As Bernard Ivezic/Poslovni Dnevnik writes on the 29th of September, 2019, the 2018 annual report states that Mate Rimac's company has increased its investments to an enormous 106.7 million kuna, four times more than the year before. The level of investment offers some of the answers as to why Mate Rimac continues to do so well.

Mate Rimac, founder and CEO of the most famous Croatian startup Rimac Automobili, told Poslovni Dnevnik that he expects that in three to five years, his company will start to grow rapidly in terms of revenue. According to Business Croatia (Poslovna Hrvatska), Mate Rimac's now famous company has increased its revenue a more than impressive 7.5 times in the last five years. Last year, it amounted to 79.8 million kuna.

In addition, this week, the Croatian electric car maker was named the third fastest growing technology company in Europe, the Middle East and Africa by Deloitte, which also noted that it had experienced an increase of an amazing 361 percent.

"It's relatively easy to get on this list once, but this is our fourth year of being on it, which we're proud of, because it shows that we're able to sustain an upward trend in the long run," Rimac stated. He clarified that he also has a long-term strategy.

"Every year, we have significant growth, but our goal is to reach much more significant figures in five years, which is much more important to us than our previous financial results or the results in the next two to three years," Rimac said, adding that this year, his company has seen significant and quick growth.

As previously mentioned, the company's 2018 annual report states that Rimac Automobili has increased its investments to 106.7 million kuna, four times more than the year before.

"The development of a car takes 4-5 years, and just as long ago we started developing components for small-scale manufacturers such as Koenigsegg and Aston Martin, which means that these projects are now in series production," noted Mate Rimac.

He stated that in the past year, they have been transitioning from prototyping and small-scale production to large-scale production and the development and production of large series components for companies like Porsche and Hyundai.

Rimac says there are also more partner companies, but he can't mention them. This is similar to the agreement on cooperation with Pininfarina Cars which was signed off last September. It involves the development of a platform, propulsion components, batteries and other systems, and the job is worth a huge 80 million euros in total.

Make sure to follow our dedicated business and Made in Croatia pages for more information on Mate Rimac and much more.

As Morski/Iva Vlasimsky writes on the 25th of September, 2019, as part of the 2019 Rijeka Boat Show, which will take place this weekend, a new, interesting Croatian passenger ship called Taxi Cat will sail into Rijeka's port, which can drop guests off directly on the beach.

This is yet another success story from the shipping company ''Agena Marin'' from Biograd near Zadar, whose main purpose is short-haul transportation, such as taxi and excursion transportation, scuba diving, commercial fishing and public needs. This ten-metre-long catamaran can carry up to twelve passengers at a time, and since it doesn't require mooring, it can establish a hop on, hop off express transport line, save time and enrich the tourist offer by connecting coastal towns to previously inaccessible locations.

Mladen Peharda, the owner of Agena Marin, explained that the Croatian Taxi Cat allows passengers to be dropped off in a wide variety of places, and because of this, there's no time wasted in mooring, tying and untying the vessel.

The specific hull design and composite structure of the vessel, which deals easily with potentially turbulent waters and doesn't take so much of a hit from the waves, has provided Taxi Cat with a double benefit: for passengers, an incomparably more comfortable ride compared to similar boats in this category, and significant fuel savings for the owners.

The Croatian Taxi Cat was created in response to the growing needs of tourist destinations for better quality and more economical sea transport, and the fact that this is a very successful business model has been proven by the customers of this boat in Dalmatia, Istria and across the Adriatic sea in nearby Italy.

On the island of Korčula, for example, after acquiring Taxi Cat, the ''Memula'' company managed to raise the island's complete taxi boat service to a far higher level, offering a modern ''hop on and hop off'' mode for tourists and locals. Travellers have thus been given the option of purchasing one-day tickets, which allow for unlimited circular journeys.

''We have a regular timetable that is accurate to the minute and runs like a bus service does. Considering the limited parking spaces and other problems of communication of tourists during the season, Taxi Cat provides an additional opportunity to navigate through the Korčula archipelago, and the boat itself is extremely safe and comfortable to sail,'' said Memula's CEO Norbert Žaknić.

