Sofia-based venture capital firm BrightCap Ventures has successfully completed the first close of its new fund, Fund II, targeting €60 million. This fund is backed by the European Union’s NextGenerationEU initiative, with financial support from the governments of Bulgaria and Romania under their respective Recovery and Resilience Plans.
BrightCap Ventures aims to invest in founders from Southeastern Europe, a region known for its outstanding tech talent and increasing global success stories. Georgi Mitov, Managing Partner at BrightCap Ventures, commented, “BrightCap II represents a significant step forward for us, with greater scale and wider scope. Our philosophy remains focused on partnering with deeply technical founders with global ambitions from day one.”
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Focus Areas and Investment Strategy
The fund will invest in tech companies within three priority sectors: Future of Work, Digital Health, and Fintech. Initial investments will range from €0.4 million to €3 million, targeting pre-seed and seed stages. BrightCap II is notable for its female-majority General Partners, emphasizing diversity in its decision-making process.
Commitment to Sustainable Growth
The fund combines public capital managed by the EIF with over 30% private capital from individual and corporate investors. It is the first VC fund to attract Recovery and Resilience Facility (RRF) funds from both Bulgaria and Romania. Elina Halatcheva, Managing Partner at BrightCap Ventures, stated, “We are excited to continue partnering with incredible entrepreneurs in our region and abroad. Our first few investments from Fund II are nearing completion, and we look forward to announcing them soon.”
Proven Success and Future Prospects
BrightCap’s first fund has been successful, with notable investments in companies such as LucidLink, Pliant, and Enview. The portfolio has achieved five successful exits out of 22 investments, with companies raising over $150 million in follow-on capital. New partner Diana Stefanova, formerly of VMware, added, “The tech industry is at a pivotal moment. With BrightCap II, we aim to capture the next generation of category-defining companies and support them in scaling to global markets.”
With this new fund, BrightCap Ventures is set to drive significant advancements in the tech industry across Southeastern Europe, fostering innovation and growth for emerging startups.
