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Top 50 Startup Investors in Bulgaria (August 2026)

The most active venture capital funds and angel investors investing in Bulgaria startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Bulgaria startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Eleven Ventures
VC Fund
85 Bulgaria, United States, United Kingdom Seed, Convertible Note, Pre-Seed Software, SaaS, Information Technology $27k–$2.7M
LAUNCHub Ventures
VC Fund
40 Bulgaria, United Kingdom, United States Seed, Series A, Pre-Seed Software, Artificial Intelligence, SaaS $55k–$59M
New Vision 3
VC Fund
21 Bulgaria, Italy, Croatia Seed, Pre-Seed, Venture - Series Unknown Software, Payments, Financial Services $108k–$3.4M
Vitosha Venture Partners
VC Fund
17 Bulgaria, United States, United Kingdom Pre-Seed, Seed Software, Marketplace, Information Technology
Impetus Capital
VC Fund
15 Bulgaria, United States, India Seed, Pre-Seed Information Technology, Software, SaaS $121k–$3M
Speedinvest
VC Fund
8 United Kingdom, Germany, Austria Seed, Series A, Pre-Seed Software, FinTech, Financial Services $713k–$33M
MFG Invest
VC Fund
7 Bulgaria, United Kingdom, France Seed, Pre-Seed, Venture - Series Unknown Software, Information Technology, FinTech $110k–$6.8M
Hristo Hristov
Angel
7 Bulgaria, Ireland, Romania Seed, Pre-Seed, Angel Software, E-Commerce, Internet $725k–$1.2M
SeedBlink
VC Fund
6 Romania, United States, United Kingdom Seed, Pre-Seed, Series A Software, SaaS, Information Technology $137k–$35M
Zoran Arsovski
Angel
6 Bulgaria, Turkey, United States Seed, Angel, Pre-Seed Software, FinTech, Internet $204k–$6.9M
Neo Gravity
VC Fund
5 Bulgaria Seed, Pre-Seed Pet, Craft Beer, Veterinary
Morningside Hill Capital Management
VC Fund
5 Bulgaria, China Seed Software, Information Technology, AgTech $1.1M–$4.4M
Sofia Angels Ventures
VC Fund
5 Bulgaria, United Kingdom, Germany Seed, Pre-Seed, Series A Software, Information Technology, Artificial Intelligence $108k–$11M
Georgi Petrov
Angel
4 Bulgaria, United States, Croatia Pre-Seed, Angel, Seed SaaS, Software, E-Commerce $300k–$875k
Bulgarian Development Bank
VC Fund
4 Bulgaria Seed, Pre-Seed, Debt Financing Finance, Software, Health Care $1.1M–$2.7M
BrightCap Ventures
VC Fund
4 United States, Bulgaria, United Kingdom Seed, Pre-Seed Software, Artificial Intelligence, SaaS $212k–$6M
Daniel Tomov
Angel
3 Bulgaria, United Kingdom, Malta Seed, Pre-Seed, Series B FinTech, Software, Small and Medium Businesses $27k–$6.9M
Denis Gorbunov
Angel
3 Bulgaria Seed Internet, Marketing, E-Commerce $529k–$1.5M
Cherry Ventures
VC Fund
3 Germany, United Kingdom, United States Seed, Series A, Series B Software, Information Technology, Financial Services $2M–$117M
Petr Baron
Angel
3 Bulgaria, Ukraine Seed FinTech, Finance, Internet $529k–$1.5M
European Bank for Reconstruction and Development
VC Fund
3 Turkey, Egypt, Ukraine Debt Financing, Post-IPO Debt, Private Equity Financial Services, Banking, Energy $5M–$320M
BlackPeak Capital
VC Fund
3 Bulgaria, United States, France Private Equity, Series B, Seed Manufacturing, Leisure, Software $464k–$50M
North Base Media
VC Fund
3 United States, India, Vietnam Seed, Series A, Series B Digital Media, Advertising, News $75k–$23M
Pressian Karakostov
Angel
3 Bulgaria, United Kingdom Seed, Pre-Seed Software, B2B, SaaS $529k–$2.5M
SquareOne Venture Capital
VC Fund
3 Germany, United States, Poland Seed, Series A, Series B Software, Artificial Intelligence, SaaS $1.4M–$30M
Silverline Capital
VC Fund
3 Bulgaria, Norway, United States Venture - Series Unknown, Series A Machine Learning, Artificial Intelligence, Retail $2.8M–$27M
Danish Chaudhry
Angel
3 United States, Bulgaria, India Seed, Pre-Seed, Venture - Series Unknown Blockchain, Cryptocurrency, Web3 $1.5M–$10M
HR Capital
VC Fund
3 Bulgaria Seed, Venture - Series Unknown E-Commerce, Information Technology, SaaS $292k–$1.2M
Mihail Stoychev
Angel
3 Bulgaria Seed, Angel, Pre-Seed SaaS, Apps, Shipping
Svetozar Georgiev
Angel
3 United Kingdom, Bulgaria, Greece Seed, Pre-Seed, Angel Software, SaaS, FinTech $110k–$3.3M
Skynet Trading
VC Fund
3 Singapore, United States, Bulgaria Seed, Venture - Series Unknown, Series A Blockchain, Cryptocurrency, FinTech $1.5M–$15M
Georgi Brashnarov
Angel
2 Bulgaria Seed $529k–$1.5M
Openfund
VC Fund
2 Greece, United Kingdom, United States Seed, Series A, Pre-Seed Software, Travel, E-Commerce $55k–$5M
AU21 Capital
VC Fund
2 United States, Singapore, India Seed, Initial Coin Offering Blockchain, Cryptocurrency, Gaming $1.1M–$14M
PostScriptum Ventures
VC Fund
2 Bulgaria, Germany, United States Private Equity, Seed, Angel Software, B2B, SaaS
Valeri Petrov
Angel
2 Germany, Bulgaria, United States Seed, Angel, Pre-Seed Health Care, SaaS, Human Resources $265k–$2.3M
Michael Gutsmann
Angel
2 Bulgaria Seed, Convertible Note Farming, Livestock, Agriculture
Magnus Capital
VC Fund
2 United States, India, United Kingdom Seed, Initial Coin Offering Blockchain, Cryptocurrency, Gaming $1.3M–$34M
3TS Capital Partners
VC Fund
2 United States, Romania, Poland Series A, Seed Software, Internet, SaaS $719k–$12M
European Investment Bank
VC Fund
2 France, Germany, The Netherlands Debt Financing, Post-IPO Debt Biotechnology, Health Care, Energy $16M–$726M
Emil Tabakov
Angel
2 Bulgaria Angel, Pre-Seed SaaS, Software, Venture Capital
NEVEQ
VC Fund
2 Bulgaria, Argentina Seed, Series A SaaS, Mobile, Analytics $1.1M–$2.3M
Freigeist Capital
VC Fund
2 Germany, The Netherlands, Bulgaria Seed, Series A, Pre-Seed Software, Food and Beverage, SaaS $549k–$21M
HV Capital
VC Fund
2 Germany, United Kingdom, United States Series A, Seed, Series B E-Commerce, Software, Internet $1.6M–$80M
Thomas Peruzzi
Angel
2 Bulgaria Seed, Convertible Note Farming, Livestock, Agriculture
Marco Houwen
Angel
2 Bulgaria Seed, Convertible Note Farming, Livestock, Agriculture
Xavier Buck
Angel
2 Bulgaria, Luxembourg Seed, Angel, Convertible Note SaaS, Farming, Software
Zee Prime Capital
VC Fund
2 United States, United Kingdom, Singapore Seed, Series A Blockchain, Cryptocurrency, Information Technology $2M–$43M
Ascensive Assets
VC Fund
2 United States, Singapore, Philippines Seed, Venture - Series Unknown Blockchain, Cryptocurrency, Gaming $1.2M–$10M
Georgi Atanasov
Angel
2 Bulgaria Angel, Pre-Seed SaaS, Software, Venture Capital
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822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

Eleven Ventures
VC Fund · Sofia, Grad Sofiya, Bulgaria · 85 investments in Bulgaria startups

We empower local heroes to build global success. Eleven is an early-stage VC investing in technology companies in Southeast Europe.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Seed, Convertible Note, Pre-Seed
  • Geography: Bulgaria, United States, United Kingdom

Investor stats

  • Total investments: 149
  • Round size: Seed $27k–$2.7M; Pre-Seed $219k–$1.1M; Convertible Note $27k–$121k
  • Lead/follow: 39% lead, 61% follow
  • Last fund: Likely still investing — raised $68M in 2022

