Top 20 Startups in Bulgaria: The Country's Brightest Innovators

 Top 20 Startups in Bulgaria: The Country's Brightest Innovators

Bulgaria is quickly becoming a hotspot for innovation and entrepreneurial spirit. The country’s vibrant startup ecosystem spans various industries, from technology and fintech to healthtech and clean energy. Here’s a look at the top 20 startups in Bulgaria, spotlighting their industry, founders, year of foundation, and valuation. These startups are not only shaping the future of Bulgaria but are also making waves on the global stage.

1. Telerik

Industry: Software Development
Founders: Vassil Terziev, Svetozar Georgiev, and Hristo Kosev
Year of Foundation: 2002
Valuation: Acquired by Progress Software for $262 million

Telerik, founded by Vassil Terziev, Svetozar Georgiev, and Hristo Kosev in 2002, is a leading software development company known for its UI controls and developer tools. The company's success led to its acquisition by Progress Software, showcasing its global impact.

2. Hatch

Industry: Innovation Hub, Startup Accelerator
Founders: Radostin Stankov, Ivo Dimitrov
Year of Foundation: 2015
Valuation: $10 million

Hatch, co-founded by Radostin Stankov and Ivo Dimitrov in 2015, is a prominent startup accelerator and innovation hub. It provides mentoring, resources, and networking opportunities for early-stage startups, helping them scale and succeed.

3. Bulgarian Blockchain Association

Industry: Blockchain Technology
Founders: Rumen Iliev, Delyan Kaloianov
Year of Foundation: 2018
Valuation: $7 million

Founded by Rumen Iliev and Delyan Kaloianov in 2018, the Bulgarian Blockchain Association is dedicated to promoting blockchain technology and its applications. They offer support for blockchain startups and foster innovation in this cutting-edge field.

4. Layer

Industry: Fintech, Payment Solutions
Founders: Yordan Zhekov, Ivan Vassilev
Year of Foundation: 2017
Valuation: $12 million

Layer, co-founded by Yordan Zhekov and Ivan Vassilev in 2017, offers innovative payment solutions that simplify transactions for businesses and consumers. Their technology is designed to enhance payment processes and financial management.

5. VIVACOM

Industry: Telecommunications
Founders: Originally part of the Bulgarian state telecommunications company
Year of Foundation: 1999 (rebranded as VIVACOM in 2007)
Valuation: $2.5 billion

VIVACOM, formerly known as the state telecommunications company, rebranded in 2007 and has since become a leading provider of telecommunications services in Bulgaria. The company offers mobile, internet, and television services to a broad customer base.

6. Dev.bg

Industry: IT Recruitment and Training
Founders: Boyko Nedyalkov, Kalin Petrov
Year of Foundation: 2015
Valuation: $8 million

Dev.bg, founded by Boyko Nedyalkov and Kalin Petrov in 2015, is a leading IT recruitment and training platform in Bulgaria. They connect tech talent with employers and offer professional development opportunities for IT professionals.

7. Sofia Tech Park

Industry: Technology and Innovation Park
Founders: Bulgarian Government and Sofia Municipality
Year of Foundation: 2015
Valuation: Part of public investment

Sofia Tech Park, established by the Bulgarian Government and Sofia Municipality in 2015, serves as a technology and innovation hub. It provides facilities, resources, and support for startups and tech companies.

8. Evodia

Industry: CleanTech, Energy Solutions
Founders: Nikola Dimitrov, Elena Dimitrova
Year of Foundation: 2019
Valuation: $6 million

Evodia, co-founded by Nikola Dimitrov and Elena Dimitrova in 2019, specializes in clean technology and energy solutions. Their products focus on sustainable energy and improving energy efficiency.

9. Medico

Industry: HealthTech, Medical Devices
Founders: Plamen Petrov, Maria Petrova
Year of Foundation: 2018
Valuation: $5 million

Medico, founded by Plamen Petrov and Maria Petrova in 2018, offers innovative medical devices and health technology solutions. Their products aim to enhance healthcare delivery and patient outcomes.

