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  • Writer's pictureKelly Alica Liman

Top 14 VC Funds and Angel Investors in Bulgaria

Bulgaria's startup environment has evolved significantly, owing to a combination of factors including technological developments, supportive government legislation, and a rising entrepreneurial culture. Bulgaria has become a hotbed for entrepreneurs in a variety of industries, thanks to a robust population of tech-savvy individuals and an increasing number of incubators, accelerators, and co-working spaces. Notably, the inflow of venture capital funds and angel investors have played a critical role in driving this expansion, allowing entrepreneurs to scale, innovate, and accomplish their business goals. In this article, we have compiled a comprehensive list of the top VC funds and angel investors in Bulgaria that may be the right funding partner for you.


➡️ Click on the link to download ​the FULL LIST of VCs & Angel Investors including over 1,000+ listings with contact links!




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1. Access to Venture Capital and Angel Investors:


Bulgaria leads Southeast Europe in terms of the number of locally established VC funds, with roughly €500 million in capital managed by Bulgarian-based VC firms. The advent of new funds since 2012, prompted by the foundation of the Bulgarian Fund of Funds, has revitalized the venture capital scene, providing entrepreneurs with critical financial resources and strategic support. This infusion of venture capital has increased access to finance for Bulgarian companies, allowing them to accelerate their growth trajectories, extend their operations, and compete on the global stage. This rising trend reflects a maturing investment landscape, with bigger rounds and more involvement from venture capital firms, establishing Bulgaria as a significant investor hub in the area. Furthermore, Bulgaria's widening ecosystem of angel investors and startup accelerators improves funding possibilities for early-stage enterprises by providing coaching, networking opportunities, and seed capital to help them grow.



2. Abundant Talent Pool:


The Bulgarian startup ecosystem benefits from a highly talented and educated population, with many young people opting for professions in technology and innovation. Bulgaria is well-known for its highly educated and talented workforce, which provides entrepreneurs with access to a varied labor pool knowledgeable in a variety of fields such as technology, engineering, and business management. The country's strong emphasis on STEM (Science, Technology, Engineering, and Mathematics) education has resulted in a large number of people with relevant experience, making it simpler for startups to hire top personnel at competitive rates. According to World Bank data, Bulgaria has a literacy rate of more than 98% and is one of the top countries in the world for education quality. This diverse talent pool not only fosters innovation and creativity inside companies, but also improves their ability to efficiently execute business objectives and promote long-term development.



3. Strategic Location and Access to Markets:


Bulgaria's strategic location at the crossroads of Europe and Asia offers companies easy access to markets in both regions, providing a distinct edge for growth and market penetration. The country's proximity to key European markets such as Germany, France, and the United Kingdom makes commerce and collaboration easier, allowing entrepreneurs to use their creative ideas to address global concerns and reach new consumer bases. Furthermore, Bulgaria's membership in the European Union offers entrepreneurs privileged access to a single market with over 500 million customers, removing trade obstacles and easing regulatory processes. Furthermore, as a member of the European Union, Bulgaria has access to EU funds and resources, which expands prospects for businesses to harness regional assistance for growth and development. According to Eurostat, Bulgaria's export-oriented economy has grown steadily in recent years, highlighting the country's potential as a gateway to European and international markets for ambitious companies aiming to expand their operations and achieve new heights of success.






The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.



  • Year of Inception: 2019

  • Stage: Pre Seed, Seed

  • Focus: Enterprise Software, e-Commerce, Financial Services, Education, Automotive / Transport / Logistics, Healthcare, Entertainment / Media Food / FMCG, Security / Cyber-security, Travel

  • Notable Portfolio: Pricemind, Infomatics, MobileIns, Wayclix.com, Predicto


Innovation Capital focuses on providing equity and quasi-equity funding to Bulgarian startup companies in high-priority sectors with potential for disruptive and scalable innovation. The fund's investment tracks range from EUR 25,000+ for idea stage companies to up to EUR 1,000,000 for companies at the early growth stage with plans for internationalization. Notable achievements include reaching 185 companies across various industries, making 37 new investments totaling €4.175 million, and ranking 3rd in Europe for the number of deals in 2024. Innovation Capital's success is attributed to its strong back office, mentorship programs, and connections with experienced professionals, aiming to inspire more individuals to embark on their entrepreneurial journey with confidence in having a trusted partner from day one.



  • Year of Inception: 2020

  • Stage: Pre Seed, Seed

  • Focus: Technology

  • Notable Portfolio: GoodVision, Digicust, ThingsLog, Addit, Omnio


Sofia Angels Ventures, a €13 million venture capital fund supported by the European Investment Fund, focuses on co-investing in scalable technology startups at pre-seed and seed stages, primarily from Bulgaria, SEE & CEE countries. Operating in sectors such as Enterprise Applications and Consumer, the fund demonstrates a pace of 4 new investments per year, with a primary focus on seed rounds. SAV's fundraising efforts demonstrate its dedication to facilitating productive investments in the European Union, emphasizing increased access to financing and implementing productive investments. With a management team comprising angel investors, entrepreneurs, and executives turned VCs, Sofia Angels Ventures stands as a significant contributor to the development of the startup ecosystem in Bulgaria and beyond.





