As time goes on, more and more people notice the calm yet steady growth of the venture capital inflow into Central & Eastern European startups and on our usual note, we’d like to emphasize this fact and talk about yet another country - Bulgaria. As no exception to this dynamic, Bulgaria had enjoyed a good growth of available VC money coming in the shape of new accelerators, venture capital firms, as well as global startup programs increasing their footprint within the region.
Akin to a number of other countries reviewed in our series describing the most active VC firms in the CEE region (i.e. in Czech Republic, Romania, Lithuania, and more) Bulgaria has also enjoyed an increase in attention from global investors attracted to its numerous and well-educated IT professionals, including talented women entrepreneurs, low tax rates, as well as a history of being a hub for fintech innovation. Then clearly, no wonder that there are more and more market players pulling in their venture capital within the country’s reaches.
So, without further ado, let’s find out about Top VC funds from Bulgaria investing in early-stage startups!
Eleven Ventures
Geography: South-Eastern Europe
Preferred industries: Fintech, Healthcare, Future of Work, Future of Food and Ecomtech
Investment ticket: €250K to €1M
Company stage: Early stage
The very next from our selection, Eleven Ventures is one of the most active and oldest funds in the SEE region. When it comes to the value proposition of the firm itself, the team is far from being a generalist in its approach, which is nevertheless well compensated by its dedication and focus on the verticals of their interest. Considering their experience and the fact that they run corporate innovation programs for the most recognizable names like Visa or Sopharma Trading, it comes as no surprise why so many startups are looking forward to becoming a part of the Eleven Ventures portfolio. The fund’s portfolio consists of over 150 startups among which you can find globally recognized names like Dronamics, Payhawk, and Product Lead.
LAUNCHub
Geography: SEE and CEE
Preferred industries: SaaS, Fintech, Proptech, Big Data, AI, Marketplaces, Digital Health, Blockchain, IoT
Investment ticket: €300K to €4M
Company stage: Seed to Series A
LAUNCHub is the leading early-stage Bulgarian VC fund looking for startup teams who had had some initial traction and are looking to expand internationally. Among the biggest value add the firm offers is their straightforward and strong dedication to helping you find follow-up financing for further growth. To help startups reach this goal, the LAUNCHub is even running an internal fundraising course titled “Series A academy” where you can learn all the ins and outs of the matter. Aside from that, startups supported by them also benefit from a wide network of the VC fund’s connections spanning across the region and the continent at large. The fund has already built a portfolio of many interesting startups where, among others, are: Gtmhub, FintechOS, and FITE.
Vitosha Venture Partners
Geography: Bulgaria and Bulgarian diaspora abroad
Preferred industries: Sector Agnostic
Investment ticket: €25k to €1M
Company stage: Early stages
Vitosha Venture Partners is a Sofia-based VC fund interested solely and exclusively in the local ecosystem and its entrepreneurs. Given its laser focus on one country, the firm considers investing in startups coming from any industry while also offering them an option of enrolling in the accelerator program for those that are just starting out on their journey and are not prepared for the investment. The VC fund usually invests from €25k to €1M with an aim to help its startup establish a more significant presence in the neighboring regions while ensuring a runway for further expansion. As of now, the VC fund focuses on supporting early-stage startups, some of their most promising companies include Econic One, Quendoo, and Hobo.
BrightCap Ventures
Geography: Global
Preferred industries: Sector-Agnostic
Investment ticket: up to a combined €3.5M per company
Company stage: Early Stage
The Sofia-based BrightCap Ventures is a VC fund focused not only on financial investment but also on a significant value add of its network and industry knowledge. To provide for it, the firm implements a thorough selection process and as a consequence invested only in a handful of companies throughout the fund’s lifetime. Given its vast network across Europe, the US, and Israel, its portfolio startups can be pretty sure to have their backs covered in all operational and networking matters. Among a select group of supported startups, you can find ONDO, FITE, and Pilant.
