Bulgaria capitals

12 venture capital funds in Bulgaria that support local startups

Having an innovative idea for a startup is amazing. But do you know what changes the situation? That’s right, raising capital.

Some will say that it is difficult to receive start-up funding in Bulgaria, and they are right. That was about a decade ago, when the local startup ecosystem was virtually non-existent. Today, this claim is highly questionable. In fact, Sofia ranks 3rd in Europe in terms of profitability and foreign direct investment strategy, according to the fDi report European cities and regions of the future 2020-21.

There are currently more than 10 venture capital funds in Bulgaria alone, not counting accelerator programs and foreign venture capital funds supporting Bulgarian startups.

Here is a list of the best local venture capital funds, divided by stages and financing rounds they invest.

Early-stage and growth-stage venture capital funds in Bulgaria

Capital of innovation

Capital of innovation is a venture capital fund, aiming to provide access to equity and quasi-equity financing to Bulgarian startups. The fund offers an acceleration program for companies at the idea stage or those recently created with a turnover of less than EUR 10,000, as well as pre-seed and seed investments for startups at a later stage of development.

  • Capital under management – ​​€21.1m
  • Ticket size – between €25 and €50,000 for acceleration and pre-seed companies, and between €50,000 and €1 million for seed companies
  • Target Verticals – FinTech, Health Tech, E-Commerce, Entertainment and Others
  • Stages – from pre-revenue companies and early state-owned enterprises to the growth stage
  • Key investments – Econic OneTokWise, RPA consultingFoodOboxFoody.at

LAUNCHHub Ventures

LAUNCHHub Ventures is a venture capital fund focused on Central and South Eastern Europe, which supports technology companies at the seed and Series A funding stages.

  • Capital under management – ​​€74m
  • Ticket size – between €300,000 and €2m as an initial investment, and major investment rounds up to €4m
  • Target verticals – SaaS, Fintech, Proptech, AI, Digital Health, Blockchain, IoT, Marketplaces, Big Data
  • Stages – SEE and ECO Seed and Series A Companies
  • Key investments – gtmhub, FITE, FintechOS, FindMeCure, OfficeRnD, Taylor & Hart, Ucha.se

Vitosha Venture Partners

Vitosha Venture Partners is an early-stage and growth-stage venture capital fund investing in innovative companies in Bulgaria.

  • Capital under management – ​​€26m, from 2022
  • Ticket size – between €25,000 and €1m
  • Target verticals – industry independent, but founders must be related to Bulgaria
  • Stages – from start-ups to growing companies based in Bulgaria.
  • Key investments – Quendoo, Econic OneHobo, Dexycon, Agrovar

Eleven

Eleven is an early-stage venture capital fund that invests in technology companies in South East Europe. The VC supports technology companies in four priority verticals: Fintech, Healthcare, Future of Work and Future of Food.

  • Capital under management – ​​€60m, from 2022
  • Ticket size – between €250,000 and €1m for the initial investment and an opportunity for follow-on investments up to €2.5
  • Target verticals – Fintech, B2B, SaaS, Healthtech, Future of Food, Future of Work, Internships – pre-seed and seed companies
  • Key investments – Dronic, Payhawk, SMSBumpNitroPack, Ebag, gtmhub

Morning side hill

Morning side hill is a private investment company, focused on providing growth capital to startups in Bulgaria.

  • Capital under management – ​​€38.5m, from 2022
  • Ticket size – average ticket size between €175,000 and €3.5m
  • Target verticals – independent of the sector, but companies must either generate at least 50% of their revenues in Bulgaria, or at least 50% of the company’s staff are based in Bulgaria; or at least 50% of the company’s assets are held in a Bulgarian subsidiary
  • Stages – early stage, post-priming, having a validated POC
  • Key investments – NasekomoGourmet.bg, Bizportal

BrightCap Ventures

BrightCap Ventures is an early-stage VC seeking global projects, leveraging local talent.

  • Capital under management – €25m (as of 2018), current amount undisclosed
  • Ticket size – between €50,000 and €200,000 for early stage startups and up to €3M for growing companies
  • Target verticals – tech companies with defensible technology and significant global growth potential
  • Key investments – FITEVedamo, Cloudpipes, Soft, Scaleflex, KardiAI

New Vision 3 (LV3)

NV3 is a Bulgarian venture capital fund, focused on investing in local businesses that add value to the local economy.

  • Capital under management – ​​not disclosed
  • Ticket size – up to 1 million euros
  • Target verticals – FinTech, AI, Blockchain Technologies, Shared Economy, IoT & Big Data, and others
  • Internships – early-stage startups with a validated value proposition
  • Key investments – Nasekomo, Fantastic stayBoleron

Sofia Angels Ventures

Sofia Angels Ventures is a co-investment venture capital fund, looking for scalable startups at pre-seed and seed stage, mainly from Bulgaria, SEE and CEE countries. It is important for these companies to have a vision to operate in Europe and even more globally.

  • Capital under management – €13m from 2022, aims to co-invest with angel investors
  • Ticket size – between €200,000 and €500,000
  • Target vertical markets – across industries, but startups need to develop scalable technology solutions
  • Internships – pre-seed and early-stage startups
  • Key investments – Add a technology, ONDORetorio

Neo Ventures

Neo Ventures are one of the first seed-stage open-ended investors in Eastern Europe. They focus on a small number of investments, targeting specific verticals, followed by a disciplined investment process.

  • Capital under management – ​​not disclosed
  • Ticket size – a maximum of 3 million euros
  • Target sectors – Space, Security, Biotech
  • Internships – early stage startups with no geographic limitation
  • Main investments – Bulpros, Biodit, EnduroSat

Urban Impact Companies

Urban Impact Companies is a venture capital fund whose mission is to improve the quality of urban life in Europe and to support the transition towards a more sustainable society and environment.

  • Capital under management – ​​not disclosed
  • Ticket size – between a few hundred thousand and 2.5 million euros
  • Target verticals – Mobility, digital infrastructure, physical infrastructure, liveability
  • Stages – startups with a POC with solutions that have been tested in at least a small market
  • Main investments – Ibis Power, Modeshift

Growth Stage Venture Capital Funds and Beyond in Bulgaria

Blackpeak Capital

Blackpeak Capital is a private equity co-investment fund, focused on the South East Europe region and looking for small and medium enterprises.

  • Capital under management – ​​€126m (from 2022)
  • Ticket size – between €5m and €15m
  • Target verticals – industry independent, with a focus on startups from Romania, Bulgaria, Slovenia, Croatia and Serbia
  • Internships – growing businesses with an established business model and recurring revenue
  • Main investments – SoftwareGroup, Bulpros, Pulso, Walltopia

Silverline Capital

Silverline Capital is the first Bulgarian mezzanine fund and provides financing to medium-sized companies in the country.

  • Capital under management – ​​€42m (from 2022)
  • Amount of the ticket – between €2.5m and €7m in mezzanine debt, convertible loans and equity investments
  • Target verticals – Healthcare, Transportation, Logistics, Manufacturing, Consumer Goods, Retail, Services, Industrial
  • Internships – established companies with a turnover above 3 million euros based in Bulgaria

*This list is not exhaustive. If you think we missed an important event, you can write to us at [email protected]