Home Startups The 5 main financing rounds of the Western Balkans in 2023

The 5 main financing rounds of the Western Balkans in 2023

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For the Western Balkans, a region grappling with economic challenges and striving for a better future, the glimmer of hope comes in the form of the tech industry and the many different startups emerging across a number of verticals. During the first 8 months of 2023, the region is also seeing a significant wave of innovation and investment that promises to put some of these Western Balkan startups on the global technology map.

From a fitness platform harnessing the power of virtual reality to a recruiting tool designed to connect professionals with job opportunities and innovative fintech solutions for banks and traditional financial institutions, the region has seen several startups that aim to be game-changers – and in this article, we take a look at some of the biggest rounds they managed to raise over the year.

P.Designed to reshape the regional startup ecosystem, Rolla, HireApp, Mily Technologies, HULI and FinqUp have been active throughout the year in verticals such as fitness and health, recruitment, logistics, Conversational AI, fintech and much more.

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Last round of financing: €6.3 million

Country: Bosnia Herzegovina

Scene: Seed

Investors: Companion Rimac (Rimac Group), Hellen’s Rock

Total funding: $8.8 million

Founders: Igor Krezic

Vertical: Health and Fitness

About: Rolla is a fitness and health platform that helps users track, compete, and have fun while training in virtual reality.


Last round: $1.5 million

Country: Serbia/United States

Scene: Seed

Investors: South-central businesses

Total funding: $1.5M

Founders: Nemanja Stefanovic, Simon Stantic

Vertical: Recruitment and staffing

About: The HireApp platform helps connect professionals with teams available in the hotel and hospitality industry.

Mily Technologies

Last funding round: €1 million

Country: Serbia

Scene: Pre-seeding

Investors: South Central Ventures, Katapult accelerator

Total funding: €1 million

Founders: Miloš Zlatković, Aleksandar Buha

Vertical: Logistics

About: Mily’s platform helps parcel delivery companies analyze their delivery operations.


Last round: €210K

Country: Serbia

Scene: Seed

Total funding: €210K

Founders: Alexander Tsepelev

Vertical: Conversational AI

About: HULI is working on technology and chatbots with “human-like intelligence and machine-like precision.”


Last round: €100K

Country: North Macedonia

Scene: Pre-seeding

Investors: Vitosha Venture Partners, angel investors

Total funding: 100K€

Founders: Dime Galapchev, Igor Madzov

Vertical: Financial technology

About: FinqUp is a fintech startup that offers a suite of products including white-label applications for investment and insurance funds, conversational AI assistants, and specialized tools for tax and accounting professionals.

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