Political and economic stability. Contemporary infrastructure. A well-educated workforce. A market open to foreign investors. Croatia and its capital Zagreb have a number of advantages that enabled their progress on the tech map in the past couple of years. The number of both investors and startups in Zagreb and throughout the rest of the country has also been growing.
Though Croatia has yet to boost its position in the tech industry, as in 2021, it ranked 19th of the participating 27 EU members in the Digital Economy and Society Index. Still, compared to previous years, this indicates the country’s improvement in the digital industry.
There are public investments to support the development of the tech force and entrepreneurship. Croatia is becoming a more attractive location for international students. The University of Zagreb, Croatia’s largest university, which now has over 75,000 enrolled students, is the largest educational institute in Southeast Europe. Croatia also launched an e-Schools project pilot in 2015, offering 150 schools with technological equipment and supporting resources. The Zagreb Innovation Center (ZICER) is a Croatia-based center for startup innovation, including over 100 member firms receiving help from the City of Zagreb in infrastructure, research, sponsorship, promotion, and financing to ensure a safe and effective business start.
Just last month, the new Zagreb-based Algebra campus, a private educational institution, opened its doors to facilitate the number of both domestic and international incoming students in the next four years. The now largest campus in Croatia, located in the Črnomerec neighborhood of Zagreb, with its worth of 110 million kunas (€45M), is also the most substantial private investment in the country’s educational system.
The Recursive takes a look at some of the most interesting startups in Zagreb, which are developing their solutions in the city.
Leading startups in Zagreb
Name: Fonoa
Founded in 2018, the fintech company provides the world’s leading internet companies with a global tax automation platform through integrations with their respective data. Fonoa raised $25M in funding over 1 investment round in 2021.
Name: Sportening
Founded in 2020 by Ivan Klaric, the Croatia-based sports app aims to connect sports fans globally by creating an online community. The startup raised an investment of over €6M in 2022.
Name: AGRIVI
A Croatian farm management software company, launched in 2013. The agritech startup’s mission is to change the way food is produced and solve the global food crisis. With their most recent investment in 2020, AGRIVI raised a total of €4.8M for expansion.
Name: AMODO
An InsurTech firm that assists insurance companies in developing usage-based solutions based on gathered behavioral data from users’ smartphones. AMODO has raised a total of €3.8M and is funded by 5 investors, with Lead Ventures leading their latest round.
Name: Oradian
Founded in Zagreb, a fintech startup service that offers a core-banking platform for financial institutions, serving customers in both rural and remote areas. The company has raised a total of €1.8M in funding over 6 rounds.
Name: Wasp
A Croatian startup company founded in 2020 that allows developers to create enterprise web apps with fewer codes and best practices by using a simple configuration language. In 2021, the company secured €1.3M in funding by deep-tech venture fund Lunar Ventures.
Name: Treblle
A SaaS tool for app developers. In 2021, the company raised €1.2M with NautaCapital.
Name: Mindsmiths
Based in Zagreb, the AI startup was founded in 2019 with the initial aim to provide all companies with an Autonomous support system to leverage capabilities. Mindsmiths raised a total of €1.2M in funding in 2021.
Name: Degordian
Croatia-based creative digital digital agency that focuses on performance marketing, brand communication, digital production and employer branding. The startup has raised a total of €1M in funding.
Other notable startups in Zagreb
Name: MIRET
A startup company that produces sustainable, bio-based footwear with a mixture of 7 different plant materials and environmentally safe New Zealand wood. With the support of Climate KIC and Z CER, MIRET raised over €490K with Kickstarter and Fil Rouge Capital (FRC).
Name: Dynamic Division
A Zagreb-based startup within the field of robotics and blockchain technology with the current goal of helping commercial cleaning companies cut down their floor cleaning expenses. The company was funded by Fil Rouge Capital (FRC) in over 2 rounds with a total of €400K.
Name: Equinox Vision
An augmented reality (AR) communication platform that provides engaging content for e-businesses and marketing use. The startup raised €100K with Fil Rouge Capital (FRC) in 2019.
Name: AMPNet
Founded in 2018, the startup provides businesses with an investment and tokenization platform, as well as an integrated marketplace. Back in 2019, it closed 2 investment rounds.
Name: Hubbig
A digital cargo transportation platform for carriers, airlines, shipping companies, and NVOCC agents. The company was funded by an undisclosed investor, with their latest funding being in 2019.
