Bulgarian Private Equity & Venture Capital Association (BVCA)

Background

The Bulgarian Private Equity and Venture Capital Association (BVCA) serves as the central hub for private investors, venture capital funds, and the entrepreneurial community in Bulgaria. Its mission is to enhance the business environment, drive innovation, and foster growth within the country and the broader Central and Eastern European (CEE) region. BVCA is dedicated to promoting private investment as a sustainable funding source for both emerging and established companies. The association actively represents its members' interests on national and international platforms, engaging with institutional and private stakeholders, as well as the general public. By collecting data on member activities and identifying key industry players, BVCA advocates for policies that support a favorable investment climate.

Key Strategic Focus

BVCA's strategic objectives include:

Popularizing Private Investment: Highlighting the role of private investment in Bulgaria and the CEE region.

Advocacy: Representing the industry's interests to ensure sound public policies that encourage entrepreneurship, innovation, and growth.

Data Collection: Gathering and disseminating information on investment activities, exits, fundraising, and other industry trends in Bulgaria.

Promotion of Entrepreneurship: Showcasing Bulgarian entrepreneurial and innovation potential at national and international events, and organizing educational and networking initiatives.

Financials and Funding

BVCA operates as a non-profit organization, primarily funded through membership fees and partnerships. The association offers two types of memberships:

Full Members: Entities actively involved in investing capital, such as venture capital and private equity funds, intermediary organizations, pension funds, insurance companies, banks, and angel investors.

Associate Members: Organizations or individuals contributing to the investment ecosystem, including those promoting investment in Bulgaria, fostering entrepreneurship and innovation, independent experts, law and accounting firms, universities, and research centers.

Technological Platform and Innovation

While BVCA does not develop proprietary technologies, it plays a pivotal role in fostering innovation within Bulgaria's investment ecosystem. The association collaborates with various stakeholders to enhance the technological landscape, supporting initiatives that drive digital transformation and innovation.

Leadership Team

Evgeny Angelov: Chairman

Evgeny Angelov serves as the Chairman of BVCA. He is also the Managing Partner at Silverline Capital and Partner at PostScriptum Ventures. Previously, he held positions as Economic Advisor to the President of Bulgaria and Deputy Minister of Economy, overseeing over 50 state-owned companies and managing the €1.2 billion Operational Programme "Competitiveness." Angelov holds an MBA from Harvard Business School.

Todor Breshkov: Board Member

Todor Breshkov is a Co-founder and Managing Partner at LAUNCHub Ventures, a leading seed-stage venture capital firm in Bulgaria. With substantial banking experience, his expertise spans business management, finance, business development, venture capital, and entrepreneurship. Breshkov holds a Master's degree in Organizational Development and a Bachelor's degree in Business Administration from St. Kliment Ohridski University in Sofia, Bulgaria.

Max Gurvits: Board Member

Max Gurvits is the Managing Partner at Vitosha Venture Partners. He has been instrumental in shaping Sofia's entrepreneurship scene through his work at Eleven Ventures and various angel syndicates. Gurvits focuses on connecting Bulgaria with Silicon Valley, London, and the rest of Eastern Europe.

Maria S. Marinova: Executive Director

Maria Marinova oversees the overall organization and strategy of BVCA. Previously, she was part of the European Private Equity & Venture Capital Association, Invest Europe, in Brussels, working on industry promotion and member relations. Marinova holds an MSc in Communication Studies, an MA in Diplomacy, and a BA in Business Administration.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within BVCA's leadership team.

Competitor Profile

Market Insights and Dynamics

Bulgaria's venture capital industry has experienced rapid growth over the past decade. As of early 2021, there were 18 venture capital and growth equity firms operating locally, with total funding available for technology startups exceeding €200 million. In 2020, 59 transactions totaling €29.4 million were recorded, primarily concentrated in seed and Series A stages.

Competitor Analysis

Key players in Bulgaria's venture capital landscape include:

Innovation Capital: A sector-agnostic fund focusing on pre-seed and seed investments, with a fund size of €21.1 million.

LAUNCHub Ventures: An early-stage venture capital fund investing in seed and Series A technology projects, managing a €70 million fund.

Eleven Ventures: An early-stage fund supporting tech companies in fintech, healthcare, future of work, and future of food sectors, with a €60 million Fund III.

Vitosha Venture Partners: Investing in early and growth-stage companies based in or related to Bulgaria, managing a €26 million fund.

BrightCap Ventures: An early-stage and accelerator VC fund investing globally, with a fund size of €25 million.

Strategic Collaborations and Partnerships

BVCA has established significant partnerships to strengthen its market position and innovation capacity. Notably, in October 2019, BVCA signed a partnership agreement with EIT Digital to support the Bulgarian innovation ecosystem. This collaboration aims to connect Bulgarian tech scaleups with EIT Digital's pan-European ecosystem, facilitating their expansion in Europe and the U.S.

Operational Insights

BVCA's strategic considerations include advocating for policy changes to enhance the investment environment. For instance, the association supports initiatives to allow pension funds to invest in venture capital, aiming to diversify institutional venture capital funding and sustain ecosystem growth.

Strategic Opportunities and Future Directions

BVCA's strategic roadmap focuses on:

Policy Advocacy: Continuing to advocate for policies that foster a favorable investment climate, such as enabling pension funds to invest in venture capital.

Ecosystem Development: Enhancing the entrepreneurial ecosystem by promoting private investment and supporting innovation.

International Collaboration: Strengthening partnerships with international organizations to provide Bulgarian startups with access to global markets and resources.