Venture Capital in Bulgaria
Every venture capital record the directory holds in Bulgaria.
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BrightCap Ventures
Founded in 2018 by Georgi Mitov and Elina Halatcheva (joined by Managing Partner Diana Stefanova), BrightCap is a pre-seed and seed VC based in Sofia. Its second fund (BrightCap II) closed at approximately €47.5M in 2025, with the European Investment Fund as a cornerstone LP, and is notable as the first vehicle to blend Recovery and Resilience Facility capital from both Bulgaria and Romania in a single cross-border fund. Managing partners bring operating backgrounds from exits at VMware (Aviaso) and Honeywell (Sciant) rather than traditional finance. BrightCap invests €400K–€3M tickets with sector focus on future of work, digital health, and fintech; the portfolio includes Software Group, Pliant, and FITE.
Eleven Ventures
Founded in 2012 by Daniel Tomov, Dilyan Dimitrov, Ivaylo Simov, and Jon Bradford, Eleven Ventures is one of Bulgaria's oldest and most active pre-seed and seed funds, with 170+ investments across South-Eastern Europe over 13 years. Its third fund (Eleven Fund III) closed at €60M in January 2022 backed by the EIF and 60+ individual LPs, targeting fintech, healthcare, future of work, sustainable food, and ecomtech. Notable exits and portfolio names include Payhawk, Quantive (formerly Gtmhub), SMSBump (acquired by Yotpo), Dronamics, and NitroPack. The first fund was listed on the Bulgarian Stock Exchange in 2020 via a spin-out called Eleven Capital.
Innovation Capital
Innovation Capital is a Sofia-based venture capital fund with €21.1 million under management, established in 2019. The fund provides equity and quasi-equity funding to Bulgarian startups at acceleration, pre-seed, and seed stages. It is sector-agnostic with particular interest in enterprise software, e-commerce, fintech, healthcare, logistics, and cybersecurity. Innovation Capital is co-funded through EU structural funds and focuses on disruptive, scalable Bulgarian-founded businesses.
LAUNCHub Ventures
Founded in 2012 by Lyuben Belov and partners, LAUNCHub Ventures is Sofia's largest dedicated early-stage VC, currently deploying its third fund which closed oversubscribed at €74M in late 2021 (first close €44M). The fund invests at pre-seed and seed stages with ticket sizes of €300K–€3M, backing founders across South-Eastern and Central-Eastern Europe. Sector focus spans fintech, proptech, future of work, devtools, health tech, and enterprise software; portfolio includes Quantive (strategy platform), OfficeRnD (flex-space SaaS), FintechOS, and Giraffe360. Seventy-five percent of portfolio companies have raised follow-on rounds, with aggregate follow-on capital exceeding €400M.
Morningside Hill Capital Management
Morningside Hill Capital Management is a Sofia-based privately owned investment firm founded in 2014. Its venture capital fund, launched in 2019 with €38.5 million under management (co-financed via EU structural funds), focuses on post-seed and Series A investments in Bulgarian startups. The fund is sector-agnostic and targets companies where at least 50% of revenue, staff, or assets are based in Bulgaria. It has made investments including a €3 million+ deployment into four Bulgarian startups.
Vitosha Venture Partners
Founded in 2020 and based in Sofia, Vitosha Venture Partners is a €26M micro-VC co-financed by the European Structural and Investment Funds via the Bulgarian Fund of Funds. Led by a six-partner team including Erik Anderson, Max Gurvits, and Marin Iliev, the fund targets Bulgarian and Bulgaria-related early-stage tech startups with tickets ranging from €25K to €1M across seed and pre-seed rounds. The fund has invested in over 100 companies across enterprise applications, fintech, consumer tech, and vertical SaaS, with recent deals including Krik.bg (media-tech) and AIoTcloud. A second fund expanding to the wider SEE region was publicly signalled in 2024.