Portfolio highlights

  • Flataway.ai — Flataway - the home of subscription living. Live & work from anywhere in a trusted proffessionally managed accomodation.
  • nFuse.ai — nFuse scales your B2B sales with AI. Up to 30% revenue uplift, $1 per order processing cost, live in 30 days. No new apps, no behavior change.
  • Blue Longevity — Blue Longevity is a supplier of longevity medicine that offers evidence-based, individualized, and integrated approaches to improve longevity and encourage good aging. It uses digital coaching in conjunction with state-of-the-art diagnostics, lifestyle medicine, and regenerative therapies to develop customized workout, stress-reduction, and dietplans.
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LAUNCHub Ventures
VC Fund · Sofia, Grad Sofiya, Bulgaria · 40 investments in Bulgaria startups

Seed-stage VC fund for Central and Eastern Europe. 90+ companies backed.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Bulgaria, United Kingdom, United States

Investor stats

  • Total investments: 149
  • Round size: Seed $55k–$3.5M; Pre-Seed $183k–$2.8M; Series A $2.9M–$59M
  • Lead/follow: 19% lead, 81% follow
  • Last fund: May invest from a new fund soon — raised $82M in 2021

Portfolio highlights

  • nFuse.ai — nFuse scales your B2B sales with AI. Up to 30% revenue uplift, $1 per order processing cost, live in 30 days. No new apps, no behavior change.
  • OfficeRnD — OfficeRnD helps flex space operators and hybrid teams manage the workplace of the future. Book your demo or start a free 14-day trial.
  • Nanogram — Nanogram is an AI-powered gaming startup that creates an instant prompt-to-game platform, allowing anyone to build and share interactive short-form video games. Frequently described as "TikTok for mobile games," the company delivers an endless, vertical social feed of byte-sized, zero-download games that players swipe through and playinstantly.
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New Vision 3
VC Fund · Sofia, Grad Sofiya, Bulgaria · 21 investments in Bulgaria startups

New Vision 3 is an Early-stage Venture Capital fund.

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Investment focus

  • Industry: Software, Payments, Financial Services
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Bulgaria, Italy, Croatia

Investor stats

  • Total investments: 27
  • Round size: Seed $217k–$3.4M; Pre-Seed $108k–$605k; Venture - Series Unknown $1.4M–$2.8M
  • Lead/follow: 85% lead, 15% follow

Portfolio highlights

  • ELando — eLando is an IT services company that offers cyber security, cloud solution, consulting, mobile solution, and software engineering services.
  • QuarkXR — The Next Gen Compression and Streaming Technology! QuarkXR is an ultra-fast software solution that provides low-latency wireless transmission. It runs the heavy processes on the GPU, and is hardware-agnostic.
  • 365 Data Science — 365 Data Science offers data science, machine learning, and AI training to help you land your dream career. Learn ChatGPT, Python, Excel, Tableau, Power BI, and more.
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Vitosha Venture Partners
VC Fund · Sofia, Grad Sofiya, Bulgaria · 17 investments in Bulgaria startups, 10 in the past 12 months

Vitosha is a EUR 26m early-stage VC fund investing in innovative businesses in Bulgaria

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Investment focus

  • Industry: Software, Marketplace, Information Technology
  • Stage:Pre-Seed, Seed
  • Geography: Bulgaria, United States, United Kingdom

Investor stats

  • Total investments: 24
  • Lead/follow: no public data

Portfolio highlights

  • SoCyber — SoCyber provides services in the field of Information and Communication Technology, specializing in Cybersecurity services. The main business lines are security as a service, penetration testing, vulnerability assessment, and IT audits. After being a successful service company for several years, SoCyber developed a holistic vulnerability managementsolution "Kikimora.io" that makes the vulnerability management process centralised, transparent and easy to follow and understand. It enables companies to prioritise the remediation of vulnerabilities and address their security issues in a timely manner. The solution saves companies time and money by eliminating the need for repeated security testing that shows the same vulnerabilities.
  • Vodoraslo — Vodoraslo believes that everyone deserves better air quality, so by mixing innovation, design, and nature, we can create multiple positive impact solutions.
  • AIOT Cloud — Enabling businesses to be energy efficient while optimizing costs
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Impetus Capital
VC Fund · Sofia, Grad Sofiya, Bulgaria · 15 investments in Bulgaria startups

Early stage venture capital fund partnering with founders at Seed and Series A stage. We are not simply the next investor who sends you money and shows up at board meetings. Our team seeks to empower you throughout your journey with actionable, game-changing support.

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Investment focus

  • Industry: Information Technology, Software, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Bulgaria, United States, India

Investor stats

  • Total investments: 25
  • Round size: Seed $121k–$3M; Pre-Seed $163k–$1.8M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: May invest from a new fund soon — raised $1.4M in 2019

Portfolio highlights

  • GlycanAge — The only biological age test that accurately measures your unique response to life changes. Discover your biological age and make lifestyle improvements!
  • Tiger Technology — Turn storage into competitive advantage with Tiger Bridge. Cut costs 60%, improve utilization 10X, seamless cloud extension without changing workflows.
  • Crackle Technologies — Crackle Technologies is a vibrant digital publisher ecosystem which is essential for a healthy and useful internet.
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Speedinvest
VC Fund · Vienna, Wien, Austria · 8 investments in Bulgaria startups

Speedinvest is a globally active European venture capital firm built on a simple belief: many move more. From six offices across EMEA, our sector-focused investment teams back relentless founders from pre–Seed to Growth with long-term conviction, providing day-one access to our global network of corporate customers, experts, industry leaders, andtop-tier follow-on investors to scale smarter and faster. Building lasting companies like Bitpanda (Austria), Moove (Nigeria), Gigs (U.S.), Tide (UK), ARX Robotics (Germany), Wayflyer (Ireland), GoStudent (Austria), Seqera Labs (Spain), and Cylib (Germany) — together. Big ideas may start with one. But scaling and winning take The Power of More.

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Investment focus

  • Industry: Software, FinTech, Financial Services
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United Kingdom, Germany, Austria

Investor stats

  • Total investments: 603
  • Round size: Seed $1M–$8M; Pre-Seed $713k–$3.8M; Series A $4.1M–$33M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: Likely still investing — raised $384M in 2022

Portfolio highlights

  • Findery — Find and leave notes anywhere in the world, discover local knowledge, hidden secrets, and exciting stories. Share your travel knowledge, geoblog, or local news!
  • Facility — Flexkeeping is a Hotel Operations Platform designed to help teams automate and collaborate like never before.
  • Polaron — Material Design. Supercharged with AI.
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MFG Invest
VC Fund · Sofia, Grad Sofiya, Bulgaria · 7 investments in Bulgaria startups

MFG Invest was established by a group of angel investors with the goal of financing venture capital.

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Investment focus

  • Industry: Software, Information Technology, FinTech
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Bulgaria, United Kingdom, France

Investor stats

  • Total investments: 20
  • Round size: Seed $549k–$6.8M; Pre-Seed $110k–$901k; Venture - Series Unknown $485k–$2.2M
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • Paypercut — Paypercut is a fintech startup that allows small and mid-scaled merchants to offer Buy Now, Pay Later at checkout via a single integration.
  • Native Teams — Hire anyone, anywhere with Native Teams. Use EOR and PEO services to employ global talent or get compliant employment as a freelancer.
  • Tiger Technology — Turn storage into competitive advantage with Tiger Bridge. Cut costs 60%, improve utilization 10X, seamless cloud extension without changing workflows.
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Hristo Hristov
Angel · Sofia, Grad Sofiya, Bulgaria · 7 investments in Bulgaria startups

Hristo Hristov - Chief Executive Officer @ DarikNews.bg

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Investment focus

  • Industry: Software, E-Commerce, Internet
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Bulgaria, Ireland, Romania

Investor stats

  • Total investments: 10
  • Round size: Seed $725k–$1.2M
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • ONDO Smart Farming Solutions — Precise drip irrigation management and control, precise plant nutrition and climate control for various crops - ONDO Smart Farming solutions.
  • Releva — Releva predicts customer lifetime value, personalizes every touchpoint, and automates across email, SMS, WhatsApp, push, web, and app. 250+ B2C brands, 15+ countries. 80% prediction accuracy, 7.7x CLV.
  • Biodit Global Technology JSC — Biodit Global Technology is a tech company that specializes in development of state-of-the-art biometric security systems.BIODIT means innovation, comfort, design but above all, it means the highest level of SECURITY. Endless areas of application - healthcare industry, business and office centers, commercial and residential buildings,hospitality, banking and automotive industries.The areas of application of our unique biometric technology for access control, time attendance monitoring and management of operations, just to name a few, are endless - healthcare industry, business and office centres, commercial and residential buildings, hospitality industry, university centres, banking industry, automotive industry, security companies etc.
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Zoran Arsovski
Angel · Sofia, Grad Sofiya, Bulgaria · 6 investments in Bulgaria startups

Zoran and his team focus on Digital Marketing Consulting for B2B growth-stage companies supported by the leading technology VC funds.

