Slovenia, Croatia, and Serbia raised €3.45B in 2021-2022 — Adria Tech ecosystem report

The Adria Tech ecosystem is experiencing a remarkable transformation and is quickly becoming a global hub for technology and innovation. Over the last five years, the funding amount for the Adria Tech industry has skyrocketed from €300 million in 2016-2017 to an impressive €3.45 billion in 2021-2022.

Silicon Gardens prepared the State of Adria Tech Report 2021-2022 that explores the venture deals from Slovenia, Croatia, and Serbia. AIN.Capital shares the key points. You can read the full report, here.

The Adria Tech ecosystem is a collaboration of three Central European countries Slovenia, Croatia, and Serbia. Recently, these countries saw a surge of investment value and number, becoming one of the most dynamic tech communities.

  • During 2021-2022, the ecosystem’s funding amount reached €3.45 billion, which is almost 12 times more than five years ago.
  • The number of deals made by tech companies in each country reached 321 in total.
    • Slovenia managed to secure the majority, raising €1.25 billion across 209 deals.
    • However, Croatia has the highest value among the countries, securing €1.86 billion across 88 deals.
    • Serbia took the last place, with 24 deals accounting for €325 million.
The Adria Tech
Image: Silicon Gardens
  • Venture capitals have established dominance in both the number of deals made (50.8%) and the total value invested (57%). Private equity executed only a limited number of deals (2.2%), but each was substantial in size (39.7%).
  • The majority of the acquired capital is coming through later rounds (Series A, B, C) and megarounds (over €100 million raised).
  • The largest amount of fresh capital was secured by such companies in 2021-2022:
    • €690 million raised by Rimac Group, a Croatian automotive company.
    • €545 million by Infobip, a Croatian telecommunications company.
    • €450 million by Aleph Holding-Httpool, a Slovenian digital advertising.
    • €164 million by Celtra, a Slovenian creative automation company.
    • €136 million by Quantive, a Croatian strategy execution platform.
  • Total value of exits and secondaries rose to €1.6 billion in 2021-2022. By 2022, the total value reached €4.7 billion.
  • To date, the Adria Tech ecosystem has 6 active unicorns: Rimac Group, Infobip, Outfit7, Httpool, Sportradar, and Outbrain.