Tivoli Partners Research
Investment Thesis
Tivoli Partners (brand: Tivoli Ventures) is a Ljubljana-based venture capital manager whose stated mission is empowering entrepreneurs to create iconic companies in Slovenia and beyond by combining long-term capital, hands-on support and a global perspective. The firm says it targets high-growth potential in the heart of Europe and backs founders in Slovenia and the wider region, but its portfolio also includes companies headquartered in the UK and the US. Its pitch to founders stresses non-financial help alongside the check: operational expertise to scale efficiently, a strong network across the Slovenian and international startup ecosystems, and a structured evaluation process.
Stage Focus
The website lists the stage as Pre-Seed to Series A. The portfolio page labels individual holdings as Pre-Seed (Grashka), Seed (Notey, Fresh 32, Positive Food, Finmap), Series A (Bunny.net) and Angel (Mono, Modern Legal). Most activity sits at seed, with selective follow-on investment, for example the April 2026 follow-on in Intergalactic Foods Corp.
Check Size
No check size range is published. The fund is described as EUR 25M to EUR 50M in size, which implies initial checks in the low single-digit millions at most. The firm led a USD 3M seed round in Notey in September 2026. Check size fields are left empty because no figure is stated by the firm.
Lead Tendency
The site says the firm acts as lead or co-investor. It publicly describes leading Notey's seed round, so the lead tendency is recorded as both.
Recent Activity and Fund Status
- December 2025: the Tivoli Partners Fund and its manager secured Special Investment Fund (SIS) status, among the first Slovenian venture funds licensed under that framework. The status lets the fund onboard both professional and private investors.
- June 2025: awarded a EUR 5M commitment from the Slovene Enterprise Fund (SEF) under its early-stage growth capital programme.
- January and February 2026: pre-close completed, with five existing high-potential investments rolled into the fund. The initial portfolio spans technology, food and fintech.
- March 2026: first institutional investor welcomed. Investment in Modern Legal, a Slovenian legal tech company.
- April 2026: second close completed with fresh institutional and individual capital. Investment in Fresh 32 and a follow-on in Intergalactic Foods Corp.
- September 2026: led the USD 3M seed round in Notey.
The fund is in the fundraising and early deployment phase and is actively investing.
Portfolio Highlights
- Bunny.net (Series A): Slovenia-based, globally recognised content delivery network and edge infrastructure platform.
- Notey (Seed): AI-powered music education platform that turns practising a real instrument into a game.
- Fresh 32 (Seed): Slovenian consumer health company in oral care with a direct-to-consumer subscription model.
- Positive Food (Seed): US foodtech company selling fresh, high-protein grab-and-go meals. The related news item refers to Intergalactic Foods Corp.
- Finmap (Seed): UK-based financial management platform for small and medium-sized businesses.
- Grashka (Pre-Seed): Slovenian producer of organic, plant-based clean-label foods.
- Mono (Angel): open-source, high-performance networking hardware.
- Modern Legal (Angel): Slovenian legal tech with a verifiable case law search engine and AI tools.
Team
- Andraž Grahek, General Partner: 25 years in capital markets, growth equity and venture capital.
- Andraž Logar, General Partner: 20 years in venture and digital product building, President of the Slovenian Technological Forum.
- Katja Šteblaj, Managing Partner: 15 years in financial institutions, international and investment banking in the UK and USA.
- Matej Šimnic, Principal and Head of Research: 16 years in capital markets including venture capital.
- Tine Mlakar, CFA, Senior Analyst: 4 years in corporate finance including venture capital.
- Mateja Perenič, Risk Manager: financial risk and regulatory compliance.
Decision Process
Decision process is not published. A team of two general partners and a managing partner with a research function and a regulated risk function suggests a partnership model under SIS supervision.
Founder Preferences
The firm says it backs the boldest founders in the region and beyond, and favours companies with unicorn potential and award-winning innovation. Pitches are accepted by email at [email protected], so a warm introduction does not appear to be required.
Geographic Focus
Slovenia and beyond, with a base in Ljubljana. Portfolio companies are in Slovenia, the UK and the US.