We guess not so many people know about the current situation with Bulgarian startup ecosystem. This wonderful country in Southeastern Europe tends to attract most visitors by its numerous resorts and cultural sites, but very few of them know something about doing business in Bulgaria. Although Bulgarian business environment is considered relatively young, in the past 4 years it has come up with several major investment and acquisition deals, thus revealing it’s highly promising growth potential.
One of the latest success stories in the region belongs to the startup company Telerik, founded by Svetozar Georgiev and headquartered in Sofia since 2002. The company is famous for developing a wide range of software tools and web services for application design and programming. Last year Progress Software, an international software giant from Massachusetts, acquired Telerik for 262 million dollars, thus promoting Bulgarian firm further to the world markets. This impressive deal has become the biggest exit case in Bulgaria and made Sofia a prominent hub worth watching.
Before that another Bulgarian startup, known as Flipps, received grand financial support from one of the most world-famous investors Tim Draper, who tends to cooperate with early stage startups like Skype. Flipps represents a unique mobile application for delivering videos to your smart TV straight from the cloud. Not so long ago Xentio, a local startup company involved in database development and outsourcing, became a new partner of Uber.
In 2012, Bulgaria was honored to receive 21 million dollars of investments from European Investment Fund. This huge sum of money was directed to the local venture funds LAUNCHub and Eleven and successfully applied in financial support programs for the most perspective startup projects and innovations’ development. Finally, they witnessed the rise of more than ten powerful startups and some really disruptive technologies, that represent the current startup market in Bulgaria.
All these latest achievements seem to be quite impressive and make us pay attention to Bulgarian startup ecosystem, full of talented IT experts and ambitious young businessmen. Today Bulgaria occupies the third place in a world rating of a number of certified IT professionals per capita. You must be also surprised to know that Sofia is the third city in Europe by the number of accelerated startups. Apart from mentioned examples of good business performance, Bulgaria can boast of such advantages as one of the lowest tax rates among the EU countries, competitive market prices and rather an affordable cost of living. We hope after reading this article you will decide to find out more about startups and business opportunities in Bulgaria, a thriving ecosystem in Southeastern Europe, open for dialogue and cooperation.
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