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Top 5 Startup Investors in Bulgaria in May 2025

A list of 5 angel investors and VC (Venture Capital) funds that invest in Venture capital startups based in Bulgaria. We rank investors based on the number of investments they made in Venture capital companies from Bulgaria. We update this investor list every month.

Top 5 Startup Investors in Bulgaria in May 2025

Investor Venture Capital Bulgaria investments
Svetozar Georgiev 2
Zoran Arsovski 2
Georgi Atanasov 1
Georgi Petrov 1
Mihail Stoychev 1
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Investor list
Svetozar Georgiev Angel · Sofia, Grad Sofiya, Bulgaria
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
  • Software, SaaS, FinTech
  • Seed, Pre-Seed, Angel
  • United Kingdom, Bulgaria, United States
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 — The first Accelerator-as-a-Software that guides tech entrepreneurs from idea to product/market fit without relying on luck
Zoran Arsovski Angel · Sofia, Grad Sofiya, Bulgaria · 2 investments in the past 12 months
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
  • Software, Information Technology, FinTech
  • Seed, Angel, Pre-Seed
  • Bulgaria, Turkey, United States
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 — With the Native Teams platform, you can easily hire anyone, anywhere as an employer or get an employed status if you're working as a freelancer. Explore our international EOR and PEO services and start working remotely with full compliance.
Georgi Atanasov Angel · Sofia, Grad Sofiya, Bulgaria
Georgi Atanasov
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Investment focus
  • SaaS, Software, Venture Capital
  • Angel
  • Bulgaria
Portfolio highlights
  • Icanpreneur — The first Accelerator-as-a-Software that guides tech entrepreneurs from idea to product/market fit without relying on luck
Georgi Petrov Angel
Georgi Petrov is a Chief Executive Officer and Founder at SMSBump.
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Investment focus
  • SaaS, Apps, Shipping
  • Seed, Angel, Pre-Seed
  • Bulgaria
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 — The first Accelerator-as-a-Software that guides tech entrepreneurs from idea to product/market fit without relying on luck
Mihail Stoychev Angel
Mihail Stoychev - Founder and CEO @ SMSBump
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Investment focus
  • SaaS, Apps, Shipping
  • Seed, Angel, Pre-Seed
  • Bulgaria
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 — The first Accelerator-as-a-Software that guides tech entrepreneurs from idea to product/market fit without relying on luck
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