Southeast Europe
Serbia and Southeast Europe
We are headquartered in Belgrade because of what is happening here, not in spite of it. This page explains the market as we read it, and what we are building in it.
The market
Serbia’s technology sector stopped being an emerging story some time ago. ICT services exports reached a record level in 2025 — around ten times the 2012 figure — and the sector is now the country’s largest net exporter. Roughly 115,000 people work in it, across more than 4,000 companies, contributing an estimated 7–8% of GDP.
The supporting infrastructure has caught up. Serbia joined the Single Euro Payments Area in 2025 and has entered the European Digital Innovation Hubs network, and Belgrade has become a regional centre for fintech and deep tech alongside its established engineering base.
- €4.55bn ICT services exports, 2025
- 115,000 people employed in the sector
- 4,000+ companies
- 7–8% Share of GDP
Sources: Statistical Office of the Republic of Serbia; National Bank of Serbia balance-of-payments data.
The gap we are addressing
There is a structural feature of this market that gets less attention than the export figures. A significant share of the final profit and long-term ownership created here sits outside the country — in global growth funds and foreign multinational parents. Serbia has become an outstanding place to build a technology business and a difficult place to keep one.
Closing that gap requires locally anchored equity: owners who are present, who hold for long periods, and whose returns are reinvested in the region rather than repatriated out of it. That is the position Boxwood is taking.
Boxwood Beograd
Boxwood Beograd is our platform in Serbia. It invests in high-technology businesses in the local market and works on the infrastructure and conditions those businesses need to grow — access to capital, access to operators and carriers, and access to people who have built companies at scale before.
It is not a portfolio company. It is how Boxwood operates in this region.
For founders in the region
If you are building a technology business in Serbia or the wider Western Balkans and you are looking for a shareholder rather than a fund, write to us. Our office is in Belgrade, and we are not working to a deadline.