# Innovation Capital

Innovation Capital is an Asset Manager based in Sofia, Bulgaria.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Sofia, Bulgaria
- **Region:** Europe
- **Address:** 6 Nikola Vaptsarov Blvd, 2nd Floor, West Entrance, Sofia 1407, Bulgaria
- **Founded:** 2013
- **Assets under management:** EUR 21.1M (per firm website)
- **Website:** innovationcapital.bg
- **LinkedIn:** https://www.linkedin.com/company/innovation-capital-llc

## Regulatory record

- **Reports private funds:** No

## About

Innovation Capital is a Bulgarian venture capital fund that provides equity and quasi-equity funding to startup companies. It focuses on key sectors in the local economy with high potential for disruptive and scalable ideas. The fund has made 129 investments, including a June 2025 investment in Flow&Grow.

## Sectors

- Enterprise Software
- e-Commerce
- FinTech
- Food/FMCG
- Transport & Logistics
- Healthcare
- CleanTech
- Education
- Media & Entertainment
- Robotics & Automation
- AgriTech & FoodTech
- Cybersecurity
- PropTech
- InsurTech
- Hospitality
- Manufacturing
- Service Industry
- Marketing

## People

- Vassil Christov — Managing Partner
- Dimitar Kostov — Managing Partner
- Borislav Stefanov — Managing Partner
- Angel Angelov — Managing Partner
- Tanya Ilieva — Investment Manager

## Questions

### 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.

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Last updated: 2026-06-03T20:00:00.000Z

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