1. Who can apply for the Katalitik Co-investment Grant Program?
Companies registered in Serbia (micro or small enterprises, up to 10 years old), majority-owned by the founding team entrepreneurs and using AI technology in their solutions, are eligible to apply. They must not have an active agreement with the Innovation Fund (except under the GovTech, ExpoTech and Innovation Voucher programs). For a detailed eligibility criteria check the Program manual.
2. What is the maximum amount of grant funding a company can receive through this program?
The maximum amount per company is RSD 24 million in the form of a co-investment grant, which must be matched by at least equal amount of external investment capital.
3. What is the maximum total amount of grant funding a company can receive from all Innovation Fund programs?
The total amount of grant received from the Innovation Fund cannot exceed EUR 1 million.
4. Is there a maximum amount of previously raised investment by the company that would prevent them from applying for this program?
Companies that raised more than EUR 1M in equity investments in the past period are not eligible for this program.
5. Does a company need to have an investor before applying?
The application must include a term sheet signed by the investor or an already concluded investment agreement.
6. Who is considered a qualified investor?
Innovation Fund will do a due diligence to qualify every investor that is part of an application. Qualified investors include all typical early-stage investors such as angel investors, venture capital (VC) and private equity (PE) funds, family offices/funds, and corporations, subject to prior verification by the Innovation Fund.
All investors must register through a special registration link. The application on behalf of the investor cannot be submitted by the applicant—only the investor, as part of the investment round, can do so.
7. What is the minimum required investment amount?
The minimum investment amount (i.e., investment round) that must be secured is EUR 50,000. More than one investor can be part of an investment round.
8. When is the grant disbursed?
The grant is disbursed upon signing the financing agreement with the Innovation Fund, and upon providing a proof that the investment is disbursed to the bank account of the company. Investment must be disbursed in FIAT – crypto payments will not be accepted by the Innovation Fund as an acceptable method of payment.
9. How long can the project implementation and grant spending last?
The grant is paid in two or three equal quarterly installments, depending on the company’s project duration, which can be either 6 or 9 months.
10. Can a company apply if it has previously received funding from the Fund?
Yes, as long as the application is for a new AI solution that meets the criteria and the cumulative funding from all Innovation Fund programs, including this one, does not exceed EUR 1 million.
11. What happens if the investor does not pass the Fund's due diligence?
Innovation Fund will not co-invest with investors who don’t pass its due diligence procedure.
12. Is investment in a related foreign legal entity allowed?
Yes, but the applicant must be a Serbian entity. The investment may be directed toward a related foreign entity if a legal connection exists (e.g., parent/subsidiary company).
13. What are the eligible costs that can be funded by the grant?
Salaries, product development, business development, sales and marketing, operational costs, and rent, provided they are incurred during the project duration. For a detailed list of ineligible costs, refer to the Program Manual.
14. Which costs are not eligible?
Interest expenses, VAT, purchase of land or real estate, entertainment, recruitment, travel, used equipment, etc. For a full list of ineligible costs, refer to the Program Manual.
15. What does the application process look like?
Applications are submitted via the online portal. The application form must include a business and AI solution description, as well as a signed term sheet or investment agreement.
16. How long does the mentoring support last?
Approximately 50 hours of mentoring support per project during the implementation period.
17. What kind of AI solution is eligible?
Solutions must be at least at the prototype stage, already in use or ready for integration into business operations, and must go beyond generic “off-the-shelf” solutions. The Investment Committee will substantially assess the AI solution and evaluate it accordingly.
18. What does the evaluation process look like?
Evaluation takes place in 4 steps:
- Administrative and eligibility check;
- Environmental, social, and ethical assessment;
- AI risk assessment;
- Business evaluation and technical interview with the Investment Committee.
19. Is the AI risk assessment mandatory?
Yes. All applicants undergo an AI risk assessment, which includes risk classification and, if necessary, mitigation measures for solutions categorized as moderate or high-risk.
20. Who makes the final decision on approval?
The Investment Committee makes the decision based on the submitted documentation and the online interview, determining whether the application meets the grant requirements. The Chairman of the board of the Innovation Fund formally approves the decision of the Investment Committee.
21. Are there specific criteria in the final evaluation stage?
Yes, the evaluation is based on the following five criteria:
- Team Competence
- Scalability Potential
- AI Innovation
- Market Impact
- Investment Structure
Each criterion is scored on a scale from 1 to 5, where 1 is the lowest and 5 the highest. The maximum total score is 25. To be considered for approval, the application must achieve at least 60% (i.e. 15 points) of the total possible score and an average score above 2 for each individual criterion.
22. Can the grant be used for costs incurred before the contract is signed?
Only expenses incurred during the official project implementation period, as defined in the agreement with the Fund and in accordance with the Program Manual, are eligible. Costs incurred before or after the implementation period will not be accepted by the Innovation Fund.
23. How often can applications be submitted?
The program operates on a rolling basis with cut-off dates published every 3–4 months while the program is active and funding is available.
The first cut-off date is September 5, 2025, until the end of the day.
If a company is rejected in the final evaluation stage by the Investment Committee, it may reapply one more time with essentially the same project.
24. Can the applicant file the objection to the evaluation outcome?
Yes, the applicant can file the objection and submit it via email to katalitik@inovacionifond.rs within 8 business days of receiving the eligibility check outcome or the final evaluation decision by the Investment Committee.
A response by the Innovation Fund will be provided within 8 business days.
Appeals must be written in English and not exceed 500 words.