v2. I widened the lens from strict B2B SaaS to Croatian startups — same venture filter, broader product categories. The Infobip gap is already told. The real story is the stage distribution. Most of the ecosystem is still at Seed. The Series A+ cluster is tiny. And the companies that made it past that gate moved their HQ abroad.
Finding · 01
Seed-heavy ecosystem.
Over half of mapped firms are at Seed stage or earlier. The Series A+ cohort is dominated by firms that moved HQ abroad — Daytona (NY), SysKit (Cambridge), ReversingLabs (Cambridge MA). The pipeline from Seed → Series A inside Croatia is narrow.
Finding · 02
The dual-HQ pattern.
12 firms operate with dual HQ — Croatian R&D with a US/UK/EU legal entity. Fonoa (Dublin), Microblink (London), Repsly (Boston), Daytona (NY), SysKit (Cambridge UK), ReversingLabs (Cambridge MA), OptimoRoute (Palo Alto), Cognism (London), Treblle (Delaware/London), Lebesgue (SF), Oradian (Lagos/Manila), Orangepill (London). Zagreb builds. Abroad sells.
Finding · 03
DevTools cluster is real.
Croatia ships developer tools — Treblle, Wasp, Daytona, SysKit, Shoutem, GIS Cloud, Productive. 7 firms in one vertical. Marketing follows with 5 (Cognism, Determ, Hypefy, Lebesgue, InsiderCX), Security with 3 (Microblink, ReversingLabs, SplxAI). Horizontal sales/CRM is still empty.
Colophon
Built by David Mustac . Data pulled from Crunchbase, LinkedIn, Tech.eu, TheRecursive, PitchBook, press filings and company websites. Every row links to its sources. v2 broadens scope from strict B2B SaaS to Croatian startups with venture-backed filter.
— dm
Sources
Crunchbase · LinkedIn · PitchBook · Tech.eu · TheRecursive · EU-Startups · SeeNews · Fina.hr · Press releases · Company sites
Method
Filter: Croatian-primary operations, venture-backed or bootstrapped product company, operational 2026. Excludes agencies, integrators, pure B2C (except Sofascore — B2B data licensing arm).
Read full method →
Scope (v2) · Croatian-primary operations (legal entity in Croatia OR significant Croatian R&D team). v2 broadens from strict B2B SaaS to "Croatian startups" — same venture-backed filter, broader product categories. 7 companies have dual HQ (legal entity abroad, R&D in Croatia) and are flagged with a Dual HQ badge.
Excluded · agencies, integrators, hardware-led, B2C-only (except Sofascore — included for B2B data licensing), companies with Croatian founders but no Croatian operations. Photomath (Google Zagreb), Rimac Tech (hardware), CROZ/KingICT/Span (integrators), Nanobit (B2C gaming). Cenosco excluded — Dutch HQ with minor Croatian office.
Revenue (removed in v2) · Revenue column dropped. Too many blanks, Fina filing delays made v1 data ~18 months stale. Funding stage replaces revenue as primary lens.
Headcount · LinkedIn company page current count, cross-checked against ZoomInfo, PitchBook, and company newsrooms where available.
Funding stage · Derived from last disclosed round: Bootstrapped, Seed, Series A, Series B+, PE-backed, Exited. EUR conversion at current rate where original is USD.
Dual HQ · True only when LinkedIn confirms active operations (engineering, not just sales presence) in 2+ countries.
Confidence · High = multiple verified sources. Medium = one verified source. Low = mostly public estimates or training data.
Not · a valuation model. Not investment advice. A snapshot of a landscape at one point in time. DM corrections on LinkedIn.