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Investment focus

  • Industry: Software, FinTech, Internet
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Bulgaria, Turkey, United States

Investor stats

  • Total investments: 11
  • Round size: Seed $870k–$6.9M; Angel $204k–$430k; Pre-Seed $660k–$901k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Magfi — A search engine that analyzes communities into WhatsApp, Telegram, and Discord with AI, ML, and NLP and places ads with micro-targeting.
  • Visibilio — At Visibilio, we are at the forefront of a seismic shift in how companies connect with their clients. Our mission is simple: to empower companies, organizations, and individuals to seamlessly create, repurpose, and distribute meaningful content—turning their audiences into loyal clients. We believe that building your own audience shouldn’t be hardor expensive, and is much more efficient compared to buying it from platforms like Google/Facebook.Who We AreVisibilio was founded by a team of experienced professionals: Alexei Lazarov, former editor-in-chief of Bulgaria’s leading business media Capital; Zoran Arsovski, a marketing professional, entrepreneur, and investor; and Stoyan Kondev, a skilled software developer and BPM consultant. Together, they bring a unique blend of editorial expertise, business acumen, and technological innovation to drive transformative change.What We Do (And Why)Visibilio builds an AI-powered agentic workforce that transforms the way content is created and distributed. With our swarms and constelations of AI agents, telling interesting stories and building loyal audiences is no longer time-consuming or costly. We believe that the way people consume information and how businesses connect with clients is undergoing a profound transformation. In the coming years, it will be essential for companies to think like publishers—creating consistent, meaningful content, building their own audiences, and converting them into loyal customers.At Visibilio, we are developing the tools to make this shift seamless, helping businesses save time, effort, and resources while staying ahead in an evolving digital landscape.
  • Native Teams — Hire anyone, anywhere with Native Teams. Use EOR and PEO services to employ global talent or get compliant employment as a freelancer.
Show all investments...

Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

Browse database — It's Free!
Neo Gravity
VC Fund · Sofia, Grad Sofiya, Bulgaria · 5 investments in Bulgaria startups

Neo Gravity is the 4th successive investment fund of serial entrepreneurs active in Southeast Europe since 2005.Investment strategy is to build increasing stakes in high-end consumer goods & services providers and in personal mobility. Investee companies and targets may be based in SEE but operate on a global scaleRapid digitalization ofthe global economy, convergence of EM economies to Western standards and spread of the pandemic have changed the purchasing behavior of the connected consumer.

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Investment focus

  • Industry: Pet, Craft Beer, Veterinary
  • Stage:Seed, Pre-Seed
  • Geography: Bulgaria

Investor stats

  • Total investments: 6
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • DoggoCollar — DoggoCollar is a smart dog collar that tracks dogs’ location, activity, temperature and health.
  • Share a Scoot — Avoid traffic and parking. The service is entirely online without any additional hassle - directly through your smart phone with all operational systems We take care of the energy, the service, the insurance, the helmets and everything else.
  • Cheese the Queen — CHEESE THE QUEEN'S VISION IS TO BE THE NUMBER ONE CHOICE OF CONSCIOUS CONSUMERS IN SEARCH OF THE DELIGHT OF A HEALTHY AND TASTY PALATE. IN PURSUIT OF OUR VISION, WE ARE DEDICATED TO CREATE A SIGNATORY PRODUCT LINE THAT OFFERS INSPIRATIONAL AND NUTRITION-RICH TASTE EXPERIENCE. OUR COMMITMENT TO THE OVERALL WELLNESS OF THE EARTH AND ALL OF ITSINHABITANTS IS MANIFESTED IN OUR CHOOSING OF PLANT-BASEDFOOD TO CREATE OUR PORTFOLIO; ALONG WITH OUR WAYS OF PRODUCTION CENTERED AROUND RESPONSIBILITY AND EFFICIENCY, AND OUR SOURCING AROUND SUSTAINABILITY.
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Morningside Hill Capital Management
VC Fund · Sofia, Grad Sofiya, Bulgaria · 5 investments in Bulgaria startups

Private investment partnership

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Investment focus

  • Industry: Software, Information Technology, AgTech
  • Stage:Seed
  • Geography: Bulgaria, China

Investor stats

  • Total investments: 6
  • Round size: Seed $1.1M–$4.4M
  • Lead/follow: 83% lead, 17% follow

Portfolio highlights

  • nPloy — Simply set your filters and get matched with your dream job! Let top employers apply for you & connect with them via chat or a video call.
  • Yoga Llama — Experience yoga anytime, anywhere with Yoga Llama, a mobile app that combines artificial intelligence and augmented reality to enhance your practice.
  • Zhongke Jiahe — Zhongke Jiahe develops compilation technology and aspires to build a universal, low-cost, high-performance fundamental software tool chain.
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Sofia Angels Ventures
VC Fund · Sofia, Grad Sofiya, Bulgaria · 5 investments in Bulgaria startups

Agri supply chain tech and finance solutions.World best visual search platformImproving transportation industry via advanced technology and

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Bulgaria, United Kingdom, Germany

Investor stats

  • Total investments: 22
  • Round size: Seed $657k–$2.9M; Pre-Seed $108k–$901k; Series A $9.8M–$11M
  • Lead/follow: 32% lead, 68% follow

Portfolio highlights

  • Ogre AI — Ogre AI is a data science company specializing in machine learning and artificial intelligence solutions
  • Fabrico SaaS — Fabrico is a cloud-based CMMS, which manages all the maintenance processes in a production plant by integrating end-to-end maintenance strategies in a lean way.
  • Blue Longevity — Blue Longevity is a supplier of longevity medicine that offers evidence-based, individualized, and integrated approaches to improve longevity and encourage good aging. It uses digital coaching in conjunction with state-of-the-art diagnostics, lifestyle medicine, and regenerative therapies to develop customized workout, stress-reduction, and dietplans.
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Georgi Petrov
Angel · 4 investments in Bulgaria startups

CEO and Co-Founder of UXIFY. Co-Founder of NitroPack (exited to WP Engine in 2024) and SMSBump (exited to Yotpo in 2020).

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Investment focus

  • Industry: SaaS, Software, E-Commerce
  • Stage:Pre-Seed, Angel, Seed
  • Geography: Bulgaria, United States, Croatia

Investor stats

  • Total investments: 7
  • Round size: Pre-Seed $300k–$875k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • GoAudience — GoAudience is the marketing intelligence platform that helps e-commerce brands find and convert high-intent buyers using exclusive spending data from 220M consumers.
  • Pricemind — Track competitor prices with AI-powered price intelligence software. Monitor e-commerce pricing, get dynamic pricing recommendations, and boost profit margins.
  • Recommend — Spot real-time trends and turn them into content in minutes.
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Bulgarian Development Bank
VC Fund · Sofia, Grad Sofiya, Bulgaria · 4 investments in Bulgaria startups

Bulgarian Development Bank (BDB) is a financial institution 99.9%-owned by the Bulgarian state. It was established in 1999 as the Encouragement Bank with main focus to support small and medium-sized enterprises. BDB is among the top four Bulgarian banks in terms of credit rating, rated "BBB" with a positive outlook by Fitch Ratings. It isthe only Bulgarian bank to provide direct financing as well as financing via other credit institutions. BDB is the best-positioned local bank to raise funds from international partners. Its subsidiaries are the National Guarantee Fund, which issues guarantees for bank loans to the non-financial sector; the Micro Financing Institution Jobs, which provide financing to SMEs and start-ups; the Capital Investments Fund as well as the BDB Leasing and BDB Factoring.