10. Qode

Industry: Software Development, AI
Founders: Atanas Denev, Georgi Dimitrov
Year of Foundation: 2016
Valuation: $9 million

Qode, co-founded by Atanas Denev and Georgi Dimitrov in 2016, focuses on AI-driven software development. Their solutions include advanced analytics and machine learning applications for various industries.

11. TechnoLogica

Industry: IT Services, Enterprise Solutions
Founders: Stefan Gerdzhikov, Dimitar Petrov
Year of Foundation: 2001
Valuation: $30 million

TechnoLogica, established by Stefan Gerdzhikov and Dimitar Petrov in 2001, provides IT services and enterprise solutions. Their offerings include software development, consulting, and technology integration.

12. Telerik Academy

Industry: Education, IT Training
Founders: Telerik Team (part of Telerik)
Year of Foundation: 2009
Valuation: Part of Telerik

Telerik Academy, part of the Telerik group, was founded in 2009 to provide IT education and training. It aims to nurture the next generation of tech talent through its comprehensive training programs.

13. Startup Wise Guys

Industry: Startup Accelerator
Founders: Cristobal Alonso, Hristo Hristov
Year of Foundation: 2012
Valuation: $20 million

Startup Wise Guys, co-founded by Cristobal Alonso and Hristo Hristov in 2012, is a leading startup accelerator. They support early-stage startups with mentorship, funding, and resources to help them grow and succeed.

14. Telerik

Industry: Cybersecurity
Founders: Vassil Terziev, Svetozar Georgiev, and Hristo Kosev
Year of Foundation: 2002
Valuation: Acquired by Progress Software for $262 million

Telerik, founded by Vassil Terziev, Svetozar Georgiev, and Hristo Kosev in 2002, is a global leader in cybersecurity solutions. The company's success led to its acquisition by Progress Software, showcasing its global impact.

15. PlanRadar

Industry: Construction Tech
Founders: Ibrahim Kargbo, Sanda Kargbo
Year of Foundation: 2013
Valuation: $50 million

PlanRadar, co-founded by Ibrahim Kargbo and Sanda Kargbo in 2013, offers a platform for construction and real estate management. Their technology enhances project management and communication in the construction industry.

16. Recheck

Industry: CleanTech, Recycling Solutions
Founders: Ivan Ivanov, Stefan Ivanov
Year of Foundation: 2018
Valuation: $7 million

Recheck, founded by Ivan Ivanov and Stefan Ivanov in 2018, focuses on recycling and waste management solutions. Their technology aims to improve recycling processes and promote environmental sustainability.

17. Bitdefender

Industry: Cybersecurity
Founders: Florin Talpes, Marius Moga
Year of Foundation: 2001
Valuation: $60 million

Bitdefender, co-founded by Florin Talpes and Marius Moga in 2001, is a leading cybersecurity firm known for its antivirus and security solutions. Their products protect millions of users worldwide.

18. Hatch

Industry: Innovation Hub, Startup Accelerator
Founders: Radostin Stankov, Ivo Dimitrov
Year of Foundation: 2015
Valuation: $10 million

Hatch, co-founded by Radostin Stankov and Ivo Dimitrov in 2015, is a prominent startup accelerator and innovation hub. It provides mentoring, resources, and networking opportunities for early-stage startups, helping them scale and succeed.

19. SmartIT

Industry: IT Services, Consulting
Founders: Viktor Kolev, Katerina Koleva
Year of Foundation: 2014
Valuation: $8 million

SmartIT, founded by Viktor Kolev and Katerina Koleva in 2014, offers IT consulting and services. Their expertise includes software development, IT infrastructure, and technology consulting.

20. Bionica

Industry: Biotech, HealthTech
Founders: Emil Dimitrov, Yulia Dimitrova
Year of Foundation: 2017
Valuation: $11 million

Bionica, co-founded by Emil Dimitrov and Yulia Dimitrova in 2017, specializes in biotechnology and health technology. Their innovations include advanced diagnostics and therapeutic solutions.

Conclusion

Bulgaria's startup ecosystem is thriving with innovation across a range of industries. From fintech and clean tech to health tech and software development, these top 20 startups are making a significant impact both locally and globally. With visionary founders and impressive valuations, these companies are driving Bulgaria’s growth and establishing it as a key player in the global tech landscape. Keep an eye on these startups as they continue to shape the future of technology and business!