Top Angel Investors in Bulgaria

Last updated: April 25, 2024

Bulgaria has a massive startup ecosystem, consisting of many unicorn companies. However, these companies didn’t make this climb on their own. They have been supported by many individual angel investors who have funded them and also provided them with expert guidance.

Do you think your startup also has the potential to secure investment from the angels? 

Well, don’t waste time, thinking. The following article highlights the list of the top 7 angel investors in Bulgaria along with their investment interests and previous funding.

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    Top 7 Angel Investors in Bulgaria

    Following is the list of some of the top angel investors in Bulgaria.

    Hristo Hristov

    LinkedIn: Hristo Hristov | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Tech

    Investment Stage: Early

    Hristo Hristov is one of the most active angel investors and founder of HR Capital. He also serves as a venture partner at Eleven Ventures and is the chairman at Healee. 

    Hristo Hristov focuses on companies that are related to digital media and are producing something unique. He also has a strong focus on software-related businesses that solve problems and have a decent chance of profitability.

    The investment range of Hristo Hristov can range up to $500,000. Some of his portfolio companies are: is a legal tech company that combines modern technology with great legal talent. The company delivers high-quality and affordable legal services to clients. It offers affordable legal services for both businesses and individuals through technology-empowered lawyers.

    15toGo: 15toGo is a social travel app that allows users to find like-minded people according to the interests that they share. Together, they can book organized trips directly through the app’s marketplace

    Georgi Petrov

    Investor Type: Individual Investor

    Investment Interests: Software

    Investment Stage: Early

    Funding startups for almost 4 years, Georgi Petrov is also a well-known individual angel investor and also the Chief Executive Officer at SMSBump. He has funded around 6 companies in 4 years and will add 2 more startups to his portfolio this year.

    Talking about his investments, Petrov values profitability in startups and invests where he can get at least 2 x ROI within 1 year. He usually invests in tech-related businesses that are at the early stage and also guides them at different stages.

    The investment range of Georgi Petrov is around $80,000, depending on the type of startup. Some of his portfolio companies are:

    Icanpreneur: Icanpreneur is the first Accelerator-as-a-Software that guides tech entrepreneurs from idea to product-market fit without relying on luck. The company provides a structured approach that aims to boost the odds of success of aspired and early technology startup founders. This company raised €200K in an Angel Round on Jul 21, 2022.

    Rush: Rush is an Order Tracking & Notifier Software as a Service that aims to increase store revenue and lower the cost of support in the post-purchase cycle. This company had two funding rounds. The first was a Pre Seed Round where they raised €258K and the second was a Seed Round where they raised €2.5M.

    Daniel Tomov

    LinkedIn: Daniel Tomov | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Tech, Manufacturing, and Logistics

    Investment Stage: Early and Seed

    Talking about individual investors, Daniel Tomov is also a reputable name who invests in early-stage tech-related companies. He has been funding startups since the early 2000s and is a founding partner at Eleven Accelerator Venture Fund.

    Moreover, Tomov prefers to invest in tech-based companies, throughout Southeastern Europe. He has a strong focus on the sectors of fintech, health, food, AI, E-Commerce, and Digital Businesses. Daniel Tomov prefers startups with a B2B Model that have the potential to grow.

    His investment range lies between $100,000 to $5M. Among 115 of his investments, some portfolio companies are:

    Join The Players: Join The Players is a tech company that brings the sports experience to the next level by providing automatic videos, highlights, and statistics of mini-football games. 

    Native Teams: Native Teams is a platform that offers payments and employment tools for freelancers, remote workers, and clients. It is a leading global platform that specializes in providing streamlined work payments, employment, and tax management solutions for freelancers, remote workers, and their employers. 

    DRONAMICS: DRONAMICS is a world-leading middle-mile cargo drone developer and operator. DRONAMICS’ mission is to democratize airfreight and lower the cost of shipping in emerging markets

    Mihail Stoychev

    LinkedIn: Mihail Stoychev | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Digital Products, Software, and Marketing

    Investment Stage: Early

    Mihail Stoychev is an individual angel investor who invests in Bulgarian-based startups. He has been funding startups for around 3 years and has made a name for himself because of his active role.

    During the investor meetings, Mihail Stoychev prioritizes startups that are expected to have decent growth, have qualified teams, and are led by experienced leaders. 

