Vitosha Venture Partners Launches $30M Fund for Bulgarian Startups

Introducing Vitosha Venture Partners: A New Bulgarian Fund

Vitosha Venture Partners represents a newly established venture fund originating from Bulgaria, with financial backing from the Bulgarian government. This €26 million fund, equivalent to $30 million, is designed to provide investment to roughly 100 companies.

Investments will range from smaller initial amounts, scaling up to a maximum of €1 million, and will focus on companies in their early stages of development as well as those experiencing growth. These businesses must be either located within Bulgaria or have significant ties to the Bulgarian market.

Funding and Regional Impact

The fund’s financing structure includes co-funding from the European Structural and Investment Funds, specifically through the Operational Programme for Innovation and Competitiveness 2014-2020. This program is administered by the Fund of Funds in Bulgaria.

Vitosha Venture Partners distinguishes itself by not only adhering to typical venture capital practices but also by prioritizing investments in companies that contribute to the economic growth, sustainability, and overall development of Bulgaria and the broader Central European region.

Insights from Co-founder Max Gurvits

During a recent conversation, co-founder Max Gurvits highlighted the emerging nature of the startup ecosystem in Bulgaria and Southeastern Europe. He noted that Bulgaria’s earlier entry into the tech sector compared to its neighbors has fostered a growing pool of talent.

“Currently, there are thousands of individuals actively involved in startups within Bulgaria,” Gurvits stated. He expressed optimism about the potential for a company similar to UiPath, a prominent unicorn, to emerge within the next few years, indicating a positive trajectory for the region.

Gurvits also pointed out the prevalence of promising businesses in sectors like food technology and agricultural technology, as well as connected hardware manufacturing, such as electric bicycles. He believes these companies, while not necessarily revolutionary, demonstrate strong growth potential and a reasonable likelihood of successful exits.

Acceleration Program and Team

In addition to direct investments, Vitosha Venture Partners will also operate an acceleration program designed to support early-stage ventures.

The fund’s team comprises a diverse group of experienced professionals:

• Erik Anderson – Managing Partner (formerly of WiseGuys)
• Max Gurvits – Managing Partner
• Marin Iliev – Managing Partner
• Maris Prii – Managing Partner
• Nikola Stojanow – Managing Partner
• Paul Weinberger – Managing Partner
• Kamen Bankovski – Principal
• Stoyan Nedin – Venture Partner

Current Portfolio – Investments to Date

Portfolio – Currently includes 17 companies

Investments range from €150,000 to €800,000. The current portfolio includes:

• Hobo
• Quendoo
• Econic One
• Eirene Studio
• Tokwise
• Omnio
• Petmall
• Assen Aero
• MeatMe Bar
• PelletBox (Stealth)

Vitosha ACCELERATE Startups

Vitosha ACCELERATE startups (investments up to €50K)

• Gridmetrics
• Trace the Taste (Stealth)
• FidU Trade
• Augment
• NulaBG
• Bye Bye Stuttering
• Ecopolitech (Stealth)

Recent Investments – April Additions

The following companies joined Vitosha’s portfolio in April:

• Tokwise – €150K
• Omnio – €200K
• Petmall – €800K
• Assen Aero – €600K
• MeatMe Bar – €400K
• PelletBox – €200K
• Gridmetrics - €50K
• Trace the Taste – €50K
• FidU Trade – €75K
• Augment – €50K
• NulaBG – €50K
• Bye Bye Stuttering – €50K
• EcoPolytech – €50K