Croatia’s first social impact fund, the Feelsgood Fund, was launched in Zagreb on October 3.
The €30mn fund is a venture capital fund that will finance Croatian start-ups with environmental and social impact, said the European Investment Fund (EIF), which contributed €15mn to the new fund.
The EIF’s investment was almost entirely covered by the European Fund for Strategic Investments (EFSI), which is the central part of the Investment Plan for Europe, or Juncker Plan.
According to a statement from the EIF, the Feelsgood Fund is the the first Croatian venture capital fund managed by a fully Croatian team, which signals “the maturing and development of the local financial market”. Two of the three existing venture capital funds operating in Croatia were set up with EIF support.
It will invest into Croatian and Slovenian early- to growth-stage startups in the areas of financial inclusion, agriculture and farming, circular economy, education and healthcare.
“The launch of the new Feelsgood Fund in Croatia - which is being financially backed by the European Investment Fund and the Juncker Plan – is good news. Not only are key sectors, such as the circular economy and healthcare, to receive a financial boost, but those companies will make a positive social impact,” said European Commission Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue on the launch of the fund.
“With support for Feelsgood Fund, the EIF is making yet another positive mark on Croatian economy. This time we are enabling new investment opportunities for country’s startups with environmental and social impact to make sure we achieve sustainable development of Croatian economy and make sure Croatia is able to respond to major social and environmental challenges of today,” said Uli Grabenwarter, head of equity investments – ITI of the EIF.
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