Growing demand for premium coffee creates opportunities in the Eastern European coffee market. Independent specialty coffee roasters are expanding quickly, particularly in Poland, the Czech Republic, and Romania, despite the market being largely controlled by multinational corporations and mainstream brands.
Today, Bulgarian BlackPeak Capital announced they made their first investment in Serbia, backing Kafeterija, a specialty coffee chain in the country, with growth equity funding. Currently, Serbia’s per capita coffee consumption stands at 5.4 kg/year, a higher amount compared to its neighbors — Croatia (4.5 kg/year) and Bulgaria (2.3 kg/year).
The fresh capital will fuel Kafeterija’s expansion across Southeastern Europe. The firm aims for organic growth through strategic acquisitions in the region. Serbia is currently a key priority market for BlackPeak Capital, and the firm is eyeing additional opportunities in the country.
Kafeterija plans 150 stores and €70M in sales
With 53 locations across Serbia and Montenegro, Kafeterija has built a vertically integrated business model. The company, headquartered in Belgrade, was founded in 2014 by Zoran Stanojević and Marko Vukomanović.
“This is a pivotal moment, not just a recognition of what we’ve achieved so far, but a strategic step toward shaping the future of the coffee industry in the region. We are committed to expanding Kafeterija’s unique coffee culture while maintaining the highest standards of quality, service, and innovation,” shared Kafeterija’s co-founder and CEO, Zoran Stanojevic.
With BlackPeak Capital’s support, Kafeterija plans to expand to 150 stores in Bulgaria, Romania, and Hungary, reach €70 million in annual sales. The company aims to become Southeastern Europe’s specialty coffee market leader in scale, quality, sustainability, and community engagement.
In 2024, the coffee markets in Bulgaria, Romania, and Hungary continued to evolve. For example, revenue in the Romanian coffee market is projected to reach approximately $752.82 million in 2025, expected to grow by 5% annually until 2028.
Overall, according to the European Coffee report 2023/2024, the Bulgarian coffee market has been expanding, with a notable increase in specialty coffee consumption, while Hungary’s coffee market is characterized by a mix of traditional and specialty coffee offerings. The increasing number of specialty cafés contributes to its growth.
BlackPeak Capital investment focus: €5-15M in high-growth SMEs
As part of the investment in Kafeterija, Ivailo Gospodinov, Managing Partner at BlackPeak Capital, will join Kafeterija’s board.
“We see tremendous potential in Kafeterija, not only in Serbia but also across Southeastern Europe,” said Gospodinov. “Their business model, operational excellence, and focus on customer experience position them perfectly for expansion. Specialty coffee is more than a product, it’s a lifestyle, and Kafeterija embodies this cultural shift beautifully.”
Gospodinov emphasized that BlackPeak Capital’s investment goes beyond financial support, offering strategic guidance to accelerate Kafeterija’s regional footprint.
Founded in 2014, BlackPeak Capital invests €5-15M in fast-growing SMEs across Southeastern Europe, focusing on innovation, growth, and impact through its second fund. Their target sectors include IT/software, niche manufacturing, business services, healthcare, and consumer goods. Notable investments include Verdino, a leading regional meat replacement producer, and euShipments, a regional integrator of logistical services for e-commerce shops.
“Building on this investment, we are committed to supporting other ambitious entrepreneurs across Serbia, Bulgaria, Romania, Croatia, and Slovenia,” Gospodinov added. “Our focus is on scaling high-potential businesses, helping them expand into new markets, and driving sustainable long-term growth.”
