Vitosha Venture Partners launches $30M fund, invests in 13 Bulgarian companies

Vitosha Venture Partners
SaaS News -Vitosha-Venture-Partners-launches-$30M-fund(source: SaaS Industry)
At a Glance

Bulgaria’s Vitosha Venture Partners launches early and growth-stage fund to invest in Bulgarian startups. As a part of its accelerator program, it has also made investments in about 13 Bulgarian companies

Bulgarian-based Vitosha Venture Partners has launched its €26 million ($30 million) fund to invest in about 100 early to growth-stage companies based in or related to Bulgaria, as reports. The amount would range from low to up to a million.

In an interview with TechCrunch, Max Gurvits, managing partner at Vitosha Venture Partners, stated that the Bulgarian and Southeastern Europe ecosystem was an early one and added. 

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 thousands of people now in startups.

Max Gurvits, managing partner at Vitosha Venture Partners

As a part of its accelerator program, Vitosha ACCELERATE, the VC firm, has invested €2.7 million ($3.2 million) in 13 Bulgarian startups. Six of these investments are for developing companies, while seven were in companies that had joined their accelerator program at the start of this year, as per reports.

We’re bringing a new level of early-stage experience as a fund firmly rooted in the local ecosystem, but with partners based in Sofia, Vienna, Tallinn, and California, we’re connecting the ever-growing number of successful founders and startups in Bulgaria and the region to global growth opportunities.

Max Gurvits, managing partner at Vitosha Venture Partners

The seven companies that participated in the accelerator program include – TraceTheTaste (circular economy and foodtech), FidU Trade (exports fintech), Augment (e-sports analytics), Bye Bye Stuttering (healthtech), NulaBG (SME business-focused fintech), GridMetrics (energy analytics) and Eco Polytech (biodegradable polymers tech).

The other six are – Petmall (pet tech), Assen Aero (last-mile mobility), Omnio (Regulation and compliance), Meat Me Bar (foodtech), TokWise (software focused on renewable energy), Pellet Box (rural energy distribution – tech).

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