In the second half of 2024, the Bulgarian startup scene saw its largest seed round to date, closed by Team-GPT. Additionally, in October, Ampeco secured a Series B round, marking the highest funding amount in the country for 2024. In comparison, in H1 Dronamics, a cargo drone airline, got the highest investment as a grant from the EIC, totalling €10M. 

In the first half of 2024, the Bulgarian innovation ecosystem raised over €30M, while H2 contributed approximately €42M.

This article is part of the CEE funding mapping series. Please feel free to contact us if we missed something: [email protected].

Below, you can find all the funding rounds reported so far in Bulgaria for tech ventures in H2 2024:

1. Ampeco

Latest round: €24.7M

Stage: Series B

Investors: Revaia, Cavalry Ventures, BMW i Ventures, LAUNCHub Ventures

Total funding: €39.3M

Founders: Alexander Alexiev, Orlin Radev, Stefan Ivanov, Petar Georgiev

Vertical: Clean Tech

About: An EV charging management platform provider. AMPECO’s white-label management platform enables charge point operators (CPOs) and e-mobility service providers (eMSPs) to manage and scale their EV charging operations efficiently. 

2. Team-GPT

Latest round: €4.3M

Stage: Seed

Investors: True Ventures, Pact, angel investors

Total funding: €4.3M

Founders: Yavor Belakov, Katya Vaptsarova, Iliya Valchanov, Maria Valchanova, Ilko Kacharov

Vertical: AI

About: Team-GPT helps companies use any AI model, find the right use cases for it, keep data safe, organize workflows, and track results.

3. Codery

Latest round: €2.6M

Stage: N/A

Investors: Silverline Capital

Total funding: N/A

Founder: Philip Balkanski

Vertical: HR tech

About: A company specializing in outsourcing and managing dedicated IT talent in infrastructure and employment arrangements.

Update from January 2025: Codery has acquired the software company Devision. Together, the companies will offer global clients an expanded team, advanced technologies, and a broader range of services.

4. Cloud Office

Latest round: €2M

Stage: Growth

Investors: Eleven Ventures

Total funding: N/A

Founders: Dimitar Pavlov, Chavdar Trendafilov, Dimitar Chakarov, Ivo Zimbilev, Georgi Gocev, Ivan Dobrinov

Vertical: Cloud Computing

About: A Google Cloud Partner, founded in 2019 and headquartered in Bulgaria with subsidiaries in London and Athens. Cloud Office helps businesses accelerate the digitization of processes in order to increase revenue, control costs and stay competitive.

5. LAM’ON

Latest round: €500K

Stage: Growth

Investors: Eleven Ventures, аngel investor Grigoriy Ananiev

Total funding: €1.5M

Founders: Angela Ivanova, Gergana Stancheva

Vertical: Green Tech

About: A startup specializing in biodegradable laminating and packaging films. The company has developed a range of eco-friendly products, including compostable thermal laminating films and sustainable packaging foils, catering to industries such as fresh produce, cosmetics, fashion, and logistics.