The NV3 fund 3 years later: First results of investing in Bulgaria’s top companies
Our main focus has been fintech, AI, and cloud
The New Vision 3 (NV3) venture capital fund has been active for exactly 3 years now, thus it’s a good time to make a recap of our progress and success so far.
We launched back in September 2019 as a successor of the first Bulgarian VC firm NEVEQ, with the ambition to build on the success of its first two funds that resulted in 7 exits of portfolio companies, including Ontotext and Vayant.
As more local companies were transitioning from service to product and the startup ecosystem was evolving rapidly, we realized we still had a big role to play in the future growth of the tech community. In the past 15 years, the NV3 team accumulated significant scaling know-how and grew a large network of international investors and corporate players.
So, our mission was clear - to provide escape velocity to founders in Bulgaria and propel them globally.
Backed by the Fund of Funds, we raised €22M+ for our 3rd fund and started deploying capital across 3 innovation platforms – FinTech, Applied Data, and AI, as well as Cloud-enabled innovation.
15 investments in startups with significant outlier potential
In the first 3 years of our new fund, we became partners of 15 promising tech companies looking to successfully grow to international markets. We really believe in providing smart money to extraordinary founders - NV3 is not just investing capital but providing strategic support with team expansion, processes, scaling, and future funding rounds.
A number of portfolio companies in the NV3 portfolio have achieved remarkable results in a very short time, including:
Paynetics: The complete digital payments platform has increased its revenue 5x times since our investment and successfully expanded to the EU and the UK.
Phos: The phone as a POS system successfully entered the US and the UK markets and attracted a €2M pre-Series A round led by the international payments platform CM.com
Cloudcart: The leading e-commerce platform on the Bulgarian market has doubled its revenue since the first NV3 investment while managing to attract Elevator Ventures (RBI’s VC arm) for a strategic investor to expand in CEE.
MYX Robotics: The digital twin platform developed a strong portfolio of international clients, grew to seven-digit revenue in less than 2 years, and raised €3.5M to bring 5G rollout to Europe and the US.
Boleron: The online insurance platform has attracted over 10, 000 B2C clients in Bulgaria and is currently working on expansion in Southeast Europe after closing a new funding round of €2.1M.
Scalahosting: The VPS hosting platform has surpassed 50, 000 customers and 700, 000 hosted websites while its SPanel solution has become a top 3 alternative to cPanel.