Otherwise, Agena Marin is known to the general public for its semiSUBMARINE glass-bottomed semi-submarine project, whose recognisable vessels have enriched tourist offer throughout the entire Adriatic, as well as in eleven attractive international destinations such as the Maldives, Seychelles, the Caribbean, and much closer to home in Greece and Italy.

Make sure to follow our dedicated travel and Made in Croatia pages for more information on getting around when in Croatia and Croatian innovation.

September 15, 2019 - A new community and emergency app made in Croatia brings emergency assistance from local community heroes - meet Heroes Nearby. 

I like simple things which offer simple solutions to everyday problems. Especially things which provide assistance to the needy and strengthen the sense of community. 

A new app made in Croatia was launched a few months ago, which I have only recently heard about, and it has the potential to help a lots of people in need at the touch of a button. Heroes Nearby is a simple connection between those in need and those in the area who are in a position to help. Rather than reinvent the wheel, here is how the app founders explain it:

Children and Parents

Do you feel worried when your child goes to school or training and back alone? Are you concerned about bullying? Are you afraid no one will be there to help your child out while you are not around?

By installing Heroes Nearby emergency app on your children’s smartphone you can improve their safety and have peace of mind. With this app your child can send a quick and discreet signal straight to your phone regarding a potential or real danger they may face.  SOS calls come with a location tracker, and can be simultaneously directed to an unlimited number of people: relatives, friends and neighbours, as well as to the appropriate authorities. You can also count on the help of Heroes – selfless people in your community that you may not know personally, but who are ready and willing to help.

Chronic Patients

Do you have heart problem, suffer from asthma, epilepsy or another chronic condition? Have you already experienced a severe allergic reaction that threatened your life? Are you concerned about being alone or with people who don’t know how to help during an episode?
In situations where every second matters, with the Heroes Nearby emergency app you are one click away from sending an SOS call which clearly describes the type of danger you are in and how you can be helped. Not only will you inform your family and the emergency medical services at the same time, this call can also go to the members of the Heroes Nearby Community that have the necessary medical skills and are located in your vicinity.

The Elderly, Disabled and Their Caretakers

Had a fall and unable to get up? Flooded home due to a burst pipe? Power blackout or other household emergency? For elderly people, those with disabilities, or anyone who lives alone, an everyday household emergency, even when not particularly dangerous, can be a traumatic experience.

Will the person in question remember to call someone at that moment? Will they be able to explain where they are and what happened to them?

With Heroes Nearby emergency app help is only a click away.  The person in distress will get an immediate response; who received the call and whether help is on its way.

Anyone Who Wants to Feel Safer

The world can be a dangerous place. Unforeseen situations, as well as little or big emergencies are a part of life and difficult to avoid.

Whether or not you have fears about physical assault, criminal activity or potential accidents, Heroes Nearby is an effective, fast and reliable tool that can improve your personal security.  The Heroes Nearby app features, combined with the Heroes Nearby Community at your disposal, significantly increases your chances of a favourable outcome in stressful and emergency situations wherever you are.

Do you live in an area where the crime rates are high? Is there the possibility of a break-in or assault at your home?

Become Someone's Hero!

Download the Heroes Nearby Emergency App and join the Heroes Nearby Community.

An elderly neighbor falls in the garden and can’t get up. A young woman is under attack in a dark city street. Urgent medical help is needed at the scene of a car crash. A couple of hikers get stuck on a mountain.

These, and similar situations, require people with an open heart; ready to help another human being in distress – a True Hero!

Our Heroes are people from all backgrounds and walks of life bound by selflessness, warm-heartedness and good character.

Be a hero and make your city a better, safer place to live. A place where people help and care for each other. Our everyday Heroes and stories of their heroics will be published on our blog and serve as an inspiration for others to step up.

As a Hero you can choose what type of calls you want to receive. Your risk level and type of emergency, or situation, that you are willing to respond to is up to you.

