In a groundbreaking move to support innovation and technology transfer in Croatia and Slovenia, the European Investment Fund (EIF) has spearheaded a financing initiative worth €49 million. This funding will be channeled into the newly established Vesna Deep Tech Venture Fund, marking the first technology-transfer fund in both countries. The EIF’s commitment of €40 million to the fund is complemented by €9 million from private investors, bolstering efforts to commercialize research projects and protect intellectual property at universities and research institutions.
The Vesna Deep Tech Venture Fund, managed by Vesna Venture Capital, is designed to catalyze technology transfer and facilitate the commercialization of breakthrough technologies. The fund will focus on the “proof-of-concept” stage of up to 80 projects, transforming promising research into viable companies. Additionally, it will help establish a consistent intellectual property transfer framework in collaboration with university offices responsible for commercializing research.
The fund’s creation is a key part of the Central Eastern European Technology Transfer (CEETT) initiative, which aims to improve access to funding for universities and research institutions while boosting innovation in Slovenia and Croatia. The initiative underscores the EIF’s role in fostering cohesion, sustainability, green development, job creation, and competitiveness within the European Union.
Marjut Falkstedt, Chief Executive of the EIF, emphasized the fund’s importance in advancing scientific research and technology transfer in the region. She highlighted the EIF’s pride in contributing to this initiative, alongside partners SID Banka and HBOR, and praised the involvement of private investors, which she views as a strong endorsement of the fund’s potential.
Borut Jamnik, President of the Management Board and CEO of SID Banka, noted that the Vesna Deep Tech Venture Fund is a testament to the value of the CEETT platform, which strengthens the relationship between research institutes, universities, and the market. He emphasized the fund’s role in helping Slovenia regain its position among leading EU innovators and enhancing the country’s economic competitiveness.
Hrvoje Čuvalo, President of the HBOR Management Board, highlighted the fund’s potential to bridge the gap between the scientific community and entrepreneurship. He pointed out that many valuable patents and technological solutions often fail to reach commercialization due to a lack of financial resources. The new fund aims to address this issue, encouraging the development of science, research, and innovation in Croatia and Slovenia.
The involvement of investors beyond the EIF is crucial for the fund to achieve a critical mass and demonstrates significant market confidence in the technology-transfer activity. Vesna VC, which manages the fund, consists of professionals with extensive experience in fund investments, company incubation, social impact, and business angel investing. The team has established a strong network with leading scientific centers in Slovenia and Croatia and expects additional private capital to further expand the fund’s size later this year.
The European Investment Bank (EIB) Group, of which the EIF is a part, supports investments that align with EU policy objectives, including those in the security and defense sectors. The EIF, as the financing arm focused on supporting Europe’s micro, small, and medium-sized enterprises (SMEs), plays a vital role in fostering innovation, research and development, entrepreneurship, and employment across the EU.
The CEETT initiative, launched in 2021 in partnership with SID Banka and HBOR, builds on the EIF’s nearly 20-year track record of investing in European technology transfer funds. This initiative is an extension of the SEGIP and CROGIP mandates, which have seen the EIF invest in more than 10 equity funds and co-investments in Croatia and Slovenia over the past five years, further strengthening the region’s innovation ecosystem.
