Access to finances


The Process


Present your idea to BAU team


Pitch your idea to BAU Investment Committee

Term Sheet

A document to be signed with a non-binding outline of general and non-exhaustive terms for a possible investment by BAU

Technical Evaluation

Assessment of the technological validity of the innovation/technology and/or the product/service of an applicant.

Investment Agreement

Document that regulates the rights and obligations of both parties arising from the agreed financing

We are open to support technology entrepreneurs, startups, spin-offs and scale-ups in North Macedonia, who operate in high growth – innovation related sectors. We are fairly agnostic, and love to explore investment opportunities in ICT, SaaS, Deep Tech, AI, Cleantech, Fintech, IOT, Cloud Services, Industry 4.0 Technologies, Digital Security, and other. In fact, we align our interests with the expertise of the technical faculties of Ss. Cyril and Methodius University (UKIM) in Skopje, including advanced R&D.


BAU manages a fund of about EUR 533,000 and provides tailored financing to best meet the specific needs of the start-up or early-stage company. The financing can be structured as equity, debt, or a combination of both instruments. We provide financing in two stages:

1. Seed Financing/Investment:

Up to EUR 25,000 for product design and development, market validation and/or early sales and revenue generation.

2. Follow-on Financing/Investment:

Up to EUR 75,000 for market development and/or sales and revenue growth. The type of financing, and its terms and conditions, will be tailored to fit the specific financial needs of a particular start-up and/or early-stage company, the company’s products and services, the stage of development, the sector, market, etc.

Our focus is on providing the most compelling post-investment support though tailored business acceleration program, which is specifically designed to address the startup’s particular needs. It consists of world-class mentorship, provided by our founders and their business networks, academic staff, and representatives of the United Macedonian Diaspora (UMD), and support in Business Development / Market Linkages and Fundraising.


We evaluate all startups and early stage companies based on the following criteria (in no particular order of importance): product, market, business model, team, and traction. In addition, all startups and early stage companies must comply with our eligibility criteria.

  • To be newly established SME’s, registered in the Central register of the Republic of Macedonia, in accordance with the provisions of the Law on Trade Companies and Law on Innovation.
  • To be owned by a person(s) and/or SME’s (with majority Macedonian ownership structure 50.1% or more) 
  • To develop a business based on innovation (In compliance with the provisions of the Innovation Law activity, "innovation" is the application of a new or significant improved product, technology, process or service, including technical specifications, components and materials, embedded software, customer orientation or other functional features, marketing method or new organizational method in operation, in organization of labor relations or relations of the legal entity with the environment.), with significant growth potential, and to be export-oriented and with significant teamwork capacity. 

BAU cannot invest in certain sectors so please check that your business does not engage in following activities. 

  1. Any production, trade or other activity, which is illegal under the laws or regulations of the home jurisdiction for such production, trade or activity.
  2. Tobacco and Distilled Alcoholic Beverages. The production of and trade in tobacco and distilled alcoholic beverages and related products.
  3. Production of and Trade in Weapons and Ammunition. Production of and Trade in Weapons and Ammunition.
  4. Casinos and equivalent enterprises.
  5. IT Sector Restrictions. Research, development or technical applications relating to electronic data, programs or solutions, which (i) aim specifically at:

Are related to:

  • Support any of the activities within the areas provided at articles 1, 2, 3, 4, 5, 6 or
  • Pornography;

which (ii) are intended to enable to illegally:

  • enter into electronic data networks; or
  • download electronic data.
  1. Life Science Research, development of technical applications relating to human cloning for research or therapeutic purposes; or Genetically Modified Organisms (“GMOs”). BAU is not allowed to make investments in the sectors above.



We launch open calls for investments several times per year. However, any startup/early stage company with great business potential does not have to wait for the call. You can approach us at any time to initiate the screening process at:

Alumni Community