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Vitosha Ventures
Vitosha Ventures backs founders building from Bulgaria to the world, working from seed to scale alongside founders with global ambitions and Bulgarian...
Vitosha Ventures
Vitosha Ventures backs founders building from Bulgaria to the world, working from seed to scale alongside founders with global ambitions and Bulgarian operations. Since 2020 the firm has invested in 107 early-stage startups through Fund I, managing €26M. With Fund II it invests in pre-seed, seed and Series A startups, and writes checks between €100,000 and €1,000,000 into companies based in or operating through Bulgaria.
General information
Firm type
Venture Capital
Year founded
2020
Location
Region
Europe
Country
Bulgaria
City
Sofia
Corporate office
Sofia, Bulgaria
Principals
Paul Weinberger
founding partner
Sector focus
Frequently asked questions
How is Vitosha Venture Partners funded, and what is its connection to the Bulgarian government?
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.
What investment stages does Vitosha target across its vehicles?
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.
Does Vitosha Venture Partners make follow-on investments or participate in later rounds?
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.
How large is Vitosha's portfolio, and what set it apart from other Bulgarian VCs?
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.
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