Serbia Ventures - Biotech Program
The program is designed to incentivize private investors, high net worth individuals and institutions to engage in financing startups that are trying to solve some of the global challenges related to biotechnology.
Serbia Ventures - Biotech
The program is designed to incentivize private investors, high net worth individuals and institutions to engage in financing biotechnology startups with high growth potential by incorporating venture capital fund in Serbia. Through this program, the Innovation Fund will invest into venture capital fund in Serbia in the role of a limited partner and help this fund generate a significant market impact on Serbia’s innovation ecosystem.
Amount of financing:
- up to EUR 5,000,000, provided the mandatory precondition that the selected VC fund has already raised or has generated commitments from its limited partners/investors to raise at least EUR 3,000,000 in the first close within 12 months of obtaining a license by the Serbian Securities Commission
- Incorporated in the SBRA as a legal entity (either as an LLC, a joint stock company, or a licensed fund management company),
- Majority privately owned,
- Must ensure that the fund manager’s contribution represents at least 1% of the total capital raised.
The Applicant can only receive the funds after becoming a legal entity registered specifically for managing alternative investment funds (alternative investment fund managing company) and needs to register a VC fund (alternative investment fund) in Serbia and receive the appropriate license in line with the requirements outlined by the Republic of Serbia Securities Commission and other applicable legal requirements.
Field of science and technology/Industry sector: the VC fund must invest exclusively into startups which directly or indirectly deal with the development of products or services from biotechnology domain (e.g. bioinformatics, biosensors, biomarkers, biotech-related medical devices…).
Duration of IF’s investment: 10 years with an option to extend the lifetime of the VC fund in accordance with the governing documents and agreements signed with LPAs.
The documentation to be submitted in the Application:
- Applicant statement (signed)
- The business plan, provided in free format in the English language, which should be ideally up to 25 pages A4 and needs to cover:
- The VC fund’s management team (including profiles, experiences, shareholders, legal/governance structure). The management team must have at least one key member with domain expertise in biotechnology and who must be a member of the VC fund’s investment committee with voting rights;
- Track record of the management team (if any, or a justification of the team’s soft or hard skills and resources which would ensure successful operations of the proposed VC fund);
- Market overview and mapping of high potential sectors and/or illustrative deals;
- Capital allocation strategy (including the fund’s size, relevant investment and divestment time frames, target market segmentation, target sub-sectors, deal flow forecast and demonstration of the ability to scout for and source high quality deals, etc.);
- Key terms and conditions (including management fee, carried interest, hurdle rate, target IRR, incentives, winding-up, etc.).
At the time of applying for the Program, the Applicant is not required to be licensed by the Republic of Serbia Securities Commission.
Public call: Closed
Applications must be submitted through the Innovation Fund portal and in English: LOGIN