Of course, even the Hero can sometimes get into trouble and need the app to call for help. It is good to do good. Sign Up Today!

The Heroes Nearby app can be used in these situations to summon help, interrupt, and serve as a witness to criminal activity.

Learn more on the official Heroes Nearby website. 

As Morski/Jurica Gaspar writes on the 15th of September, 2019, a positive story from Croatia was proverbially penned recently by a talented Croatian team from the Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture in Split.

Five years ago, the Hydros Foundation launched an invitation to students around the world, inviting them to participate in an international environmental competition, aimed at creating the vessel of the future. The Croatian FESB Hydro team is now back from the international competition held between the 2nd of September and the 8th of September, 2019 in the Swiss city of Yverdon-les-Bains. Despite very strong competition from 10 university teams from 6 countries, the Croatian team achieved some remarkable results.

''Since 90 percent of the world's traded goods are shipped by sea, maritime transport is a major economic and environmental challenge. The quantity of goods has quadrupled since the 1970s, as shipping by sea is the cheapest means of transporting large quantities over long distances and connecting the continents.

Based on the distance travelled, the ship produces 58 times less CO2 per tonne travelled than an aircraft does. Considering this scale, shipping by sea is classified as the fifth largest source of atmospheric pollution in the world - but it can be made more efficient. Each individual percentage of fuel saved by the world's fleet represents an annual drop of 42 million tonnes of CO2 into the environment. The potential is huge,'' says the Hydrocontest-X project manager, Matej Dević, who explained the purpose of the competition recently held in Switzerland.

''The principle is simple: to sail as fast as possible, for as long as possible, all while consuming as little energy as possible.

Equipped with the same electric motor, the teams have a year to use their imaginations and come up with some innovative solutions on how to design the best prototypes possible. The only limitations are: mandatory maximum dimensions (2.5m x 2.5m x 2m) and battery power (7Ah).

The teams compete against each other in two categories that have been developed to align with industrial applications (but in reduced dimensions). These categories are:

Mass transport (container ships, tankers, bulk cargo) with a ballast of 200 kg. Light transport (pleasure boat, express boats for people etc.) with a load of 20 kg. The cargo is of standard dimensions, with a hollow rectangular section measuring 500 mm x 120 mm x 100 mm, and weighing 10 kg. In the transport of heavy cargo, it's necessary to transport 20 such cargoes and for the light category, 2 cargoes,'' explained Dević.

The Croatian team from FESB in Split have every right to be extremely proud of their excellent results. If, after college, they don't leave Croatia in search of work elsewhere, we can freely consider them as minds for the future of modern Croatian shipbuilding. Here are the more than impressive results of their efforts:

A place in the heavyweight category

A place in the lightweight category

A place in the category of heavyweight efficiency

A place in the place in the category of lightweight efficiency

''The boat we designed was designed solely for the heavyweight category, we entered the lightweight category purely for a laugh. Its dimensions are 3.55 m in length, 0.61 m in width, 0.45 m in height,'' explained the Croatian team.

From the very beginning, the Croatian team acted as a team of students of shipbuilding only, however, there was a need for developers, and subsequently two computer science students from Split's FESB joined the project. Ultimately, the team consisted of 12 shipbuilding students (with mostly 3 years of undergraduate study) and 2 computer science students (both with 2 years of undergraduate studies in computer science).

The team of Croatian students who participated in the project are as follows: Ante Buble, Duje Fržop, Luka Galić, Filip Raič, Milivoj Papec, Jure Bebic, Ines Tokić, Ela Kalinić, Karlo Vučić, Jure Penga, Mateo Sikirica, Jana Vojnović, Ana Puljić and Matej Dević. All of them worked under the mentorship of professors from the FESB Department of Naval Architecture.

''All of the professors assisted us in designing the project. Their advice greatly helped us in designing and building the boats for this competition. Professors: Dario Ban, Branko Blagojević, Josip Bašić, Boris Ljubenkov and Martina Andrun,'' Matej Dević noted..