    The investment range of Mihail Stoychev lies around $200,000. Among 10 of his individual investments, some portfolio companies are

    SMSBump: SMSBump is a powerful SMS marketing platform designed specifically for e-commerce businesses. It provides features like abandoned cart recovery messages, personalized promotions, order notifications, and customer engagement via text messages.

    NitroPack: NitroPack focuses on website performance optimization. It accelerates website loading times by optimizing images, scripts, and other assets.

    Svetozar Georgiev

    Investor Type: Individual Investor

    Investment Interests: Automotive and Tech

    Investment Stage: Early

    Svetozar Georgiev, also known as the founder of the largest private incubator in Bulgaria (Campus X), invests in early-stage startups. He has been in the angel investment community for many years and actively contributes to the funding of deserving startups.

    Svetozar Georgiev looks for startups that are working on unique ideas and need revenue to flourish. He conducts many investor meetings before funding a startup and also focuses on the profitability factor.

    Once invested, Svetozar Georgiev ensures his portfolio companies can receive the best guidance. Thanks to his experience in the industry, Georgiev has networks with some of the best mentors in Bulgaria. 

    The investment range of Svetozar Georgiev is around $100,000. Two of his notable investments are:

    CourseDot: CourseDot is an education and training services startup. CourseDot primarily targets business-to-business (B2B) clients. They provide training solutions for companies, organizations, or professionals.

    Econic One: Econic One is an automotive company that focuses on providing the best services to its customers all across Bulgaria. Since its inception in 2020, Econic One has been gaining a lot of attention due to its standard work and unique business model.

    Marco Houwen

    LinkedIn: Marco Houwen | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Cybersecurity

    Investment Stage: Early

    As the founder of Zentrapreneur and Telerik, Marco Houwen also invests in early-staged software companies that can offer unique services. Recently, he has been also making various investments in the fintech and virtual currency sector.

    Similarly, Marco Houwen hunts for startups that can generate profits and are led by individuals who have at least 5 years of experience in their related fields. Houwen also focuses on the expected growth potential and startup team to ensure his investment will be going with the best startup.

    The investment range of Marco Houwen lies around $50,000. Two of his previous investments are:

    Device Authority: Device Authority is a cybersecurity company specializing in identity and access management solutions for the IoT sector. Their platform ensures secure device authentication, data integrity, and access control.

    Red Access: Red Access focuses on cybersecurity and provides solutions related to privileged access management (PAM). Their platform helps organizations manage and secure privileged accounts, reducing the risk of unauthorized access.

    Casey Armstrong

    Investor Type: Individual Investor

    Investment Interests: Innovative Software

    Investment Stage: Early and Seed

    Casey Armstrong is also an individual angel investor who is currently serving as the Chief Marketing Officer at ShipBob. He has funded many Bulgarian startups and will continue to invest in more promising companies.

    Talking about his investment interests, Casey invests in startups that can promise growth and strong ROI. He also values innovation and doesn't invest in a startup that already has a lot of competition in the market.

    The investment range of Casey Armstrong lies around $1M. Some of his previous investments are:

    Cogsy: Cogsy is the demand planning tool that supercharges how Shopify merchants and Amazon brands meet customer demand. The startup successfully raised $6 million in a Seed Round.

    Fairing: Fairing uses survey data to deliver consumer truth across personalization, conversion optimization, and customer experience. The startup secured $4.5 million in a Seed Round in March 2022.


    As a startup leader,  your job is to present your startup as an investable option and show why your business is the best deal compared with other options.

    Always remember that angel investors are looking for startups with high ROI and can scale on an international level. 

    Good Luck!

    Frequently Asked Questions

    Q: How to make your startup investable?

    A: To make a startup investible, focus on a scalable business model, a strong team, a well-defined market opportunity, and evidence of market validation.

    Q: What is the difference between Venture Capital Firms and Individual Angel Investors?

    A: Venture capital firms are organized setups that aggregate capital from various investors and deploy it into startups at a larger scale, offering expertise and guidance.

    In contrast, individual angel investors are private individuals who invest personal funds directly into startups, typically at an early stage, using a more personalized approach and hands-on involvement in the startup's growth.

    Q: Do Angel Investors Provide Mentorship Programs?

    A: Yes, many angel investors provide mentorship programs and financial support. They leverage their experience to offer strategic insights, assist in critical decision-making, and facilitate introductions to their network connections. This mentorship is pivotal for startups, aiding them in overcoming obstacles and expediting their growth trajectory.

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