BVCA - Bulgarian Private Equity and Venture Capital Association

25/03/2026

BrightCap Ventures with an exit and double dose of investments: The exit is from the American Peruse, in which BrightCap has made two investments over the years totalling circa €700K.

A year and a half after the launch of its second fund, the BrightCap Ventures' team now has five exits from portfolio companies from the first fund and eight more new investments in young projects.

Фондът продава дяловете си в софтуер за факторинг компании, инвестира в агент за хотелски мениджмънт и наследника на SMS

03/02/2026

Join Schoenherr Attorneys at Law Bulgaria for their special event - We Love Pharma: Expert Insights for a Changing Regulatory Landscape on 12 Feb, Sofia.

The EU “Pharma Package” is the most substantial overhaul of medicines legislation in more than 20 years. The political agreement reached on 11 December 2025 confirms the baseline protection model with capped extensions, a broadened Bolar exemption enabling full “day-one” readiness, including participation in procurement tenders, and strengthened supply security obligations. Although formal adoption and national transposition are still pending, the legislative objective is clear: to establish streamlined pathways for immediate post-exclusivity market entry, coupled with enhanced obligations to prevent and manage shortages.

💡 How is this reshaping market entry dynamics, shortage obligations, and regulatory procedures in ways that affect the generics and biosimilars sector?
Join us for a focused discussion and practical takeaways.

🔜 Reserve your place by emailing [email protected] or [email protected] and receive a complimentary report covering all the topics.

13/01/2026

With a bit of nostalgia for the passed Christmas holidays, we share photos from our Xmas event, which this year was a little different... (in a great way!) ✨

We partnered with Bulgarian Angels Club - an organization with which we have a perfect synergy so the networking was a delight.

We presented a humorous BVCA awards, yet recognized the great work that has been done by our fund managers and community in elevating the ecosystem.

And one constant - we welcomed Bulgarians living abroad, who came back for the winter holidays. 🎄

08/01/2026

In the last days of 2025, the European Investment Fund (EIF) and the Government of Bulgaria, through the Ministry of Innovation and Growth, Bulgaria, signed the extension of the EUR 350m JEREMIE mandate until 2035.

This is great news for the Bulgarian investment ecosystem! JEREMIE Bulgaria has been vital in supporting startups and scaleups in SEE through the local equity funds. Its success was quickly validated and JEREMIE then - replicated in other countries within Europe.

Through the reinvestment of recycled JEREMIE resources, the government of Bulgaria and the EIF will convert legacy repayments into new growth capital for the real economy, with up to EUR 160m available for deployment starting from 2026 and a larger amount projected to become available over the next decade.

Over 15 years, JEREMIE Bulgaria has become a benchmark initiative across the EU, demonstrating the value of patient, recyclable public capital invested at market terms:
▪EUR 1.6bn+ deployed in loans and equity investments
▪ 10,000+ SMEs supported nationwide
▪EUR 1bn+ private capital mobilised
▪Approximately 5x multiplier effect on public resources

Designed as an evergreen initiative, JEREMIE evidences how long-term policy continuity, institutional expertise, and innovative financial instruments can deliver sustainable economic impact.

08/12/2025

Feel the vibe and see some of the charts from our event, presenting the Annual Report on investment and entrepreneurship in Bulgaria and SEE.

Bulgaria leads overall in number of deal activity in the region and has the most active equity fund managers, in terms of number. What is also interesting is the diaspora engagement in the investment scene in SEE, as well as prominent foreign investors, who choose to invest in companies from the region.

The full report is available here: https://bvca.bg/en/annual-report-2025/

03/12/2025

Българските фондове, които инвестират в стартъпи и по-зрели компании са най-активните, а самата екосистема е все още най-развитата в Югоизточна Европа, но всички участници в нея трябва да положат сериозни усилия, да за остане такава, става ясно от годишния доклад на Българската асоциация за дялово и рисково инвестиране (BVCA).

Българските фондове, които инвестират в стартъпи и по-зрели компании са най-активните, а самата екосистема е все още най-развитата в Югоизточна Европа, но всички уч....

