About ACIF

Startups are key drivers of innovation and therefore future prosperity of Central Europe. Despite the availability of new financing schemes, there is still a financial investment gap for startups, which is between 3Fs (Friends, Family Founders) and VC (Venture Capital). Our general objective is therefore to build a sustainable transregional co-investing ecosystem in Central Europe, through the establishment of public-private co-investment scheme, where Providers of public leverage invest together with the groups of Business angels to startups. Such schemes are called Angel Co-Investment Funds (ACIFs).

To make the CE-Connector ACIF successful, the initial partners from the Czech Republic, Poland, Slovenia, Hungary, Croatia and Baden-Wuerttemberg (Germany) want to increase the number of territorial business angels and raise their investing competence, to facilitate CE-Connector ACIF pilot investments, and to ensure sustainability and upscale to full-scale Angel Co-investment Fund.

Although the CE-Connector project is finished, ACIF has come to life and Invento Capital Partners will strive to develop it.


Are you an investor looking for interesting projects?
Then apply here: http://ceconnector.eu/businessangels

Are you a startup searching for investment?
Then apply here: http://ceconnector.eu/startups

Visit the project website

Read more:

Angel Co-investment Fund je zaživio – najbolje rezultate imaju Nijemci i Slovenci 

Što dobro funkcionira i što smo naučili o zajedničkom javno- privatnom ulaganju 

ACIF Ce-Connector project in Croatia

CE-CONNECTOR transnational platform for early stage investments into innovative start-ups range between 75k - 1 mil EUR, with a minimum of 3 Business angels per investment.

Ce-Connector project in Croatia was implemented by Invento Capital Partners and ZICER.

With our partners we brought the key ecosystem players together and developed a strategy that enables public-private co-investment in 6 European countries from Germany, Poland, Croatia, Slovenia, Hungary and Czech Republic.

ACIF Croatia


Ce-Connector - Building sustainable transregional co-investing ecosystem

Ce-Connector –Building knowledge and linkages among Business angels and Public across territorial ecosystems to close the financial gap for innovative start-ups project. The project was implemented in partnership with 10 project partners from 5 countries and 7 associated partners from 5 countries and co-financed by the European Regional Development Fund. Startups are key drivers of innovation and therefore future prosperity of Central Europe. Despite the availability of new financing schemes, there is still a financial gap, which exists between 3Fs ( Friends, Family and Founders) and VC (Venture Capital). Main objective of the project is to build knowledge and linkages among Business angels and public institutions across territorial ecosystems through establishing a sustainable transregional co-investing ecosystem, where Business angels invest together with providers of public leverage with the aim to close the financial gap between 3Fs and VC investment.

Project activities: Within the project a transregional Angel Co-investment Fund was set up and during it’s pilot operation 3 public-private co-investments to start-ups from the RIS3 strategic segments per partner was realized. The goal was 18 start-ups invested with 75 000 – 1 000 000 EUR per investment, 75% provided by business angels, 25% by public providers and 1 co-investment per partner should have been transregional.

The sustainability of the Angel co-investment funds was ensured through action plans for the first 2 years after the end of the project when the funds is active and up-scaled. Invento Capital Partners is responsible for implementation of all territorial activities and ecosystem building in Croatia with the help of our national partner Zagreb Innovation Centre (Zicer) and associated partner Croatian Agency for SMEs, Innovations and Investments (HAMAG BICRO). Invento Capital Partners was in charge of operation of our territorial Angel Co-investment Fund.

Project partners:

Lead partner: • DEX Innovation Centre – Czech Republic

ERDF partners: - Invento Capital Partners – Croatia - Zagreb Innovation Centre – Croatia - P-INVENT Consulting, Trading and Services Kft – Hungary - Szechenyi Venture Capital Fund Manager Ltd – Hungary - Bogatin, market research and consulting company, Ltd – Slovenia - Technology park Ljubljana – Slovenia - Lodzkie Region – Poland - Automotive Engineering Network –The Mobility Cluster e.V – Germany - Centre for Support of Entrepreneurship “Connect” Sp. Ltd – Poland - City of Karlsruhe – Germany

Associated partners: - The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players – Belgium - Innovation centre of the Usti region – Czech Republic - Slovene Enterprise Fund – Slovenia - Government Office for Development and European Cohesion Policy – Slovenia - Business Angels of Slovenia – Slovenia - Croatian Agency for SMEs, Innovations and Investments – Croatia - Hungarian Business Angel Network – Hungary

Project period: 01.04.2019. – 30.06.2022.

Project Budget: Overall budget: 1 995 288,03 EUR ERDF Contribution: 1 675 627,42 EUR Partners Contribution: 319 660,61 EUR

Project Partners


CE-Connector Days

The third edition of CE-Connector Days was held online on June 14 2022. The conference was attended by more than 140 participants from all over Europe, including startup founders, investors and government representatives. The main objective was to share experience and skills on investing in early stage startups.

Check the agenda here

Read INVENTO participation and impressions @ Angel Co-investment Fund je zaživio – najbolje rezultate imaju Nijemci i Slovenci

e-fact sheet for Croatia