Bulgarian Angels Club

What Bulgarian Angels Club does

Bulgarian Angels Club (formerly CEO Angels Club) is the largest angel investment network in Bulgaria, founded in 2016 in Sofia. It is a private membership organization that deploys syndicated personal capital from senior executives, entrepreneurs, and managers into early-stage Bulgarian startups, with individual ticket sizes ranging from EUR 10,000 to EUR 200,000 and a 5% success fee charged on net funds raised by startups through the club. Members invest individually after evaluating pitches at four quarterly meetings per year; a Selection Committee and pre-screening by the CEO filter deal flow sourced through Gust, Founders Institute, accelerators, and member referrals.

The club generates revenue from two streams: recurring annual membership fees that cover deal-flow curation, meeting operations, and platform access, and a transaction-based success fee on completed rounds. Beyond capital deployment, the club offers mentorship, board representation, and strategic introductions to portfolio companies, and operates two educational products — the fee-based Business Angels Investment Academy (in partnership with Efino) and a free EU-funded Angel Investing Training Course delivered under the ESIL 2 initiative. The membership base has expanded materially (31 new members in 2023), geographic chapters have been launched in Varna and the USA, and the organization is embedded in both the Bulgarian ecosystem (BVCA, BESCO, DSP.bg) and European-level networks (EBAN, Business Angels Europe, META Group, Bpifrance).

Name

Bulgarian Angels Club

Legal name

Bulgarian Angels Club

Website

https://angelsclub.bg

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Bulgarian Angels Club is the largest Bulgarian angel investment network, providing syndicated equity funding of EUR 10,000–200,000 per startup, plus mentorship and board support, to early-stage Bulgarian founders through quarterly pitch meetings and a curated deal-flow pipeline.

Ownership category

akta.pro rank

Product category

Angel Investment Network

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAAAI

Micro-VC & Angel Funds

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

SECONDARYFSANAAAM

Accelerators & Incubators (Investor-Operated)

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

Keywords

• Angel investment network
• Early-stage startup funding
• Seed stage investing
• Investor syndication services
• Venture capital partnerships

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Others

Revenue model

1. Success Fee: Club charges 5% success fee calculated from the net amount received by the entrepreneur when a startup successfully raises funding through the club.
2. Annual Membership Fees: Members pay annual membership fees that cover deal flow management, pre-screening services, meeting organization, pitching support, and access to online deal-flow platform. Due diligence and legal services are available at additional cost.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Bulgarian Angels Club operates a syndicated angel investment network that connects senior-executive members with early-stage Bulgarian startups seeking EUR 10,000-200,000 in seed capital. The club manages deal flow through the GUST platform, screens opportunities, coaches entrepreneurs, and hosts four quarterly pitch meetings per year where members decide individually whether to invest. Complementary services include structured due diligence, term sheet templates, post-investment mentorship, and the Business Angels Investment Academy educational program.

Product overview

Bulgarian Angels Club operates as the largest Bulgarian angel investment network, offering a unified platform of investment and ecosystem services. The core offering centers on deal-flow management facilitated through the GUST platform, enabling entrepreneurs to apply for funding and investors to evaluate opportunities. The club provides equity investment services ranging from EUR 10,000 to EUR 200,000 with a 5% success fee, complemented by educational programs including the Business Angels Investment Academy (covering investment strategy, due diligence, valuation, and deal terms) and the EU-funded Angel Investing Training Course. Participation in the ESIL 2 Project extends the club's reach across European angel networks. The club also facilitates introductions between entrepreneurs and angels, organizes pitch events, and provides ongoing mentorship to portfolio companies.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• EUR 2.7 million+ total investments deployed
• +3 more outcomes

Named customers9 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

15 partnerships are on record, tiered core and minor.

