Vitosha Venture Partners

What Vitosha Venture Partners does

Vitosha Venture Partners is an early-stage venture capital firm headquartered in Sofia, Bulgaria, founded in 2020 to back pre-seed, seed and Series A startups building from Bulgaria into international markets. The firm operates through two fund vehicles: Fund I ('Vitosha Venture Partners – Fund 1' LP) deployed €26M across 107 early-stage companies, and Fund II ('Vitosha Ventures – Fund 2' LP) adds €34M earmarked for 75–80 additional first cheques. Both funds are co-financed by European Union structural and regional development funds and structured through the Fund Manager of Financial Instruments in Bulgaria (FMFIB), anchoring the firm's capital base in EU institutional sources. Portfolio companies collectively generate over €50M in annual revenue across at least 12 verticals including RegTech, FinTech, SaaS, AgriTech, EV, eHealth, and EdTech.

The firm's product surface consists of direct venture investments of €100K–€1M and the Vitosha ACCELERATE program, a year-round rolling accelerator offering €25K–€50K equity or convertible-loan term sheets, TRACTION Week kickoff events, and access to a 50+ global mentor pool. Beyond capital, Vitosha provides strategic and operational support across hiring, governance, and scaling, alongside international network access to co-investors, corporate partners, and accelerator ecosystems. There is no proprietary technology product or platform; the underlying technology of the firm is its deal origination, evaluation, and portfolio support infrastructure. Distribution channels are the firm website and Typeform-based application, direct network outreach, the ACCELERATE program, and ecosystem events (TRACTION Camp, EIR Europe, Summit Summit).

Revenue mechanics follow the standard European micro-VC model: management fees (typically ~2% of AUM) on the combined ~€60M fund base, plus carried interest (typically ~20% above hurdle) on realized exits from the 107-company Fund I portfolio and the 75–80-company Fund II portfolio. The firm monetises equity ownership in portfolio companies rather than selling software or services, and operates without disclosed pricing for fund management. The team comprises 6 partners plus an investment manager, venture partner, and investment analyst, with backgrounds spanning operator exits, prior VC funds (Hoxton Ventures, NEVEQ, Teres Ventures), and senior product roles at Google, Yahoo, and Intel.

Name

Vitosha Venture Partners

Legal name

Vitosha Venture Partners Ltd.

Website

https://vitosha.vc

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Vitosha Venture Partners is a Sofia-based early-stage venture capital firm managing ~€60M across two EU-co-financed funds, backing pre-seed through Series A founders building from Bulgaria into international markets via €100K–€1M cheques and the Vitosha ACCELERATE program.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Investment Banking and Securities Intermediation (52315), Miscellaneous Intermediation (52391)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSANAAAB

Early-Stage Venture Capital (Series A/B)

Financial & Insurance/Private Equity & Venture Capital/Venture Capital Firms

SECONDARYFSANAAAM

Accelerators & Incubators (Investor-Operated)

Financial & Insurance/Private Equity & Venture Capital/Venture Capital Firms

Keywords

• Early-stage venture capital
• Seed stage funding
• Startup acceleration programs
• Pre-seed investment
• Portfolio company support

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Fund Management and Carried Interest: As a VC firm, Vitosha generates returns through equity ownership in portfolio companies. They earn management fees and carried interest (typically 20% of profits above the hurdle rate) from their two funds: Fund I (€26M, 107 companies) and Fund II (€34M, targeting 75-80 investments).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Vitosha Venture Partners is an early-stage venture capital firm that invests €100,000 to €1,000,000 in pre-seed, seed and Series A startups based in or operating through Bulgaria. Beyond direct investment, the firm runs the Vitosha ACCELERATE program offering €25K–€50K equity or convertible-loan term sheets, paired with strategic, operational, and network support to founders building global businesses from Bulgaria.

