Croatia may be small on the map, but its technology sector punches far above its weight. A country of fewer than four million people has produced two unicorns, Europe’s most talked-about electric hypercar maker, and a growing bench of publicly traded technology firms on the Zagreb Stock Exchange (ZSE). In 2025, thirteen Croatian companies made Deloitte’s EMEA Technology Fast 500 ranking of the fastest-growing tech firms in Europe, the Middle East, and Africa — a record showing for the country and clear evidence that the Adriatic tech scene is no longer a curiosity but a genuine regional force.
In this guide, we rank the ten biggest tech companies in Croatia by market capitalization and, where companies are privately held, by their most recent credible valuations. We’ll look at what each company does, how it got here, and why it matters for investors, job seekers, and anyone watching Central and Eastern Europe’s digital economy.
How We Ranked These Companies (Methodology)
Before diving in, a note on transparency — because “market cap” means different things depending on whether a company is public or private:
- Publicly listed companies (Hrvatski Telekom, Končar, Ericsson Nikola Tesla, Span) are ranked by their approximate market capitalization on the Zagreb Stock Exchange. Share prices move daily, so treat all figures as indicative snapshots, not live quotes.
- Private companies (Rimac, Infobip, Infinum, Gideon Brothers) are ranked by their most recent publicly reported funding-round valuations or acquisition prices.
- We define “tech” broadly to include telecommunications, electrical engineering and energy technology, software, cloud services, and automotive technology — the sectors that make up the backbone of Croatia’s digital economy.
All figures are approximate and stated in euros or US dollars as originally reported. Always verify current market data on the ZSE or company investor-relations pages before making any financial decision. This article is for information only and is not investment advice.
Quick Comparison Table
| Rank | Company | Sector | Ownership | Approx. Market Cap / Valuation |
| 1 | Končar Group | Energy tech & electrical engineering | Public (ZSE) | €2B+ |
| 2 | Hrvatski Telekom | Telecommunications | Public (ZSE) | ~€2.4B |
| 3 | Rimac Group | EV & automotive technology | Private | ~€2.2B (2022 round) |
| 4 | Infobip | Cloud communications (CPaaS) | Private | $1B+ (unicorn) |
| 5 | Ericsson Nikola Tesla | ICT & network solutions | Public (ZSE) | ~€300–400M |
| 6 | Span | IT services & cloud | Public (ZSE) | ~€150–250M |
| 7 | Photomath | EdTech (acquired by Google) | Subsidiary | Undisclosed (est. $100M+) |
| 8 | Nanobit | Mobile gaming | Subsidiary (Stillfront) | ~$148M (2020 deal) |
| 9 | Infinum | Software development | Private | Est. €50–100M |
| 10 | Gideon Brothers | AI robotics | Private | Est. $50M+ |
Note: Rankings between #1 and #2 can flip depending on daily share-price movements, and private valuations reflect the date of the last disclosed transaction.
- Končar Group — Croatia’s Energy-Tech Powerhouse
Sector: Electrical engineering, energy technology, digital grid solutions Headquarters: Zagreb Listed: Zagreb Stock Exchange (KOEI)
Founded in 1921 and named after inventor and engineer Rade Končar, the Končar Group has undergone one of the most remarkable transformations on the Croatian capital market. Once viewed as a legacy industrial manufacturer, Končar has repositioned itself as an energy-transition technology company — producing power transformers, digital substations, rail electrification systems, wind-farm equipment, and smart-grid software.
That repositioning paid off spectacularly. As Europe races to modernize its electricity grids and expand renewable capacity, demand for transformers and grid technology has exploded, and Končar’s share price has been among the strongest performers on the ZSE. Its listed group entity and its separately traded subsidiary Končar D&ST (distribution and special transformers) have both attracted heavy investor interest, pushing the group’s combined market value past the €2 billion mark and, at various points, making it the most valuable company on the Zagreb exchange.
Why it matters: Končar proves that “tech” in Croatia isn’t just software. Hardware, energy, and industrial digitalization are driving some of the country’s biggest shareholder returns.
