The Startup Ecosystem of Bulgaria
Bulgaria has 3 cities in the top 1000 and is one of Eastern Europe’s best countries for setting up a startup.
COUNTRY RANKING
Bulgaria’s startup scene saw an increase in 2024 and jumped 1 spot from the previous year, outranking Colombia.
Population
Million
Regional Ranking
In Eastern Europe
Global Ranking
Worldwide
In partnership with
Ecosystem
Startup Ecosystem Overview
Bulgaria’s startup ecosystems have been booming, attracting European entrepreneurs and digital nomads seeking low living costs and advantageous tax benefits. With top tech talent at affordable rates, strong digital infrastructure, and robust support programs, Bulgaria has positioned itself as a prime location for startups. The recent emergence of the first Bulgarian unicorn, Payhawk, has further solidified Bulgaria’s reputation as a promising startup hub, catching the eye of American and West European VCs.
The Bulgarian government is actively engaged in fostering entrepreneurship, with initiatives like the Startup Visa and the establishment of agencies like the Bulgarian SME Promotion Agency. Additionally, organizations like BESCO, Vitosha Venture Capital, and Endeavor Bulgaria play crucial roles in shaping policies and providing funding for startups. EU funding, particularly through the Fund of Funds, has also been instrumental in supporting the growth of Bulgarian startups.
While Bulgaria faces the challenge of enticing local talent away from foreign companies to start their own ventures, the country’s supportive ecosystem and government initiatives offer a solid foundation for innovation and entrepreneurship. With ongoing collaboration between government, NGOs, and private sector entities, Bulgaria is poised to become a hub for investment opportunities and a leader in the European startup scene.
Startups
Bulgaria Top Startup Industries
187 startups
39 startups
40 startups
Ecosystem HealthCheck
Bulgaria Ecosystem Health Check
The health check tables allow you to look at the performance Bulgaria has in each of the parameters that are part of StartupBlink's ranking algorithm. There are five tables, corresponding to the three subscores, the subscore analysis and industry ana...
- Overperformance
- Performance equal to global ranking
- Underperformance
ECOSYSTEM
Browse the startup ecosystem database of Bulgaria
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Startup Ecosystem Charts
Startup Funding in Bulgaria2017 - 2024
Startup Funding in Bulgaria 2017 - 2024
From 2022 to 2023, startup funding in Bulgaria has decreased by 20.25%. During this period, the number of deals in Bulgaria has increased by 37.74%. Since 2017, total startup funding in Bulgaria exceeded US$ $1.47B.
Average Funding in 2023
$2.22M
Funding in 2023
$162.36M
Deals in 2023
73
USD
Amount of Funding (USD)
Number of Deals
Ecosystem
The Startup Ecosystem in Bulgaria
Global Rank
Bulgaria is ranked within the top 40 startup ecosystems globally.
Top Industries
Bulgaria’s startup scene is best represented in Software & Data, Fintech, and in Social & Leisure.
Top Cities for Startups in Bulgaria - Ranked by StartupBlink
2024 National Rank  | City | Global Rank |  | | | |
|---|---|---|---|---|---|---|
1st 0 | 117th + 2 | 6.475 | 1.568 | 2.232 | 2.675 | |
2nd 0 | 619th + 35 | 0.310 | 0.052 | 0.124 | 0.134 | |
3rd 0 | 977th new | 0.122 | 0.035 | 0.034 | 0.053 |
Startups
Notable Startups in Bulgaria
BLOG
Recent Posts
Thu Mar 06 2025
The Impact of Government Support on Startups
A robust startup ecosystem creates a sense of community that brings entrepreneurs together and helps them feel less isolated. It gives them access to mentors, advisors, fellow entrepreneurs, and talents. The foundation of such an ecosystem largely relies on government support. Good policies create a fair and supportive environment that helps startups grow. Bad policies […]
Thu Feb 20 2025
Learning from Bulgaria: Stakeholder Engagement in Startup Ecosystems
In this episode of the Startup Ecosystem Podcast, we’re traveling back in time by revisiting an old recording to explore the state of Bulgaria’s startup ecosystem in 2022. This episode features an interview by Eli David Rokah, CEO of StartupBlink, with Momchil Vassilev, the Managing Director of Endeavor Bulgaria, discussing how different stakeholders’ engagement in […]
Wed Feb 12 2025
Top Cities & Countries for Foodtech Startups
Our new report, Winners in the Foodtech Startup Industry, highlights the top 20 countries and 40 cities leading worldwide in the full report. Additional data on 195 cities and 33 countries is available to StartupBlink Pro users. Using extensive data from sources like Semrush and Crunchbase, this report uncovers the leading ecosystems, most promising startups, […]