Sofia Angels Ventures

Investment decisions are led by the management team principals Milen Ivanov, Bistra Kirova, and Stefan Deskov. The firm highlights their combined experience as angel investors, entrepreneurs, and operators to guide fund-level commitments. However, the specific internal decision-making process or committee structure is not disclosed on the firm's website.

The firm relies on its network of angel investors and private co-investors to generate deal flow. Its website states that this 'strong network of angel investors creates a unique advantage in deal sourcing.' Companies can also apply directly through the firm's rolling application process, which feeds into the investor network for review.

It operates as a hybrid. The firm is structured as a €13 million venture capital fund backed by the European Investment Fund, which makes direct investments into startups. It deploys this capital exclusively on a deal-by-deal basis alongside private angels, family offices, and other private investors who co-invest in the same rounds.

The firm engages only in direct company investments via equity co-investments. Its own website states that it 'co-invest(s) alongside private co-investors (angels, family offices, funds and other private institutions) on a deal-by-deal basis.' There is no mention of fund-of-fund commitments.

First investments range from €200,000 to €500,000 per company. The firm can follow on with additional capital up to €1.0 million total. These figures are self-reported on the firm's website and apply to pre-seed and seed-stage rounds.

The firm predominantly targets startups from Bulgaria and the broader Southeastern Europe (SEE) and Central and Eastern Europe (CEE) countries. Its website also expresses a longer-term vision to deploy capital around Europe and globally, though most of its known activity remains concentrated in the core CEE region.