- Hrvatski Telekom — The Telecom Giant
Sector: Telecommunications, digital services Headquarters: Zagreb Listed: Zagreb Stock Exchange (HT)
Hrvatski Telekom (HT) is Croatia’s largest telecommunications operator and one of the two heavyweights of the Zagreb Stock Exchange. Founded in 1998 when Croatian Post and Telecommunications was split into separate postal and telecom entities, HT is majority-owned by Germany’s Deutsche Telekom, which holds roughly a 53.5% stake.
With its shares trading around €29–30 in mid-2026 and a market capitalization in the neighborhood of €2.4 billion, HT sits at the very top of the Croatian market alongside Končar. The company reported first-quarter 2026 revenue of about €272 million, up 1.6% year-on-year, with net income rising 12% to nearly €30 million — steady, dividend-friendly performance that has long made HT a staple of regional pension-fund portfolios. Its trailing dividend yield of around 4% underscores its role as an income stock.
Beyond connectivity, HT has invested heavily in 5G rollout, fiber-to-the-home expansion, cloud services, and ICT solutions for businesses, positioning itself as a digital-infrastructure company rather than a plain telephone operator.
Why it matters: HT is the closest thing Croatia has to a blue-chip tech stock — liquid, dividend-paying, and backed by one of Europe’s largest telecom groups.
- Rimac Group — The Hypercar Unicorn
Sector: Electric vehicles, battery systems, automotive technology Headquarters: Sveta Nedelja, near Zagreb Ownership: Private (backed by Porsche, Hyundai, SoftBank, Goldman Sachs)
No Croatian company has captured global imagination like Rimac. Founded in 2009 by Mate Rimac — famously starting in a garage with a converted BMW E30 — the company grew from a one-man EV experiment into a group valued at more than €2 billion following its 2022 Series D funding round of around €500 million, led by SoftBank and Goldman Sachs.
Rimac Group today spans two main pillars. Rimac Technology develops high-performance battery systems, powertrains, and electronics for major global carmakers. Bugatti Rimac — the joint venture with Porsche formed in 2021 — produces some of the most exclusive hypercars on the planet, including the all-electric Rimac Nevera, which has shattered multiple world speed records. The group has also branched into autonomous mobility with its Verne robotaxi project, developed with backing that includes EU funding and partnerships aimed at launching urban autonomous ride services.
Why it matters: Rimac is Croatia’s global calling card — proof that a deep-tech hardware company can be built from scratch in Zagreb’s suburbs and end up co-owning Bugatti.
- Infobip — Croatia’s First Unicorn
Sector: Cloud communications (CPaaS) Headquarters: Vodnjan, Istria Ownership: Private (backed by One Equity Partners)
Infobip became Croatia’s first unicorn in 2020 when a funding round led by One Equity Partners valued the company at over $1 billion. Founded in 2006 by Silvio Kutić, Roberto Kutić, and Izabel Jelenić in the small Istrian town of Vodnjan, Infobip built a global communications-platform-as-a-service (CPaaS) business that now connects businesses to billions of mobile users worldwide.
The platform powers omnichannel messaging — SMS, WhatsApp, Viber, RCS, email, voice, and chatbots — for banks, retailers, ride-hailing apps, and governments across more than 190 countries, with dozens of offices on six continents. Infobip has consistently ranked among the leaders in industry analyses of the global CPaaS market and has expanded into AI-powered customer engagement, fraud prevention, and conversational commerce.
Because Infobip remains private, its precise current valuation is not public, but with annual revenues reported well above the billion-euro mark, it is widely regarded as one of the most valuable technology companies ever built in Southeast Europe.
Why it matters: Infobip showed a generation of Croatian founders that you can build a global software giant from a small coastal town — without relocating to Silicon Valley.
- Ericsson Nikola Tesla — The ICT Veteran
Sector: Telecom equipment, ICT solutions, R&D Headquarters: Zagreb Listed: Zagreb Stock Exchange (ERNT)
Few companies embody Croatian engineering heritage like Ericsson Nikola Tesla. Founded in 1949 as a state-owned enterprise named after the legendary inventor, it became an Ericsson licensee in 1953 and a subsidiary of the Swedish telecom giant after privatization in 1994. Its shares trade on the regular market of the Zagreb Stock Exchange under the ticker ERNT-R-A.
