Innovation Capital is a EUR 15.6 million venture capital fund with the mandate to provide access to equity and quasi-equity funding to Bulgarian startup companies.
Our vision is to focus on key high-priority sectors in the local economy with high potential for disruptive and scalable innovation  and to support their transformation through professional innovation management in high-potential start-up and scale-up businesses. Growing these businesses to scale and establishing vertical or horizontal integration with well-established international companies and innovation leaders abroad is our end goal.



Co-CEO, Strategy, Investments

Vassil Christov

Managing Partner

Dimitar Kostov.jpg

Dimitar Kostov

Managing Partner

Borislav Stefanov.jpg

Borislav Stefanov

Managing Partner


Angel H. Angelov

Managing Partner

Yavor Gochev.jpg

Yavor Gochev

Investment Manager

Ivelin Vasilev.jpg

Ivelin Vasilev

Legal Advisor


EUR 25,000+25,000

For companies at idea stage or recently founded companies with revenue below EUR 10,000

A basic business plan with estimates about market size, revenue growth and competitive advantages are highly advantageous for selection in the program.

Selected projects and companies with some skin in the game will be invited to a Pre-Acceleration program. The best performers will be awarded with equity investment, which could be doubled at the end of an intensive 3-month acceleration program. Mind that teams with advanced development and validation of their projects will be tolerated in the selection process.


up to EUR 50,000

Only open to companies with annual revenue of EUR 10,000+

Additional documents (e.g. preliminary client contracts, letters of intent or co-investment commitments) may partially substitute the minimum revenue requirement. 

Companies need to demonstrate early commercial traction, successful sales, growing user base and committed co-investor can apply directly for EUR 50,000 equity investment. Entrepreneurs need to show clear unfair advantage of their business model, high ambition and probability for growth, strong pipeline and high-quality team with relevant business and technical experience in order to be eligible.


up to EUR 1,000,000

Only open to companies with annual revenue of EUR 100,000+

Additional documents (e.g. preliminary client contracts) may partially substitute the minimum revenue requirement. 

Companies at their early growth stage with plans for internationalization, with strong business models can apply for larger investment rounds up to EUR 1,000,000. Projects with committed co-investors, high-probability of realization of their forecast revenues, steady growth in their customer base, international plans and unique value propositions will be tolerated.



Priority Industries

  • Enterprise software

  • e-Commerce

  • Financial services

  • Education

  • Automotive / Transport / Logistics

  • Healthcare

  • Entertainment / Media

  • Food / FMCG

  • Security / Cyber-security

  • Travel

Get in Touch

6 Nikola Vaptsarov Blvd, 2nd Floor, West Entrance

Sofia 1407


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©2020 by Innovation Capital AD (Fund Management Company)

Innovation Capital Fund KDA is co-financed by the European Structural and Investment Funds under the Operational Programme for Innovation and Competitiveness 2014-2020 managed by the Fund Manager of Financial Instruments in Bulgaria (

Co-CEO, Strategy, Risk Management