A common challenge for early-stage companies is finding growth capital at the right moment: when there is clear potential but the business is not yet mature enough for larger-scale/ VC funding. In Bulgaria, a new initiative developed by the Bulgarian Stock Exchange (BSE) and the Central Depository seeks to address this gap. SpaceCrowd, an equity crowdfunding platform, offers startups a way to connect with investors under a framework combining institutional trust and accessible conditions.
A Platform Built on Established Financial Infrastructure
SpaceCrowd’s foundation is noteworthy. Built by two of the most experienced institutions in Bulgaria’s capital markets, the platform introduces an additional layer of security and transparency for both startups and investors.
The launch is designed to be gradual: initially, only investors who are clients of licensed partner intermediaries can participate, ensuring an added regulatory safeguard. In a second phase, SpaceCrowd will open to a broader pool of investors, creating larger funding opportunities.
Lowering the barriers to early-stage capital
SpaceCrowd targets startups with an innovative product, service, or business model, without limiting participation to specific industries. Eligible companies must be legally incorporated as joint-stock companies.
The platform is suitable for funding rounds between approximately €100,000 and €750,000. Unlike the other popular option in CEE – Seedblink, startups are not required to secure a lead investor prior to launching their campaign, lowering the threshold compared to traditional fundraising models.
Integration into a Broader Startup Support Ecosystem
Participation in SpaceCrowd also opens access to the beamUp lab accelerator, an initiative offering mentorship, visibility, and a potential bridge to the BEAM market, Bulgaria’s alternative market for growth companies.
This positioning is deliberate. As Assoc. Prof. Dr. Manyu Moravenov, Executive Director of the Bulgarian Stock Exchange, explained at the platform’s launch: “The BEAM market showed that there is investor interest in startup companies in Bulgaria, but some of them are not sufficiently developed to meet BEAM’s criteria.” SpaceCrowd provides these startups with an intermediate step, allowing them to secure funding and continue building toward broader public market access.
Clear and Predictable Terms for Startups
The cost structure on SpaceCrowd is designed to be simple and transparent: startups pay a one-time document review fee of a bit over €1,500, plus a success fee based on the funds raised. There are no hidden conditions: no requirement for prior equity commitments, and no obligation to have an anchor investor.
For investors, SpaceCrowd offers a lower minimum investment threshold compared to many other platforms, widening access to equity investments in early-stage companies.
An Additional Financing Channel in a Maturing Ecosystem
SpaceCrowd represents a timely addition to Bulgaria’s growing innovation landscape. It opens a regulated, accessible channel for companies that have strong potential but are not yet ready for traditional capital markets, while providing investors with new opportunities to participate in the country’s startup growth story.