''As far as finances were concerned, FESB covered the cost of accommodation during the competition for all students. At the tender of the University of Split in the second month, we reported the cost of materials needed for the project, however, out of the reported 35,000 kuna, we received only 13,000 kuna which, unfortunately, wasn't sufficient for the procurement of the materials and the construction of the ship, so we had to manage through other means through various sponsorships and donations. At the competition of the Student Union of the University of Split, we applied for travel expenses in the amount of 30,000 kuna, but we received 20,000 kuna. In the end, we were able to fund our participation in this competition.

Of course, it's necessary to emphasise the importance of our numerous sponsors and donors without whom this project would simply not have been possible. If it weren't for those good people who are willing to help us out as students, this project would have been difficult to complete,'' stated Dević.

Make sure to follow our dedicated Made in Croatia page for much more.

As Poslovni Dnevnik/Darko Bicak writes on the 13th of September, 2019, the responsibility of Franck's tasters and development team is very big, because they need to be able to decide whether to purchase a large amount of a certain type of coffee on the basis of a sample of a mere 300 to 500 grams of it.

Croats tend to prefer the so-called ''dark coffee'' aromas, dominated by chocolate, hazelnut and almond flavours, and per capita, coffee consumption in this country ranges from around 5.2 to 6 kilograms, while the EU average is 5.8 kilograms.

Franck is Croatia's oldest and largest roasting ''machine'' and currently boasts a processing capacity of between 20 and 80 tonnes per day, depending on the season and of course, the product structure.

As Franck's Zoran Škevin explained to Poslovni Dnevnik during a visit to the Zagreb factory, the capacity of receiving coffee is 10 tons per hour, and every day, Franck receive 4-6 units of coffee with an average of 26 tons of coffee per truck.

"We work with about 20 different coffees, and our raw materials come from countries around the equator. We keep an eye on what's happening on the market, and since coffee is a commodity, we have to balance it well with seasonality and price and quality, which is a very complex business,'' Škevin explained.

He added that Franck now has more than 170 different items in his portfolio, and 100 or so of them are coffee. Vesna Mihatov, who directs research, development and coffee supply at Franck, pointed out that the company has developed a total of 23 new products this year alone, including innovations such as Franck Coffee & GO.

There are also new Smart, Protein and Energy coffee beverages with the addition of functional ingredients including proteins, vitamins and minerals to respond to the growing trend of healthy eating and overall care for a more healthy lifestyle.

The Zagreb coffee factory pointed out that all of Franck's products are made from premium raw materials, with a strategic focus on innovation and a well-established team of experts in the research, development and procurement of coffee and its subsequent production. The coffee is unloaded every day at Franck's facilities in Zagreb in 60 kg bags. They explained that only raw materials with maximum positive properties are selected for the eventual production of coffees like Superior and others, or single-origin coffees such as Guatemala and Columbia.

The coffee arrives at Franck via various European ports from around 70 countries in the area located around the equator.

Once a sample is selected, the shipment is monitored all the time - during storage, before loading into the trucks at the port and before being shipped to Franck's silo for raw coffee. Given the fact that there is a fully automated production system, all these rigorous pre-controls are necessary to ensure the same, consistent quality of coffee throughout the entire journey. Raw coffee is purchased on a sample basis, and Master Cuppers, or tasters are responsible for checking its quality.

"Man and his senses are still irreplaceable, despite all the measuring instruments at our disposal. If the Master Cupper senses that a particular sample of coffee in the cup has negative characteristics, or if it lacks the fullness, aromaticity and richness of taste to be had, then that type is rejected, even if the results of the previous analyses are in accordance with the standards. The responsibility of the Master Cupper and the entire development team is very big, because on the basis of a sample of only 300 to 500 grams, they need to be able to make a decision on buying large quantities of that coffee, ot even over 50 tons of it,'' explained Vesna Mihatov.

The very process of "production" of coffee in Franck takes place so that the raw coffee, which has previously passed all the stringent tests, is unloaded onto the conveyor belt in the reception area and the receiving line capacity is 10 tons oer hour. This is followed by cleaning and the purified grains are transferred to silos, which have a total capacity of 1100 tonnes.

