The State of Adria Tech in 2024: A Regional Comeback

In May 2025, Silicon Gardens unveiled its State of Adria Tech Report 2025 at Podim, offering the first comprehensive snapshot of 2024’s tech-investment landscape across Slovenia, Croatia and Serbia. After a dramatic 88 % collapse in 2023, the Adria ecosystem roared back to life—raising €1 037 million in 234 financing rounds, a 452 % year-over-year recovery that brings the region back in line with Europe’s broader trends .

Key Metrics at a Glance

• Total Capital Raised: €1 037 M in 2024 (vs. €188 M in 2023)
• Combined Exit Value: €320 M in exits and secondaries
• Unicorns in Region: 7 active unicorns by end-2024
• Total Secondary Liquidity: €5.6 B since 2021

Together, these figures underscore both the region’s rapid rebound and its growing maturity, with Adria now mirroring Europe’s €45 billion tech-investment market .

Europe vs. Adria: Contextualizing the Recovery

Between 2021 and 2024, European tech funding fell from €101 billion to €45 billion (–55 %), while Adria slid from €2 billion to €1 billion (–50 %) before rebounding . The 2024 recovery in Adria (452 % increase) contrasts with the broader European market’s more gradual stabilization, highlighting localized drivers—from state support to growing international VC interest.

Country Breakdown: Winners and Laggards

Serbia: From Collapse to Record Year

• 2023: €37 M raised (–82 % YoY)
• 2024: €745 M raised (+1 914 % YoY) across 140 deals
• Serbia now hosts two unicorns, including Tenstorrent, which alone secured €610 M in a mega-round .

Croatia: Tripling Last Year’s Total

• 2023: €80 M (+173 % YoY from 2022)
• 2024: €218 M raised in 38 deals
• Landmark rounds include Verne’s €100 M raise and ReversingLabs’ €36 M .

Slovenia: Continued Downturn

• 2023: €110 M
• 2024: €85 M (–23 % YoY) across 46 deals
• Notable rounds: an undisclosed Slovenian startup at €23 M, Bird Buddy at €20.8 M .

Adria Region Total: €1 037 M in 234 rounds .

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Mega-Rounds: Driving the Numbers

Despite over 90 % of deals being Pre-seed and Seed (by count), two mega-rounds dominated the capital stack in 2024—accounting for nearly 70 % of total funds.

Top Five Rounds (€):

1. Tenstorrent (SRB): €609.8 M
2. Verne (CRO): €100 M
3. PolyAI (SRB): €45.9 M
4. ReversingLabs (CRO): €36.1 M
5. Taalas (SRB): €35.2 M

In total, the Top 20 fundraisers raised 92.5 % of all capital invested in the region .

Funding Round Distribution: A Pre-Seed Surge

*Exceeds €1 037 M due to rounding and secondary flows .

This skew towards early-stage deals reflects a vibrant entrepreneurial base, yet raises a key question for 2025: can this pipeline convert into robust Series A and B growth?

Unicorns and Soonicorns: Signals of Maturity

By year-end 2024, Adria counted 7 unicorns (startups valued > €1 billion) and several soonicorns (>$200 M valuation), including:

• Bitstamp (SVN): Acquired by Robinhood for €180 M
• Naka (SVN): Acquired by Tether for over €100 M

Such outcomes not only validate regional tech talent but also recycle capital back into new ventures.

Spotlight on Exits & Secondaries

Total exit and secondary liquidity reached €5.6 billion by 2024—underscoring a deepening ecosystem where founders and early investors realize gains . Noteworthy exits:

• Bitstamp (2016 origin): €180 M sale
• Naka: €100 M acquisition
• …and multiple smaller strategic buyouts across the region.

Methodology & Definitions

Silicon Gardens’ dataset covers 2021–2024 and includes all rounds in tech companies attributed to Slovenia, Croatia or Serbia (founder citizenship basis), using standardized funding ranges (Pre-seed up to €1 M, Seed €1–4 M, Series A €4–15 M, Series B €15–40 M, Series C €40–100 M, Megaseries > €100 M) . Data sources span interviews, public disclosures and partner contributions.

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Outlook for 2025

With a resurgence in capital and an abundance of early-stage activity, 2025 will test whether Adria’s startups can move beyond Pre-seed into later-stage scale-ups. Watch for:

• Stronger Series A rounds as seed graduates mature
• Increased international partnerships leveraging Slovenia’s engineering hubs
• Continued unicorn creations fueled by repeat founders

Prezo

Silicon Gardens isn’t just a VC—it’s Adria’s founders-for-founders community, with over 100 successful exits and 7 unicorns created. At Podim 2025, we launched Prezo, our new program offering tailored mentorship, co-investment and a direct pipeline to €1 billion+ funds. Join us at silicongardens.com/prezo and power your next big leap!

With robust capital, proven exits and a talent pipeline primed for growth, Adria Tech in 2024 demonstrated resilience, scale and momentum. The coming year will reveal how this recovery translates into lasting ecosystem strength—and whether Slovenia, Croatia and Serbia can seize their moment on the global stage.

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