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Fil Rouge Capital (FRC) is a venture capital firm based in Luxembourg, founded in 2014. The firm focuses on early-stage investments, particularly in pre-seed, seed, and Series A funding rounds. FRC has established a significant presence in South-Eastern Europe, particularly in Croatia, where it aims to support startups through various funding stages. The firm operates with an investment philosophy that is locally rooted yet globally oriented, allowing it to identify and nurture innovative companies.
As of now, Fil Rouge Capital manages an AUM of €100 million and has invested in 171 companies, demonstrating a robust portfolio. The firm has supported 290 founders, showcasing its commitment to fostering entrepreneurship in the region. Notable milestones include the successful exits of unicorns such as GrubMarket and DocPlanner, which have achieved valuations exceeding $2 billion.
Fil Rouge Capital is headquartered in Zagreb, Croatia, and has a diverse LP base that includes both local and international investors. The firm continues to expand its reach and influence in the startup ecosystem, providing essential resources and support to early-stage companies.
Fil Rouge Capital invests in a wide array of sectors, including SaaS, fintech, AI, logistics, IoT, and commerce. The firm is particularly focused on early-stage companies, providing funding amounts ranging from €10,000 for its startup school initiatives to €3 million for follow-on investments. This flexible funding approach allows Fil Rouge Capital to cater to a diverse range of startups at different stages of development.
The firm prioritizes disruptive innovations and is agnostic regarding industry, with the exception of alcohol, gambling, and tobacco. Fil Rouge Capital's investment strategy emphasizes supporting tech startups in South-Eastern Europe, especially in Croatia. The firm looks for founders who demonstrate strong potential and innovative ideas that can scale globally.
Fil Rouge Capital's investment thesis is centered around identifying and nurturing early-stage tech startups that can leverage technology to create significant market impact. The firm actively seeks opportunities in sectors that are poised for growth and transformation, ensuring that its portfolio remains diverse and forward-looking.
Fil Rouge Capital has built a diverse portfolio of 171 companies, showcasing its commitment to early-stage investments across various sectors. Notable portfolio companies include:
In addition to these companies, Fil Rouge Capital has achieved notable exits with unicorns such as GrubMarket and DocPlanner, highlighting its ability to identify and support high-potential startups.
Julien Coustaury: Partner at Fil Rouge Capital, Julien has extensive experience in venture capital and has led numerous successful investments in early-stage tech startups.
Roger Blott: Partner with a strong background in finance and investment management, Roger focuses on identifying high-potential startups in various sectors.
Aleš Pustovrh: Partner known for his expertise in technology and innovation, Aleš plays a key role in evaluating investment opportunities.
Sonja Žigić: Accelerator Program & Marketing, Sonja oversees the firm's accelerator initiatives, providing support and mentorship to startups.
Ana Bognar: Operations, Ana manages the operational aspects of the firm, ensuring smooth processes and effective communication.
Tihana Vujčić: Principal, Tihana focuses on sourcing and evaluating new investment opportunities, leveraging her background in tech.
Stevica Kuharski: Partner with a focus on early-stage investments, Stevica has a strong track record in supporting startups.
Mili Ibrulj: Partner, Mili brings a wealth of experience in venture capital and startup development.
Matei Dumitrescu: Venture Partner Romania, Matei specializes in identifying investment opportunities in the Romanian market.
Biserka Domazet: Office Manager, Biserka ensures the firm's operations run smoothly and efficiently.
Fil Rouge Capital prefers pitches to be submitted through their online application portal, which can be accessed here. Founders should include a comprehensive deck that outlines their business model, market analysis, and team background. The firm typically responds to applications within a few weeks, and they appreciate warm introductions from mutual connections.
Fil Rouge Capital offers several programs designed to support early-stage startups:
These programs are designed to help startups navigate their growth phases and achieve their business objectives.
In recent months, Fil Rouge Capital has continued to expand its portfolio, with notable investments in companies such as Lebesgue and Native Teams. The firm remains active in the South-Eastern European region, focusing on early-stage tech startups.
Fil Rouge Capital has also celebrated significant milestones, including the successful exits of unicorns GrubMarket and DocPlanner, both of which have achieved valuations exceeding $2 billion. These exits underscore the firm's ability to identify and support high-potential startups.
As of 2026, Fil Rouge Capital maintains a strong presence in the venture capital landscape, actively deploying capital and supporting founders across various sectors.
What are Fil Rouge Capital's investment criteria?
Fil Rouge Capital focuses on early-stage tech startups, particularly in South-Eastern Europe. The firm invests in sectors such as SaaS, fintech, AI, logistics, IoT, and commerce. They prioritize disruptive innovations and typically invest between €10,000 and €3 million.
How can I apply or pitch to Fil Rouge Capital?
Founders can submit their pitch through the application portal available at this link. The firm encourages detailed presentations that outline the business model, market potential, and team background.
What makes Fil Rouge Capital different from other venture capital firms?
Fil Rouge Capital has a strong focus on South-Eastern Europe, particularly Croatia, and emphasizes a locally rooted yet globally oriented investment philosophy. The firm supports its portfolio companies with tailored mentorship and access to a network of investors.
What is the geographic scope of Fil Rouge Capital's investments?
The firm primarily invests in North America and Europe, with a particular emphasis on South-Eastern Europe. This geographic focus allows them to tap into emerging markets and innovative startups.
What is Fil Rouge Capital's post-investment involvement like?
Fil Rouge Capital actively engages with its portfolio companies through mentorship and support programs. They offer resources such as the Accelerate Program and Grow Program, which provide funding and strategic guidance tailored to the needs of startups.
What is the typical check size for investments?
Fil Rouge Capital typically invests between €10,000 and €3 million, depending on the stage of the startup and the specific funding needs. This range allows them to support both very early-stage companies and those looking for follow-on investments.
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