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Bulgarian Boleron With IPO on BEAM Aiming To Raise €6M For Market Expansion

Three men and a woman
Image credit: Boleron
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Only have 1 minute? Here are 3 key takeaways: 

  • Boleron, a Bulgarian digital insurance broker, will conduct an initial public offering (IPO) on the BEAM growth market of the Sofia stock exchange on February 15, aiming to raise up to €6 million.
  • The IPO involves Boleron offering over 1M ordinary shares with a par value of approximately €0.50 each, priced between €1.50 and €5 per share.
  • The company will focus on expanding in Romania and Greece through collaborations with telecommunication companies.


Boleron, a Bulgarian digital insurance broker, recently announced their plans to carry out an initial public offering (IPO) on the BEAM growth market of the Sofia stock exchange, set on the 15th of February. The company aims to secure funds of up to €6M. Sofia International Securities, a brokerage firm, is playing the role of an investment intermediary on the deal.

Boleron will offer more than 1M ordinary shares with a par value of around €0.50 each, priced between €1.50 and €5 apiece. The offering will be considered successful if at least 884,493 shares are subscribed and paid for. Therefore, Boleron will raise its equity capital to approximately 5.17M shares, all of which will be approved for trading on the BEAM market.

Boleron was established in 2020 by Alexander Tsvetkov, Desislava Tsvetkova, Dimitar Kolchakov, Simeon Kostov, who came together with the idea to democratize digital insurance policies. Since then, the startup has launched a range of online insurance products, secured angel investment from Ivaylo Slavov, former CEO of BULPROS, and gained recognition by being included in the 2020 edition of the VISA Innovation Program.

Previously, the company had been backed by Bulgarian VC companies, with focus on the fintech sector, such as Eleven Ventures, NV3 and Digital SPV Holding.

Starting out with offerings only for B2C clients, the startup adopted a B2B business model with options for banks and telecoms. In November 2023, Bolero established a partnership with the Bulgarian telecommunications provider Vivacom, enabling its clients to make online purchases of insurance policies.

Read more:  Czech grocery delivery startup Rohlik, investor in Bulgarian eBag, is the newest CEE unicorn

Bolero also created the first digital car insurance in Bulgaria, enabling clients to instantly receive a signed insurance policy. The team claims to have saved more than 100K pages of paper that would have otherwise been used. 

The CEE insurance market consists of both branches of international groups and strong local companies. As a next step, Boleron will focus on entering new markets, specifically Romania and Greece, through strategic collaborations with telecommunication companies. Alexander Tsvetkov, the CEO of the company, shared that they are currently in negotiations with partners in Romania, where they plan to have a dedicated team. 

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Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.