another startup coming from North Macedonia, this time in the healthtech sector. It offers a 24/7 remote real-time monitoring and analytic device in the form of a wearable ECG (Electrocardiogram) patch put on a human’s chest, and is also successful in detecting abnormalities. The device tracks the patients’ heart rate constantly and can alert your doctor in case of any cardiac disorder.

OpenPay

OpenPay is an Albania-based fintech startup that is developing the first QR payment ecosystem that allows customers to pay by a mobile app at one end and merchants to accept low-cost payments at the other end. 

Increased usage of the OpenPay with the users insisting on paying via QR code creates a loyalty program for the consumers that results in collecting cashback. The method is beneficial for the banks, as it allows them to save a lot of costs and offer innovative payment methods to their clients.

ATAR

ATAR is a Serbia-based startup, in the intersection of agritech and AI.  ATAR’s product is a smart sprayer which uses an AI-powered system that reduces chemicals usage in fields up to 70%. It also enables any existing spraying machine to perform precise weed detection and spot spraying.

FinqUP

The third startup on this list coming from North Macedonia is FinqUP – an investing app for beginners that provides an intuitive program where only one click separates the potential users from hundreds of verified and profitable trading strategies.

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The app looks to simplify the way that users can find strategies and invest their money, resulting in more responsible decision making. The biggest advantage that FinqUP offers is the possibility to learn about the market needs and make a profit transparently.

Agremo

Agremo is another Serbia-based agritech startup, whose products help agriculture utilize sophisticated and unique AI technology. The process of analyzing field and crop requirements consists of several steps. 

First a set of drones gather aerial data that are then combined into a map and uploaded to the Agremo web app. In the next step, a specific analysis based on powerful AI software is conducted generating easy-to-understand reports in PDF or shapefile format. 

innSono

innSono is a Serbian startup that helps companies utilize Audio AI by using innSono analytics, anall-in-one software for the creation of audio AI applications. innSono’s software provides a link between audio and AI domain, enabling in that way fast creation of AI models from audio data. 

The software is meant for both experts and amateurs thanks to its wide range of features that support developing accurate, customized machine and deep learning solutions for the whole process from audio data acquisition to the deployment of created AI models.

Dasma App

Dasma App is a Kosovo-based startup that comes to the rescue of all nervous brides and grooms by making wedding plans a little less stressful. The app allows its users to organize every part of the wedding reception, including activities such as reserving a venue, choosing a date, verifying musicians, booking catering and every other sideshow you can imagine. 

It’s also beneficial for the hired parts as it enables waiters, DJs, and photographers to reach a wider audience. The automatic booking system gives the young couple a guarantee of saving time and nerves due to easy access to professionals in one place.

TePema 

TePema is a green design startup from Kosovo that addresses the problem of large and medium enterprises’ fixed costs, by designing and producing autonomous vertically housed plant recreational spaces. 

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Their product, Facade 2.0, is an innovative greenery application that can reduce electricity bills up to 30% within a year. The product also includes vertical panels that cover and insulate building thermally that is built up from 100% recycled materials.

 

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https://therecursive.com/author/bojanstojkovski/

Bojan Stojkovski is a journalist based in Skopje, North Macedonia. He has been covering foreign affairs and technology in the Balkans region for over a decade.
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