Innovation Capital

What Innovation Capital does

Innovation Capital AD is a Sofia-based alternative investment fund manager (FSC-registered January 2019 under Decision No. 121 of the Bulgarian Financial Supervision Commission) that manages the Innovation Capital Fund KDA, a EUR 21.1 million early-stage venture capital vehicle co-financed by European Structural and Investment Funds under the Operational Programme for Innovation and Competitiveness 2014-2020. The firm invests equity and quasi-equity capital into Bulgarian startup companies across three structured tiers — Acceleration (EUR 25,000+ for idea-stage companies with revenue below EUR 10,000), Pre-Seed (up to EUR 50,000 for revenue-generating companies above EUR 10,000), and Seed (up to EUR 1,000,000 for companies above EUR 100,000 in annual revenue) — spanning ten priority verticals including Enterprise Software, e-Commerce, Financial Services, Healthcare, FMCG, and Cybersecurity.

The fund operates a platform business combining direct investment with structured acceleration programming, most notably the XLRadar cohort series (XLRadar 21 for digital transformation; XLRadar Consumer Goods for FMCG) and the annual Pitch @ the Beach showcase. The XLRadar 21 cohort combined EUR 40,000 of funding (EUR 25,000 cash plus EUR 15,000 in-kind) with mentoring, workshops, and access to the Dutch startup ecosystem, with follow-on capital available. By Q1 2022, the fund had invested in 97+ portfolio companies across 130+ investments, with EUR 5M+ deployed in 2022 alone across 60+ companies, and negotiated three exits (Cargenta, Clever Bear, Nanny Care).

Revenue is generated through two streams: management fees on the EUR 21.1M AUM as a regulated fund manager, and investment returns via equity stakes in portfolio companies. Distribution relies on direct application intake (via Typeform), acceleration-program funneling, and channel partnerships with Sirma Group Holding (Sirma Venture Lab — up to EUR 400K co-investment in FinTech, Healthcare, Industry 4.0, Logistics, Automotive, and Hospitality), Bosch.IO, and the BEYOND Consortium. The fund is currently in its post-investment stage, with no successor vehicle disclosed.

Name

Innovation Capital

Legal name

Innovation Capital AD

Website

https://innovationcapital.bg

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Innovation Capital AD is a Sofia-based, FSC-registered venture capital fund manager operating a EUR 21.1 million early-stage fund (Acceleration to Seed, up to EUR 1M per ticket) that invests in Bulgarian startups across ten priority verticals via direct equity and accelerator programs including XLRadar and Pitch @ the Beach.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

akta.pro secondary industries

Accelerators & Incubators (Investor-Operated) (FSANAAAM), Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital funding
• Seed stage investment
• Startup acceleration programs
• Equity investment services
• Pre-seed financing

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Technology or R&D

Revenue model

1. Investment Returns: Innovation Capital generates returns through equity investments in portfolio companies. The fund is a EUR 21.1 million VC fund that provides equity and quasi-equity funding to Bulgarian startups with the goal of growing businesses to scale and establishing integration with international companies.
2. Management Fees: As an alternative investment fund manager registered with the Financial Supervision Commission of Bulgaria, Innovation Capital AD manages the Innovation Capital Fund KDA and earns management fees from fund operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Innovation Capital is a EUR 21.1 million venture capital fund providing equity and quasi-equity funding to Bulgarian startup companies across three structured investment tracks: Acceleration (EUR 25,000+ for idea-stage companies), Pre-Seed (up to EUR 50,000 for revenue-generating companies), and Seed (up to EUR 1,000,000 for early growth-stage companies). The fund supplements direct investment with accelerator programs such as XLRadar 21 and XLRadar Consumer Goods, which combine funding, mentorship, workshops, and demo day pitch opportunities, including access to the Dutch startup ecosystem for selected cohorts.

Product overview

Innovation Capital is a EUR 21.1 million venture capital fund that provides equity and quasi-equity funding to Bulgarian startup companies across multiple investment stages. The fund operates through three distinct investment tracks: Acceleration (EUR 25,000+ for early-stage companies), Pre-Seed (up to EUR 50,000 for companies with EUR 10,000+ revenue), and Seed (up to EUR 1,000,000 for companies with EUR 100,000+ revenue). The fund also runs specialized accelerator programs including XLRadar 21 and XLRadar Consumer Goods, which combine funding with mentorship, industry expertise, and in-kind services. A key partnership with Sirma Group enables technical support and larger investment opportunities for portfolio companies. The fund targets priority sectors including Enterprise Software, e-Commerce, Financial Services, Healthcare, Entertainment, Food/FMCG, Security/Cyber-security, Travel, Automotive/Transport/Logistics, and Education.

Differentiator

Problem solved

Functional benefit

Brands

• Innovation Capital Fund KDA: The alternative investment fund managed by Innovation Capital AD that invests in Bulgarian startups
• XLRadar
• Pitch @ the Beach
• XLRadar 21

Products and services

• Acceleration Program

Quantifiable outcome

• 97 portfolio companies with 3 exits negotiated in 2022
• +1 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Sirma Group Holding JSCcoreStrategic or Co-development Partner · 9 May 2022Partnership with Sirma Group for Sirma Venture Lab incubator program. Sirma provides technical support and development expertise while Innovation Capital offers investment and business development guidance. Program targets startups in FinTech, Healthcare, Industry 4.0, Logistics, Automotive, and Hospitality verticals with potential investment up to EUR 400K.
• Bosch.IOcoreStrategic or Co-development Partner · 1 January 2022Partnership with Bosch.IO to provide additional growth opportunities for startups, combining Bosch's technological expertise with Innovation Capital's investment and acceleration capabilities.
• BEYOND ConsortiumcoreStrategic or Co-development Partner · 1 January 2022Innovation Capital joined the BEYOND Consortium alongside 4 other major European startup supporters. This provides access to additional funding and international mentors for Bulgarian early-stage companies through the accelerator program.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/iCapital
• LinkedInlinkedin.com/company/innovationacceleratorbg/?viewAsMember=true

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments200 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovation Capital