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).
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.