- EBRD and ENEF II provide EUR 3.1 million expansion financing to a leading Serbian software developer
- This is the third ENEF II financing in the Western Balkans and the first in Serbia
- Financing to help Vega IT scale up and expand into new markets
The European Bank for Reconstruction and Development (the EBRD) and the Enterprise Expansion Fund II (ENEF II) are providing a EUR 3.1 million loan to Serbia’s leading software development company Vega IT. This financial support aims to bolster Vega IT’s expansion efforts and enhance its competitiveness in the global market.
Vega IT provides software development services to over 200 clients, including global companies such as Costa Coffee, Howden, and Erste Bank. Its journey from a local, small business to a regional player underscores its potential to significantly contribute to Serbia’s ICT ecosystem and the broader region's pool of IT expertise.
Vega IT will use the funds to open new development offices across the US, UK, and the Middle East and hire engineering and sales staff to meet the company’s operational needs. The transaction will enable Vega IT to continue providing quality IT systems to its international client base while boosting its productivity and governance structure.
The financing was signed in Belgrade, Serbia, at the formal launch of the ENEF II investment fund for high-growth SMEs and midcaps in the Western Balkans. The signing marks ENEF II’s third investment in Western Balkans companies and its debut investment in Serbia.
Matteo Colangeli, EBRD Regional Director for the Western Balkans, said: “We are pleased to sign this loan agreement with Vega IT, a company that has demonstrated remarkable growth in recent years. Fostering competitiveness and governance are core priorities for the EBRD in Serbia, and we are confident that this project will play a crucial role in enhancing the private sector’s capacity to attract new talent and add value.”
"We are thrilled to partner with EBRD and ENEF II in this exciting venture," said Ivana Kappenmann, Vega IT’s Chief Financial Officer. "This investment loan not only validates the strength of our business model and growth potential, but also empowers us to execute our strategic vision on a global scale. This financing will serve as a catalyst for the company's ambitious expansion plans, providing vital capital to support our initiatives in key markets around the world. With this financial backing, we are poised to accelerate our efforts in the USA, UK, Middle East, and Western Europe, driving innovation, creating jobs, and delivering value to our customers and stakeholders. We are grateful for EBRD's confidence in our company and look forward to a mutually rewarding partnership."
Advised by the EBRD, ENEF II is part of the EU’s Western Balkans Investment Framework and was created to provide market leaders in the Western Balkans with tailored finance, including equity, quasi-equity, and tailor-made debt financing to support their long-term growth and competitiveness.
The fund has raised EUR 71 million in capital commitments from its investors including, the EBRD, the EU, Italy’s Cassa Depositi e Prestiti (CDP), Germany’s Kreditanstalt für Wiederaufbau (KfW) and Banca Intesa, member of international Intesa Sanpaolo group, which joined the Fund recently.
The EBRD is a leading institutional investor in Serbia, investing more than €7.7 billion in the country to date. Its focus in Serbia is on private-sector development, improving public utilities and facilitating the country's transition to a green economy.