TLDR:
- Bulgaria’s startup ecosystem is booming with innovation and growth.
- Over 800 startups are based in Bulgaria, with a focus on deep tech & AI.
Bulgaria’s startup scene is flourishing, with over 800 startups in the country. The ecosystem has seen significant growth in the last five years, with €1B invested in Bulgarian deep tech & AI startups. The country’s advantageous tax policies, access to EU funding, highly skilled workforce, competitive pricing, and low cost of living have made it an attractive destination for entrepreneurs. Additionally, ⅓ of startups are set up by non-Bulgarians. Bulgaria has introduced the Variable Capital Company (VCC) to create a business-friendly environment for innovative enterprises. Venture capital firms play a crucial role in fueling the startup scene in Bulgaria, with around €500M capital under management by local GPs. The country also contributed to the creation of unicorns in CEE, with Payhawk becoming the first $1B valued private company in Bulgaria in 2022.
