About us

For more than 20 years, we’ve worked in Central and Eastern European tech as investors, operators and founders ourselves. That’s why we like to be your first
institutional investor: early enough to help shape what you’re building and experienced enough to help you take it abroad.Our first fund (2020–2024) invested €26M in 107 startups across Bulgaria and the region.

Vitosha Fund 2 picks up where it left off: €34M for at least 78 new companies based or operating in Bulgaria.

We invest at pre-seed, seed and Series A, with tickets from €100K to €1M, and we hold money back so we can keep backing our best companies in their next rounds.

Vitosha Ventures at a glance

Our Mission

We support Bulgarian founders build companies that compete globally and set a higher standard for the region’s tech scene.

0M
across our two funds
0
startups backed by Fund 1
0M +
in yearly revenue across our Fund 1 companies
0
angels and VCs who invest alongside us
0M
raised from other investors for our founders
0+
years helping build the region’s tech scene
0
companies already backed by Fund 2

Our Strategy

Early-Stage Focus

Vitosha Ventures 2 is built for a world in which technology is becoming easier to build, but enduring companies are becoming harder to create. AI is rapidly
compressing the cost of software development, product iteration and execution. So we ask a more fundamental question: if technology becomes dramatically cheaper, faster and more intelligent, what will still be scarce? We believe durable value will increasingly concentrate around deep domain knowledge, proprietary workflows, distribution, trust, data feedback loops, operational execution and access to markets that are difficult to penetrate.

AI and Software

We therefore invest in businesses where AI and software are not the thesis by themselves, but tools that strengthen an underlying economic advantage. A key
question for us is simple: if AI becomes ten times better and ten times cheaper, does this company become significantly more valuable or less necessary? We particularly value teams that view their geography not as a limitation, but as a source of capital efficiency, technical depth and differentiated insight.

How We Think

We are not trying to predict which technologies will be trendy next year; we are trying to identify which companies will remain strategically important when the trend changes.

Identifying the next generation of high-potential startups

What We Look For

No checklist is perfect, but here’s what makes us want to take the meeting:

  • A team that can build and sell. Founders who know their field inside out,
    keep going when it gets hard, and cover both the product and the commercial
    side.

  • A market worth winning. Big or growing fast, with a clear way in.

  • A product that stands out. Clearly better than the alternatives and hard to
    copy, because of technology you own or a real cost advantage.

  • Early proof. Paying customers, engaged users, or pilots that show real
    demand

  • A business that scales. Unit economics that work and a believable path to
    profitability.

  • A base in Bulgaria. Your company is registered or operating here

Strong Teams
Founders who've shipped before, who hire ahead of themselves, and who know what they don't know. We back the operator, not the slide.
Global from day one
Built for international markets from the start, not localised later. Enterprise customers in Western Europe, design partners in the US, an English-language product, a team that thinks in dollars and euros.
Real demand
Products with paying customers, signal from real users, or a credible path to first revenue inside 12 months. Validated ideas beat clever ones.

How it works

Fundraising eats time you’d rather spend building. So we keep our process simple, and you’ll always know where you stand with us.

  • First look. Send us your deck. We’ll read it and let you know whether it fits our stage and focus.
  • Deep dive. You meet our partners to talk through your product, your market and the traction you have so far.
  • Due diligence. We go through the commercial, technical and financial details together with you.
  • Term sheet & closing. A clear offer with no surprises, and a legal process that gets the money into your account

Institutional Support & Mandate

The operations of Vitosha Ventures – Fund 2 KD (managed by Vitosha Ventures 2 OOD) benefit from support from the European Union under the European Regional Development Fund (ERDF), among private investors.

The fund implements the financial instrument “Entrepreneurship Early Stage Fund” under the Programme “Competitiveness and Innovations in Enterprises” (PCIE) 2021–2027, structured and assigned by the Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB).

The investment vehicle operates with a committed target resource of €33,334,000. Through the financial instrument “Entrepreneurship Early Stage Fund”, PCIE
2021–2027 facilitates equity and quasi-equity capital deployment into high-growth potential startups. Under this mandate, “Vitosha Ventures – Fund 2” KD actively targets the acceleration and scaling of at least 78 early-stage enterprises.

About the Fund Manager of Financial Instruments in Bulgaria (FMFIB)

The Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB), also known as the Fund of Funds, manages financial instruments co-financed by the European Structural and Investment Funds (ESIF) and the European Regional Development Fund (ERDF) under European operational programmes in Bulgaria.

Its primary mission is to expand access to equity and debt financing for Bulgarian micro, small, and medium-sized enterprises (SMEs), early-stage technology
ventures, and strategic infrastructure projects. By structuring and allocating public funding to professional, independent fund managers through competitive market selection procedures, FMFIB mobilizes private co-investment, stimulates market-driven entrepreneurship, and fosters sustainable long-term economic competitiveness across all Bulgarian regions.

Vitosha Venture Partners Fund I information

The operations of Vitosha Venture Partners – Fund I KD (managed by Vitosha Venture Partners OOD) were co-financed by the European Structural and Investment Funds under the Operational Programme “Innovation and Competitiveness” 2014–2020 (OPIC), assigned by FMFIB. Fund 1 deployed €26 million across 107 Bulgarian early-stage enterprises between 2020 and 2024 and is currently in its post-investment holding and divestment period.

Regulatory & supervisory status
– Fund Manager: “Vitosha Ventures 2” OOD is registered and operates under the laws of the Republic of Bulgaria.
– AIFMD Framework: The Fund is structured as an Alternative Investment Fund (AIF) in the legal form of a limited partnership. The management company acts as a registered Alternative Investment Fund Manager in accordance with Directive 2011/61/EU and the Bulgarian Collective Investment Schemes and Other Undertakings for Collective Investments Act.

– Valuation & Reporting Standards: The Fund Manager implements reporting and net asset value (NAV) calculation guidelines established by Invest Europe
and standard international venture capital accounting practices. Annual financial statements are subject to independent external audit. The Fund Manager determines portfolio valuations in accordance with the IPEV Guidelines, as endorsed by Invest Europe, and adheres to Invest Europe Reporting Guidelines for investor disclosures and Net Asset Value (NAV) reporting. Annual financial statements are subject to independent external audit.