It’s been almost 7 months since I published my profile of Mate Rimac and his company, Rimac Automobili, makers of the awesome Concept_One electric supercar, on At the time, I wrote that the company was “gearing up” for an 8 million euro investment.

If you’re familiar with the concept of racing, where milliseconds make a world of difference, 7 months can be quite a long time.

The wait is now over, however, and Rimac Automobili has announced the completion of their Series A, 10 million euro investment round with investors from Asia and South America.

Rimac London Formula E
The Rimac Concept_One is the official “Director’s car” for the Formula E electric formula racing competition

As happy as I am for Mate, it makes me even happier that this is only the latest in a series of investments and other good news for Croatian (or, more precisely, Croatia-based) high-growth tech startups in 2014.

To wit, the rounds and amounts may not be breaking news in London or Palo Alto, but for Croatia’s small and fledgling ecosystem, this is a watershed moment. It’s the first year that not one, but several high-growth companies, started and/or based here but with global ambitions, have raised seven-figure rounds.

First off the ground was Bellabeat, Croatia’s first Y Combinator alumnus and winner of the Pioneers Festival Challenge in 2013. Bellabeat makes products that help expectant moms keep track of their babies’ health and share that info with family and friends. Backed by the YC network, Bellabeat raised $4.5 million in late May.

Sandro Mur Urska Srsen Bellabeat
Sandro Mur (Croatia) and Urška Sršen (Slovenia), founders of Bellabeat

Less than a month later, mid-June, Repsly (formerly Salespod) secured $1.2 million in a round led by Boston-based Launchpad Venture Group. Repsly, simply stated, “simplifies field work” – it’s a SaaS solution for companies that have many “reps” in the field.

Starting out with sales reps (thus “Salespod”), Repsly today supports many different roles and types of professionals doing business outside the corporate cubicle.

Next came Farmeron, about which I recently profiled on Farmeron is another SaaS solution helping dairy farmers manage their cows. If it sounds funny – don’t laugh. Some of the largest dairy farms in the US are Farmeron’s customers. Founder Matija Kopic and his team are extracting some very valuable big data from those herds.

Early July, practically a few days after their friends from Repsly, Farmeron closed a $2.6 million investment, bringing the total invested in the company to more than $4 million.

4M startup founders at ZIP
Four founders, from left to right: Mate Rimac (Rimac Automobili), Marko Linke (Repsly), Matija Kopić (Farmeron), Sandro Mur (Bellabeat) – photo by Ivan Lucev from ZIP

At this year’s Pioneers Festival, Oradian, a company which came out of stealth mode on the very pages of, won the event’s startup competition. I have to add a personal note – it was exciting to see Julian Oehrlein, Oradian’s CTO, pouring the champagne on stage after I had broken the Oradian story back in January. A highly international team, with founders from the US, South Africa / Croatia, Nigeria and Germany establishing their HQ in Zagreb – no less.

Pioneers Festival 2014 50
Julian Oehrlein, Oradian CTO, extends the Formula 1 championship tradition to Pioneers Festival in Vienna after claiming 1st prize in the Pioneers Challenge – photo by Ivo Spigel

And finally, at the end of the year, comes the closing of the Rimac Atomobili Series A. When I first met Mate Rimac more than 2 years ago, Mate and his skeleton crew had an amazing dream and an awesome prototype in the garage – but not much else. Today, flush with funding and with their order books full, for both the Concept_One supercar and the Greyp high-tech electric bike, this is a different company. Sixty of Croatia’s top electronics and mechanical engineers, manufacturing the current products and designing the new ones, are scheduled to swell to 150 by this time next year.

Mate Rimac, Sandro Mur (Bellabeat), Matija Kopić (Farmeron), Marko Kovač & Marko Linke (Repsly) and Antonio Separovic and Julian Oehrlein (Oradian) are leading a new generation of entrepreneurs in Croatia. Watch this space – there’s more goodness in the pipeline in the EU’s youngest member state.

Image credit: all photos property of the respective companies unless otherwise indicated.

  • Mladen Lučić

    What about Microblink? :)

    • ivospigel

      I’m saving Damir for a special post 😉

      • Mladen Lučić

        Croatia is the most innovative country in the exyu region and is quickly becoming one of the most innovative countries in all of the EU.

        Having secondary offices in other countries is fine but these startups need to remain headquartered in Croatia.

        What is going on with Hypersphere?

        • ivospigel

          Actually there are many great entrepreneurs in our region… but of course it’s great to see good stuff coming from our home base. About Hypersphere… apparently there is some initial good news but I’m waiting for Bojan to hear more details

          • Mladen Lučić

            I think Croatia is now the leader in our region, followed by Slovenia, then Serbia.

            Make sure you tell Bojan not to sell out his company to google and to keep his company based in Croatia :)

          • Andraz Logar

            As a Slovenian, I beg to differ :). Nonetheless, you guys are doing great.

          • Mladen Lučić

            Croatia is definitely more innovative than Slovenia is now.

            The tide has turned these last 3-4 years in Croatia’s favor.

            My parents used to have a gelato shop in Palo Alto named Michael’s Gelato and Cafe (Google It) i used to work there and i was meeting a lot of Slovenians coming to Palo Alto to raise VC funding and i was wondering why there weren’t as many Croats…then the tide started turning in 2011 and there were 3 times as many Croats coming to Palo Alto than Slovenians….

          • Mladen Lučić

            Slovenians need to realize that times are changing and Croatia is catching up to Slovenia across all sectors.

            Croatia has literally bought out Slovenia’s food and retail industries with the acquisitions of Droga Kolinska and Mercator..Seems like Slovenia is Croatia’s colony now :)

            Slovenia is just lucky it didn’t have to go through a full scale war like Croatia
            did. It ‘s economy would have also been ruined and both Croatia and Slovenia would have had open issues with the war crimes tribunal and join NATO and the EU at the same exact time.

          • Mladen Lučić

            Croatia is currently working on some major energy deals which will get the country out of this recession and turn Croatia into a EU energy hub by 2019.

            1. LNG Terminal on Krk is under construction
            2. Gas pipeline being built from Azerbaijan to Split, Croatia
            3. Huge deposits of both natural gas and crude oil in Croatia’s territorial waters…concession being awarded soon and drilling to begin in 2015.

            Croatia will have so much natural gas and crude oil which will attract many investments to Croatia. Many factories will be built along Croatia’s impressive highway network :)

          • dominikgr

            Ja da se ne boš vsral od bahanja :) Fak kakšni ignorantje ej!

          • Andraz Logar

            but but, we have longer penises?

          • ivospigel

            As I said – there are great things happening all around the region. Agrokor / Mercator or LNG etc. are out of my scope of interest. Outfit7 is the first 1B Euro startup, Cubesensors, e-bikes and lots of other goodness coming from Slovenia. Not even to mention Zemanta, Celtra, Toshl and many others. Pozdravljeni :-)