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Dear readers,
At last week’s unlockit conference in Belgrade, we expected the familiar rhythm: panels about resilience, pitches about scale, and investors talking about capital. What we didn’t expect, though, was a quieter story. It was about how a small team in a modest office in the Serbian capital made disciplined decisions that contributed over time to something much bigger.
In this week’s edition, we unpack how Serbian mobile game studio Nordeus grew from bootstrapped beginnings in Belgrade to a global acquisition by Take-Two Interactive in a cash+stock deal of upfront $225M with additional earn-out potential bringing that to ~$378M. From the early days of their flagship game Top Eleven to the cultural architecture that allowed the company to scale, the story offers a more sober blueprint for founders in the region.
Garaza’s Milena Milic and IT Logs’ Bojan Stojkovski during unlockit
We also examine what still holds the Serbian ecosystem back, why bigger vision often matters more than short-term execution, and what “full founder commitment” actually looks like in practice.
Alongside that we feature a sharp Founder Take on whether speed or depth wins in 2026, fresh regional funding data, a €5 billion round reshaping the Eastern European narrative, renewed momentum in space tech, and quiet rumors about a new $30 million regional VC fund preparing to enter the regional market. And yes, we pretty much confirmed a rumor that we received about a well-known Serbian web3 founder launching his new startup soon, with a heavy pre-seed investment of about $3M by Inovo and Fifth Quarter Ventures.
Enjoy the read!
Bojan Stojkovski
Editor-in-Chief, IT Logs
The Serbian gaming studio that conquered the world
DSI’s Tanja Kuzman and Nordeus’ Branko Milutinović on stage during unlockit
Our highlight this week is Nordeus, a Belgrade-based mobile game studio that went from bootstrapped beginnings to being acquired by Take-Two Interactive, one of the largest gaming companies in the world. This was a story about how a deliberate, patient way, helped a small team turn a simple idea into a product embraced by hundreds of millions worldwide.
Founded by a group of friends with international experience, Nordeus launched Top Eleven, a football manager game, in a modest office in Belgrade. The team relied on careful reinvestment and internal discipline rather than outside funding. Branko Milutinović, Nordeus co-founder and CEO, recalled the early mindset: “We didn’t really think about revenue targets or valuations at first. The goal was always to make something that users are going to love and enjoy better than any competitor.”
Unlike many startups today, which often start by chasing funding, the founders focused on building a product and a team that could scale sustainably. Branko explained, “We already had a view of the world. That helped us design a team and a culture that could operate globally, even while being based in Belgrade.”
A key factor in Nordeus’s success was its approach to company culture. Young employees were given meaningful responsibility early, and mistakes were treated as learning opportunities rather than failures.
“Young people who are less experienced, but motivated and able to learn quickly can compete and even win against the more experienced, but less adaptable individuals. We gave young people ownership of products, and it worked. Those who weren’t a fit, we helped find the right place where they could thrive.” Branko explained, talking on the Unlockit scene.
Go global from day one
Top Eleven quickly expanded beyond Serbia, reaching more than 300 million registered users. In June 2021, Nordeus became part of Take-Two Interactive for $378 million, joining global franchises such as Grand Theft Auto and Red Dead Redemption.
For the team, the acquisition was both a financial success, and a validation that a Serbian company could compete internationally. Branko reflects, “In our business, what gives you power is the ability to generate big profit. Because you can reinvest this profit into trying to build the next big product.”
But having such success doesn’t guarantee a spill over, as the Serbian startup ecosystem still faces challenges. A 2024 Garaža report shows that while venture funding nearly doubled from the previous year, driven by a surge in angel investment - many startups remain focused on local markets, and inconsistent founder commitment remains a persistent obstacle.
unlockit conference
Rajko Radovanovic, investing partner at Andreessen Horowitz, has observed a recurring pattern among regional founders: “Oftentimes when founders pitch abroad, the feedback is that they need to give the bigger, broader, more exciting vision, versus the product they actually plan on building in the next six months. Obsession, hunger, and clear ambition are crucial.”
Branko’s experience aligns with this, as he emphasizes that technical skill alone is not enough. “Of course, nobody knows from the start if they’re going to succeed. But the goal, always and still is to build something that people love and enjoy more than what your competitor is making.”
Growth through experience
One important part of Nordeus’s journey was thinking beyond local markets. In turn, this shaped the product and the team’s marketing decisions, while giving employees ownership accelerated growth and retained talent. Additionally, bootstrapping reinforced discipline and long-term planning, ensuring that the company stayed true to its vision even when external funding was scarce.
