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Top 5 Funding Rounds in Western Balkans in 2023

For the Western Balkans, a region grappling with economic challenges and striving for a brighter future, the beacon of hope comes in the form of the tech industry.
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For the Western Balkans, a region grappling with economic challenges and striving for a brighter future, the beacon of hope comes in the form of the tech industry and the many different startups emerging in a number of verticals. During the first 8 months of 2023, the region is also seeing a significant wave of innovation and investments that promise to put some of these Western Balkans startups on the global tech map. 

From a fitness platform harnessing the power of virtual reality to a recruitment tool designed to match professionals with job opportunities and innovative fintech solutions for banks and legacy financial institutions, the region has seen several startups that are aiming to change the game – and in this article, we take a look at some of the biggest funding rounds that they’ve managed to raise during the year.

Poised to reshape the regional startup ecosystem, Rolla, HireApp, Mily Technologies, HULI, and FinqUp have been active throughout the year in verticals such as fitness and health, recruitment, logistics, conversational AI, fintech, and much more. 

Spot a missing round? Give us an update at [email protected].


Latest round: €6.3M

Country: Bosnia and Herzegovina

Stage: Seed

Investors: Mate Rimac (Rimac Group), Hellen’s Rock

Total funding: $8.8M

Founders: Igor Krezic

Vertical: Health and fitness

About: Rolla is a fitness and health platform that helps users track, compete, and have fun while working out in virtual reality.


Latest round: $1.5M

Country: Serbia/US

Stage: Seed

Investors: South Central Ventures

Total funding: $1.5M

Founders: Nemanja Stefanović, Simon Stantic

Vertical: Recruitment and staffing

About: HireApp platform enables matching professionals with available shifts in the hotel and hospitality industry.

Mily Technologies

Latest round: €1M

Country: Serbia

Stage: Pre-seed

Investors: South Central Ventures, Katapult Accelerator

Total funding: €1M

Founders: Miloš Zlatković, Aleksandar Buha

Vertical: Logistics

About: Mily’s platform helps parcel delivery companies analyze their delivery operations.

Read more:  At the 5 years mark, Startup Macedonia wants to fast forward the growth of the Macedonian ecosystem


Latest round: €210K

Country: Serbia

Stage: Seed

Total funding: €210K

Founders: Aleksandr Tsepelev

Vertical: Conversational AI

About: HULI is working on technology and chatbots that will feature “human-like intelligence and machine–like precision”.


Latest round: €100K

Country: North Macedonia

Stage: Pre-seed

Investors: Vitosha Venture Partners, angel investors

Total funding: €100K

Founders: Dime Galapchev, Igor Madzov

Vertical: Fintech

About: FinqUp is a fintech startup that offers a suite of products including white-label apps for investment and insurance funds, conversational AI assistants, and specialized tools for tax and accounting professionals. 

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Bojan is The Recursive’s Western Balkans Editor, covering tech, innovation, and business for more than a decade. He’s currently exploring blockchain, Industry 4.0, AI, and is always open to covering diverse and exciting topics in the Western Balkans countries. His work has been featured in global media outlets such as Foreign Policy, WSJ, ZDNet, and Balkan Insight.