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SEAF Macedonia II Fund

SEAF, building upon the success of the SEAF Macedonia I Fund, launched the Macedonia II Fund in July 2014 to invest in growing, job-creating businesses


The Fund’s objective is to promote political and economic stability through equity financing and business assistance to growth-oriented small and medium enterprises (SMEs). More specifically, the Macedonia II Fund seeks to achieve long-term capital growth by making direct equity and quasi-equity (mezzanine) investments in individual portfolio companies in the Republic of North Macedonia. The Fund was launched in partnership with Macedonia2025, a group of successful North Macedonian Diaspora committed to improving the entrepreneurial environment, economic development, and education in North Macedonia.

Committed Capital


million dollars

Fund Term


years from first close plus 1+1

Investment Period


years from first close

Deal Size

500k - 1.5

million dollars

Investment Strategy

  • The Fund seeks to address the significant gap that exists in risk capital financing available to SMEs in North Macedonia. 
  • The Fund strategy is to provide early-stage and expansion capital to growth-oriented companies across a variety of sectors, providing investors with a diversified portfolio of investments designed to profit from Macedonia’s growth.
  • Consistent with its prior experience in North Macedonia, SEAF has identified a range of attractive, largely domestic-demand driven sectors for investment with potential for strong domestic growth and potential regional scale. Targeted sectors include agribusiness, light manufacturing, consumer goods, information and communications technology (ICT), and clean and efficient energy tech. SEAF will also invest in domestic companies providing products or services to an increasing number of multinational enterprises (MNEs).
  • As with all SEAF funds, SEAF actively partners with portfolio company management to improve financial controls, corporate governance, marketing, human resources management and operational efficiency—business operations which, in SEAF’s experience, are generally underdeveloped in most early-stage companies, yet vital to scaling growth.

Investment Thesis

  • In 1999, SEAF launched its Macedonia I Fund as the first risk capital fund in the country with the objective of investing in SMEs. Despite the investment period taking place during an internal conflict in the country, the fund provided adequate returns. Since then, gains on investments were redeployed into a local CEED center and a follow-on regional fund, the SEAF South Balkan Fund. By collaborating with CEED, SEAF’s non-profit subsidiary, the fund is able to source investment opportunities in an efficient manner while CEED provides over 600 entrepreneurs with deep insight into North Macedonia’s economy and enterprises.
  • As an upper-middle-income country, North Macedonia has made noteworthy efforts in reforming its economy over the last decade. The country has focused been on increasing competitiveness, fostering a favorable environment for local businesses, and creating more and better jobs, and encompassing the entire population in future growth.
  • In 2014, while Central and Eastern Europe were slow to recover from the 2008 crisis, North Macedonia emerged as one of the more promising economies.  The country achieved an annual GDP growth rate of 3.2% for the final quarter of 2013, bolstered by its service sector and textile industries.  The SME sector, in particular, is vital to the economy as it comprises more than approximately 98% of all the active companies in the country and is regarded as a driving force of the overall economic activity, according to Macedonian State Statistics Center.
  • With high unemployment still hampering further advancement of the economy, it is vital that SMEs in North Macedonia are supported through financial and advisory means in order to decrease joblessness and, in turn, increase spending.
  • SEAF’s continued presence in North Macedonia, and the Balkans in general, demonstrate the commitment to the Region and the belief in the growth potential of SMEs, and provide the investment experience and personnel needed for continued investment and development in 2020 and beyond.
SEAF Macedonia Placeholder
SEAF Macedonia

Region: Central & Eastern Europe

Location(s): Republic of North Macedonia

Start Date: March 2014

Status: Post-Investment

Committed Capital: EUR 3.65m

Investor(s): Diaspora Investors and SEAF

Managing Director: Dejan Kalinikov

Local Team

Dejan Kalinikov - Managing Director - Skopje

Dejan Kalinikov
Managing Director

Dejan is a Managing Director of SEAF North Macedonia and Managing Director of SPMG Capital, a North Macedonian fund management company managing two private equity funds, SIF and MIF. He has more than 10 years of experience with SEAF in the region, realizing a number of investments and exits. His previous professional engagement of more than ten years includes positions of COO and BOD member in the telecom operator One (member of Telecom Slovenia Group), and various positions in Lucent Technologies, Macedonian Business Resource Center and several IT companies in North Macedonia. Dejan is an ex-officio member of the BOD of AmCham Macedonia (he served as a President of the BOD in the past), and member of the BOD of the Institute of Directors. He was a member of the Listing Committee of the Macedonian Stock Exchange, the National Committee for Entrepreneurship and Innovation, the National IT Committee and a member of the task force creating the National Strategy for Information Society in Macedonia. Dejan has an MBA degree with focus on strategy and finance from Emory University in Atlanta, GA, USA and a BSc degree in Electrical Engineering with focus on Computer Sciences from UKIM, North Macedonia.

Tanja Veljkovic - Vice President - Skopje

Tatjana Veljkovic
Vice President

Tatjana Veljkovic is a Vice President at the SEAF office in North Macedonia, working in the areas of both pre- and post-investment activities. She is a financial consultant specialized in liquidity management with more than 20 years’ work experience in the area of accounting and finance. Her previous experience includes working as a financial consultant for start-up companies, CFO at the second largest telecommunications provider in the country and a state advisor at the vice prime minister’s office of the Government of the Republic of North Macedonia in charge of economic affairs. She holds a degree in business economics from the University St. Cyril and Methodius in Skopje, Republic of North Macedonia.

Viktor Meshkov - Skopje

Viktor Meshkov
Vice President

Viktor Meshkov joined SEAF in 2009 as a Vice President in North Macedonia. During his time with SEAF, Viktor has acquired substantial experience investing in micro, small and middle market companies. His responsibilities comprise presentation of the available funds to interested parties, seeking appropriate investment opportunities, due diligence, value adding to portfolio companies/investees, financial modeling, performance monitoring and management advisory services. Prior to joining SEAF, he worked as an external auditor at PricewaterhouseCoopers (PwC) on audit and advisory engagements in various industries domestically and abroad. Viktor holds a B.A. in Auditing and Accounting from the University St. Cyril and Methodius and an Executive MBA (with distinction) from the University of Sheffield, U.K. He is also an Association of Chartered Certified Accountants candidate, having completed the fundamental level of exams, and has obtained certification as a Project Management Professional (PMP) issued by the Project Management Institute, USA.

Maja Zafirovska - Skopje

Maja Zafirovska

Maja Zafirovska joined SEAF as an investment analyst in North Macedonia in 2008. During her time with SEAF, she has taken part in various projects, assisting in seeking potential investment candidates, conducting due diligence and working on various financial models. Prior to joining SEAF, Maja worked in the finance and administration department of Teknox Machinery, the Caterpillar branch office in Skopje. Maja holds a BS degree in Food Processing from the Faculty of Food Technology, University of St. Cyril and Methodius.