By Konstantin Kunev | Interim CEO
Introduction: Our results at Bulgaria Innovation Hub
In 2025, Bulgaria Innovation Hub (BIH) continued to deliver on its founding mandate: to help Bulgarian and CEE founders turn strong technical products into globally competitive companies, with a particular focus on the United States.
With the sustained support of the America for Bulgaria Foundation (ABF), BIH and Future Unicorns have now guided 10 cohorts and 71 alumni companies, with a >10% exit rate, helping them raise significant follow-on capital, grow teams, and expand beyond the region.
2025 at a glance
By the end of Q4 2025, BIH portfolio companies had achieved:
These results confirm the role of BIH as a springboard for globally ambitious technology companies coming out of Bulgaria and the wider CEE region.
Case Studies: Portfolio Milestones and Funding
Case Study: EnduroSat, Scaling Modular Space Infrastructure from CEE
EnduroSat is one of Europe’s most advanced modular satellite companies, founded in Bulgaria with the mission to make space access faster, more affordable, and more flexible. In 2025, the company entered a major scale-up phase, backed by global investors and driven by rising demand for software-defined spacecraft.
2025 Funding Milestones
In May 2025, EnduroSat raised $43M in a round led by Founders Fund, with participation from CEECAT Capital and Morphosis Capital. This marked one of the largest growth rounds for a Bulgarian-founded space company and accelerated production of larger, next-generation satellite platforms. In October, the company secured a total of $104M to scale satellite manufacturing capacity and increase mission throughput, positioning itself as a global player in modular spacecraft.
European Expansion
Alongside its funding success, EnduroSat expanded its footprint with a new Berlin lab, planning up to a fourfold increase in investment in 2025 and more than 150 new specialist hires. This brings the company closer to Europe’s aerospace supply chain and strengthens its R&D base.
Impact & What’s Next
With a growing presence across Europe, EnduroSat has become a standout example of deep tech from CEE competing globally. The company is now focused on scaling production, increasing launch cadence, and enabling more organizations to access orbit through modular, shared-satellite missions.
EnduroSat’s trajectory shows how world-class engineering from the region can reshape an entire industry, and why investors and partners continue to back its rapid expansion.
Case Study: Dronamics, Europe’s Cargo Drone Pioneer Scaling Globally
Dronamics is Europe’s first licensed cargo drone airline and a deep-tech leader in autonomous freight aviation. Founded in Bulgaria and headquartered across Europe, the company builds and operates the Black Swan, a large unmanned cargo aircraft designed to transport goods more efficiently, sustainably, and at a fraction of today’s airfreight cost.
2025 Funding Milestones
In June 2025, Dronamics was selected for up to €30M (~$35M) in equity investment under the European Innovation Council’s STEP program, the maximum allocation available. This follows earlier EIC backing, including a €2.5M grant (2022) and €10M equity investment (2024), confirming sustained confidence in the company’s technological lead.
This new round accelerates Dronamics’ transition from R&D to commercial deployment, supporting aircraft production, international route expansion, and certification efforts.
European Expansion
With this support, Dronamics is rapidly scaling its operational footprint across Europe. The investment enables the company to:
Impact & What’s Next
As the only company in Europe that has built, tested, and flown a large cargo drone, Dronamics is positioned to reshape middle-mile logistics. The STEP funding allows the company to accelerate commercial operations and scale toward global markets with a validated, regulator-backed model.
Dronamics stands as one of CEE’s strongest deep-tech signals to the world, proof that aerospace innovation built in the region can compete on the global stage.
Case Study: AMPECO, Scaling EV Charging Software From CEE to the World
AMPECO is a Bulgarian-founded EV charging management platform powering some of the world’s fastest-growing charging networks. Its white-label software helps energy companies, charge point operators, and fleets manage charging infrastructure at scale across 60+ markets.
2025 Funding Milestones
In January 2025, AMPECO raised a $26M Series B, led by Revaia, BMW i Ventures, and Cavalry Ventures. The round followed rapid revenue growth and significant customer traction across Europe and North America.
