🚀 ZapytajVC continues the “Roadtrip” series, this time visiting 🇧🇬 Bulgaria! Our guest is Angel Angelov (Managing Partner at Innovation Capital; Partner at ODC Ventures) who discusses the Bulgarian startup ecosystem, funding, and cross-border collaboration with CEE.
🔍 how Bulgaria’s VC scene formed: from the JEREMIE/EIF-backed wave of 2011–2013 to today’s 15–20 active funds and a pipeline of new managers selected by the national Fund Manager of Financial Instruments in Bulgaria.
🦄 success stories and trajectories: Payhawk’s rapid rise to unicorn, Shelly Group’s public‑market journey to unicorn status, Telerik’s landmark exit to Progress, SiteGround’s bootstrapped scale, and EnduroSat and Dronamics as deep‑tech standouts.
💰 the outsized role of public capital (EIF, national fund-of-funds) in kickstarting VC, with €300–€500M invested to date and ~€0.5B slated for deployment over the next 3–4 years, plus how this is expected to unlock more private LPs.
🏦 obstacles and opportunities: pension fund regulations, the untapped €150B retail deposit base, and how second‑tier stock market listings are bringing more retail investors into tech IPOs.
🛂 startup visa: why it’s not in place yet, how BESCO pushes policy forward, and how political instability slowed otherwise near‑ready reforms.
🌍 Bulgaria’s neighborhood effects: strong ties with Romania, Greece, and Turkey, and why South Balkans cooperation plus broader CEE alignment are crucial to compete with the US and China.
🤝 cross‑border investing with Poland: what mandates allow today, how future funds may allocate more to CEE, and why co‑investment, media, and conferences can bridge ecosystems.
⚡ ODC Ventures’ deal‑by‑deal syndicate focus: later‑stage global tech (AI, robotics, health, fintech) including access to rounds in companies like SpaceX, OpenAI, xAI, and DeliverAI.
🧠 alumni effects: the “Telerik mafia” and how Payhawk’s founders came from Telerik, with new founder cohorts emerging from successful Bulgarian tech companies.
📊 what’s next: enterprise software and AI‑adjacent infrastructure as leading verticals, with hardware opportunities (dual‑use and logistics) despite higher capital intensity.
Key ecosystem players mentioned: Payhawk, Shelly Group (Allterco), Telerik (exit to Progress), SiteGround, EnduroSat, Dronamics, BESCO, EIF.
💼 Angels' LinkedIn: / angelhristov
🌐 Innovation Capital: https://www.innovationcapital.bg/
🌐 ODC Ventures: https://odc.ventures/
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