Make sure to follow our dedicated business and Made in Croatia pages for much more.

Klaudio Grginić found himself in the Croatian yacht business by accident, and employs some twenty people today. In addition to production, which takes place far from the coast in Zagreb, his company also has a charter fleet down in Dalmatia, in Biograd.

As Poslovni Dnevnik/Darko Bicak writes on the 12th of September, 2019, the fact that the Republic of Croatia boasts the largest charter fleet in the world has been widely known for several years. Although it is generally believed that these ships, be they motor boats, yachts or other types of sailboats, are of foreign origin, the reality is that a good part of them are made right here in Croatia.

One of the most popular yachts which is nine metres long and sails on the Adriatic is the Mirakul 30, which did not come from some "fashionable" shipyard in Italy, France or Germany, but is being manufactured at the foot of Sljeme in Zagreb's Markuševec, far from the sea.

Grginić Yachts is a family-owned company run by Klaudio Grginić today, and they have been operating yachts since back in 2004.

"We found ourselves in this business quite by accident. My grandfather opened a mechanical locksmith business back in the 1960s and his father expanded it with the production of funeral equipment. In early 2000, I decided to build two yachts with a friend, each with their own arrangement.

But at one point, my friend gave up and I then found myself in a dilemma of what to do now because I didn't really have much knowledge about these vessels, especially not about their construction. The luck of the accident was that at that time, a company that was engaged in the construction of boats failed in Zabok, and we hired several key people who had worked there and who also lived in our neighbourhood,'' recalls Grginić.

He adds, with a laugh, that although he didn't know it at the time, he later realised that one of the most famous global yacht factories, the Italian Ferretti, was created in the same way as Grginić Yachts, and that it somehow seemed that the funeral business had some sort of expansion into yacht building.

After developing the business a little bit, the economic crisis of 2009 hit the Croatian economy hard, which shook the company and it was only saved, rather morbidly perhaps, by the segment of the constant production of funeral equipment. But it was also an opportunity to turn more heavily to exports, and through specialised fairs, this Croatian yacht company managed to successfully reach new customers in Germany, Austria, Italy and Switzerland, and today, the Croatian-built Mirakul yachts sail the seas, rivers and lakes in those countries.

Today, the Grginić Group employs about twenty people, and for the needs of the showroom, a charter fleet was founded and is based in Biograd (Zadar) today, which boasts seven vessels from its own production. So far, more than 100 Croatian Mirakul 30 vessels have been delivered to the market, and since 2015, the production of both the larger and more luxurious Mirakul 40, which is 12 metres in length, has started.

Although it is thought that yachts are only for the world's wealthy elite, the fact that the new Mirakul 30 (which can accommodate 6-8 people) can be bought for less than 100 thousand euros, shows that the market is much wider than we tend to realise or accept. The more luxurious Mirakul 40 costs 250,000 euros or more, however.

Noting that it is a little strange that ships of this size are produced in continental Croatian territory, instead of somewhere along the coast, Grginić points out that out of about 70 small shipping companies operating in Croatia, fifty are located in Zagreb or within the Croatian capital's immediate area, and only about twenty are actually situated along the coast.

"We don't really have any competition because each of us is specialised in a niche of this business. Foreign manufacturers are also not our competitors, because their prices are much higher. Many end up in our Adriatic as well,'' said the owner of the Markuševec-based yacht company.

The lack of marinas and berths is a major obstacle to the stronger development of Croatian small shipbuilding.

"Many people, especially foreigners, would like to buy a boat here, especially a new Croatian one, but they don't bother with it all because they simply have no place to put it, and on average, they can only use it for sailing for up to several weeks a year," warned Grginić.

Make sure to follow our dedicated business and Made in Croatia pages for much more on Croatian companies, products and innovation.

This innovative Croatian woman works at night when she is the most creative, and makes bracelets, earrings... She sells them over the internet, and since summer, her jewellery has been on sale in her newly opened store in the popular Istrian city of Pula.