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Investment focus

  • Industry: Finance, Software, Health Care
  • Stage:Seed, Pre-Seed, Debt Financing
  • Geography: Bulgaria

Investor stats

  • Total investments: 4
  • Round size: Seed $1.1M–$2.7M
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Quendoo — Next generation hotel optimization software. A suite of hospitality tools to increase revenue and growth for hotels of all sizes.
  • MedLease — MedLease specializes in financing solutions for healthcare SMEs, young healthcare professionals and patients. Doctors, partnering clinics and MedLease all share the same end customer – the patient. The company strives to achieve synergy via helping young professionals improve their qualification, financing smaller clinics purchase modern machinesfor treatment/diagnostics and provide the patients with reliable and transparent socially responsible healthcare financing solutions. MedLease believes that this synergy based business model provides trickle down effects that benefits and improves the quality of life of the end customer.
  • Evrotrust — Best way to prove who you are and agree to anything, anywhere. Fully legal, secure and personal. Our mobile first eIDAS solution allows: eID, eSign, eTimestamp, eSeal, eDelivery with the highest status – qualified
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BrightCap Ventures
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 4 investments in Bulgaria startups, 6 in the past 12 months

BrightCap Ventures is an early-stage VC fund based in Sofia. We invest in inspiring global founders who leverage local engineering talent, helping them succeed with our entrepreneurial experience and extensive global network.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: United States, Bulgaria, United Kingdom

Investor stats

  • Total investments: 34
  • Round size: Seed $970k–$6M; Pre-Seed $212k–$2.6M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: May invest from a new fund soon — raised $29M in 2018

Portfolio highlights

  • Paypercut — Paypercut is a fintech startup that allows small and mid-scaled merchants to offer Buy Now, Pay Later at checkout via a single integration.
  • Deep Infra — Deep Infra offers cost-effective, scalable, easy-to-deploy, and production-ready machine-learning models and infrastructures for deep-learning models.
  • Self Inspection — Self Inspection provides an AI-powered platform for comprehensive vehicle inspections, covering exterior, interior, tire, and mechanical assessments. With customizable workflows, advanced damage recognition, and expert-reviewed reports, it offers accurate repair estimates and diagnostic results, enhancing transparency and efficiency for automotive professionals in industries like leasing, rentals, marketplaces auctions, and repossessions. Easily accessible via a user-friendly interface, the solution ensures seamless integration and management for all vehicle inspection needs.
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Daniel Tomov
Angel · Sofia, Grad Sofiya, Bulgaria · 3 investments in Bulgaria startups

Daniel is founding partner at Eleven Accelerator Venture Fund and investing in some of the most promising and exciting tech startups in CEE. Daniel has been involved in startups since 2000 as early stage investor and funded (in some cases bootstrapping) entrepreneur in diverse domains ranging from software to mobile to consumer goods torenewable energy. He has been lucky to meet and befriend with some of the greatest tech entrepreneurs in our region.

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Investment focus

  • Industry: FinTech, Software, Small and Medium Businesses
  • Stage:Seed, Pre-Seed, Series B
  • Geography: Bulgaria, United Kingdom, Malta

Investor stats

  • Total investments: 14
  • Round size: Seed $27k–$6.9M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Edgar — Edgar believes that a good story can beat even the biggest of marketing budgets. This is especially true for SMBs and all the crafters and makers out there. Instead of spending big on traditional advertising, brands should engage their peers with great content. To fix the industry, they created Edgar. Edgar gives brands the tools and access to thebest creatives (brand storytellers, writers, illustrators), so that they can delight their customers with awesome stories. StoryMarket is the place where Edgar hosts a hand-picked selection of storytellers from around the world. From copywriters, journalists, editors, illustrators, photographers to animators, outreach experts and community managers, they have the talent needed to craft awesome brand stories. Edgar handles strategy, management, creation and distribution of content. The scope of the campaign depends on each customer. Creating the brief and defining the scope is as easy as ordering a frozen yogurt. From a single piece of content, to a set of Instagram/Vine videos, or dedicated storytelling expert that sticks with the brand forever and ever. Edgar makes sure the content is nothing less than perfect and is delivered to you in record time (first piece no later than 10 working days). The creatives and freelancers working with Edgar benefit from their lightweight yet powerful storytelling tools. StoryCrafter is a tool for short, visual stories. Stories take the form of visualized storylines with interactive elements that boost engagement. You create the story by drag and dropping your photos, Instagrams, Vine or YouTube videos and spicing it up with short captions. Brands equip the stories with their contact, brief information and a call to action at the end of the story. Etsy artists for example sell their products straight from the story, while wineries invite people for a wine tasting. Sharing and embedding is done in seconds, while they make sure the story looks and feels exactly the same wherever. Be it web, mobile or tablets. With each story, the Edgar community is growing. A community of freelance storytellers that Edgar empowers with tools and opportunity to be rewarded for their skills. And a community of active visitors who return to be inspired by great content every single day. Brands and individuals benefit greatly from Edgar as it helps them engage their potential customers. And helps them convert existing customers into fans. At the end, there’s no more powerful instrument than people telling stories about your brand.
  • Native Teams — Hire anyone, anywhere with Native Teams. Use EOR and PEO services to employ global talent or get compliant employment as a freelancer.
  • Join The Players — Join The Players is a tech company that brings the sports experience to the next level by providing automatic video, highlights, and statistics of mini-football games.
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Denis Gorbunov
Angel · Sofia, Grad Sofiya, Bulgaria · 3 investments in Bulgaria startups

Denis Gorbunov

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Investment focus

  • Industry: Internet, Marketing, E-Commerce
  • Stage:Seed
  • Geography: Bulgaria

Investor stats

  • Total investments: 3
  • Round size: Seed $529k–$1.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Swipe.bg — Swipe.bg is the first Bulgarian platform for buying and selling second-hand mobile phones.
  • Releva — Releva predicts customer lifetime value, personalizes every touchpoint, and automates across email, SMS, WhatsApp, push, web, and app. 250+ B2C brands, 15+ countries. 80% prediction accuracy, 7.7x CLV.
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Cherry Ventures
VC Fund · Berlin, Berlin, Germany · 3 investments in Bulgaria startups

Cherry Ventures is an early-stage venture capital firm led by a team of entrepreneurs with experience building fast-scaling companies such as Zalando and Spotify. The firm backs Europe's boldest founders, usually as their first institutional investor, and supports them in everything from their go-to-market strategy and the scaling of theirbusinesses. Cherry Ventures has previously invested in the seed stage of over 50 companies across Europe, including FlixBus, Auto1 Group, Infarm, Rows, Forto, and TourRadar. Cherry Ventures is based in Berlin and invests across Europe with operations in London, Paris, and Stockholm.

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Investment focus

  • Industry: Software, Information Technology, Financial Services
  • Stage:Seed, Series A, Series B
  • Geography: Germany, United Kingdom, United States

Investor stats

  • Total investments: 287
  • Round size: Seed $2M–$14M; Series A $7.2M–$44M; Series B $14M–$117M
  • Lead/follow: 39% lead, 61% follow
  • Last fund: Likely still investing — raised $340M in 2022

Portfolio highlights

  • Moss — Moss is a technology-based payment and credit card platform that enables companies to optimize their finances. Thanks to a dynamic and up to 10x higher limit, our corporate credit card can handle even the highest spend. With virtual and physical credit cards, the entire team can spend easily and securely. Individual spending limits and real-timedata per card, merchant or team keep costs under control. The Moss app makes it easy to digitize receipts, including cost center and VAT assignment. At the end of the month, all data and documents can be exported to any accounting software.
  • Bits Technology — Bits Technology connects data sources & orchestrates workflows for financial tech services.
  • Black Forest Labs — Official Account: https://t.co/iF047jr0Yg @bfl_ai
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Petr Baron
Angel · London, England, United Kingdom · 3 investments in Bulgaria startups

Petr Baron CEO TBI Financial Services

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Investment focus

  • Industry: FinTech, Finance, Internet
  • Stage:Seed
  • Geography: Bulgaria, Ukraine

Investor stats

  • Total investments: 6
  • Round size: Seed $529k–$1.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Finmap — Finmap is a cash flow management tool that helps small and mid-sized businesses like agencies, service companies, developers, and project-based companies to get real-time visibility on what's going on in their business in terms of money, avoid cash gaps, and make the right decisions.The company's easy-to-use financial management toolanalyzes key business financials such as cash flows and profitability statements and automates financial management routines through integrations with banks and accounting tools, allowing clients to set up company financial and management accounting smoothly and optimize analytical summary reports in a matter of clicks.Finmap was established on January 1, 2018 in London, England.
  • Swipe.bg — Swipe.bg is the first Bulgarian platform for buying and selling second-hand mobile phones.
  • Releva — Releva predicts customer lifetime value, personalizes every touchpoint, and automates across email, SMS, WhatsApp, push, web, and app. 250+ B2C brands, 15+ countries. 80% prediction accuracy, 7.7x CLV.
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European Bank for Reconstruction and Development
VC Fund · London, England, United Kingdom · 3 investments in Bulgaria startups

The European Bank for Reconstruction and Development (EBRD) invests in changing lives. Through our financial investments, business services and work on policy reform, we're doing more than ever before to build open, market economies across 3 continents.

