Software Development: Bulgaria is a hub for software development and IT services. The country has a strong pool of tech talent and a competitive cost of living. Notable startups in this field include Telerik, Infragistics and ScaleFocus.
E-commerce: The e-commerce industry is growing in Bulgaria, with startups like Econt and Tenfour leading the way.
Fintech: The fintech sector is also on the rise, with startups like Payhawk and Moni gaining traction.
Fundraising:
Venture capital funds and business angels are becoming increasingly active in Bulgaria. Some of the most active investors include Launchub, Eleven and LAUNCHub Ventures.
According to the Bulgarian Association of Software Companies (BASSCOM), the software development industry in Bulgaria attracted around EUR 44 million in investments in 2020.
Government Initiatives:
The government of Bulgaria has taken several steps to support the startup ecosystem. For example, it has launched a program to support innovation and entrepreneurship called "Innovation and Entrepreneurship Development Program."
The government has also established a number of business incubators and innovation centers, including the Bulgarian Innovation and Technology Agency, to provide support to startups.