Sofia-based VC BrightCap has completed the first close of its new fund, BrightCap II, targeting €60 million, as Vestbee was told. It will invest in tech startups focusing on the future of work, digital health, and fintech across SEE, helping them scale into Western European and US markets.
- Founded in 2018 by Georgi Mitov and Elina Halatcheva, BrightCap Ventures is an early-stage venture capital company that invests in startups, focusing on AI, Big Data, medical technology, blockchain, and financial sector technologies.
- To date, BrightCap Ventures’s portfolio includes 21 startups. The fund has made 5 exits, including Cloudpipes, FITE, Woom, and Pliant.
- With Fund II, BrightCap plans to invest in globally scalable and impactful pre-seed and seed tech companies around Southeastern Europe. Its main focus will be on three sectors: future of work, digital health, and fintech. The ticket sizes will range from €400,000 to €3 million.
“BrightCap II is an exciting new step for us — larger scale fund with a wider scope and even greater ambitions than our first. At the same time, our philosophy of working with deeply technical founders with domain expertise and global reach from day one hasn’t changed. It keeps us grounded in the AI era where opportunities seem everywhere, but lasting technology winners can be built by few,” General Partner, Georgi Mitov, commented in a statement.
- The BrightCap Fund II combines public capital managed by the EIF with over 30% private capital from new and existing individual and corporate investors. It is the first VC fund to attract RRF funds from both Bulgaria, under the Bulgaria Recovery and Resilience Plan, and Romania, under the Romania Recovery Equity Fund. Additionally, BrightCap Fund II is funded by the European Union's NextGenerationEU.
“We are thrilled to continue partnering with incredible entrepreneurs in our region and from the diaspora abroad. The first few investments from Fund II are already in the closing stages and we cannot wait to share what we’ve been working on once they are finalized,” General Partner, Elina Halatcheva, said.
