In a Nutshell
- Codery, a company specializing in outsourcing and managing dedicated IT talent in infrastructure and employment arrangements, has secured a €2.6M investment from Silverline Capital.
- The funds will enable the company’s growth through organic development and strategic acquisitions.
The company specializes in connecting international businesses with skilled Bulgarian IT professionals. Codery, founded in 2019 by Philip Balkanski, aims to serve as an Employer of Record (EOR), handling all administrative and legal employment tasks, which allows businesses to operate without establishing regional offices.
The company also leverages an AI-driven platform to streamline candidate selection, aiming to be the preferred service provider for global companies by solving their recruitment and administrative challenges.
Tackling Trust, Costs, and Bureaucracy in Market Entry
“The secret to our success lies in the innovative model of our company,” said Philip Balkanski, Founder and CEO of Codery. “Our model focuses on solving the three main challenges that foreign companies face when entering our region: lack of trust, high recruitment costs, and complex bureaucracy. We not only connect our clients with over 20,000 of the best tech talents in the country, but we also invest in their market entry by covering financial, legal, and administrative expenses, dividing them down into a fully transparent payment plan,” Balkanski explained.
Through bridging the gaps between the administrative tasks for foreign companies, Balkanski also added that Codery “serves as a bridge between East and West in the business world.”
“I am happy that Silverline Capital and other partners recognized our potential and supported us in continuing to grow,” he shared.
Silverline Capital’s Investment Fuels Codery’s Expansion
The support from Silverline Capital will drive Codery’s growth. Part of the investment will be allocated to mergers and acquisitions to the team, as well as to improve the company’s internal systems and structure.
“We are convinced that Codery’s approach to clients and talent is the right one for the industry. The high level of transparency, led by an established and dynamic team, benefits both sides,” said Evgeni Angelov, Managing Partner of Silverline Capital.
Nikola Dunchev, Partner at Silverline Capital, also commented: “Codery demonstrates how innovation can transform the way talent is recruited and managed. Our investment is aimed at expanding their technological capabilities and global presence.”
Codery aims to strengthen its position on the international business stage and provide opportunities for Bulgarian professionals to work with companies from around the world.
