Startup Ecosystem Bulgaria
Bulgaria Startup density
Bulgaria has become an increasingly attractive destination for startups and entrepreneurs, ranking 37th globally and 6th in Eastern Europe for its startup ecosystem, according to StartupBlink. This upward trajectory in fostering innovation, particularly in sectors like software, artificial intelligence (AI), and e-commerce, has positioned Bulgaria as a key player in the region. The country’s dynamic entrepreneurial environment is reflected in the growing number of active startups and continued investment activity.
Bulgaria Funding volume
In 2024, Bulgaria's venture capital market is projected to reach US$32.23 million, with the early-stage segment expected to dominate, accounting for US$23.96 million of the total. The average investment size varies among different venture capital funds operating in Bulgaria.
Bulgaria Investment in key sectors
Bulgaria has been steadily increasing both public and private investments in its technology sector, particularly in cloud technology, artificial intelligence (AI), cybersecurity, and software development. Known for its rich IT tradition, the country has become a leading player in the ICT sector, which is a crucial driver of its economy. In 2023, over 126,000 specialists were employed in the sector, reflecting the expanding demand for skilled professionals and the growing significance of technology in Bulgaria’s overall economic development.
Bulgaria Innovation index
Bulgaria is making strides in innovation and technology, yet the country still faces challenges in terms of patent filings and research and development (R&D) spending. Despite a relatively modest performance in comparison to other EU nations, efforts are underway to enhance Bulgaria’s position in the global innovation ecosystem.
Bulgaria Export/Import Ratio
Efforts are being made to improve Bulgaria's innovation capacity, especially through targeted initiatives and EU funding programs aimed at boosting R&D activities. However, the country still faces challenges in increasing funding levels and improving the overall effectiveness of R&D. To compete with other EU nations and boost its innovation landscape, Bulgaria will need to significantly increase its investment in research and foster a more conducive environment for scientific breakthroughs and technological advancements.
