• Subject of the call: The subject of the public call is equity investments in private seed and/or venture capital companies (hereinafter referred to as STK) by the Slovenian Entrepreneurship Fund (hereinafter referred to as SPS).

• Objective of the call: The objective of the public call is to increase the number of private seed/venture capital companies and accelerate the growth of innovative SMEs with high potential, while multiplying the effect of public investment. The public call supports management companies and STKs that invest in SMEs with innovative products, services, and a high level of knowledge.

• Purpose of the call: The purpose of the public call is to stimulate the development of the Slovenian seed and venture capital market and to accelerate equity investments in innovative micro, small, and medium-sized enterprises (hereinafter referred to as SMEs), in the form of seed and venture capital, through selected seed and venture capital management companies and alternative investment funds (STK).

• The call will provide funds for equity financing of innovative small and medium-sized enterprises (SMEs) in various stages of their development, including the seed stage, the formation and initial development stage, and the start-up phase, as well as the growth phase. These companies often have difficulty accessing financing through commercial banks or other traditional sources of financing, especially if they are undercapitalized. With this public call, the Slovenian Entrepreneurship Fund (SPS) can contribute to the faster introduction of new technological achievements, inventions, and patents into economic exploitation.

• The gap in equity financing in Slovenia is a fact that has been repeatedly identified and is shown by the statistics of invested funds, based on which we (as the Republic of Slovenia) are at the tail end of European countries. In accordance with the findings and recommendations of the OECD and European institutions, it is necessary to engage private capital in Slovenia as much as possible, which is also the basic purpose of the proposed SPS equity and quasi-equity financing program through a public call in the form of the Slovenian Technology Fund (hereinafter referred to as STS).

• EUR 10 million to support two (2) seed and/or venture capital funds, of which:
• EUR 5,000,000.00 is available for each manager, together with funds for investments and management costs.

• Investors who are seed and/or venture capital funds, organized in one of the forms described in point 1 or 2 of the public call, or management companies that act as managers of seed and/or venture capital funds in one of these forms, may apply to the public call.

1. Manage STK in accordance with best market practices and make independent investment decisions
   The manager of the seed and/or venture capital fund must manage the fund in accordance with best market practices and make independent investment decisions. Investors in STK and other persons must not influence these decisions.
2. Defined strategy to achieve investment goals
   The manager’s team must demonstrate an appropriate combination of skills and experience for effective STK management and have a clearly defined strategy to achieve investment goals.
3. STK managers must ensure an adequate flow of transactions
   Managers must demonstrate that they are able to ensure an adequate deal flow and develop effective investment exit strategies. In addition, they must ensure the use of best market practices in the design of the STK legislative framework, investment principles, reporting, and valuation.

• Eligible costs include investments in small and medium-sized enterprises (SMEs), in accordance with the STK investment strategy, which is part of the application.
• Also eligible are management fee costs, which may amount to a maximum of 20% of the assets under management (including SPS investor commitments) or depend on the STK management rules.
• The amount of the management fee must be consistent with common practices in the industry (e.g., the amount of the fee that the European Investment Fund recognizes in supported funds).

In the application, the investor must submit a financial plan, in which it defines the investment period, the amount of the management fee, and the timeline for exiting investments.

The manager must also state the STK closing plan and a list of private investors who have expressed interest in participating, together with attached letters of intent.

The application is submitted electronically via the Fund’s ePortal.

The application can be submitted on the following application deadlines:

• up to and including May 15, 2025 at 2:00 PM for the first (1st) opening,
• June 15, 2025 at 2:00 PM for the second (2nd) opening,
• August 29, 2025 at 2:00 PM for the third (3rd) opening,
• September 15, 2025 at 2:00 PM for the fourth (4th) opening,
• October 15, 2025 at 2:00 PM for the fifth (5th) opening,
• November 15, 2025 at 2:00 PM for the sixth (6th) opening.

The public call will be open until funds are exhausted.

Publication of the public tender in Ur. l. RS no. 22/2025 of 4. 4. 2025:

• STS 2025 Public Tender
• STS 2025 Tender Documentation
• Special conditions for the STS 2025 tender
• Application questionnaire (form 4)
• Authorization criminal record (form 5)

• Before completing the application form, the applicant registers and creates a company profile
• If the applicant needs assistance in preparing the application, he can add an authorized person who is also registered on the Fund’s ePortal
• You can view the operation of the ePortal for submitting the application in the presentation video

• Application form with investors – ePortal
• Management strategy:
  • description of the investment strategy
  • description of experience in the field of investment,
  • a brief explanation of the reasons for the chosen investment strategy, and
  • anticipated exit strategy,
  • description of control procedures, prevention of money laundering and terrorist financing, risk management procedures.
• Application questionnaire (form 4) – a set of questions about the investment strategy, references, and management team. The introductory questionnaire systematically guides the applicant through key questions about the fund.
• Accounting statements of the management company – last submitted to the Agency of the Republic of Slovenia for Public Legal Records on unified forms for state statistics.
• Investment agreement, fund offering document together with any rules and articles of association or any other agreements or internal acts governing the relationship between the management company and investors in the fund.
• Plan for acquiring private investors, indication of existing investors, planned method of acquiring private investors, agreements regarding potential investors, with attached binding letters of intent.
• Organizational chart of the company, curriculum vitae with references of the leading staff and their contact information and employment contracts for key staff, if these contracts already exist.
• Authorization criminal record for STK managers (Form 5).

• (02) 234 12 61
• (02) 234 12 41
• via e-mail: lf@podjetniskisklad.si