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Investment focus

  • Industry: Financial Services, Banking, Energy
  • Stage:Debt Financing, Post-IPO Debt, Private Equity
  • Geography: Turkey, Egypt, Ukraine

Investor stats

  • Total investments: 472
  • Round size: Post-IPO Debt $17M–$320M; Debt Financing $5M–$211M; Private Equity $11M–$100M
  • Lead/follow: 76% lead, 24% follow

Portfolio highlights

  • İşbank — İşbank is a Turkish commercial banking service provider.
  • Mlinar — Mlinar is the bakery retail and wholesale business in Croatia and operates the largest bakery retail network in South East Europe.
  • National Bank of Greece — The term i-bank adopted in April 2009 as a single name for all electronic service networks of the National Bank (Internet, Phone & Mobile Banking, ATM and Automated Payment -APS).Through the site of i-bank participate in contests with great prizes , learn the latest news from the world of technology , innovation and entrepreneurship and youthinformed about events in the i-bank store and the latest developments of the Contest «i -bank Innovation & Technology " .
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BlackPeak Capital
VC Fund · Sofia, Grad Sofiya, Bulgaria · 3 investments in Bulgaria startups

BlackPeak Capital is a co-investment growth equity fund focused on investing in high-growth Southeast European small and medium enterprises. BlackPeak Capital is funded by the European Investment Fund, part of the European Investment Bank, through the JEREMIE initiative for support of the SME enterprises in Bulgaria.We invest in equity,mezzanine, and other forms of hybrid capital to support the investment plans of dynamic regional companies. As a co-investment fund, BlackPeak Capital invests alongside other private institutional or individual investors on pari-passu terms. Our target investment ticket is between €1-8 million per transaction.

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Investment focus

  • Industry: Manufacturing, Leisure, Software
  • Stage:Private Equity, Series B, Seed
  • Geography: Bulgaria, United States, France

Investor stats

  • Total investments: 21
  • Round size: Seed $464k–$549k; Series B $7.7M–$50M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: Likely still investing — raised $147M in 2022

Portfolio highlights

  • Alcatraz AI — The Rock is an all-in-one touchless biometric access control device that combines facial biometrics, AI, and machine learning for top-notch security.
  • Fasal — We develop materials & products made from renewable resources!
  • Affinity Life Care — Affinity Life Care is the private provider of elderly care residences in Romania, operating several centers in central Bucharest with a capacity of over 400 authorized beds. These facilities offer a range of accommodation options, from single rooms to shared arrangements, all designed to be comfortable, accessible, and suitable for seniorsrequiring either long-term care or assisted living.
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North Base Media
VC Fund · Singapore, Central Region, Singapore · 3 investments in Bulgaria startups

NBM is a specialized firm that successfully pioneered global digital-media investing over the last decade, backing successes like IDN Media in Indonesia, Pocket Aces in India, TheNewsLens in Taiwan and Capital Digital in Mexico. Its first venture fund, launched in 2015, consistently ranks in the top quartile of media and global venture funds. TheFund, which has been backed by several of the world’s leading media brands, is now open to other investors as its investment team moves to take advantage of the sudden rise of opportunities and new valuations in the global media landscape. NBM’s co-founders are Marcus Brauchli, the former top editor at The Washington Post and The Wall Street Journal; Sasa Vucinic, the longtime CEO of the Media Development Investment Fund (MDIF). The firm’s general counsel is Stuart Karle, former COO of Reuters and General Counsel of the Journal.

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Investment focus

  • Industry: Digital Media, Advertising, News
  • Stage:Seed, Series A, Series B
  • Geography: United States, India, Vietnam

Investor stats

  • Total investments: 63
  • Round size: Seed $75k–$5.7M; Series A $2M–$8M; Series B $2M–$23M
  • Lead/follow: 25% lead, 75% follow
  • Last fund: May invest from a new fund soon — raised $19M in 2019

Portfolio highlights

  • Zaiko — Zaiko is the market leader in providing ticketing technology for live events and streaming shows. Monetize your show, engage fans, user analytic data, memberships, and more.
  • Rappler — Rappler is the Philippines' leading digital media company that's driven by uncompromising journalism, enabled by technology, and enriched by communities of action.
  • Kaleidoscope — Kaleidoscope Content, bringing vivid stories from around the globe. Listen in color!
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Pressian Karakostov
Angel · Varna, Varna, Bulgaria · 3 investments in Bulgaria startups

Pressian Karakostov is a Founder and Chairman at PhoneArena company. Pressian previously worked at PubGalaxy as a Founder and Chairman. He attended Harvard Business School Executive Education in 2017.

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Investment focus

  • Industry: Software, B2B, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Bulgaria, United Kingdom

Investor stats

  • Total investments: 4
  • Round size: Seed $529k–$2.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Outdid — Verify identities with no storage, processing, or access of private personal information
  • Swipe.bg — Swipe.bg is the first Bulgarian platform for buying and selling second-hand mobile phones.
  • Icanpreneur — Icanpreneur is an AI co-founder platform that helps validate ideas, products, and growth opportunities, then turns customer insights into buyer personas, go-to-market strategy, and launch-ready assets.
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SquareOne Venture Capital
VC Fund · Berlin, Berlin, Germany · 3 investments in Bulgaria startups

We invest in B2B tech entrepreneurs who are obsessed with solving complex problems in huge markets at pre-seed and seed stage

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Series B
  • Geography: Germany, United States, Poland

Investor stats

  • Total investments: 65
  • Round size: Seed $1.4M–$7.4M; Series A $4.2M–$20M; Series B $5M–$30M
  • Lead/follow: 35% lead, 65% follow

Portfolio highlights

  • Ultralytics — Simpler. Smarter. Further.
  • Flinn — We are driven to impact the health of millions of people around the globe by enabling medical companies to launch and operate products more efficiently. To make this vision come true, we established a customer-centric, experimentation-driven product development approach.
  • Graph Therapeutics — Graph Therapeutics - precision immunology
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Silverline Capital
VC Fund · Sofia, Grad Sofiya, Bulgaria · 3 investments in Bulgaria startups

Silverline Capital provides mezzanine and equity financing solutions to mid-market businesses in Bulgaria.

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Investment focus

  • Industry: Machine Learning, Artificial Intelligence, Retail
  • Stage:Venture - Series Unknown, Series A
  • Geography: Bulgaria, Norway, United States

Investor stats

  • Total investments: 6
  • Round size: Series A $8.3M–$27M; Venture - Series Unknown $2.8M–$3.5M
  • Lead/follow: 67% lead, 33% follow

Portfolio highlights

  • Iris.ai — Augment expert knowledge by unifying complex enterprise data to empower next-gen AI agents & applications
  • Evrotrust — Best way to prove who you are and agree to anything, anywhere. Fully legal, secure and personal. Our mobile first eIDAS solution allows: eID, eSign, eTimestamp, eSeal, eDelivery with the highest status – qualified
  • Codery — Codery functions as an Employer of Record (EOR), acting as the official employer for hired professionals. The firm handles the administrative and legal parts of employment, such as registration, payroll, and compliance with local labor laws, allowing enterprises to hire without having to establish regional offices or legal entities.
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Danish Chaudhry
Angel · London, England, United Kingdom · 3 investments in Bulgaria startups

Danish Chaudhry is a GP & Co-Founder at Paper Ventures.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Web3
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: United States, Bulgaria, India

Investor stats

  • Total investments: 30
  • Round size: Seed $1.6M–$7M; Pre-Seed $1.5M–$3.3M; Venture - Series Unknown $5.5M–$10M
  • Lead/follow: 7% lead, 93% follow

Portfolio highlights

  • Nexio — Making Bitcoin Productive
  • Turtle Club — Aggregated, diligenced, personalized onchain yield management.
  • Neutral Trade — Quant Strategies Marketplace backed by @incubator @ergonia_ | Official Links: https://t.co/LducMMG0ly
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HR Capital
VC Fund · Sofia, Grad Sofiya, Bulgaria · 3 investments in Bulgaria startups

A privately held investment vehicle

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Investment focus

  • Industry: E-Commerce, Information Technology, SaaS
  • Stage:Seed, Venture - Series Unknown
  • Geography: Bulgaria

Investor stats

  • Total investments: 4
  • Round size: Seed $292k–$1.2M
  • Lead/follow: 25% lead, 75% follow

Portfolio highlights

  • eBag.bg — eBag.bg is an online supermarket.
  • Releva — Releva predicts customer lifetime value, personalizes every touchpoint, and automates across email, SMS, WhatsApp, push, web, and app. 250+ B2C brands, 15+ countries. 80% prediction accuracy, 7.7x CLV.
  • Sensika Technologies — Sensika helps you discover, monitor, and analyze information from online media, social networks, print, TV, and radio.
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Mihail Stoychev
Angel · 3 investments in Bulgaria startups

Mihail Stoychev is the Founder and CEO of Consentmo and Uxify. Previously worked at SMSBump, exited to Yotpo and NitroPack, exited to WP Engine. Mihail Stoychev attended American University in Bulgaria and Harvard University.