• ESIL (European Angel Initiative)coreStrategic or Co-development Partner · 1 January 2024EU-funded initiative boosting Europe's innovative ecosystems through creation of thriving angel investment communities. Bulgarian Angels Club is part of ESIL 2 project with focus on building next generation of angels - younger, more gender diverse, in less developed markets.
• DSP.bgminorGTM or Marketing PartnerBulgarian partner organization in the startup/tech ecosystem
• MyCFOminorGTM or Marketing PartnerBulgarian financial services partner
• BVCA (Bulgarian Venture Capital Association)coreGTM or Marketing PartnerBulgarian VC association representing the venture capital industry
• EBAN (European Business Angels Network)coreGTM or Marketing PartnerEuropean-level business angels federation providing cross-border networking and deal flow
• BESCO (Bulgarian Ecosystem for Startups and Innovation)coreGTM or Marketing PartnerBulgarian startup ecosystem organization
• Business Angels EuropecoreGTM or Marketing PartnerEuropean association of business angel networks and groups
• SeedBlinkminorGTM or Marketing PartnerEuropean investment platform for startups and angels
• AescuvestminorGTM or Marketing PartnerEuropean healthcare/healthtech investment platform
• StartupActivatorminorGTM or Marketing PartnerStartup support organization
• StartupExcelsminorGTM or Marketing PartnerStartup ecosystem support organization
• VarnapreneurscoreStrategic or Co-development PartnerLargest entrepreneurial community outside Sofia (200-300 founders at events). Partnership will unlock growth opportunities for Varna startup ecosystem through pitch events and angel investing education. Bulgarian Angels Club provides structure, capital access, and national investment network connections.
• EfinocoreStrategic or Co-development PartnerThree experienced angel investors and entrepreneurs based in Switzerland, Spain and Dubai who partnered to deliver Business Angels Investment Academy curriculum covering investment strategy, due diligence, company valuation, and deal terms.
• META GroupcoreStrategic or Co-development PartnerPart of ESIL consortium - experienced partner in angel and early-stage finance ecosystem, supporting development of co-investment angel funds and transnational investment opportunities.
• The Founders InstitutecoreChannel Partner/ Reseller/ DistributorGlobal accelerator network whose graduates and network serve as a key deal flow source for Bulgarian Angels Club.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• SeedBlink: European investment platform for startups and angels, listed as a BAC partner. Operates a tech-enabled co-investment model that competes directly with BAC for Bulgarian startup allocations while complementing it as a syndication channel.
• New York Angels: One of the largest US angel networks, credited on BAC's website as inspiration. Operates a very similar model: senior executives and entrepreneurs running syndicated angel rounds with educational programming, structured deal flow, and member-driven investment decisions.
• Band of Angels: US-based Silicon Valley angel group that has historically been a reference model for country/regional angel clubs. Similar structure of executive members performing pre-screening, syndication, and follow-on support to seed-stage technology companies.
• Keiretsu Forum: One of the world's largest global angel networks with regional chapters. Closely mirrors BAC's chapter-based model, structured pitch meetings, and syndication of equity rounds into pre-seed/seed startups.
• META Group: ESIL consortium partner and Central European angel/early-stage finance specialist that co-develops co-investment angel funds with BAC. Operates a comparable model of building regional angel communities with cross-border investment vehicles.

Broad incumbents

• Bpifrance: French public investment bank participating in the ESIL consortium with BAC. A broad incumbent in seed/early-stage finance across Europe, providing a public-sector reference point for angel fund infrastructure development.
• Business Angels Europe: Association of European angel networks and groups, listed as a core BAC partner. Provides benchmarking, transnational deal flow, and policy advocacy that are directly comparable to what BAC delivers at a country level.
• EBAN (European Business Angels Network): Pan-European federation of business angel networks listed as a core BAC partner. Acts as the umbrella organization for angel clubs like BAC, providing cross-border deal flow, policy advocacy, and EBAN membership services across Europe.

Regional players

• BVCA (Bulgarian Venture Capital Association): National VC industry association in Bulgaria, a core BAC partner. Operates in the same geography as BAC but at the institutional VC level rather than the angel/seed level, serving as a complementary (not directly competitive) ecosystem body.
• BESCO (Bulgarian Startup Ecosystem): Bulgarian startup ecosystem organization listed as a core BAC partner. While not a direct peer, it represents the broader national startup-support ecosystem in which BAC operates and from which it sources deal flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ceo-angels-club

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

Investments

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

Frequently asked questions about Bulgarian Angels Club