2021: A year of Bulgarian innovation in review

2021 was quite the dynamic year for the Bulgarian innovation ecosystem characterized by record-high fundraising rounds, startup success stories, new VC funds, and a couple of IPOs on the BEAM market for small and medium enterprises. To recognize the developments at the end of the year, Bulgaria Innovation Hub outlines the most significant local ecosystem events and milestones that happened this year. 

For starters, Bulgarian startups raised collectively near $400M growth capital with the two biggest rounds being those of Gtmhub and Payhawk. They raised respectively $120M in Series C, which marked the largest fundraising round in the global OKR space, and $112M in the biggest and fastest Series B round in the spend management space across Europe. In addition, just a couple of days before Christmas, the US-Bulgarian human-centered automation scaleup Hyperscience raised $100 million in Series E. Significant investments were made also in the Bulgarian proptech startup OfficeRnD which closed a $10M round, and in the space company EnduroSat which secured a €10М investment by EIB. 

When it comes to the local venture capital firms that have a key role in innovation growth, this year 3 Bulgarian VCs launched new funds. First, BlackPeak Capital made the first closing of its new €120M BlackPeak Southeast Europe Growth Equity Fund in June 2021. This was followed by the launch of  Eleven Ventures’ Fund III fund that will manage €60M of investment capital. The year ended with the final closing of the third fund of LAUNCHub Ventures at €74M with which the Sofia-based VC became the largest seed to Series A early-stage fund in the SEE region. 

And lastly, let’s look at the 2021 IPOs that were made on the growth market of the Bulgarian Stock Exchange (BSE) - BEAM. The last listing of the year was made by HR Capital, the Bulgarian investment company founded by the serial entrepreneur and current CEO of Darik Radio, Hristo Hristov, which raised €766K in December. Before that Dronamics, the Bulgarian aerospace startup for unmanned drones raised the maximum available on BEAM €3.1M. The offering was followed by the official presentation of “The Black Swan” to the wider public. Additionally, in November, the IoT company Allterco got listed on the Frankfurt Stock Exchange and became the first Bulgarian company that got its shares directly admitted to a foreign regulated market. 

We stay optimistic and hopeful that 2022 will bring the Bulgarian ecosystem many more successes as local entrepreneurs, investors, and organizations keep making joint efforts to drive innovation and growth. Bulgaria Innovation Hub thanks you all for the support and dedication to develop the local business and technology space and wishes you the warmest and happiest of winter holidays!