As Poslovni Dnevnik/Lucija Spiljak writes on the 10th of September, 2019, five years ago, Petra Fabian Kapov started making jewellery as a personal hobby, and today, she can boast of the success of her brand Mashna by Petra Fabian, which has become recognised worldwide, and as was described by tourists, the Queen of England herself would wear it.

The young entrepreneur who graduated in criminology and still works as a journalist at a major media outlet, first created jewellery for herself, her sister, her mother, and her friends as a hobby.

"When everyone was happy with it, I dared to offer it to others as well. The feeling that someone saw and recognised me was a great confirmation of my work. It was an opportunity that allowed a great number of new women to get to know Mashna," says Fabian Kapov.

As for the jewellery supply, she says, she is constantly changing it up, depending on the collection, but mostly they are necklaces and brooches because, as she adds, they also attract the most interest, and in slightly smaller production she offers bracelets, earrings, and headbands for children.

The prices vary, from one hundred kuna upwards, and depend solely on the type and quantity of materials and accessories. Thanks to social networking, this jewellery is not available only in Croatia but all over the world, and this summer, she opened a store in right in the very centre of her native city of Pula.

Special orders still run exclusively through social networks, calls and e-mails. The shop is mostly visited by foreigners, and this Croatian-made jewellery is worn by European women from Italy, Slovenia, Austria, Germany, and England, and a few American women.

"They also order it through social networks, right now a package is heading for New York and two are heading to Germany," the designer boasted. She makes the jewellery at home when everyone goes to sleep, because then, she says, her creativity awakens and she enjoys the peace and relaxation that the calmness of the night brings.

"I'm pleased with the reactions because I never expected that I'd ever make jewellery and that it would be sought-after; that I'd be praised and receive messages about how beautiful it looks," said Petra, who works with cosmetics companies, artists, associations and even with choirs.

"I'm proud of every product in my small workshop because a lot of effort, love and time is woven into it. If I'm not satisfied, then the product does not come out. I'm proud every time I see women wearing it," concluded Petra Fabian Kapov.

Make sure to follow our dedicated Made in Croatia page for much more on Croatian products and services.

Mate Rimac and his company Rimac Automobili are continuing to succeed in placing Croatia somewhere else on the map outside of the sunshine and sea bubble.

With his company having secured investment from the likes of Porsche, drawn the attention of Bugatti, and with him having drawn up a step by step plan to show the Croatian Government just how to actually attract investment and interest from the automotive industry, this unassuming man from Livno, Bosnia and Herzegovina, has become somewhat of a phenomenon. Rightly so.

His super cars, the C_One and C_Two, are admired across the world, and they're made right here in Croatia, in a factory in Sveta Nedelja near Zagreb. Not bad for a country which seems to want to do everything in its power to make it as difficult as possible for budding entrepreneurs, sending them instead abroad with a disdain for red tape to pitch their ideas and make their money.

As Poslovni Dnevnik writes on the 8th of September, 2019, Rimac Automobili has posted a video on the company's YouTube channel in which the safety of the beautiful new C_Two model is tested by the use of a popular crash test.

The video shows the C_Two prototype just before a frontal collision, but also a number of others, so it can be easily concluded that more than one of Rimac's vehicles has been ''sacrificed'' so far.

''Mate always says: This is a marathon, not a sprint race. The C_Two is undergoing a brutal crash test program and hundreds of other tests as part of its global approval. We decided to take you on this journey and show you everything. This is just a little glimpse into the future, stay tuned for more development-related content,'' the comment says in the YouTube video.

Watch the video here:

In an official statement, Rimac Automobili has stated that it will start production in 2020.

Make sure to follow our dedicated Made in Croatia pages for more information on Mate Rimac and his creations, and much more on Croatian companies, entrepreneurs, innovation and products.

Mate Rimac is one of the more famous and much more positive entrepreneurial stories from Croatia. While setting up a business here is no easy feat, regardless of what you're doing, Mate Rimac's inspiring story of a curious child-turned-adult who never gave up despite the infamous red tape of the Croatian state is enough to put a smile on anyone's face.