25/11/2025

"Market players are unanimous that the need for reforms is some seven-eight years overdue and the ball is now in the court of the legislature," comments BVCA Chairman, Evgeny Angelov, at a BVCA event presenting its newest industry report. While the lack of reforms is cutting off local pension funds from the market, pension funds from other countries in SEE are investing in Bulgarian funds and Bulgarian companies, Angelov also said.

"The good news is that we are entering a new investment cycle. Several funds are closing and we are already witnessing investments grow," comments Angelov. Read more in an interview from SeeNews.

Bulgaria needs to amend its legislation to allow local institutional investors to play an active role on the private equity and venture capital market (PE&VC), or else it risks losing its competitive edge, Evgeny Angelov, chairman of the Bulgarian Private Equity and Venture Capital Association (...

21/11/2025

Новият годишен доклад за частните инвестиции в България и региона на Югоизточна Европа вече е факт!

Данните потвърждават устойчивата лидерска позиция на България в сферата на дяловото и рисковото финансиране в региона на Югоизточна Европа.

България разполага с добре развита стартъп екосистема и утвърдени фонд мениджъри, подкрепени от благоприятна бизнес среда. Тази динамика се отразява в ключови показатели, които отличават страната:

• България е водеща в региона по брой сделки и по създадена стойност на глава от населението.
• 150 000 специалисти работят в сектора на технологиите и знанието, като това се подпомага от активността на дяловите и рисковите фондове.
• Страната е №1 в Югоизточна Европа по брой фондове, инвестирали в компании, развиващи изкуствен интелект.

През последната година основните сфери на инвестиране остават транспортът, софтуерът и финансовите услуги, които формират около 80% от общия обем. Почти всички сделки на дяловите фондове са насочени към B2B компании. 2025 г. вече показва силен старт, като реализираните инвестиции надминават нивата за цялата 2024 г.

По време на представянето на доклада BVCA подчерта необходимостта от по-широко участие на институционални инвеститори, за да може България да запази конкурентната си роля в региона.

Целият доклад, създаден със SeeNext, в партньорство с EIB и JEREMIE, четете тук: https://bvca.bg/annual-report-2025/

27/10/2025

Как изглежда България в очите на чуждестранните инвеститори? Какво търсят фондовете и венчър инвеститорите? Тези и други важни теми обсъдиха директорът и членът на Консултативния съвет на BVCA – Мария Маринова и Момчил Василев на годишния форум на списание Мениджър. Панелистите се съгласиха за спешната нужда от:

☑️Модернизация и реформи в законодателството;
☑️Създаване на условия за участие на институционални инвеститори и мобилизиране на капитал за скалиране на компании;
☑️Реформи в образованието и привличане на таланти.

Цялата статия можете да прочетете тук: https://manager.bg/events/8-i-bankovo-finansov-forum-/8-i-bankovo-finansov-forum-balgaria-kato-investicionna-destinacia

09/10/2025

The new study of European Women in VC together with Pensions for Purpose is out and the news for Bulgaria are extremely demotivating.

Bulgaria is one of the very few countries which has a restrictive national regulation, when it comes to allocating to equity investments – it is not allowed. Most EU countries are, by regulation, permitted to allocate more than 10% of pension fund capital to private equity and venture capital. Western European, Nordic and Baltic countries have the most flexible regulations, where there is no cap. Countries in Eastern and Central Europe tend to have the most restrictive investment caps, including for private investment.

We need urgent measures to catch up and modernise our national legislation when it comes to pension funds investing in equity, as there are missed opportunities already.

Read the full report here:https://www.pensionsforpurpose.com/assets/uploads/2025-10-01-ImpactLens-EWVC-Venture-Capital-v5.pdf

30/09/2025

Have a read at our concrete policy recommendations that we recently presented in detail to the European Commissioners for Startups, Research and Innovation, and - Financial Services and the Savings and Investments Union - in Brussels and Sofia. The European Commission finds itself at a historic crossroads where collective problems can no longer be deferred, but also new opportunities may arise from concrete and fast action.

Read more: https://bvca.bg/en/bvca-meets-european-commissioner-in-sofia/