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Investment focus

  • Industry: SaaS, Apps, Shipping
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Bulgaria

Investor stats

  • Total investments: 3
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Rush — Rush helps Shopify brands increase repeat sales, customer loyalty, and product reviews with a branded order tracking experience shoppers dream about.
  • Icanpreneur — Icanpreneur is an AI co-founder platform that helps validate ideas, products, and growth opportunities, then turns customer insights into buyer personas, go-to-market strategy, and launch-ready assets.
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Svetozar Georgiev
Angel · Sofia, Grad Sofiya, Bulgaria · 3 investments in Bulgaria startups

Svetozar Georgiev is the Chairman of the Board at BESCO. He attended American University in Bulgaria, Truman State University, and Technology School Electronic Systems (TUES), both associated with Technical University-Sofia.

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Investment focus

  • Industry: Software, SaaS, FinTech
  • Stage:Seed, Pre-Seed, Angel
  • Geography: United Kingdom, Bulgaria, Greece

Investor stats

  • Total investments: 18
  • Round size: Seed $110k–$3.3M; Angel $165k–$204k; Pre-Seed $138k–$1.1M
  • Lead/follow: 28% lead, 72% follow

Portfolio highlights

  • Payhawk — Payhawk is a spending software that simplifies expenses, payments, and card spending for growing businesses. The company's platform enables financial officers and business owners to manage the entire spending lifecycle end-to-end. It collects and analyzes receipts, invoices, and card transactions to help stay in control of the budget with nopaperwork for the employees. With its paperless corporate card linked to an automated expense management, Payhawk provides a product on top of existing banks.Payhawk was founded in 2018 and is headquartered in London, England.
  • Reloyalty — We turn every bank card in Europe into a loyalty card. Reloyalty is a fully automated and personalised loyalty platform on top of card payments leveraging Open Banking / PSD2. We enable users to connect existing bank cards to Reloyalty and unlock 10-50% in reward value from their every day shopping. Participating retailers and banks can getaccess to data about their most valuable customers based on purchasing patterns and launch loyalty campaigns with measurable ROI.Reloyalty was founded with the goal of helping businesses identify their most passionate customers and helping those people get treated as such. They believe that the their relationship with the places where they shop, eat and meet with people are more than transactional.
  • Icanpreneur — Icanpreneur is an AI co-founder platform that helps validate ideas, products, and growth opportunities, then turns customer insights into buyer personas, go-to-market strategy, and launch-ready assets.
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822 industries, 177 countries. Updated daily. Emails and phones included.

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Skynet Trading
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 3 investments in Bulgaria startups

Crypto market making experts with 5+ years of experience. We provide stable liquidity, tight spreads, and 24/7 coverage for your digital assets. Book a call today.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, FinTech
  • Stage:Seed, Venture - Series Unknown, Series A
  • Geography: Singapore, United States, Bulgaria

Investor stats

  • Total investments: 40
  • Round size: Seed $1.5M–$8.5M; Series A $9M–$15M; Venture - Series Unknown $1.8M–$12M
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • Hybrid — Hybrid is a fintech company that offers a decentralized central AI tool with Web3's ecosystem of AI experts, agents, and data.
  • Bitlight Labs — Make Bitcoin Smart
  • Pheasant Network — AI-Powered DeFi Super App for Cross-chain Intent.
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Georgi Brashnarov
Angel · Sofia, Grad Sofiya, Bulgaria · 2 investments in Bulgaria startups

Georgi Brashnarov is a member of the ICT cluster management board.

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Investment focus

  • Stage:Seed
  • Geography: Bulgaria

Investor stats

  • Total investments: 2
  • Round size: Seed $529k–$1.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Swipe.bg — Swipe.bg is the first Bulgarian platform for buying and selling second-hand mobile phones.
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Openfund
VC Fund · Athens, Attiki, Greece · 2 investments in Bulgaria startups

Openfund is a new seed capital venture, focusing on start-ups around software, mobile and the web. Based in Athens, Greece, the Openfund brings together an exceptional team of executives, an extensive list of advisors and a number of passionate investors to provide everything a team of entrepreneurs needs to turn ideas into products and success.

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Investment focus

  • Industry: Software, Travel, E-Commerce
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Greece, United Kingdom, United States

Investor stats

  • Total investments: 48
  • Round size: Seed $55k–$675k; Series A $1.5M–$5M
  • Lead/follow: 17% lead, 83% follow
  • Last fund: May invest from a new fund soon — raised $18M in 2013

Portfolio highlights

  • 100mentors — The problem:We take our most critical career & academic decisions quite randomly. *Our mission:To empower the world’s youth to consciously take their once in a lifetime decisions.100mentors: On-demand access to the world's largest alumni network. Prepare your students for the workplace of the future.* We live in an agewhere you can have an Uber cab show up in 2', with the car type you like, full visibility of the driver reviews, even the ability to pre-set the music you'​ ll listen to during your ride. At the same time, you have almost zero capacity to personalise yours or your kid's career & academic orientation to find what truly fits their profiles, needs & special talents or customise their counselling for landing their dream universities & jobs & pursuing their real inclinations...https://www.youtube.com/watch?v=g18FLCNjscM&feature=youtu.be
  • EverythingStore — Multi-crypto e-commerce for buying and selling goods on any blockchain.
  • Welcome Pickups — Book a trusted local driver to pick you up and introduce you to your next destination, pre-order travel essentials.
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AU21 Capital
VC Fund · San Francisco, California, United States · 2 investments in Bulgaria startups

A fund dedicated to backing the most brilliant minds in the blockchain space

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Initial Coin Offering
  • Geography: United States, Singapore, India

Investor stats

  • Total investments: 207
  • Round size: Seed $1.1M–$5.8M; Initial Coin Offering $1.2M–$14M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • PERL.eco — The Planetary Ecosystem Registration Ledger will be a dedicated blockchain for real-world ecological assets through tokenizing carbon credits and biodiversity, NFTs and decentralised (DeFi) rewards.
  • A-World — Welcome to Animal World, a battle game based on #BNBCHAIN's super metaverse card tower defense. By setting up a hero tower to destroy monsters.
  • NeuronX — The First AI-Driven Lending Protocol on @dfinity
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PostScriptum Ventures
VC Fund · Luxembourg, Luxembourg, Luxembourg · 2 investments in Bulgaria startups

Postscriptum Ventures is a venture capital group with a broad portfolio of sustainable investments. Established in 2006, Postscriptum invests in innovative technology and disruptive business models, with a particular focus on the ongoing (r)evolution of the energy sector. We prefer to invest in early stage ventures where our expertise and experience can leverage our financial investments to help realize the full growth potential of the business.

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Investment focus

  • Industry: Software, B2B, SaaS
  • Stage:Private Equity, Seed, Angel
  • Geography: Bulgaria, Germany, United States

Investor stats

  • Total investments: 8
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • QualSights — World's Leading Consumer Insights Platform. Our first-of-its-kind consumer insights tools capture precise usage and deliver the deepest, most authentic insights.
  • Reshape Energy — Reshape is a platform providing building owners and tenants with a better suite of energy services to lower their energy costs and meet sustainability targets.
  • Software Group — Software Group is a global technology company that helps financial service providers digitize their business, extend outreach and improve efficiency.
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Valeri Petrov
Angel · 2 investments in Bulgaria startups

Valeri is primarily in charge with investment opportunities in Bulgaria and the Western Balkans. Prior to that, he was Partner at Bancroft Private and, before joining Bancroft, he was Investment Director with Global Finance, running the company’s activities in Bulgaria. Valeri led and co-led many transactions in various countries acrossSouth-Eastern Europe (Romania, Bulgaria, Croatia and Turkey among others). Prior to moving to the Private Equity industry, Valeri ran Orgachim, the largest paints & coating company in Bulgaria (backed by private equity funds, including RAEF) as CEO, where he completed a successful turnaround. Valeri also worked for the Royal Dutch/Shell, and held various positions within the organization. Valeri holds an MSc in Engineering from the Technical University of Sofia. He also attended Management Academy in London and ETP on Business Management in Delaware University, Sofia branch.

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Investment focus

  • Industry: Health Care, SaaS, Human Resources
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Germany, Bulgaria, United States

Investor stats

  • Total investments: 7
  • Round size: Seed $265k–$2.3M
  • Lead/follow: 71% lead, 29% follow

Portfolio highlights

  • Vivian Lab — Vivian Lab is a women's digital health startup. It integrates menopause education, telehealth, personalized treatment regimens, community support, and AI assistants.
  • Blue Longevity — Blue Longevity is a supplier of longevity medicine that offers evidence-based, individualized, and integrated approaches to improve longevity and encourage good aging. It uses digital coaching in conjunction with state-of-the-art diagnostics, lifestyle medicine, and regenerative therapies to develop customized workout, stress-reduction, and dietplans.
  • Join The Players — Join The Players is a tech company that brings the sports experience to the next level by providing automatic video, highlights, and statistics of mini-football games.
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Michael Gutsmann
Angel · 2 investments in Bulgaria startups

Michael Gutsmann is a CFO at Bigpoint.

