Vitosha Ventures deploys first €3.7M from new €34M fund, targets 80 startups by 2030
What's the deal? Bulgarian venture firm Vitosha VenturesDealroom has a profile for this one. Try Dealroom → has invested its first €3.7 million from a new €34 million fund, backing 10 companies with cheques of €200,000 to €500,000 each. The firm aims to invest in nearly 80 Bulgarian technology companies by 2030.
Why now? The second fund follows more than 100 investments made through Vitosha's first vehicle. Its lead investor is again the Fund of Funds, via the Early-Stage Entrepreneurship instrument under the Competitiveness and Innovation in Enterprises Programme 2021–2027.
What's the endgame? Rather than chasing specific industries, the fund targets companies that use artificial intelligence, automation, and proprietary technology to solve global problems and sell internationally. "In the next four years our mission is to invest in another 70 Bulgarian startups with the greatest potential for growth and a successful exit," said managing partner Stoyan Nedin.
The early portfolio is dominated by AI startups. SORN.AI, which optimises brand visibility in AI systems such as ChatGPT, already generates more than €100,000 in monthly revenue and targets the US market. Spicy SE, an AI platform for systems engineering, works with clients including HENSOLDTDealroom has a profile for this one. Try Dealroom → and MicroVisionDealroom has a profile for this one. Try Dealroom → and runs pilots with Novo NordiskDealroom has a profile for this one. Try Dealroom →, Luxoft, and VestasDealroom has a profile for this one. Try Dealroom →.
What's the pipeline? A second cluster focuses on autonomous machines and robotics: ID Robots builds an operating system for fleets of autonomous drones and robots, Citadel Robotics develops AI for maritime security, and Smart Farm Robotix has secured funding approval from the EIC Accelerator programme. The fund also backs software plays in traditional sectors, including Truckspedia, no-code app builder Builderly, and DreamColor.
What's the bet? Nedin said the firm wants to see progress and market validation before committing. "Of course, the idea has to make sense and have a big enough market, and we have to believe the people in front of us will manage to conquer that market," he said, adding that the approach reduces risks such as founders lacking commitment or products lacking demand.
The signal: Vitosha's deep-tech and AI-heavy thesis reflects a broader push to channel European public money into early-stage technology firms with global ambitions — betting that a small market like Bulgaria can produce companies selling to international customers.
Read more: Forbes Bulgaria
Image credit: Generated with Gemini
