Enterprise Innovation Fund (ENIF)

19.40m €
invested in SMEs
supported companies
jobs supported

What is ENIF?

Active since 2016, the Enterprise Innovation Fund is a venture capital fund focusing on an investment portfolio consisting of innovative SMEs at various stages of business development, from the seed to expansion phase, in the Western Balkans. ENIF aims at reinforcing the financial structure of innovative SMEs resulting in a strong and bankable balance sheet.

Learn more about ENIF

ENIF focuses on highly specialised, innovative SMEs in the Western Balkans (Albania, Bosnia and Herzegovina, Croatia, Kosovo*, former Yugoslav Republic of Macedonia, Montenegro and Serbia).

ENIF provides equity and quasi-equity finance to stimulate and support commercially viable research in innovative SMEs

Investors into ENIF are the European Commission (EC), the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), Kreditanstalt für Wiederaufbau (KfW) together with institutional and private investors from the Western Balkans. ENIF also includes investments from the beneficiary economies of the Western Balkans.

The fund is set up as an independent entity and is managed by South Central Ventures; a skilled and experienced professional team selected by EIF, which operates according to best industry practices, and complies with professional standards issued by Invest Europe (formerly the EVCA).

More details on ENIF’s portfolio can be found on South Central Ventures home page here

Key facts and features

  • for innovative SMEs from their early to development stage

  • target fund size € 40 million

  • provides equity and quasi equity financing

  • SMEs can obtain investments from € 100 000 up to € 1.5 million

  • 40-60 innovative SMEs in the region including approximately 25-30 companies within the dedicated seed compartment

The Enterprise Innovation Fund - Background

According to the 2014-2015 World Economic Forum Global Competitiveness Index, the Western Balkans regions have limited innovation and venture capital available, despite the relatively good quality of scientific research institutions and progress in the economy. Equity investment instruments can therefore address some of these shortcomings and aim to set the basis for further development of these companies. This is why an early stage fund was considered as an important element for the WB EDIF Platform in order to help SMEs which are just starting out in their venture.

Contact to apply:

For more information please visit www.sc-ventures.com.

To get in touch with the investment team please write to info@sc-ventures.com.

News & Events


WB EDIF SME Forum, Sarajevo, 7 May

“It is our pleasure to invite you to the Western Balkans Enterprise Development and Innovation Facility SME Forum on Tuesday, 7 May 2019 from 14:00 to 18.15 in the Main Hall (Level 1) of the Hotel Holiday, Sarajevo, Bosnia – Herzegovina. The WB EDIF SME Forum will open with the SME Policy Index: Western Balkans and Turkey 2019 launch session, co-hosted with the OECD, setting the stage for an in-depth discussion on the opportunities and challenges in the SME business environment. This will be followed by an interactive panel session, during which SMEs, finance providers and other stakeholders can share their experiences under WB EDIF as well as exchange lessons learned and best practices on their road to success. Read more


13th WBEDIF Platform Advisory Group meeting

13th WBEDIF Platform Advisory Group meeting took place on 5 December in Luxembourg, at the premises of EIB and hosted by EIF. PAG has discussed the results of WB EDIF to date and the future strategy of the platform for the benefit of the target beneficiary economies. A short movie has been created at this occasion, which will be released soon!

See more news & events

Case studies


Serbia Case Study

Renting or buying real estate is a process which impacts everyone at some point in their lives and yet, it is perhaps one of the least modernised services in today’s world. Find out how WB EDIF’s early stage innovation fund, ENIF supported this Serbian company.

WBEDIF Succes Stories – CitiExpert

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