Stoyan brings the operator’s eye to our investment work. He founded and ran Nexpur, the studio behind 140+ products for clients including Samsung, Nestlé, Rocket Internet and Plan A, and is the founder of Fanstream, a video platform for creators. Before Vitosha, he was a partner at Teres Capital, leading early-stage investments and M&A advisory across sectors. Earlier in his career he led a Czech renewable-energy investor’s Bulgarian operation and held senior marketing roles in international consortia. Founders bring him product, hiring and packaging questions, and the engineering call you’d rather not have to make alone.

Max is the international bridge in the partnership. He co-founded and exited the Netherlands’ first online legal services platform, Regeldit.nl, then joined Eleven Venture Accelerator in Sofia in 2011 , running investment management, portfolio sourcing and the accelerator program. From 2014 he split his time between San Francisco and Eastern Europe as director of Cross Border Angels, and founded the ecosystem programs TRACTION Camp, EIR Europe and Summit Summit. He’s been focused on Vitosha full-time since 2019. Founders work with him on global expansion, Tier-1 fundraising, and the people problems no deck can solve.

Marin brings two decades of investing across asset classes, and one stretch of running a company from the CEO chair, which is harder. He started in Boston at Scudder and Deutsche Asset Management. Back in Bulgaria, he advised on M&A and capital raises at EPIC, then ran investments at Rosslyn before joining NEVEQ, the first tech-focused VC fund in Southeast Europe in 2007. He co-founded Teres Ventures in 2012. Before joining Vitosha, he was CEO of a leading regional home-goods company. Founders bring him the hardest questions on board, governance, and the next round.

Rob is co-founder and partner at Hoxton Ventures, one of Europe’s most active early-stage funds, and co-founder of H-Tree Capital, a seed fund at the intersection of machine learning and life sciences. He sits on the boards of Preply, FabricNano and NoMagic, among others. Earlier in his career he led the AdSense product team at Google and launched AdWords’ pay-per-action product, after starting at Intel in the US Federal Government and South America reseller channels. He holds a BS in Computer Science from the University of Maryland and an MS from Stanford. Rob is our line into the London and US VC scenes.

Antoniy leads investment analysis and portfolio management at Vitosha, and is the person most founders work with from the early stages of due diligence through quarterly portfolio reviews. He studied economics followed by a master’s in finance at the University of Kent, and came to investing through the markets side, with internships at Societe Generale and Raiffeisenbank. He brought that grounding in valuation and portfolio mechanics to Vitosha in 2021, along with a pull toward companies built on genuinely disruptive technology rather than incremental bets. Founders bring him the financial modelling, the cap-table mechanics, and the hard cash-runway conversations.

Dobri joins as a venture partner from the operator side. He was CTO and co-founder of Trackerbot, acquired in 2023, and before that spent five years at Yahoo, rising from associate product manager to senior PM on the Gemini Ads marketplace—an ad-ranking business running over $2M in revenue and 2 billion impressions a day by the time he left. He began as a Google APM intern on the ChromeOS team and holds a computer science degree from Columbia. Founders bring him the engineering questions: senior technical hires, infrastructure decisions at scale, and the second-product calls every early-stage company eventually has to make.