Product overview

Vitosha Venture Partners is an early-stage venture capital firm offering investment funding and acceleration services. The core offering consists of venture capital investments (€100K to €1M checks) into pre-seed and seed companies based in or operating through Bulgaria, targeting international markets. Beyond capital, they provide the Vitosha ACCELERATE acceleration program with investment sizes of EUR 25k or EUR 50k, along with strategic support, network access, and operational assistance. Fund I (€26M, 107 companies) and Fund II (€34M) represent their investment vehicles.

Differentiator

Problem solved

Functional benefit

Products and services

• Vitosha ACCELERATE Year-round rolling accelerator program that provides equity or convertible-loan term sheets of EUR 25k or EUR 50k to selected early-stage startups, paired with deep hands-on support, TRACTION Week kickoff, personalized growth metrics, and access to a global pool of 50+ top mentors.
• Vitosha Venture Partners – Fund 1 First venture fund deploying €26M into early-stage startups, structured as 'Vitosha Venture Partners – Fund 1' LP and co-financed by European Structural and Investment Funds. Provides first cheques and follow-on capital to founders in Bulgaria and the region.
• Vitosha Ventures – Fund 2 Second venture fund adding €34M for 75–80 first cheques into pre-seed, seed and Series A startups building next-generation solutions with high growth potential, structured as 'Vitosha Ventures – Fund 2' LP.

Quantifiable outcome

• 107 early-stage startups invested through Fund I
• +3 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• 50+ Global Mentors PoolmajorStrategic or Co-development PartnerGlobal pool of 50+ top mentors providing expertise to Vitosha ACCELERATE participants and portfolio companies. Mentors include entrepreneurs, investors, and growth specialists accessible during TRACTION Week and throughout the program.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• LAUNCHub Ventures: LAUNCHub is a Bulgaria-based early-stage VC and accelerator investing in pre-seed and seed companies across Southeast Europe. Directly competes with Vitosha for the same Bulgarian founder pool and runs a similar accelerator-plus-fund model.
• Eleven Ventures: Eleven Ventures is a Sofia-based early-stage VC fund and accelerator investing in Bulgarian and SEE startups, where Vitosha partner Max Gurvits previously ran investment management. Most direct head-to-head competitor for Bulgarian seed and pre-seed deals.
• NEVEQ: NEVEQ was the first tech-focused VC fund in Southeast Europe (founded 2007), where Vitosha partner Marin Iliev worked. Direct comparable for Bulgaria/SEE tech investing history and stage focus.

Emerging players

• Hoxton Ventures: London-based early-stage fund co-founded by Vitosha partner Rob Kniaz, focused on European tech at seed/Series A. Highly relevant peer because of overlapping team and thesis, though geographically broader than Vitosha.

Regional players

• SeedBlink: SeedBlink is a Romanian equity-crowdfunding and syndication platform for early-stage tech companies in CEE, with comparable ticket sizes and stages to Vitosha's accelerator program but a broader regional mandate.
• Credo Ventures: Prague-based early-stage VC focused on Central and Eastern Europe, writing seed and Series A cheques. Comparable stage, check size, and CEE geographic focus to Vitosha.
• Day One Capital: Budapest-based early-stage VC investing in Hungarian and CEE tech startups from seed to Series A. Comparable early-stage thesis and CEE geographic orientation to Vitosha.
• Gapminder VC: Bucharest-based early-stage fund focused on Romanian and CEE tech startups at seed and Series A. Comparable ticket size, stage, and CEE ecosystem focus to Vitosha.

Broad incumbents

• Speedinvest: Vienna-based pan-European early-stage fund with multiple sector-focused vehicles. Comparable in seed/Series A stage focus but operates at much larger AUM and broader geographic scope than Vitosha.
• Techstars (any CEE/European accelerator): Techstars is a global accelerator operator running programs that compete for the same early-stage Bulgarian/European founders as Vitosha ACCELERATE, with comparable accelerator-plus-investment structure but vastly larger scale and brand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/vitoshavp
• Facebookfacebook.com/vitoshavp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments39 records

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

Frequently asked questions about Vitosha Venture Partners