Today the company is a major provider of telecommunications products, network solutions, and services across Central and Eastern Europe, with significant work in healthcare informatics (it built much of Croatia’s national e-health system), intelligent transportation, and enterprise digitalization. Crucially, its Zagreb and Split R&D centers employ thousands of engineers working on Ericsson’s global 5G and core-network portfolio, making it one of Croatia’s largest exporters of knowledge-based services. Around 60% of its sales historically come from exports.
Its market capitalization has typically hovered in the €300–400 million range, and the stock is prized by local investors for its long dividend history.
Why it matters: ERNT is the bridge between Croatia’s industrial past and its software future — a 75-year-old company that remains a top destination for engineering talent.
- Span — The Homegrown Cloud Champion
Sector: IT services, cloud, cybersecurity Headquarters: Zagreb Listed: Zagreb Stock Exchange (SPAN)
Span made history in 2021 as the first Croatian pure-play IT company to complete an IPO on the Zagreb Stock Exchange, and its listing was a watershed moment for the local tech ecosystem. Founded in 1993 by Nikola Dujmović, Span grew into one of Microsoft’s most important partners in the region, providing cloud migration, managed services, software development, and an increasingly prominent cybersecurity practice.
The company generates a majority of its revenue internationally and has expanded through offices across Europe and the United States. Since listing, Span’s market capitalization has generally ranged between roughly €150 million and €250 million depending on market conditions, making it one of the most-watched growth stocks on the ZSE and a bellwether for investor appetite in Croatian tech.
Why it matters: Span opened the door for Croatian tech companies to raise capital on their home exchange — a template others are expected to follow.
- Photomath — The EdTech Exit to Google
Sector: Education technology Origin: Zagreb Ownership: Acquired by Google (2023)
Photomath began as a demo app for text-recognition technology built by Croatian firm MicroBlink — and accidentally became one of the most downloaded education apps in the world. Point your phone’s camera at a math problem, and Photomath solves it step by step. The app surpassed 300 million downloads globally, dominating app-store education charts for years.
In 2023, Google completed its acquisition of Photomath for an undisclosed sum widely estimated in the hundreds of millions of dollars — the highest-profile exit in Croatian startup history. While no longer independently valued, the scale of its user base and the strategic price Google was willing to pay earn it a firm place among Croatia’s biggest tech success stories.
Why it matters: Photomath demonstrated that a consumer app built in Zagreb can win hundreds of millions of users worldwide — and attract Big Tech acquirers.
- Nanobit — The Mobile Gaming Studio
Sector: Mobile gaming Headquarters: Zagreb Ownership: Subsidiary of Stillfront Group
Founded in 2008 by Alan Sumina and Zoran Vučinić, Nanobit became Croatia’s leading mobile game developer, best known for lifestyle and narrative titles such as Hollywood Story and My Story: Choose Your Own Path, which racked up tens of millions of downloads.
In 2020, Swedish gaming group Stillfront acquired 78% of Nanobit in a deal valuing the transaction at approximately $148 million, with the remaining stake acquired subsequently. The exit stands as one of the largest in Croatian tech and turned Nanobit’s founders into prominent angel investors who now back the next wave of local startups.
Why it matters: Nanobit put Croatian gaming on the map and recycled capital and expertise back into the ecosystem — a classic sign of a maturing startup scene.
- Infinum — The Design-Driven Software House
Sector: Software design & development Headquarters: Zagreb Ownership: Private
Infinum, founded in 2005 by Tomislav Car and Matej Špoler, is one of the largest independent software agencies in Central and Eastern Europe, employing hundreds of engineers and designers across offices in Croatia, Slovenia, North Macedonia, the UK, and the United States. The company builds digital products — mobile apps, web platforms, and connected-device software — for clients ranging from global automotive brands to major financial institutions.
