Issuers: Alternative opportunities for raising capital


Progress market is a multilateral trading facility in Croatia and Slovenia, managed by the Zagreb Stock Exchange, for the realization of small and medium enterprises investment plans. It is one of the first SME Growth Markets registred within the EU.

The main characteristic of the Progress Market are lower transparency requirements for the issuers compared to the regulated market and, consequently, a higher associated risk of investing in financial instruments traded on the Progress Market. European Union finds that platforms like Progress are a desirable model for SME financing. The less restrictive legal framework facilitates access to capital required for growth and development.

The Progress Market is part of the development-oriented strategy of the Zagreb Stock Exchange, with a goal to create conditions for growth and development for companies in all stages of development. Easy access to capital facilitates SME growth, creating a positive environment for entrepreneurs, economic growth and employment.


September 2016 had seen the establishment of Funderbeam South-East Europe (Funderbeam SEE), a company with its registered office in Zagreb, in which the Zagreb Stock Exchange has a 20 % share and whose founding was supported by the European Bank for Reconstruction and Development through its Shareholders Special Fund.

Funderbeam is a global platform enabling start-ups to raise funding and investors to trade in their stakes after the initial investment phase thanks to an innovative system, based on blockchain technology. After the initial investment phase, stakes are traded via the Funderbeam trading platform thanks to an innovative system based on blockchain technology.