Western Balkan startup funding report

Pre-seed

12 rounds in 2024, 8 in 2025 and 9 so far in 2026. The typical pre-seed round in 2025 was €0.3m.

Seed

10 rounds in 2024, 9 in 2025 and 5 so far in 2026. The typical seed round in 2025 was €2.2m.

Series A

No rounds in 2024, 1 in 2025 and 1 so far in 2026.

Growth

Two rounds in 2024, 2 in 2025 and 3 so far in 2026.

What the report covers

Period: January 2024 to September 2026. Past years are shown in full. The current year runs to the end of the last complete quarter.

Companies: startups headquartered in Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia, Albania and Kosovo, and startups that began there or keep their main team there and later moved their headquarters abroad. Every kind of startup is included: software and hardware, business and consumer.

Events: venture funding rounds, and exits (acquisitions, buyouts and stock market listings).

Sources: public sources only, namely startup databases, company, investor and angel network announcements, and the press.

Every round and exit named in the report links to its announcement. Totals, changes and charts are built from all rounds and are not linked.

This edition covers 62 venture rounds (41 with a disclosed amount) at 56 companies, and 4 exits. Next update: January 2027, adding Q4 2026.

Stages

Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.

How it is counted

• Funding rounds are equity and convertible venture rounds, including angel network rounds. Grants, loans, state support programmes, crowdlending, secondary sales and investments after a listing are not counted.
• Amounts are in euros, converted at about 1.10 US dollars to the euro. Rounds without a disclosed amount count toward the number of rounds but not toward capital.
• Companies that are not startups are left out even when they raise venture money, such as established manufacturers, service firms and lenders.
• Rounds and exits are cross-referenced against company, investor and press announcements where possible.

Limits

• Public data does not capture every round, so counts are a floor. Small angel rounds are the most likely to be missing.
• Some rounds are recorded months after they happen. Each update adds them to the month they happened in, so recent quarters, the latest above all, will rise.
• Each country's record includes our own search of local press, investor portfolios and companies based abroad (October 2026), which added rounds the startup databases had missed.
• Where a country raises a few dozen rounds a year, one round can move a total by more than half. Read changes in capital with the largest round in mind.