Bulgarian venture capital firm Vitosha Ventures, formerly Vitosha Venture Partners, has announced the first 10 investments from its €34 million second fund, alongside the appointment of London-based investor Rob Kniaz as a new General Partner.

Vitosha Ventures Fund II closed in May 2026 and plans to invest in close to 80 Bulgarian startups through 2030, with individual investments ranging from €100,000 to €1 million.

The fund is anchored by the Fund of Funds in Bulgaria (FMFIB), which has committed €30 million through the “Entrepreneurship Fund – Early Stage” financial instrument. The resources are provided under the Programme “Competitiveness and Innovations in Enterprises” 2021–2027, co-financed by the European Union. The fund is also backed by private Limited Partners from Bulgaria and abroad.

Since 2020, Vitosha Ventures has reviewed more than 3,000 projects and invested in 117 startups. Of these, 107 were backed through its first fund.

The first 10 investments

The first cohort of Fund II spans AI, robotics, maritime technology, logistics, agriculture, consumer technology, recruitment and systems engineering.

Spicy SE is developing a platform for systems engineering that allows teams to design complex products, including cars, drones, machinery and critical infrastructure. Its AI agent helps transfer data from legacy systems into a more structured workflow. The company already works with MicroVision and HENSOLDT, while pilots and trials are underway with Novo Nordisk, Luxoft and Vestas.

SORN.AI is building a platform that helps companies understand how their brands appear in answers generated by AI systems and how they can improve their visibility. Positioned around the emerging field of AI search optimization, the company is focused on the US market and says it has surpassed €100,000 in monthly revenue in under a year.

  • SeAI is applying artificial intelligence to crew management for ships and offshore platforms. Its platform brings together documents, certificates, training, schedules and assignments, aiming to reduce delays and errors associated with crew changes.
  • Builderly allows small and medium-sized businesses to create applications by describing what they need in natural language. The platform is designed to turn an idea into a published digital product without requiring a traditional development team or distribution through app stores.
  • ID Robots is developing SkyHub, a platform for managing fleets of autonomous drones and robots from different manufacturers. The company says it has 127 connected autonomous machines, seven beta partners and a $35,000 pilot contract. It also works with Bulgaria’s Ministry of Interior and the Municipality of Plovdiv.
  • Truckspedia is building an AI-supported platform for road freight that connects carriers, trucks and cargo. The system aims to automate processes including finding available trucks, communication, documentation and delivery management.
  • Smart Farm Robotix is developing an autonomous, solar-powered agricultural robot that uses AI to identify weeds and remove them with precisely directed energy, without the use of herbicides. The company has also been approved for investment by the EIC Accelerator.
  • DreamColor is building an AI-powered personalized service for at-home hair coloring. Its platform analyzes factors including natural hair color, undertones and hair condition to create an individual formula and kit. The company reports more than 6,000 users and over 4,000 paid orders.
  • Citadel Robotics develops physical AI agents for maritime security. Its technology is designed to automate dangerous tasks and help detect threats to commercial ships, naval vessels and critical maritime infrastructure, as well as support border protection and monitoring of illegal fishing.
  • ESTEL is an AI platform for recruitment companies and IT consultancies that identifies demand for specialists and potential clients. The platform analyzes market signals, verifies job postings and helps sales teams identify companies and contacts with stronger purchasing intent.

The 10 companies bring Vitosha Ventures’ total portfolio to 117 startups across its two funds.

“We are grateful to all our partners and investors. With great enthusiasm and responsibility, we will be backing the most promising Bulgarian startups in the years ahead,” Vitosha Ventures said.

Rob Kniaz joins as General Partner

Alongside the new investments, Vitosha Ventures has appointed Robert “Rob” Kniaz as a General Partner, joining Stoyan Nedin, Max Gurvits and Marin Iliev.

Kniaz co-founded London-based Hoxton Ventures in 2013. The venture capital firm has raised more than $360 million and was an early investor in companies including Deliveroo, Darktrace, Epic Games and Preply.

Before moving into venture capital, Kniaz worked at Intel and later as a product manager at Google, where he contributed to the development of AdSense. He is also the author of patents in advertising technology.

Based in London, Kniaz will work on deal sourcing and analysis at Vitosha Ventures, as well as support the firm’s portfolio companies.

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