ZICER Seed Fund Worth One Million Euros Presented at the Zagreb Innovation Center

At the Zagreb Innovation Center – ZICER, an innovative funding model for startups called ZICER seed fund was presented today. The fund was established with the support of the City of Zagreb and the Croatian Bank for Reconstruction and Development (HBOR), with an initial volume of one million euros.

ZICER announces that this type of event, which showcases current opportunities for startups and opens up space for networking and collaboration among many stakeholders in the startup world, is a model that will continue to be encouraged.

– Through today’s event, we gathered all relevant stakeholders of the domestic startup ecosystem. Our role is to open new opportunities through networking – to enable startups to more easily access the financial resources necessary for development and growth, and to provide investors of all profiles with the first step to connect with young companies whose development they can support with both financial resources and knowledge and experience. Our goal is to ensure timely funding so that startups can quickly access the resources they need for business development when necessary – emphasized Frane Šesnić, director of ZICER, who noted that there is money in the market, it just needs to be channeled towards the most sensible goals.

Šesnić also invited other investors to join in investing in ZICER’s startups, as this would significantly increase the available funds and make the success of innovative projects more certain.

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Frane Šesnić, Zicer

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During the event, the ZICER seed fund was detailed, through which a call for convertible loans is open until February 19, 2025. Namely, for the development of startups supported by ZICER, this fund has one million euros available, of which 500 thousand euros was provided by the City of Zagreb, and 500 thousand euros by HBOR.

Nikola Žunić, a specialist in the Investment Directorate of the HBOR Strategy Sector, further presented the Framework Loan Program, which allows entrepreneurial support institutions like ZICER to provide loans to startups with financing in equal proportions from HBOR funds and their own PPI funds. Žunić emphasized that this HBOR program aims to facilitate the path for startups from risky to bankable clients.

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Nikola Žunić, HBOR

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ZICER’s convertible loans are awarded with the aim of promoting innovative entrepreneurship in Zagreb.

Eligible users of the convertible loan can only be micro or small trading companies, specifically capital companies, that have been established for less than five years at the time of approval of the convertible loan, have a registered business seat in the city of Zagreb, are majority-owned by individuals residing in the EU, and employ at least one person.

Convertible loans are awarded to business entities participating in ZICER programs and with which ZICER has a contractual relationship based on a valid incubation, acceleration, internationalization agreement, etc. The maximum amount of a convertible loan is 200 thousand euros, while the minimum amount is not specified. The maximum repayment period is two years from the date of fund disbursement, while the fixed interest rate is 3.4 percent per annum.

ZICER first introduced this innovative funding model in 2019. At that time, the loan was awarded, among others, to the now successful entrepreneur Dragana Lipovac Medić, director and founder of the startup HUBBIG, which developed an innovative digital platform for connecting freight forwarders and carriers.

– The convertible loan for the development of my startup played an important role at that time. Only when the funds from ZICER were approved, with whose support I am developing the startup, did investors recognize the true potential of my startup – emphasized Dragana.

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Dragana Lipovac Medić, HUBBIG

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