Echoing the great Nikola Tesla and having firmly placed Croatia on the map for something else other than tourism, sunshine and the Adriatic sea, Rimac's innovative ideas go from strength to strength. From incredible vehicles like the C_One and C_Two to Greyp bikes and more, this Croatian entrepreneur from Livno, Bosnia and Herzegovina, has been a light in the dark for potential investment from the automotive industry in Croatia.

Providing the Croatian Government with his step by step guide to attractive investment from an industry, such as the automotive one, which has all but bypassed Croatia for fear of the endless and draconian bureaucracy and dreadful investment stories, this extremely talented man never stops.

His company, (which isn't the famed Rimac Automobili this time) doesn't stop either, and it has now launched two more brand new e-bicycles onto the market.

As Poslovni Dnevnik/Goran Jungvirth writes on the 4th of September, 2019, at this year's EUROBIKE Friedrichshafen Show (September 4-7) Mate Rimac's company Greyp Bikes unveiled two new e-bikes.

''GreypG5 is finally out'', the company stated on social media, boasting that the e-bike was made up of some of the absolute best parts from the cycling world.

At the aforementioned German trade show, they also introduced a ''limited edition'' GreypG6X model that was ''made up of only the finest parts'', which include Öhlins forks and rear shock absorbers, carbon wheels and Magura brakes, as well as wireless seat positioning - Greyp's so-called  ''#smartass technology''.

"And they say there is no such thing as a #hyperbike ...", the company wrote sarcastically.

Watch a video of Rimac's Greyp Bikes here:

Make sure to follow our dedicated Made in Croatia page for more information on Mate Rimac's incredible business ventures and Croatian-made products.

The Croatian finals of the RBA competition brought together seven innovative startups.

As Bernard Ivezic/Poslovni Dnevnik writes on the 1st of September, 2019, the fastest growing Croatian startup, Electrocoin, has been in talks of an offer with largest cooperative bank in Austria and one of the largest banks in Southeast Europe, Raiffeisen Bank (RBA), to jointly launch a "cryptocurrency".

The successful Croatian startup presented its service, known as PayCek, the first Croatian payment processor for cryptocurrencies at the Croatian finals of the Elevator Lab Challenge, organised for the first time in Zagreb by RBA and Startit.

Vedran Vukelić of Electrocoin says that with PayCek, which has attracted more than 40 businesses in just three months, they now want to go one step further and make it a tool that will bring the market a new form of cash, the so-called, cash 2.0, thus replacing the need to carry paper kuna and coins.

“We have five years of experience in the crypto world, with an average of 30 million euros in annual revenue, 5,000 active users in more than 30 countries, we work with Croatian Post, Greyp, the Red Cross, leading POS players and now we want to introduce an e-wallet that would allow you to have kuna in electronic form on your mobile phone as opposed to carrying them in a wallet,'' said Vukelić.

He added that they need RBA because, although they will use crypto technologies, they must have a deposit in the bank for every kuna they issue to their PayCek e-wallet. Instead of operating their own bank and needing very costly licenses and complex regulatory approvals, Vukelić points out, they decided to look for a partner that is already part of that world and of its core business. Electrocoin grew 932 times to a massive 206.9 million kuna from 2015 to 2017, thanks to the cryptocurrency exchange service. Last year, according to Fina, it slowed its growth down to 207.7 million kuna.

"In order to issue a crypto kuna or eHRK and allow it to be paid everywhere, we need a bank. This means that users will not need a bank account to pay for eHRK, which will significantly simplify payments, and will also allow for some new services, such as having children receive pocket money directly on their mobile phones,'' says Vukelić, adding that they want to do this, as their previous services have been done, in collaboration with domestic regulators.

Seven startups gathered in the Croatian finals of the Elevator Lab Challenge in Zagreb. Nevenka Rangelov of Startit says she is very pleased with it all, given that RBA has never organised such competitions in Croatia before.

Make sure to follow our dedicated Made in Croatia and business pages for much more on Croatian innovation.