EBRD, KfW fund invests in agtech start-up

The €40m Enterprise Innovation Fund is targeting technology start-ups in the Western Balkans with potential to expand internationally.

The €40 million Enterprise Innovation Fund, backed by the European Investment Fund, the EBRD and German development bank KfW, has invested €1 million in  Macedonian agtech company Agrivi in a Series A investment round.

The EINF invests in start-ups and small- and medium-sized tech companies in the western Balkans looking to expand internationally. It includes private and corporate investors, and is managed by Macedonia-based South Central Ventures.

The company produces farm management software that can be used by smallholder or large-scale farmers to improve productivity. It has specific software for co-operatives, another for vineyards and wine production, and a traceability certificate.

“We will focus on strong market penetration of key agricultural EU countries and positioning as global leader in niche industry verticals serving customers worldwide,” said Agrivi founder Matija Zuljin a statement.

SCV managing partner Jure Mikuz said that the firm had attracted its fund’s support because its affordability and reach could help make farming more efficient around the world.

The fund will make make growth stage investments of up to €3 million but has also dedicated €1.5 million of the fund to make seed investments of €100,000 per company.

The Western Balkans Enterprise Development and Innovation Facility behind the EINF set up the SVC management team and has had €300 million of funding to date, according to its website.