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Innovation Capital
Vassil Christov and the partnership run Innovation Capital, a EUR 21.1M Sofia-anchored fund that has backed over 120 Bulgarian startups.
Innovation Capital
Innovation Capital operates as a EUR 21.1 million venture capital fund mandated to deploy equity and quasi-equity into Bulgarian startups. The firm launched with a domestic-development thesis — financing companies in high-priority sectors that show potential for disruptive, scalable innovation locally and eventual integration with international corporates. The vehicle has since built a portfolio exceeding 120 active and exited positions. The fund covers pre-seed through seed stages, with acceleration tickets starting at EUR 25,000, pre-seed injections up to EUR 50,000, and seed rounds reaching EUR 1,000,000. Sectors represented in the current book include enterprise software (Fabrico SaaS, Gravital, Pleggi), fintech (IRIS Solutions, Nü INS), food and FMCG (Scala, Kaya Foods), clean technology (SolarSteam, Aqualid), transport and logistics (Coshera, E-drive), and healthcare (Edamam, TokWise). The geographic footprint is concentrated domestically, but several portfolio companies — such as Edamam's nutrition-data API and the last-mile delivery platform Novatio — serve cross-border clients. Innovation Capital is now in its post-investment stage, reviewing incoming requests for future opportunities. The four managing partners — Vassil Christov, Dimitar Kostov, Borislav Stefanov, and Angel Angelov — lead the firm alongside investment manager Tanya Ilieva. Past exits include Clever Bear, a Maple Bear preschool franchisee, and Cargenta, a vehicle-electronics developer.
General information
Firm type
Asset Manager
Year founded
—
AUM
EUR 21.1M (per firm website)
Location
Region
Europe
Country
Bulgaria
City
Sofia
Corporate office
6 Nikola Vaptsarov Blvd, 2nd Floor, West Entrance, Sofia 1407, Bulgaria
Principals
Vassil Christov
Managing Partner
Dimitar Kostov
Managing Partner
Borislav Stefanov
Managing Partner
Angel Angelov
Managing Partner
Tanya Ilieva
Investment Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Innovation Capital?
The firm is led by four managing partners: Vassil Christov, Dimitar Kostov, Borislav Stefanov, and Angel Angelov. Tanya Ilieva serves as Investment Manager. The website lists the four managing partners collectively, suggesting investment decisions are made by the partnership.
Is Innovation Capital still actively deploying capital?
The firm states it is in its post-investment stage. It continues to review incoming requests for future investment opportunities but is not currently making new commitments from its EUR 21.1 million fund.
What investment stages does Innovation Capital target?
The fund covers acceleration (EUR 25,000+ for idea-stage companies with revenue below EUR 10,000), pre-seed (up to EUR 50,000 for companies with at least EUR 10,000 in annual revenue), and seed (up to EUR 1,000,000 for companies with at least EUR 100,000 in annual revenue).
Does Innovation Capital invest outside Bulgaria?
The mandate is explicitly domestic. The fund was established to provide equity and quasi-equity funding to Bulgarian startup companies. While some portfolio firms serve international clients, the investment focus remains on Bulgaria-based startups.
Which sectors does Innovation Capital explicitly avoid?
The fund lists priority industries — including enterprise software, e-commerce, financial services, education, automotive and transport, healthcare, and food/FMCG — but does not publish a formal exclusion list. Most of the 120+ portfolio holdings fall within named priority sectors.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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