As a private, founder-owned company, Infinum has no public valuation; estimates based on headcount and revenue benchmarks for premium agencies place it plausibly in the €50–100 million range. Its influence, however, exceeds its balance sheet: Infinum runs academies that train new developers and has become a talent engine for the entire Croatian industry.
Why it matters: Services companies like Infinum are the quiet backbone of Croatia’s tech employment, training and exporting engineering talent at scale.
- Gideon Brothers — Robotics on the Rise
Sector: AI-powered autonomous robotics Headquarters: Osijek & Zagreb Ownership: Private (VC-backed)
Rounding out the list is Gideon (formerly Gideon Brothers), an Osijek-born robotics company co-founded by Matija Kopić that develops autonomous mobile robots for warehouses and logistics, powered by proprietary 3D vision and AI. In 2021, the company raised a $31 million Series A led by Koch Disruptive Technologies — one of the largest early-stage rounds ever for a Croatian startup — implying a valuation well north of that figure.
Gideon’s forklift-class robots are deployed with major logistics and retail customers in Europe and North America, positioning the company at the intersection of two megatrends: warehouse automation and AI-driven perception.
Why it matters: Gideon represents Croatia’s deep-tech future — venture-backed, hardware-plus-AI, and founded outside Zagreb, proving the ecosystem is spreading beyond the capital.
Honorable Mentions
Croatia’s bench runs deeper than ten names. Keep an eye on MicroBlink (computer vision and identity verification, the original parent of Photomath), Include (maker of Steora smart benches), CircuitMess (STEM education kits), Five (digital agency acquired by London-listed Endava), Serengeti and Comping (enterprise IT services), and Aircash (fintech), one of the region’s fastest-growing payment apps.
What’s Driving Croatia’s Tech Boom?
Several structural forces explain why this list keeps getting more valuable:
Talent density. Croatia’s engineering faculties in Zagreb, Split, and Osijek produce strong technical graduates, and success stories like Infobip and Rimac keep more of them at home.
The energy transition. Companies like Končar are riding a multi-decade European investment cycle in grids and renewables.
Capital-market maturity. Span’s IPO and the strong performance of ZSE-listed tech and industrial names have created a viable domestic path to public markets.
Recycled founder capital. Exits at Nanobit, Photomath, and Five turned founders into angel investors, seeding hundreds of new startups.
EU membership and eurozone entry. Croatia’s adoption of the euro in 2023 removed currency friction for investors and simplified cross-border business.
Frequently Asked Questions
What is the biggest tech company in Croatia? By stock-market value, the top spot is contested between Končar Group and Hrvatski Telekom, both valued above €2 billion. By private valuation, Rimac Group (~€2.2 billion) and Infobip ($1B+) lead among unlisted companies.
Does Croatia have any unicorns? Yes — two. Infobip became the first Croatian unicorn in 2020, and Rimac Group followed with a valuation above €2 billion in 2022.
Which Croatian tech companies can I invest in? Publicly traded options on the Zagreb Stock Exchange include Hrvatski Telekom (HT), Končar (KOEI), Končar D&ST, Ericsson Nikola Tesla (ERNT), and Span (SPAN). Rimac, Infobip, and Infinum remain private. Always do your own research or consult a licensed financial advisor before investing.
Is Croatia a good country for tech careers? Increasingly, yes. Salaries in tech are among the highest in the country, thirteen Croatian firms made Deloitte’s 2025 EMEA Fast 500 list, and companies like Ericsson Nikola Tesla, Infobip, and Infinum employ thousands of engineers.
Final Thoughts
Ten years ago, a list like this would have been dominated by a single telecom and a handful of state-linked industrials. Today, Croatia’s most valuable tech companies span hypercars, cloud messaging, energy technology, gaming, robotics, and education apps — a genuinely diversified ecosystem anchored by two unicorns and a rejuvenated stock exchange.
For investors, the ZSE offers rare exposure to Europe’s energy-transition and digitalization themes at valuations far below Western European peers. For founders and engineers, the message is even simpler: world-class technology companies can be — and are being — built in Croatia.
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