Vitosha Venture Partners launches $30M fund to back Bulgarian-related early-stage startups – TechCrunch

Vitosha Venture Partners is a model new enterprise fund launching out of Bulgaria, and backed by the Bulgarian authorities. The 26 million euro ($30M) fund goals to spend money on roughly 100 firms, ranging from low ticket sizes all the best way up to 1,000,000, in early-stage and growth-stage firms which can be primarily based in or associated to Bulgaria.

Vitosha will probably be co-financed by the European Structural and Investment Funds below the Operational Programme for Innovation and Competitiveness 2014-2020, managed by the Fund of Funds in Bulgaria. Beyond customary VC conventions, it’s going to additionally back firms that matter for the expansion, sustainability, and improvement of the native financial system in Bulgaria and the Central European area.
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Speaking to me over a name, co-founder Max Gurvits mentioned: “Bulgaria and this whole region of South-eastern Europe is a very early ecosystem. The cool thing that’s happening here and that’s something we’re excited about and proud of is that because Bulgaria started a little earlier in tech than the neighboring countries, it’s still very early, but there are 1000s of people now in startups.”

He added: “I do think that in Bulgaria, something like the emergence of a unicorn-like UIPath might happen in the next two or three years. So we’re slowly but surely catching up.”

“There’s a lot of FoodTech / AgTech here, there there’s a lot of connected hardware manufacturing like electric bicycles. While those companies might not be groundbreaking or world-changing they are actually quite solid fast-growing businesses that have a pretty high probability of exiting for 2x 3x 4x 5x or more.”

Vitosha Accelerate additionally run an acceleration program.

The workforce consists of:
Erik Anderson- Managing Partner (ex WiseGuys)
Max Gurvits – Managing companion
Marin Iliev- Managing companion
Maris Prii – Managing Partner
Nikola Stojanow – Managing Partner
Paul Weinberger- Managing companion
Kamen Bankovski – Principal
Stoyan Nedin – Venture Partner

Portfolio – 17 firms up to date
Investments between EUR 150okay and EUR 800okay
Hobo –
Quendoo –
Econic One –
Eirene Studio-
Assen Aero-
MeatMe Bar-
PelletBox- Stealth

Vitosha ACCELERATE startups (tickets up to EUR 50okay)
Gridmetrics –
Trace the Taste- Stealth
FidU Trade-
Bye Bye Stuttering-
Ecopolitech- Stealth

The firms that turned a part of Vitosha’s portfolio in April are:
Tokwise- €150Okay
Petmall- €800Okay
Assen Aero- €600Okay
MeatMe Bar- €400Okay
PelletBox- €200Okay
Trace the Taste-€50Okay
FidU Trade-€75Okay
Bye Bye Stuttering-€50Okay

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