Within the Serbia Ventures program, the Innovation Fund is opening a new public call with the aim of supporting the establishment of a venture capital fund amounting up to EUR 5 million for investing in high-growth potential startups in the field of artificial intelligence, through partnerships with private investors and institutions.

Serbia Ventures AI provides initial investment in the venture capital fund, significantly increasing the availability of financial resources for startup development, and contributing to the success of innovative products based on artificial intelligence in the market. In this regard, the IF 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 IF actively encourages the development of the investment environment in Serbia by establishing venture capital funds on one hand, and by raising the quality of startups on the other, following best international practices. In the past two years, significant financing of EUR 15 million has been approved for establishing three new venture capital funds – Fifth Quarter Ventures Fund I, Fifth Quarter Ventures Biotech, and Omorika Ventures. These newly established venture capital funds aim to invest in startups and actively promote their growth and business expansion.

The application for participation is open on the IF portal until September 24, 2024, and additional criteria and application documentation are available on the IF 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 startups in the field of artificial intelligence and contributing to economic development in this area.

Source: Innovation Fund.