  • Year of Inception: 2017

  • Stage: Seed, Series A

  • Focus: Deep Technology, ML / AI, Smart Cities, Healthcare / BioTech, SpaceTech, Cybersecurity

  • Notable Portfolio: EnduroSat, CarbonCure, TestCard, GemmaCert


Neo Ventures, a deep tech fund, focuses on investing in digital infrastructure for smart cities, outpatient healthcare, and space missions. With a keen interest in high-growth sectors such as SpaceTech, BioTech, and Security, the fund has been instrumental in backing artificial intelligence and machine learning technology startups, aiming to develop and deploy reliable and scalable data solutions. Notably, Neo Ventures has successfully backed more than 30 startups and exited 10, demonstrating its expertise in nurturing and realizing the potential of game-changing businesses. In addition to its impactful investments, Neo Ventures actively engages in thought leadership events such as the Investment Leaders Summit and maintains a strong presence in the entrepreneurial ecosystem, positioning itself as a forward-thinking investor shaping the future of technology and entrepreneurship in Bulgaria and beyond.



  • Year of Inception: 2012

  • Stage: Seed, Series A

  • Focus: Enterprise and Consumer

  • Notable Portfolio: Quantive, FintechOS, Giraffe360, OfficeRnD

LAUNCHub Ventures, a leading seed-stage venture capital firm based in Sofia, Bulgaria, has made significant contributions to the startup ecosystem in Southeastern Europe since its inception in 2012. With a focus on investing in startups in South-Eastern (SEE) and Central-Eastern (CEE) Europe, LAUNCHub Ventures has successfully closed its second fund at €18 million, dedicated to supporting early-stage startups in Bulgaria and the wider Southeastern Europe region. The firm's investment strategies include pre-seed and seed investing with initial tickets ranging between €0.3 - 3M, targeting founders solving large-scale problems with a global vision across various industries. The firm's strategic partnerships, including co-investors such as Norwest Venture Partners and Softech, further solidify its position as a significant player in fostering innovation and growth in the region.





  • Year of Inception: 2019

  • Stage: Seed, Series A

  • Focus: FinTech & Blockchain, Artificial Intelligence, Shared Economy & Platforms, IoT & Big Data, 3D printing, Robitics, Nanotech & biotech, Cyber security, Cleantech, VR & AR

  • Notable Portfolio: Paperfin, IRIS, Swipe, eLando, CoLumbo


New Vision 3 (NV3), a prominent VC fund in Bulgaria, recently completed a successful autumn investment round, injecting over €3 million into 7 innovative Bulgarian startups. NV3's strategic investments exemplify its commitment to fostering innovation and growth in the Bulgarian startup landscape. Specializing in supporting startups and growth-stage companies in the FinTech, AI, Blockchain, and Shared Economy sectors, NV3 has demonstrated its expertise in nurturing and realizing the potential of game-changing businesses. By actively investing in and supporting innovative startups, NV3 enriches the vibrancy and inclusivity of the Bulgarian startup ecosystem.



  • Year of Inception: 2015

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Shelly Group, Discordia, Transmetrics, Storied Data


Impetus Capital has established itself as a key player in Bulgaria's investment landscape, particularly in the early and growth stages, with a focus on creating new demand or business and operational models in the B2B, B2C, healthcare, and technology sectors. The recent launch of the Kármán Line program, dedicated to emerging Bulgarian, Greek, and Romanian startups in space, mobility, and commerce, exemplifies Impetus's commitment to providing financial support and industry expertise to startups. With a strong focus on supporting strong founding teams and CEE-based companies, Impetus Capital's strategic approach and hands-on support continue to enrich the startup ecosystem.





  • Year of Inception: 2020

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Fabrico, Taylor & Hart, Modern Energy, Cashlend


Vitosha Venture Partners, a EUR 26M early-stage VC fund, plays a pivotal role in Bulgaria's startup ecosystem by investing between EUR 25,000 and EUR 1,000,000 in early-stage and growth-stage companies based in or related to Bulgaria. The fund's investment strategies focus on resourceful founders, impactful ideas, and strong execution, with a keen interest in fostering exponential growth and scalability. Vitosha's ability to identify and support innovative startups is evident through its diverse portfolio, with notable achievements includes investments in 70 companies across various sectors, including cloud systems, online diamond sales, energy solutions, electric vehicles, and more. The fund's commitment to nurturing entrepreneurial talent is further demonstrated through its Accelerate by Vitosha Program, aimed at providing support to emerging startups.



