Public Call Open for Serbia Ventures AI

29 June 2024

As part of the Serbia Ventures program, the Innovation Fund is launching a new public call aimed at supporting the establishment of a venture capital fund, up to the amount of 5 million euros, for investment in high-growth potential startups in the field of artificial intelligence, through partnerships with private investors and institutions.

Serbia Ventures AI provides initial funding for the venture capital fund, significantly increasing the availability of financial resources for startup development, which will contribute to the success of innovative AI-based products in the market. In this regard, the Fund will strive to select the best proposal from the future venture capital management company that will serve as a long-term support mechanism for startups developing new AI-based products.

The Fund actively promotes the investment environment in Serbia by establishing venture capital funds, while also enhancing the quality of startups, following international best practices. In the past two years, significant financing totaling 15 million euros has been approved for the establishment of three new venture capital funds: Fifth Quarter Ventures Fund I, Fifth Quarter Ventures Biotech, and Omorika Ventures. The goal of these newly established venture capital funds is to invest in startups and actively encourage their growth and business expansion.

Applications for participation are open on the Fund's portal until September 24, 2024, and additional criteria and application documentation are available on the Fund's website. The funds for this public call are provided from the budget of the Republic of Serbia, in cooperation with the Ministry of Science, Technological Development, and Innovation.

The Serbia Ventures AI program represents a significant advancement in the development of the innovation ecosystem in Serbia, supporting the growth of AI startups and contributing to economic development in this field.