Serbia's ICT Hub launches start-up investment fund

Serbia's ICT Hub launches start-up investment fund Source: ICT Hub Venture

BELGRADE (Serbia), January 20 (SeeNews) – Serbian technology entrepreneurship incubator ICT Hub said on Friday it has established a start-up investment fund to help transform traditional industries and create new businesses.

The investment fund, named ICT Hub Venture, will make investments of up to 30,000 euro ($31,917) in between 20 and 30 projects each in the next 24 months, the managing director of ICT Hub Venture, Kosta Andric, told SeeNews in an e-mailed statement.

In exchange, the fund will take control of between 5% and 15% stake in the capital of the start-ups and will mainly focus on startups with a business-to-business (B2B) component, according to data posted on the website of ICT Hub Venture. 

The founders of ICT Hub Venture are asset manager Alba Partners co-founder Marko Hinic, marketing agency DNA Communications general manager Dejan Randjic, recruitment platform Playerhunter CEO Stevan Radak, telco Orion Telekom general manager Slobodan Djinovic and dairy company Imlek CEO Ilija Setka.

Interested start-ups can apply for funding in the first round of financing opened by ICT Hub Venture by March 19. The fund plans to open two more rounds by the end of 2017. 

ICT Hub was officially launched in November as a centre for the technical and infrastructural support of technology-based entrepreneurs, offering workspace and full mentoring. The incubator operates under a “No Equity Model” where all the intellectual property remains under the ownership of its users.

($ = 0.93997 euro)

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