New Vision 3 Fund
Geography: Bulgaria or Bulgarian diaspora abroad
Preferred industries: FinTech & Blockchain, Artificial Intelligence, Shared Economy & Platforms, IoT & Big Data
Investment ticket: €0.1M - €1M
Company stage: Early stage
New Vision 3 Fund is a fund founded by the team of Bulgaria’s oldest VC - NEVEQ which has a lengthy history of supporting the local startup ecosystem. With longer than a decade of experience, New Vision 3 comes to venture with broad industry knowledge as well as a wide experts network both of which represent a great value to fundraising startups. Some, though not all of their recent investment include Nasekomo, phyre, and phos.
VTI Capital
Geography: Global
Preferred industries: Sector-agnostic
Investment ticket: Undisclosed
Company stage: Early Stage
VTI Capital is a Sofia-based VC fund dedicated to providing more than just dry capital for startups’ growth. Coupled with the investors’ years of experience, a portfolio company of VTI Capital can expect quite thorough support with the go-to-market strategy creation and buildup of the financial/business model. Some, though not all of their portfolio companies include: Coursedot, Payhawk, and BG Menu.
NEO Ventures
Geography: Global
Preferred industries: Space, Biotech and Security
Investment ticket: up to €3M
Company stage: Early stage
The next VC from our selection - NEO Ventures is an open-ended investment fund investing in Space, Biotech, and Security verticals. To provide support startups may seek, the fund aims to quickly make up its mind on the investment decision and deploy a full host of services tailored to the needs of a given company. One-time advice, mentorship, and/or connecting with the right people are some of the benefits provided for those who get lucky to become part of their portfolio. A number of their investments include GemmaCert, Precious Payload as well as EnduroSat.
Morningside Hill Capital Management
Geography: Bulgaria
Preferred industries: Sector-agnostic
Investment ticket: up to €750k and up to €3.5M
Company stage: Post-seed
Morningside Hill Capital Management is a Sofia-based VC fund searching for investments in Bulgarian startups, or companies having at least half of their revenues/team in Bulgaria just after the post-seed stage. In its approach, the firm is generalist and pragmatic, investing in startups with a market-validated MVP and solid financial models. A small, yet growing portfolio of the firm consists of rising names like Vital Concept, ZenART, and Threeding.
Sofia Angels Ventures
Geography: Bulgaria, SEE/CEE
Preferred industries: Sector-agnostic
Investment ticket: €200k - €500k
Company stage: Pre-seed and seed
The youngest from our selection, Sofia Angels Ventures is a co-investment fund formed around business angels from the biggest Bulgarian angel association - CEO Angels Club. They are primarily looking for Bulgarian founders but are also interested in teams across other SEE/CEE countries. As a co-investment VC, the firm usually joins forces with an angel or a family office, which ensures a better ability to support its portfolio companies in the quest for new markets or new funding round. As a recently launched fund, the firm has already invested in Addit and ONDO.
Innovation Capital
Geography: Bulgaria
Preferred industries: Sector-agnostic
Investment ticket: up to €1M
Company stage: Pre-seed to seed
The next from our selection, Innovation Capital is a generalist VC in search of promising local startups at the earliest stages of development. To help startups grow, the firm provides acceleration to those who had just come up with a promising business idea and need a more stable footing to validate it, by giving capital and hands-on assistance. Some, though not all of the firms' investments include TokWise, Swayde, and Econic One.
*If you have any insights about the article or know a VC fund that should’ve been included, drop me a line!
Related Posts
TOP VC Funds In Lithuania To Finance Your Startup (Ilya Mikhalchyk-Kananenka, Community Builder, Vestbee)
TOP VC Funds In Romania To Finance Your Startup (Ilya Mikhalchyk-Kananenka, Community Builder, Vestbee)
TOP VC Funds In Czech Republic To Finance Your Startup (Ilya Mikhalchyk-Kananenka, Community Builder, Vestbee)
