Startups and Venture Capital in Bulgaria
The ecosystem in figures
The European Commission counts over €1 billion invested in Bulgarian startups from 2020 to 2025 with 489 funded startups, the highest number per capita in south-east Europe. At the start of 2026 Bulgaria had its first unicorn.1
- Tech.eu tracks 108 Bulgarian startups that have raised €846 million across 122 rounds, with 32 exits; software is the most active sector and Eleven Ventures the most active investor.
- Large rounds: the satellite maker EnduroSat raised €90 million in October 2025, after €43 million in May 2025.
- First half of 2026: the seven biggest rounds raised €60.32 million, about a third less than in the first half of 2025, while the number of deals held nearly steady.
Source: Tech.eu: Funding Explorer, Bulgaria; The Recursive: Biggest funding rounds for Bulgaria, H1 2026 (13 July 2026)2,3
Venture funds investing now
Source: Capital: LAUNCHub 3.0, the new €75 million startup fund (2 October 2026); European Investment Bank: Venture capital funds in Bulgaria; The Recursive: Vitosha Ventures announces first 10 investments from €34m Fund II4,6,5
| Fund | Size | Ticket | Plan |
|---|---|---|---|
| LAUNCHub 3.0 | €65 m committed, target over €75 m | €300,000 to €3 m | About 25 to 30 companies over five years |
| Vitosha Ventures Fund II | €34 m, of which €30 m from the Fund of Funds | €100,000 to €1 m | About 80 startups by 2030; first 10 investments made |
| BrightCap Ventures II | €47.5 m, of which €30 m from the EIF | n.a. | n.a. |
Source: Capital: LAUNCHub 3.0, the new €75 million startup fund (2 October 2026); The Recursive: Vitosha Ventures announces first 10 investments from €34m Fund II; European Investment Bank: Venture capital funds in Bulgaria4,5,6
The Fund of Funds selected Vitosha Venture Partners II, Morningside Hill II and Bayena Ventures for a combined €100 million programme expected to mobilise up to €158 million. Local managers active in 2026 include BlackPeak Capital, Invenio Partners, Eleven Ventures, LAUNCHub and BrightCap.9
Public money behind the funds
- Fund of Funds (FMFIB): the Entrepreneurship Fund has three sub-funds, Early Stage with €30 million of public money, Venture Capital with €30 million and Growth with €40 million; a further €32.17 million goes to the Fund for Innovations in Enterprises.
- New funds: the Fund of Funds is selecting managers for a Digitalisation Fund of €40.2 million, including €5 million of grants, with up to €5 million per company, and an Entrepreneurship Venture Capital Fund of €34.5 million, with up to €3 million per company, both investing until the end of 2030.
- JEREMIE: in April 2026 the EIF extended the programme with €210 million to 2035, €160 million of fresh money and €50 million from returns, to back high-tech and innovative companies.
- Earlier rounds: JEREMIE put €21 million into the first LAUNCHub and Eleven funds, €9 million and €12 million.
Source: European Commission: 2026 Country Report, Bulgaria, SWD(2026) 155 (PDF, via BIA); Fund of Funds: Two procedures to select financial intermediaries; EuropaWire: EIF expands JEREMIE programme with €210 million (14 April 2026); European Investment Bank: Venture capital funds in Bulgaria1,8,7,6
EU money for companies beyond venture capital, including grants, is on EU Funds.
Where the gaps are
The Commission notes that venture capital was 0.02% of GDP in 2024, against 0.06% in the EU, that early-stage companies face a financing gap throughout their life, and that few startups come out of science and research. It also names regulatory barriers and limited capacity to scale up.1
The local funds above write tickets from €100,000 to €3 million. LAUNCHub 3.0 leads or joins rounds of up to €7 million and keeps capital for follow-on rounds as its companies reach Series A.4,5
Frequently Asked Questions
How much venture capital is there in Bulgaria?
The European Commission counts over 1 billion euro invested in Bulgarian startups from 2020 to 2025, across 489 funded startups. Venture capital was 0.02% of GDP in 2024, against an EU average of 0.06%.
Which venture capital funds invest in Bulgarian startups?
Funds raising or investing in 2026 include LAUNCHub 3.0, with 65 million euro committed, BrightCap Ventures II with 47.5 million euro and Vitosha Ventures Fund II with 34 million euro. Eleven Ventures, BlackPeak Capital and Invenio Partners are also active.
How much do Bulgarian venture funds invest per startup?
Vitosha Ventures Fund II invests from 100,000 euro to 1 million euro, and LAUNCHub 3.0 from 300,000 euro to 3 million euro. The Fund of Funds venture capital fund allows up to 3 million euro per company.
What public money supports startups in Bulgaria?
The Fund of Funds backs Early Stage, Venture Capital and Growth sub-funds through its Entrepreneurship Fund and is selecting managers for a 40.2 million euro Digitalisation Fund and a 34.5 million euro venture fund. In April 2026 the European Investment Fund added 210 million euro to the JEREMIE programme to 2035.
How much did Bulgarian startups raise in the first half of 2026?
The seven biggest rounds raised 60.32 million euro, about a third less than in the first half of 2025, while the number of deals held nearly steady.
Sources
- European Commission: 2026 Country Report, Bulgaria, SWD(2026) 155 (PDF, via BIA)
- Tech.eu: Funding Explorer, Bulgaria
- The Recursive: Biggest funding rounds for Bulgaria, H1 2026 (13 July 2026)
- Capital: LAUNCHub 3.0, the new €75 million startup fund (2 October 2026)
- The Recursive: Vitosha Ventures announces first 10 investments from €34m Fund II
- European Investment Bank: Venture capital funds in Bulgaria
- EuropaWire: EIF expands JEREMIE programme with €210 million (14 April 2026)
- Fund of Funds: Two procedures to select financial intermediaries
- Chambers and Partners: Private Equity 2026, Bulgaria, trends and developments
Figures checked 15 October 2026. Prepared by InvestBulgaria for general information. It is not investment, tax or legal advice; please confirm details with a qualified adviser before acting.
