Who we are

Vitosha Ventures is an early-stage venture capital firm based in Sofia. We back founders operating from or through Bulgaria; writing first cheques of €100K to €1M into pre-seed and seed companies built for international markets from day one.

Across two funds we’ve made more than 100 investments, making us one of the most active early-stage backers in the region. Fund I deployed €26M into 107 companies. Fund II adds €34M for the next 75–80 first cheques, going in over the coming years.

Our team are operators turned investors. We sit on cap tables but we don’t crowd them. We step in when founders need us: for a hire, a customer intro, the next round, a hard call. And we step back when they don’t.

Vitosha Ventures at a glance

Our Vision

We believe the next wave of category-defining technology companies will be built from Southeast Europe, and that many of them will start in Bulgaria. The talent is here. The cost base works. The room for ambitious founders is wide open.

Our job is to give those founders the capital, the network and the conviction to build at international scale from day one. We move fast when we are confident and make quick decisions when we see the right ingredients are there.

Early-Stage Focus

We invest at pre-seed and seed. That’s where one decisive cheque, one well-timed intro, or one early hire can change a company’s trajectory. And where the experience on our side matters most.

Built for global from day one

We back companies that are international from the start. Selling to enterprise customers in ASG, raising the next round from London or San Francisco, opening a US entity in year two; these aren’t “someday” problems for our portfolio. They’re year-one work.

How We Think

  • We back people before products. Conviction in the team is non-negotiable. Decks change; founders are the constant.

  • We move fast when we know. Most founders get a decision within two weeks of a first meeting, sometimes inside a week. When the answer is no, we tell you why.

  • We stay close between rounds. The work that matters happens between funding events — first hires, first enterprise customers, second-product decisions. That’s where you’ll find us.

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Identifying the next generation of high-potential startups

What We Look For

Our investment thesis is short. We back resourceful founders building scalable products for international markets, from Bulgaria. The three things below are what we look for in every first conversation.

  • Strong, execution-driven founding teams

  • Scalable products with real market demand

  • Clear path to international growth

Strong Teams
Founders who've shipped before, who hire ahead of themselves, and who know what they don't know. We back the operator, not the slide.
Global from day one
Built for international markets from the start, not localised later. Enterprise customers in Western Europe, design partners in the US, an English-language product, a team that thinks in dollars and euros.
Real demand
Products with paying customers, signal from real users, or a credible path to first revenue inside 12 months. Validated ideas beat clever ones.

Our Values

Building a successful company takes more than capital. Five things guide how we work with the founders we back:

Trust. We invest in people first. Once we commit, we’re aligned through every stage; the easy ones and the hard ones.

Discipline. Decisions are made on rigorous analysis and a long-term view. We don’t chase deals because they look good in a deck.

Speed. When we know, we move. Most founders hear our decision within two weeks of a first meeting.

Partnership. We’re hands-on without being intrusive. Founders bring us in on the calls that matter: hiring, customers, the next round, the hard people decisions, and we don’t show up on the others.

The long game. We’re here through Series A and well beyond. Our portfolio may seem big, but it’s small enough that we know every CEO by name and they know us.