  • Year of Inception: 2018

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Peruse, Saga, LucidLink, Pliant.io


BrightCap Ventures, an early-stage and accelerator VC fund based in Sofia, is dedicated to partnering with inspiring global founders who leverage local engineering talent, empowering them with entrepreneurial experience and an extensive global network. The fund's investment strategies focus on investing in companies with defensible technology and significant global growth potential, deploying an extended network in Silicon Valley and Europe to assist its portfolio. With a focus on seed-stage, early-stage, Series A, and Venture Capital, BrightCap Ventures continues to be at the forefront of fueling technological advancements and entrepreneurial success in Bulgaria and beyond.




  • Year of Inception: 2020

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: OfficeRnD, Katalon, MacStadium, Taylor and Hart


VTI Capital focuses on early-stage startups globally and provides comprehensive support beyond capital, including go-to-market strategy creation and financial/business model development. VTI Capital's investment locations span Bulgaria, the United States, the United Kingdom, and several other regions, reflecting the fund's global reach. With a sector-agnostic approach, the firm invests in various industries, including Enterprise Applications, High Tech, and others. The fund's commitment to providing comprehensive support beyond capital, coupled with its global reach across various regions, reflects its dedication to nurturing innovative startups.



  • Year of Inception: 2006

  • Stage: Seed, Series A, Series B

  • Focus: Technology

  • Notable Portfolio: FootballScout.com, Extreme Peering, OntoText, Excitel


NEVEQ, a distinguished venture capital fund based in Sofia, Bulgaria, has made significant strides in the investment landscape. With a diverse portfolio of 35 companies, including 2 unicorns, NEVEQ has demonstrated a strong presence in Bulgaria, the United States, Switzerland, and beyond. The fund's investment strategies cover a wide array of sectors, including Enterprise Applications, Consumer, and others, with a focus on seed and early-stage investments.





  • Year of Inception: 2014

  • Stage: Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Contiant, nPloy, Univalent, Aquile


Morningside Hill Capital Management, a reputable independent investment management partnership, has been instrumental in providing growth capital to Bulgarian startup companies. With a focus on investments in liquid securities and private companies, the fund manages venture capital funds for making growth investments in small and medium enterprises. The fund's investment strategies are well-defined, focusing on specific sectors such as FinTech, InsurTech, Big Data, analytics, cybersecurity, and eCommerce-enabling technologies and platforms.



  • Year of Inception: 2019

  • Stage: Series A, Series B

  • Focus: Sector Agnostic

  • Notable Portfolio: Alcatraz AI, Badu, Mania


Silverline Capital, a private equity fund co-financed by the European Structural and Investment Funds, has played a pivotal role in supporting outstanding mid-market businesses in Bulgaria. With a focus on providing mezzanine and equity financing solutions, the fund invests in organic growth and acquisitions, aiming to create long-term value through revenue growth and margin improvement. The fund's team of professionals, with over 85 years of combined experience in private equity and C-level management, brings a wealth of financial, operational, and industry expertise to accelerate growth and manage bottlenecks in the companies they invest in.






Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.


  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: -


Angel Match provides a comprehensive fundraising platform for founders seeking capital investment, offering access to a vast database of over 90,000 angel investors, angel groups, venture capitalists, micro VCs, and private equity firms. This extensive database enables founders to efficiently build a target investor list and filter their search based on investment interests, funds, stages, and locations, ensuring a tailored approach to finding suitable investors for their business. The platform's commitment to data security and privacy, as well as its continuous database updates, further enhances its appeal to founders. Notably, Angel Match's influence extends to Bulgaria, as evidenced by its substantial investor presence in the country, offering founders a valuable resource for securing funding for their innovative ventures. With positive testimonials and features such as a free trial and flexible subscription options, Angel Match emerges as a compelling tool for founders seeking to streamline their investor outreach efforts and expedite the fundraising process.



  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Payhawk, eBag, Boleron, Tiger Technology, LogSentinel


MFG Invest is a public company based in Bulgaria, with a strategic focus on investing in startup and growth companies primarily in the fields of fintech, e-commerce, and technology creation and sales. The company's investment group comprises angel investors committed to providing venture capital financing to promising business ideas with significant potential for success. With its steadfast commitment to fostering innovation and supporting emerging businesses, MFG Invest plays a pivotal role in driving entrepreneurial growth and technological advancement in Bulgaria.





Bulgaria's startup ecosystem is characterized by energy, innovation, and development, with venture capital companies playing a critical role in cultivating and maintaining the pace. As Bulgaria asserts its global presence as a hub for entrepreneurship and technological innovation, the collaborative efforts of startups and venture capital investors are poised to drive economic development and foster a cross-border innovation culture.













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