Branko Milutinović during unlockit
Founders also had to evolve personally. Branko describes stepping away from the coding work he loved to focus on leadership and strategy. “I've been writing code since childhood, and I had to start to stop writing code about two and a half years into the business. I had to fully focus on hiring people that are much better at it, and for me, these were some of the hard moments.” he recalled.
Thus, learning remained central throughout the journey. “You either learn all the time or you become useless. Of course, we had not doubts, but moments of really hardship and kind of questioning whether we go left, or we go right, or when dealing with our KPIs for example.” he added.
While it's clear that Serbia has talent and ambition, scaling globally requires more than technical skill. Startups must complement innovation with business expertise, engage with international investors, and commit fully to their projects. With its example though, Nordeus proves that there is a roadmap and that with vision, discipline, and the right culture, globally successful companies can emerge from Serbia.
Branko’s final reflection reflected the essence of the story: “Focus on what you love, surround yourself with talented people, and never lose sight of the user. That’s what made Nordeus what it is today.”
unlockit conference
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Across the region…
Eastern European startups raised €3.6 billion across 1,034 deals in 2025, according to the latest Venture in Eastern Europe report. The data shows a market shifting toward fewer but larger funding rounds, with early-stage activity outpacing late-stage capital, highlighting a key challenge for regional growth. New sectors such as AI, defense tech, and deep tech are emerging, while standout founders behind companies like ElevenLabs, EnduroSat, and Spotawheel are increasingly competing on a global stage.
Romanian-founded Databricks closed a $5 billion funding round, with an additional $2 billion in debt capacity, valuing the data analytics company at $134 billion. The firm reported annualized revenue of over $5.4 billion for the January quarter, up 65% year over year, and said it is ready to pursue an IPO when market conditions are favorable.
Bulgarian software solutions company Stanga, part of the global ONE Technologies group, has officially acquired a 70% majority stake in U.S.-based Go Interactive. The deal follows more than a year of collaboration between the two firms and is aimed at strengthening Stanga’s position in the US market. Financial details of the transaction were not disclosed.
Stanga1’s managing director Filip Filibosyan
Space tech startup SatVu has closed a €35 million funding round to accelerate its multi-satellite constellation, bringing total equity funding to £60 million. Investors include NATO Innovation Fund, Czech fund Presto Tech Horizons, British Business Bank, and Space Frontiers Fund II (SPARX Asset Management). Two satellites are slated for launch in 2026, with three more already under contract.
Neobank Rizon has raised $2 million in pre-seed funding from Polish VC Market One Capital to expand global dollar banking access. The platform allows users to send, spend, and save US dollars worldwide, and the funding will support market expansion and user growth.
Rumor has it…
A major Polish VC fund has teamed up with a Serbian counterpart to back a new venture launched by a well-known Serbian founder, who already holds a stake in one of the country’s largest Web3 startups. Details remain scarce, but multiple sources have confirmed that the deal is very real and pretty much closed.
A new regional VC fund is on the horizon, with a mandate to invest $30 million in startups, primarily targeting companies from Croatia and Slovenia while also supporting the broader Western Balkans ecosystem.
Rumour has it that a quiet “clean-up” may be underway at Google’s Croatian office, though insiders suggest the story is more nuanced than the layoffs chatter implies.
The Founder take…
Marko Lazic, founder and CEO, Luccid Software
IT Logs: In 2026, what will help startups win faster: moving quickly or building something truly deep?
Marko Lazic: Building deep wins. Speed without direction is just hurtling into oblivion. If you don't know your customer, your market, or your problem, moving fast gets you nowhere faster. Find product-market fit first. Everything else follows.
IT Logs: Do you think AI-first startups will clearly beat those just adding AI on top in 2026?
AI-first has the edge. Traditional companies carry baggage. Legacy systems, internal politics, red tape. Bolting AI onto old software means fighting your own infrastructure. AI-first startups build without those constraints. They move lighter and adapt faster.
IT Logs: What will slow founders down most next year: hiring, fundraising, or regulation?
None of the above. What slows founders down is not finding customers. No product-market fit, no traction, no revenue. Once money starts coming in, hiring gets clearer, investors come to you, and regulation? Leave the EU and you've fixed it.
Upcoming events in the region…
Money Motion 2026 - March 11-12, Zagreb, Croatia
Adriatics Tech Summit 2026 - March 30 - April 1, Sarajevo, BiH
SaaStanak 2026 - May 25-27, Sibenik, Croatia
Southeast Europe AI Summit - May 28-29, Novi Sad, Serbia
