BIH Alumni Spotlight - 61 Startups, 6 Exits, And $147M Raised
We believe that innovation knows no borders, and building a robust bridge between Silicon Valley and Central and Eastern Europe is essential for driving transformative growth. This includes facilitating the exchange of ideas, resources, and opportunities, enabling our startups to thrive on an international stage.
We are committed to giving these startups a powerful voice, to help showcase their potential and connect them with the right mentors, investors, and partners. By fostering a dynamic ecosystem of innovation and collaboration, we aim to elevate the CEE region as a hub of entrepreneurial excellence, where groundbreaking ideas are nurtured and global leaders are born.
Since our last Impact Report, which we developed in November 2023, there have been numerous updates from our portfolio companies, which we’ll cover in more detail for the sake of transparency and celebrating entrepreneurship done right.
6 successful exists, 3 of which happened in 2024
When a startup achieves an exit, it often leads to the emergence of serial entrepreneurs—experienced, repeat innovators who reinvest their knowledge, experience, and capital into new ventures.
This cycle of entrepreneurship helps cultivate a generation of business-focused serial innovators in the CEE that look beyond the current paradigm. These are trailblazers that not only drive technological advancement but also inspire the next wave of entrepreneurs, fostering a culture of continuous innovation.
Their impact goes far beyond their immediate businesses and their success into creating a culture of serial entrepreneurship that is one of the fastest ways towards a more mature CEE innovation market.
Develiot's acquisition by Telelink Services back in 2022 is another successful exit. Develiot empowers data-driven decisions that pinpoint investments with highest return in the areas of water management and air quality.
It was followed by Phos being acquired by Ingenico in 2023, which marked the continuation of successful exits among BIH portfolio companies. Since our last report in November 2023, another two startups have made their exits:
On top of this, Phyre, one of Europe’s leading digital payments application (app) providers, was acquired by Paynetics back in 2023. Phyre was founded in 2015 and has evolved into a leading provider of white-label digital financial apps.
Shkolo.bg, the Bulgarian school management software platform, was acquired by Juniper Education, UK’s leading educational software provider, in January 2024. Shkolo.bg is implemented in more than 1,800 educational institutions in Bulgaria, with more than 1 million daily visits.
E-commerce startup Rush was also acquired, by Shop Circle, in April 2024. Before the acquisition, the company was trusted by more than 2,8K global brands on Shopify & Shopify Plus, to which it brought up to 30xROI.
This July, WP Engine acquired NotroPack. In their words, ‘This acquisition marks a pivotal moment for NitroPack and the world of web performance, bringing together a shared vision for a faster, more efficient web’.
Total headcount of BIH portfolio companies exceeds 2000 people
Creating new jobs is at the heart of Bulgaria Innovation Hub's mission. We believe that fostering innovation and supporting startups is just as much about tech advancements as it is about generating meaningful employment opportunities that uplift communities and drive economic growth. By nurturing entrepreneurial talent and helping young companies scale, we're committed to building a vibrant ecosystem both inside of the CEE and in the larger global target markets.
Nearly 1200 of those over 2000 jobs were created after participating in the BIH program. Since our last report in November 2023, approximately 115 new jobs have been created by BIH portfolio companies.
6 portfolio companies announced new funding since our last report
Seeing the startups that have undergone our acceleration program receive funding is crucial to our mission. Further funding enables these innovative companies to turn their ambitious visions into reality. It validates their potential, fuels their growth, and empowers them to make significant impacts in their industries.
When our startups secure investment, it validates the need of strong successful voices inside of our ecosystem. It is also a testament to our selection process, and it means that these startups can continue to innovate, create jobs, and contribute to the economic development of the CEE region, embodying the very essence of our mission.
These companies have attracted a total fresh capital of over €16.8M or $18M. This brings the total capital raised by companies after participating in BIH programs to nearly $147M after participating in the accelerator.
Dronamics received a €10M investment from the European Innovation Council;
Evrotrust secured €3.3M investment to expand digital identity solutions across Europe;
Boleron raised €1.6M on the Bulgarian Stock Exchange;
Columbo AI received a €1M investment;
iCanPreneur successfully closed a pre-seed round of €930k;
Mentessa secured an EU grant funding from EIT Digital.
This list we’ve compiled doesn’t include companies from the latest cohort that closed funding rounds before joining BIH, such as Saga or Vodar.
Towards a more mature CEE innovation market
The success stories of our alumni are a metric of our program that we are proud to witness, along with the remarkable achievements of our portfolio companies. These milestones are real drivers of innovation and economic growth in the region.
As it is our mission is to foster a culture of serial entrepreneurship, we believe that successful exits lead to the emergence of experienced innovators in a cycle of growth and innovation that is crucial for developing a mature and dynamic startup ecosystem in the CEE.
As we look to the future, our commitment to building bridges between Silicon Valley and the CEE is reinforced by the success of our alumni, who in turn give a voice to startups and the region, and nurture the next generation of serial innovators.
The possibility for Bulgaria Innovation Hub to achieve these milestones is achieved with the support of America for Bulgaria Foundation (ABF) - an independent, nonpartisan, and nonpolitical American grant-making foundation working in partnership with Bulgarians to strengthen the country’s private sector and related democratic institutions. For more information, please visit: https://us4bg.org/