Vitosha Venture Partners Launches $30M Fund to Back Bulgarian-Related Early-Stage Startups

Vitosha Venture Partners is a brand new venture fund Bul. The 26 million euro ($30 million) funding target ranges from the minimum ticket size to one million, to early-stage and growth-level companies that are related to or related to Bulgaria. The Vitosha European Structural and Investment Fund will be co-financed and funded under the Operational Program for Competition 2014-2010, which operates the Fund of Funds in Bulgaria.

Outside of the Standard VC Conference, it will also support organizations important for the development, sustainability and growth of the local economy in Bulgaria and the Central European region. Speaking to me on a call, co-founder Max Gorvits said: “Bulgaria and the whole of Southeast Europe is primarily an ecosystem. Technology started a bit earlier, it’s still too early, but now most people are just starting out. “

He added: “I think in Bulgaria, something like the rise of Unicoth, like Unicoth, could happen in the next two or three years. So we’re slowly but surely catching up. “There’s a lot of Foodtech / Aztec, there’s a lot of connected hardware products like electric bikes. Although these companies may not be terrestrial or world-changing, they are actually quite a fast growing business with a 2x 3x 4x 5x or more exits.”

Vitosha Accelerate also runs an acceleration program. The team consists of:

Stoyan Nedin – Venture Partner

Kamen Bankovski – Principal

Paul Weinberger- Managing partner

Nikola Stojanow – Managing Partner

Maris Prii – Managing Partner

Marin Iliev- Managing partner

Erik Anderson- Managing Partner (ex WiseGuys)

Max Gurvits – Managing partner

Portfolio – 17 up to date companies

Assen Aero-

MeatMe Bar-

PelletBox- Stealth

Investments between EUR 150k and EUR 800k

Hobo –

Quendoo –

Eirene Studio-



The companies that became part of Vitosha’s portfolio in April are:


Trace the Taste-€50K

FidU Trade-€75K



Bye Bye Stuttering-€50K


Tokwise- €150K


Petmall- €800K

Assen Aero- €600K

MeatMe Bar- €400K

PelletBox- €200K


Vitosha ACCELERATE startups (tickets up to EUR 50k)



Bye Bye Stuttering-

Ecopolitech- Stealth

Gridmetrics –

Trace the Taste- Stealth

FidU Trade-