In May 2025, the company was ranked #63 in the Sifted100: DACH & CEE Fastest Growing Startups, reinforcing its position as one of the region’s most dynamic scale-ups.
European & US Expansion
The Series B funding accelerates AMPECO’s expansion through:
The company continues to strengthen its presence in the US, where EV infrastructure demand is growing at unprecedented speed.
Impact & What’s Next
With a mature SaaS platform, a fast-growing customer base, and a strategic global footprint, AMPECO is becoming one of the most influential EV charging software providers globally.
Its 2025 momentum underscores a broader narrative: world-class mobility and energy innovation is emerging from CEE, and competing at the highest level.
Case Study: Evrotrust, Scaling Digital Identity Across Europe
Evrotrust is a leading provider of EU-grade digital identity, enabling seamless onboarding, e-signature, and trust services for banks, enterprises, and government institutions. Built in Bulgaria, its technology meets the highest European regulatory standards and is recognized as a Qualified Trust Service Provider (QTSP).
2025 Funding Milestones
In early 2025, Evrotrust secured $7.6M to accelerate adoption of its digital identity products in Romania, an important milestone in its European expansion. The investment supports localization of its trust services for banks, fintechs, and public institutions in the market.
This capital strengthens Evrotrust’s mission to make secure, compliant digital identity more accessible across the region.
European Expansion
The 2025 investment enables Evrotrust to:
Evrotrust’s expansion reinforces its position as one of Europe’s fastest-growing digital identity providers and a critical infrastructure layer for digital transformation.
Impact & What’s Next
With growing adoption across financial services, telecom, and public administration, Evrotrust is shaping the future of trusted digital interactions in Europe. The 2025 raise builds on its strong traction and positions the company to expand into additional EU markets.
Evrotrust demonstrates how regulatory-grade innovation from CEE can scale internationally when paired with strong execution and sustained market demand.
Stars in the making
Humans in the Loop & FindMeCure: Founders Iva Gumnishka and Maya Zlatanova were both named among Vestbee’s “Top 150 Women Shaping the CEE Startup Ecosystem” (2025 edition), highlighting the social-impact and health-tech credentials within BIH’s network.
Exits and Maturity of the Portfolio
Successful Exits: SessionStack
SessionStack, a Bulgarian-founded platform for real-time user session replay and product debugging, has long been part of the toolchain used by product, engineering, and support teams to understand user behavior and resolve issues quickly. Its technology enables teams to replay, analyze, and troubleshoot real user interactions inside web applications, without affecting performance or requiring code changes.
In 2025, SessionStack was acquired by PlaybookUX, a fast-growing user research and product insights platform. The acquisition brings together two complementary capabilities: PlaybookUX’s user research and product feedback workflows and SessionStack’s deep, event-level insights into how users interact with a product.
Together, the combined offering creates a more complete understanding of the customer journey, connecting qualitative insights with actual in-product behavior.
Impact & What’s Next
For SessionStack, joining PlaybookUX opens the door to a wider global customer base, deeper integration into product research workflows, faster product iteration cycles powered by combined qualitative + behavioral data, more robust adoption in enterprise environments.
This exit demonstrates how niche, high-value engineering capabilities built in Bulgaria can become strategic assets for global SaaS companies.
Successful Exits: Prime Holding
Prime Holding is one of Bulgaria’s most established software engineering and digital transformation groups, known for long-term enterprise partnerships, high-performing engineering teams, and a strong delivery culture across Europe and North America.
For years, Prime Holding has operated as a trusted development partner to global companies across fintech, logistics, energy, and SaaS.
In 2025, Bianor Holding acquired 51% of Prime Holding AD, along with 100% of Digital Lights OOD, with the option to acquire the remaining 49%. The integration of Prime Holding, Bianor Holding, and Digital Lights resulted in a new unified brand: Wiser.
Impact & What’s Next
The acquisition positions Prime Holding (now Wiser) for its next stage of growth: through stronger operational and financial infrastructure, expanded service portfolio through the merged companies, improved delivery capacity for enterprise clients and a shift from fast growth to long-term sustainable scale.
The new Wiser brand combines the technical expertise of all three companies, creating a more competitive group capable of serving global clients with broader offerings.
