Business News

Angel Fund Established to Help Startups in Slovenia, Region

Ljubljana, 28 May (STA) - A group of Slovenian entrepreneurs and foreign investors has established an angel fund which will provide financing and know-how to promising startups in the region, in what is the first fund of its kind in Slovenia.

The Silicon Gardens Fund will aim to assist startup founders build on their ideas by enabling them to grow their teams and international operations, its founders said in a press release on Wednesday.

The fund plans to invest EUR 20,000-40,000 in five to ten companies from Slovenia and the broader region in the initial phase. Established by young entrepreneurs, many of whom have had success with their own startups, it will also dispense know-how.

Highlighting some of the startup success stories from the region, one of the fund's principal investors, Jugoslav Petković, said that he was confident "this is just the beginning".

"Silicon Gardens Fund will help accelerate young ambitious teams toward their full potential," Petković added.

The fund said its focus will be on "adding value by providing experience, coaching and business connections to entrepreneurs in early stage technology startups".

The main investors are a group of entrepreneurs from the region, including Gregor Rebolj of Klika/Sportradar, Borut Rismal of Pasadena and Boštjan Špetič of Zemanta.

A number of well-known US investors "who believe in the potential of the region" have also joined, Silicone Gardens said, naming Fred Wilson, Brad Feld, Jerry Colonna and Paul Vidich.

Being the first fund of its kind in Slovenia, the project had to overcome a number of hurdles related to incorporation. "Its legal structure was a major effort to set-up," said general manager Peter Ribarič.

Ribarič announced that the fund will open up its legal documentation in order to "in an effort to pave the way for other investors and set standards on how startup investing in the region should be done".

Silicon Gardens is a community of Slovenian startup entrepreneurs established in 2010 to promote the culture of startups.

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