Vitosha Venture Partners

Vitosha is one of three fund managers selected by Bulgaria's Fund Manager of Financial Instruments in 2019–2020 to deploy capital from a government-held Fund of Funds. The underlying resources originate from EU structural and investment funds, making the firm's capital base fundamentally public-policy capital rather than private LP commitments. This arrangement requires the firm to meet both financial return and ecosystem-development targets.

The firm runs three distinct tracks: an accelerator program investing up to €100,000 in pre-revenue startups via convertible notes, a seed equity fund committing up to €1 million to companies with early traction, and a growth facility providing up to €2 million for later-stage expansion. Most companies entering at the accelerator stage are Bulgaria-based and pre-revenue.

Yes. While the accelerator program was designed as a one-time capital injection, the seed and growth equity vehicles are structured to provide follow-on capital. The growth facility explicitly targets companies raising Series A or equivalent rounds, allowing the firm to maintain exposure as portfolio companies scale and attract international co-investors.

The firm built one of Eastern Europe's largest venture portfolios by entity count, having invested in over 120 companies across its three investment pillars. Its accelerator-first model, deploying small checks at scale, created a portfolio breadth unmatched by Bulgarian funds relying solely on private capital — most of which concentrate on fewer, larger equity investments.

The initial mandate's active deployment period ended in 2023. While no second fund has been formally announced, the firm's equity vehicles retain management and follow-on capacity beyond the deployment window. A successor fund likely requires renewed agreements with Bulgaria's Fund of Funds or the European Investment Fund, contingent on regulatory and return outcomes from the first program.