This exit illustrates the growing maturity of Bulgaria’s IT services landscape and the strategic value of established engineering groups as they consolidate and scale.
The Role of America for Bulgaria Foundation
Throughout 2025, the America for Bulgaria Foundation remained the largest and most consistent supporter of Bulgaria Innovation Hub and the Future Unicorns Accelerator. ABF’s backing enables BIH to:
Every major communication touchpoint in 2025-from website content and alumni interviews to newsletters and event coverage-included clear acknowledgment of ABF’s role in making this work possible.
Looking Ahead
As we continue to evolve, our strategic focus is on strengthening our regional footprint, enhancing the impact of our programs, and deepening collaboration with venture capital firms and corporates. These efforts reinforce BIH’s role as the primary link between the Central and Eastern European (CEE) startup ecosystem and the opportunities available in the US market.
Expanding regional reach
Our goal is to become the leading resource for CEE startups preparing for US market entry, positioning BIH as the trusted gateway for scaling across the Atlantic. Building on our strong track record with Bulgarian founders, we are broadening our pipeline to include more innovators from across the region. Our ongoing partnerships with regional VC firms such as Eleven Ventures and BrightCap Ventures, along with an expanding portfolio of CEE companies, reflect this commitment. The trust we’ve earned among investors, founders, and ecosystem stakeholders highlights BIH’s credibility as a catalyst for growth. In the coming years, we aim to deepen these relationships while forming new ones, opening more avenues for regional startups and further elevating CEE as a center for high-impact innovation.
Strengthening programs for scalable growth
We remain focused on increasing the value and relevance of our support for startups at every stage of their international expansion journey. This includes refining our programming to better address the challenges founders face when entering global markets. A broader regional focus requires an even stronger global mentor network, a defining element of BIH’s success. By bringing in more experienced operators, repeat founders, investors, and industry leaders, we will continue providing customized guidance to help startups navigate the complexities of US market entry. Combined with curated introductions to strategic partners and investors, this approach will enhance the alumni experience and ensure that their long-term growth remains a priority.
Backed by ABF and an engaged community across two continents, BIH will keep translating regional potential into global success stories.
The progress we have achieved this year is the result of a community that believes deeply in our mission. Our mentors, partners, board members, and supporters form the backbone of BIH, and their contributions enable the impact we create.
Recognizing our supporters
We extend sincere thanks to our mentors, partners, and board members, as well as supporters such as America for Bulgaria Foundation, Appolica, the Bulgarian Small and Medium Enterprise Agency, Siteground, Telelink, Ampeco, StorPool, and Franklin Pitch Johnson. Their trust and engagement have been fundamental to everything we accomplished in 2025.
Empowering growth through mentorship and collaboration
Mentors continue to be at the heart of BIH’s model. Their experience, practical insight, and willingness to share lessons learned help founders navigate complex challenges and uncover new opportunities. Their guidance not only shapes individual startup journeys but strengthens the innovation landscape across the region.
Strategic leadership from our board
Our board members provide the strategic direction that keeps BIH aligned with the needs of founders and the broader entrepreneurial community. Their leadership ensures that our programs evolve in step with the region’s growth and the demands of global markets.
Join us in shaping the region’s next chapter
As we focus on the future, we invite individuals and organizations to engage more deeply in our mission. Your involvement, whether as a donor, mentor, partner, or advocate, directly contributes to the growth of Bulgaria’s and CEE’s startup ecosystems. BIH's non-profit project aims to cultivate entrepreneurship, innovation, and a culture of growth mindset and reciprocity in the region to fuel long-term economic growth and sustainable social impact. It delivers both financial and social benefits, strengthens the relationship between the private and public sectors, activates the global diaspora, elevates the entire startup ecosystem, and unites the business community around a shared cause.
We are grateful for every supporter who has helped us reach this point. Your belief in our mission drives us to continue expanding opportunities and impact across the region. Together, we are not only advancing the success of individual startups but contributing to a stronger economic future for Bulgaria and CEE.
Thank you for being part of this journey. We look forward to building on this partnership and reaching new milestones in the years ahead.
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