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Investment focus

  • Industry: Farming, Livestock, Agriculture
  • Stage:Seed, Convertible Note
  • Geography: Bulgaria

Investor stats

  • Total investments: 2
  • Lead/follow: no public data

Portfolio highlights

  • Farmia — Farmia is online livestock marketplace that helps farmers to offer their animals to a wider circle of potential buyers and to do that in best moment to achieve maximum profit and provide buyers faster cheaper and easier way to find appropriate animals for their needs.Farmia is the fastest growing livestock marketplace in the world. We are No.1online livestock marketplace in the world with operations in US, Germany, Serbia, Croatia, Bosnia, Montenegro and Macedonia. Our user base count more than 80.000 farmers who actively trade through our platform. Up to now we sold more than 200.000 animals through 15000+ transactions which value is more than 25M+ Euro.
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Magnus Capital
VC Fund · 2 investments in Bulgaria startups

Magnus Capital is a crypto investment firm.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Initial Coin Offering
  • Geography: United States, India, United Kingdom

Investor stats

  • Total investments: 86
  • Round size: Seed $1.3M–$7.5M; Initial Coin Offering $2.1M–$34M
  • Lead/follow: 8% lead, 92% follow

Portfolio highlights

  • Spicenet — Spicenet enables universal access to the top DeFi venues across all networks, creating better financial outcomes for all.
  • Real Finance — Real Finance is driven by the mission to revolutionize the financial landscape by integrating real-world assets with blockchain technology, creating a more transparent, secure, and efficient ecosystem that bridges traditional finance with decentralized innovation, enhances asset liquidity, and unlocks new opportunities for global investors.
  • WorkQuest — About WorkQuest WorkQuest is a decentralized employment and workforce automation protocol enabling employers and workers to collaborate through smart contracts, stablecoin payments, AI matching engines, and on-chain reputation scoring. The platform transforms global employment into a transparent, verifiable, and borderless digital labor economy.
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3TS Capital Partners
VC Fund · Helsinki, Southern Finland, Finland · 2 investments in Bulgaria startups

One of the leading European technology-focused growth capital investors, backing high-growth SMEs across Technology & Internet, Media & Communications.

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Investment focus

  • Industry: Software, Internet, SaaS
  • Stage:Series A, Seed
  • Geography: United States, Romania, Poland

Investor stats

  • Total investments: 73
  • Round size: Seed $719k–$4.6M; Series A $768k–$12M
  • Lead/follow: 49% lead, 51% follow
  • Last fund: Likely still investing — raised $176M in 2021

Portfolio highlights

  • NEXD — NEXD is a technology company with creativity at its heart that has developed a unique way to deliver content. Founded in 2015, NEXD is headquartered in London with sales offices in Berlin, Vienna and New York and has its main development hub in Tallinn, Estonia. NEXD is backed by leading Venture Capitalists including 3TS Capital Partners, part ofthe global Draper Venture Network and NEO Ventures.
  • GoTo (formerly LogMeIn) — GoTo, formerly known as LogMeIn, offers flexible-work software solutions such as GoTo Connect, GoTo Resolve, Rescue, and Central. Designed primarily for small and midsize business IT departments yet robust enough for enterprise use, GoTo's platform supports unified communications and collaboration (UCC) as well as IT management and support.With nearly 800,000 customers, GoTo facilitates over 1 billion participants in meetings, classes, and webinars through its UCC products and enables half a billion connections via its remote access and support tools.
  • ConveyIQ — ConveyIQ provides an intelligent candidate engagement platform. Its platform features an all-in-one bespoke communication framework for the entire candidate journey. ConveyIQ delivers personalized applicant communication that companies need to ensure a remarkable candidate journey.
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European Investment Bank
VC Fund · Luxembourg, Luxembourg, Luxembourg · 2 investments in Bulgaria startups

The European Investment Bank (EIB) offers lending, borrowing, and treasury services primarily within the European Union. It provides project loans for public and private sectors, loans to banks and intermediaries, structured finance products, guarantees, and securitization instruments for debts. Additionally, EIB offers equity and fund investmentproducts, including infrastructure and environmental funds, as well as venture capital funds. EIB also supports microfinance and risk-sharing finance for research and innovation, and provides technical expertise for sustainable energy projects. Its services include infrastructure advisory, urban development support, guarantees for transport infrastructure, and funding for public-private partnerships and small- to medium-sized enterprises. The bank serves various sectors, including transportation, energy, health, education, and agriculture.

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Investment focus

  • Industry: Biotechnology, Health Care, Energy
  • Stage:Debt Financing, Post-IPO Debt
  • Geography: France, Germany, The Netherlands

Investor stats

  • Total investments: 520
  • Round size: Post-IPO Debt $18M–$726M; Debt Financing $16M–$352M
  • Lead/follow: 83% lead, 17% follow

Portfolio highlights

  • Ukrposhta — Ukrposhta sends and receives shipments from all over the world, as well as orders mail products sent to the most distant corners.
  • IPT PowerTech — IPT PowerTech coverage, coupled with our extensive expertise in supply chain management, field implementation, and power systems, has made us one of the most capable companies in handling the most complicated and versatile projects in the MEA region and its neighboring countries.
  • Santander Brasil — Banco Santander in Brazil, its largest division in Latin America and one of the world's most important, accounting for 50%.
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Emil Tabakov
Angel · Sofia, Grad Sofiya, Bulgaria · 2 investments in Bulgaria startups

Senior Product Manager @ Coursera (NYSE: COUR). Ex-Telerik/Ex-Progress (NASDAQ: PRGS) Emil is passionate about building products that people love, building effective teams, talent development and working on open source products.

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Investment focus

  • Industry: SaaS, Software, Venture Capital
  • Stage:Angel, Pre-Seed
  • Geography: Bulgaria

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Icanpreneur — Icanpreneur is an AI co-founder platform that helps validate ideas, products, and growth opportunities, then turns customer insights into buyer personas, go-to-market strategy, and launch-ready assets.
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NEVEQ
VC Fund · Sofia, Grad Sofiya, Bulgaria · 2 investments in Bulgaria startups

NEVEQ (New Europe Venture Equity) is a venture capital fund focused on seed and early stage investments enabling companies to scale and reach growth stage. The fund has invested among others in business intelligence, travel technology, semantic technology, social media, telecommunication solutions and data center businesses.

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Investment focus

  • Industry: SaaS, Mobile, Analytics
  • Stage:Seed, Series A
  • Geography: Bulgaria, Argentina

Investor stats

  • Total investments: 3
  • Round size: Seed $1.1M–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Properati — Properati is an online and mobile property platform for the real estate market. The company offers buyers, users, agile, free of ads, banners website, and tenants or real estate investors with a quick, designed for them to be able to communicate effectively with the offeror who has what they are looking for.Properati has an office in Sao Paulo,Brazil, and was founded in 2012 and is headquartered in Buenos Aires, Distrito Federal, Argentina.
  • Content Insights — Helping online publishers evaluate, benchmark and rank content and authors' performance across platforms and languages
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Freigeist Capital
VC Fund · Bonn, Nordrhein-Westfalen, Germany · 2 investments in Bulgaria startups

Freigeist Capital is the investment company of Frank Thelen, Marc Sieberger and Alex Koch. We invest in deep tech startups and excellent founders.

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Investment focus

  • Industry: Software, Food and Beverage, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Germany, The Netherlands, Bulgaria

Investor stats

  • Total investments: 41
  • Round size: Seed $549k–$3.6M; Series A $4.2M–$21M
  • Lead/follow: 59% lead, 41% follow

Portfolio highlights

  • Akina — Akina is developing the future of gamified digital healthcare to benefit individuals with chronic diseases around the world.
  • BioThrust — Our Bionic Bioreactors are the first ever solution to controllable & scalable cell therapy manufacturing and stem cell-based biomanufacturing.
  • Collie — Discover how Collie helps farmers achieve higher grass yields, increased milk production, and reduced labor. Manage your pastures easily with our innovative app.
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HV Capital
VC Fund · Munich, Bayern, Germany · 2 investments in Bulgaria startups

We support exceptional founders in building market leading digital companies.

