This Sofia VC Just Raised $70M — And It's Not Slowing Down

Jan de Vries · 2026-10-01

LAUNCHub Ventures, a venture capital firm based in Sofia, Bulgaria, just announced the first close of its third fund. They've already locked in €65 million (about $70 million) and are aiming for more than €75 million ($81 million) total. Not bad for a firm that's been quietly building its thesis in Central and Eastern Europe for over a decade. ### Who's Betting on LAUNCHub? The first close drew commitments from a mix of international financial institutions, regional entrepreneurs, family offices, and — here's the interesting part — more than ten LAUNCHub portfolio founders who've exited their own companies. Those founders are now backing the next generation. That kind of full-circle support says a lot about the firm's reputation. Fund III is anchored by the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD). The International Finance Corporation (IFC), which backed Fund II, is considering joining the second close. Public funding comes from the EU's NextGenerationEU program, plus support from the Romanian and Bulgarian governments. ### The Track Record Speaks Stanislav Sirakov, General Partner at LAUNCHub, put it simply: "Fourteen years in, our conviction about this region gets stronger and the results we see further support our thesis. Close to 100 companies, 18 exits, and around 40% of our pre-seed and seed investments reaching Series A." That 40% Series A rate is impressive for any VC, let alone one focused on emerging European markets. Across its first two funds, LAUNCHub has backed nearly 100 companies with over €100 million ($108 million) under management. Its portfolio companies have gone on to raise more than €700 million ($756 million) in follow-on funding from heavy hitters like Founders Fund, Sequoia, Index Ventures, and Insight Partners. Notable portfolio companies include Ampeco, FintechOS, Colossyan, Giraffe360, Veridion, and Ferryhopper. The firm has had 18 exits to date, including SPLX's acquisition by Zscaler, FITE's sale to Triller, and OfficeRnD's acquisition by Blue Star. According to LAUNCHub, 75% of portfolio companies raise a follow-on round, and roughly 40% reach Series A. ### What's Next for Fund III? With Fund III, LAUNCHub plans to make around 25 early-stage investments over a five-year period. Initial ticket sizes will range from €300k to €3 million ($324k to $3.24 million), and the firm plans to lead or co-lead rounds of up to €7 million ($7.56 million). They'll also reserve capital to follow on at Series A. The new fund has already led rounds in three startups: - **Nanogram**: an AI-powered social gaming platform that turns text prompts into playable games. - **Lenz**: an independent verification layer that checks factual claims in AI-generated content. - **1Club**: an AI-native software platform for the sports and activities industry, built by the team behind OfficeRnD. ### Team Expansion and Promotions Alongside the fund close, LAUNCHub promoted Raya Yunakova and Petar Tsachev to General Partners. Todor Breshkov, Stanislav Sirakov, Rumen Iliev, and Irina Dimitrova — all with the firm since its founding — remain in leadership. Lyuben Belov and Stephane Gantchev continue as venture partners and advisors. The firm also added Vedran Blagus as Associate Partner, covering Croatia, Slovenia, and the Western Balkans from Zagreb, and Nikoleta Popkostadinova as Head of Marketing. ### Why This Matters LAUNCHub's success signals growing maturity in the CEE/SEE startup ecosystem. With more capital, experienced leadership, and a proven model, they're positioned to keep backing founders at the earliest stages. If you're building in the region, this is a fund to watch.