Serbian company Vega IT has invested 200,000 euro ($225,300) to support the development of local video and image management start-up Publitio, investment fund ICT Hub Ventures said.
Vega IT invested in the startup to back Publitio in achieving its vision of becoming the leader in the field of storage, processing and serving of all kinds of media material, ICT Hub Ventures said in a statement on Thursday.
“We were thrilled with the founders of Publitio and their products. We believe that Nemanja and Vujadin, who are the founders of Publitio, can achieve incredible success with their business, and we will do our best to help them,” the founder of Vega IT, Sasa Popovic, said.
ICT Hub Venture and the Serbian state-run innovation fund have so far invested 30,000 euro and 80,000 euro in Publitio, respectively.
Publitio’s platform allows companies that develop web and mobile applications to store and process images and video files in a simple way without any programming. Publitio aims to simplify the use of cloud storage infrastructure through web and application programming interface (API) solutions.
ICT Hub Venture is the first private investment fund in Serbia that supports the development of regional technological startups at an early stage of investment with up to 50,000 euro.