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Investment focus

  • Industry: E-Commerce, Software, Internet
  • Stage:Series A, Seed, Series B
  • Geography: Germany, United Kingdom, United States

Investor stats

  • Total investments: 449
  • Round size: Seed $1.6M–$12M; Series A $3.3M–$33M; Series B $7.5M–$80M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: Likely still investing — raised $834M in 2023

Portfolio highlights

  • Exein — The firmware security software and middleware can be injected like a vaccine in the hardware and aims to defend it from inside, working directly into the firmware at a lower level.
  • FINN — At finn our mission is to make mobility fun and sustainable: We help everyone who loves driving their own car but refuses the struggle, commitment and intransparent costs associated with car ownership. We achieve this by offering all-inclusive, immediately available, monthly car-subscriptions. Best thing, yet: While you drive we plant trees asevery journey is CO2 compensated.
  • Isar Aerospace — Isar Aerospace develops and operates launch services for small and medium-sized satellites, supporting both dedicated and rideshare missions to orbit. Its core offering is the Spectrum launch vehicle, a two-stage rocket designed to deploy satellites and satellite constellations into low Earth orbit with flexible launch configurations. The companydesigns and manufactures its launch technology in-house, using automated production processes and a vertically integrated approach to vehicle development. In addition to launch services, Isar Aerospace works with commercial, institutional, and space industry customers seeking access to orbital transportation for satellite missions. The company focuses on expanding launch capacity and supporting the growing demand for satellite deployment and space-based infrastructure.
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Thomas Peruzzi
Angel · Hamburg, Hamburg, Germany · 2 investments in Bulgaria startups

Thomas Peruzzi - CTO @ Virtual Minds

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Investment focus

  • Industry: Farming, Livestock, Agriculture
  • Stage:Seed, Convertible Note
  • Geography: Bulgaria

Investor stats

  • Total investments: 2
  • Lead/follow: no public data

Portfolio highlights

  • Farmia — Farmia is online livestock marketplace that helps farmers to offer their animals to a wider circle of potential buyers and to do that in best moment to achieve maximum profit and provide buyers faster cheaper and easier way to find appropriate animals for their needs.Farmia is the fastest growing livestock marketplace in the world. We are No.1online livestock marketplace in the world with operations in US, Germany, Serbia, Croatia, Bosnia, Montenegro and Macedonia. Our user base count more than 80.000 farmers who actively trade through our platform. Up to now we sold more than 200.000 animals through 15000+ transactions which value is more than 25M+ Euro.
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Marco Houwen
Angel · 2 investments in Bulgaria startups

Marco Houwen, together with his partners LuxConnect and Datacenter Luxembourg, founded LuxCloud S.A. in April 2010.This partnership sets out to attract international SME and SMI, out of the field of Software development, to the Grand Duchy. LuxCloud will put Luxembourg firmly on the International Internet map and deliver services to SMB’s allover Europe.In 2000, Marco, in association with Xavier Buck, founded DCL Group, a leading Internet and e-commerce company, now recognized as one of the biggest Internet success stories in Luxembourg. Companies in the Group include Datacenter Luxembourg, LuxCloud, EuroDNS, e-Brand Services and voipGATE, to name but a few.Passionate about the promotion of Luxembourg, Marco is co-founder and President of LU-CIX A.s.b.l. and as such, contributes actively on the promotion of the Luxembourgish e-commerce hub.In addition to his role as LuxCloud CEO, Marco is CEO of Datacenter Luxembourg and a board member of the DCL Group.

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Investment focus

  • Industry: Farming, Livestock, Agriculture
  • Stage:Seed, Convertible Note
  • Geography: Bulgaria

Investor stats

  • Total investments: 2
  • Lead/follow: no public data

Portfolio highlights

  • Farmia — Farmia is online livestock marketplace that helps farmers to offer their animals to a wider circle of potential buyers and to do that in best moment to achieve maximum profit and provide buyers faster cheaper and easier way to find appropriate animals for their needs.Farmia is the fastest growing livestock marketplace in the world. We are No.1online livestock marketplace in the world with operations in US, Germany, Serbia, Croatia, Bosnia, Montenegro and Macedonia. Our user base count more than 80.000 farmers who actively trade through our platform. Up to now we sold more than 200.000 animals through 15000+ transactions which value is more than 25M+ Euro.
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Xavier Buck
Angel · 2 investments in Bulgaria startups

Xavier has been an Internet entrepreneur since 1996. After co-founding several ventures like Datecenter Luxembourg, EuroDNS, eBrandServices and DomainInvest, Xavier's current role consists in deploying the group's international activities with a special focus on the domain name industry, internet traffic and traffic monetization. Xavierholds chairman positions in his formerly founded ventures and is director of a series of companies including DomainTools.com, eBrandServices, OpenRegistry and LeftoftheDot.

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Investment focus

  • Industry: SaaS, Farming, Software
  • Stage:Seed, Angel, Convertible Note
  • Geography: Bulgaria, Luxembourg

Investor stats

  • Total investments: 5
  • Lead/follow: no public data

Portfolio highlights

  • Farmia — Farmia is online livestock marketplace that helps farmers to offer their animals to a wider circle of potential buyers and to do that in best moment to achieve maximum profit and provide buyers faster cheaper and easier way to find appropriate animals for their needs.Farmia is the fastest growing livestock marketplace in the world. We are No.1online livestock marketplace in the world with operations in US, Germany, Serbia, Croatia, Bosnia, Montenegro and Macedonia. Our user base count more than 80.000 farmers who actively trade through our platform. Up to now we sold more than 200.000 animals through 15000+ transactions which value is more than 25M+ Euro.
  • Passbolt — Manage and share passwords securely with Passbolt. Open source, audited and built for teams that need collaboration, compliance and control.
  • EmailTree AI — Discover EmailTree.ai, the leading AI-powered email automation platform designed to elevate your customer service experience in 2025.
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Zee Prime Capital
VC Fund · Bratislava, Bratislava, Slovakia (Slovak Republic) · 2 investments in Bulgaria startups

Totally supercool and chilled VC investing in programmable assets, collaborative intelligence and other buzzwords.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Information Technology
  • Stage:Seed, Series A
  • Geography: United States, United Kingdom, Singapore

Investor stats

  • Total investments: 95
  • Round size: Seed $2M–$9M; Series A $5M–$43M
  • Lead/follow: 2% lead, 98% follow

Portfolio highlights

  • TrueDAO — TrueDAO is a new-generation AI-native decentralized autonomous financial infrastructure. Built on the underlying logic of DAO community co-governance, it leverages smart contracts to construct an on-chain financial system integrating AI algorithm scheduling, staking, and dynamic protection. It optimizes economic parameters and asset strategies inreal time via AI models, delivers low-volatility and sustainable value growth paths for digital assets, and pioneers an innovative paradigm of autonomous finance.
  • Cryopets — Pausing biological time with cryosleep for pets
  • Share — From subsea cables to last-mile networks, Share coordinates fragmented infrastructure into a single ecosystem.
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Ascensive Assets
VC Fund · Seoul, Seoul-t'ukpyolsi, South Korea · 2 investments in Bulgaria startups

Ascensive Assets is a seed-stage venture firm that invests in blockchain-enabled companies across the full spectrum of web3.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Venture - Series Unknown
  • Geography: United States, Singapore, Philippines

Investor stats

  • Total investments: 59
  • Round size: Seed $1.2M–$8.6M; Venture - Series Unknown $1.8M–$10M
  • Lead/follow: 22% lead, 78% follow
  • Last fund: May invest from a new fund soon — raised $130M in 2021

Portfolio highlights

  • StripChain — StripChain unifies all the blockchains
  • Nest Wallet — A Wallet Built for Traders
  • Switchboard — Switchboard allows builders to unlock the power of solana by creating high-performance data feeds from any API. They will bring data on-chain that will enable developers to unlock the future of decentralized applications. They enable the SOL community to push any form of data on-chain.
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Georgi Atanasov
Angel · Sofia, Grad Sofiya, Bulgaria · 2 investments in Bulgaria startups

Georgi Atanasov

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Investment focus

  • Industry: SaaS, Software, Venture Capital
  • Stage:Angel, Pre-Seed
  • Geography: Bulgaria

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Icanpreneur — Icanpreneur is an AI co-founder platform that helps validate ideas, products, and growth opportunities, then turns customer insights into buyer personas, go-to-market strategy, and launch-ready assets.
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Investor funding in Bulgaria at a glance

Stats across 544 deals from 313 investors.

313
investors
in Bulgaria startups
544
deals
in Bulgaria startups
$110k
median round
in Bulgaria startups
38%
lead investors
lead at least one round
38%
Seed
most common funding stage
70/30
VC / Angel
share of investor count

Access all 313 investors in Bulgaria startups.

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