Serbia

Belgrade and Novi Sad

Activation Phase

Serbia has a promising startup ecosystem where the most successful startups are bootstrapped, but we are now seeing active involvement of both private and public sector focusing on further acceleration including early-stage funding.

Nebojsa Djurdjevic
CEO at Digital Serbia Initiative

Sub-sector Strengths

Blockchain

Serbia is one of the top five countries in the world in the number of blockchain developers, and has many product-oriented blockchain startups. The biggest ICOs in Serbia include those by GameCredits ($56 million) and OriginTrail ($22 million). Other local stars are Blinking, blockchain-based digital ID solution giving users control over their data, and MVP Workshop, named the 2018 EY Innovative Entrepreneur of the Year.

Gaming

Nordeus is a self-funded Belgrade-based game developer that created a popular football app with 180 million users, generating more than $75 million in revenue in 2018. 3Lateral, a leading developer of digital animation and creative content, was acquired by Epic Games in 2019 for $100 million. Serbian Games Association organizes various programs and incubators in partnership with big names, such as Facebook and Unity.

Why you should invest in Belgrade and Novi Sad

SOFTWARE STARTUP OUTPUT
200-400
GLOBAL AVG.
1,010
ECOSYSTEM VALUE
$303 m
GLOBAL AVG.
$5 bn
Top 5 Activation Ecosystem
Blockchain
Top 5 Global Ecosystem
Affordable Talent
5
Exit Growth
INDEX
9
Output Growth
INDEX
10
Funding Growth
INDEX

Reasons to move your startup to Belgrade and Novi Sad

EARLY-STAGE FUNDING PER STARTUP
$222 k
GLOBAL AVG.
$284 k
TOTAL EARLY-STAGE FUNDING
$67 m
GLOBAL AVG.
$837 m
SOFTWARE ENGINEER SALARY
$19.4 k
GLOBAL AVG.
$58.3 k

Low corporate income tax

Tech startups enjoy accelerated R&D deduction (2x) and IP Box (3%) tax regimes, meaning that they pay almost no corporate income tax.

Talented workforce

Startups in Serbia can access affordable, high-quality engineering talent, which ranks among the top five in the world.

Startup Community

Startup Genome
Partners & Members

Business Technology Incubator (BITF)
Business Incubator Novi Sad
ICT Hub and ICT Hub Ventures
Innovation Fund Serbia
SC Ventures
Science Technology Park Belgrade
Serbian Games Association
Serbian Blockchain Initiative
Startit Centar Beograd
The Office of the Minister without Portfolio Responsible for Innovation and Technological Development of the Republic of Serbia
UNICEF Innovation Fund
Vojvodina ICT Cluster
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