09.12.2022

BULGARIA HAS THE THIRD LARGEST NUMBER OF START-UP COMPANIES IN SOUTH-EASTERN EUROPE

Bulgaria has the third largest number of start-up companies among the countries of South-Eastern Europe and the second most attractive destination for offices of foreign start-ups. This is indicated by the data from the annual report of the Dutch risk capital analysis agency Dealroom "Startups & Venture Capital in South Eastern Europe 2022", presented at an event of the Bulgarian Equity and Venture Capital Association (BVCA).

According to the study, Bulgaria is third in the number of start-up companies after Romania and Greece and is the absolute leader in the number of venture capital funds – 18 in total, as well as being one of the leading investment hubs for the region, as local funds direct resources for growth not only to local companies, but also to promising startups in Romania, Greece, Serbia, Croatia, etc.

The analysis includes the names of a number of capital companies of Bulgarian founders, as well as the names of foreign companies that have chosen Sofia as their next office location. Among them are the first Bulgarian unicorn Payhawk, Gtmhub, Dronamics, Spark, Nexo, Hyperscience, The Recursive, Software Group, Alcatraz AI, Nuvei, Paysafe, Hopper and many more, notes the Capital Municipal Agency for Privatization and Investments (Invest Sofia).

The report also notes that VC investment in startups in the eleven countries now exceeds US$1.3 billion. This is an all-time record and more than the previous three years combined. For Bulgaria specifically, venture capital directed at homegrown companies has reached USD 251 million over the past 18 months, which is more than any previous period since 2012.