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Vitosha VC Invests €1.5M in 5 Promising Startups and Plans Expansion in SEE with Fund II

Marin Iliev, Max Gurvits, Stoyan Nedin
Image credit: Vitosha Venture Partners (left to right): Marin Iliev, Max Gurvits, Stoyan Nedin
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In a nutshell:

  • Vitosha Venture Partners, a Bulgarian venture capital fund specializing in early-stage companies, announced their latest 5 investments with a total amount of almost €1.5M.
  • The selected companies cover various sectors and verticals, with potential for scalability.
  • After completing their investment period of Vitosha Fund I with 107 startup portfolio companies, Vitosha Venture Partners plans to support the promising ones in follow-on fundraising, strategy, and expansion.

 

The Big Picture:

Vitosha Venture Partners aims to achieve exits in the 2027-2030 period. They will focus on establishing Vitosha Fund II, targeting slightly later-stage companies with tickets from €200K to €1.5M. Moreover, they plan to expand their outreach, targeting other SEE countries. 

 

So, who are the lucky five?

Kikimora.io, a platform for automated tracking and management of critical risks in the cybersecurity sphere, founded in 2018 by Krasimir Kotsev, managed to secure €350K EUR from Vitosha Venture Partners. The total round landed at €653K. 

The Investor’s Perspective: 

Stoyan Nedyn, Managing Partner at Vitosha Venture Partners, said that “the complex software systems of medium and large corporations contain thousands of vulnerabilities, and managing their remediation is an increasingly challenging task. Through Kikimora and the experienced team at SoCyber (the product’s parent company), corporations will be able to prioritize, monitor, assess, and remediate vulnerabilities in their software systems much more effectively.”

 

Team Schedule, a SaaS solution for large companies with ERP systems, raised funding of €600K from Vitosha Venture Partners. The total round was €1M. 

The Investor’s Perspective: 

“Hristo Sabev’s team impressed us with their exceptional experience and understanding in the world of ERP systems and integrations, and their methodical approach to product development, deeply rooted in service design practice. With thousands of satisfied customers in an almost limitless market, Team Schedule has serious potential to become the next successful story in the world of SaaS solutions with Bulgarian origin,” shared Max Gurvitz, Managing Partner at Vitosha Venture Partners.

Read more:  Cristian Munteanu of Early Games Ventures to startup founders: Never be a yes-man

 

ECEON, a development and production of several models of robots for warehouse logistics, secured €200K investment from Vitosha

The Investor’s Perspective: 

“With their previous experience in the most advanced company for warehouse and retail robotics in the world and with the intelligent and scalable business model and strategy, the ECEON team is excellently positioned to take advantage of the accelerating transformation of logistical processes and become one of the leaders in the sector,” said Marin Iliev, Managing Partner. 

 

Krik.bg, established in 2022, is the first e-commerce platform effectively uniting European suppliers and buyers of used auto parts through smart analysis of large amounts of data. The company managed to secure €140K Vitosha investment in a total round of €346K. 

The Investor’s Perspective: 

“Reorganizing an established, basic, and huge business like the one with used auto parts is a challenge that requires an exceptionally high level of technological innovation and capacity, visionary thinking, and sleeves rolled up. The Krik.bg team has proven that they come up with previously unapplied solutions and integrations that will lead to greater connectivity and efficiency in the European market for auto parts,” added Stoyan Nedyn.

 

HROS.io, a platform for innovative recruitment of highly qualified human resources through references, raised €200K in funding

The Investor’s Perspective: 

“The company has proven itself in developed European markets with clients including the largest corporations on the continent. Alongside Vitosha’s investment, it is expanding into the Southeast European region with the launch of its innovative service for the regional market, and we are pleased to lead the deal together with one of the most successful European funds, SpeedInvest from Vienna”, revealed Max Gurvitz.

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https://therecursive.com/author/teodoraatanasova/

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.