20 New IT Companies Set Up Offices in Bulgaria in 2024

bulgaria’s tech scene is defying global economic downturns and emerging as a thriving hub for innovation. Despite a slight dip from 2023, the year 2024 saw the launch of 20 new technology companies across the country, primarily focusing on Sofia, with smaller clusters in Plovdiv and Varna.

A key driver of this growth is foreign investment, which is bringing in international talent and expertise. A remarkable 60% of the companies that set up shop in bulgaria last year had roots outside the country.American and German investors are leading the charge, followed by companies from Austria, Belgium, Great britain, canada, the Isle of Man, and the Czech republic. This influx of global capital and knowledge is further fueling the vibrancy of Bulgaria’s tech ecosystem.

“Despite all external and internal shocks,the stability of the IT market in Bulgaria,combined with the emergence of new companies,creates optimistic prospects for 2025 and promises new opportunities for IT specialists,” says Emil Popov,Marketing Manager at DEV.BG, underscoring the resilience and potential of the Bulgarian tech sector.

The new companies entering the Bulgarian market are predominantly “micro” companies, with teams of less than 10 IT professionals. A smaller percentage fall into the “small” category, with only a couple classified as medium or large based on their IT department size. This diverse range of startups reflects the breadth of opportunities and innovation within the sector.

The activities of these newcomers span a wide spectrum. Product-based companies lead the pack, followed by those offering a mix of product development and software implementation. Interestingly, one company stands out by encompassing all aspects of the IT spectrum, showcasing the versatility and depth of talent within bulgaria’s tech landscape.

Adding to the positive momentum, despite layoffs in the global IT sector, nearly 44% of Bulgarian IT companies continue to hire new employees every month, according to a recent survey by MiNDS, a prominent recruitment firm in the technology field. This robust demand for skilled professionals indicates a shining future for IT specialists in Bulgaria.

The future of the IT sector in Bulgaria appears exceptionally promising. With its welcoming habitat for foreign investment, a growing pool of skilled professionals, and a persistent entrepreneurial spirit, Bulgaria is poised to become a major player in the global tech arena.

The Bulgarian Tech Scene: Thriving Despite Global Headwinds

Bulgaria is emerging as a vibrant tech hub, attracting new ventures and defying global economic uncertainty. We spoke with Dimitrina Ivanova, CEO of Sofia-based startup CodeAcademy, to get her take on the Bulgarian tech scene in 2025.

Dimitrina highlights the resilience of the Bulgarian tech ecosystem. While global trends may cause fluctuations, a constant flow of innovative ideas and a commitment to progress drive the scene forward. She explains that the surge of new startups, particularly in the micro and small IT sectors, reflects the thriving entrepreneurial spirit within Bulgaria.

Foreign investment plays a crucial role in Bulgaria’s tech success story. Dimitrina points out that the influx of global companies, with their capital and expertise, is creating a dynamic environment that fosters competition and pushes the industry to innovate at a faster pace.

“it’s fantastic!” she exclaims. “We’re attracting some truly remarkable global players, injecting fresh capital and expertise into the market. This creates a stimulating environment, fostering competition and pushing us to innovate faster.” The influx of international talent also broadens perspectives and introduces diverse skill sets, enriching the ecosystem.

Despite global layoffs impacting many tech sectors, Bulgarian IT companies are bucking the trend. Nearly 44% of them continue to hire, according to a recent MiNDS survey. Dimitrina attributes this resilience to Bulgaria’s strong foundation in tech.

“Bulgaria has cultivated a strong foundation in tech,” she explains. “Our educational system consistently produces skilled graduates, and there’s a deep-rooted culture of problem-solving and technical prowess.” This potent combination makes bulgaria a magnet for companies looking to expand their operations, ensuring its continued success in the global tech landscape.

Bulgaria: On the Verge of an AI Revolution?

The tech world is buzzing, and Bulgaria is poised to join the conversation. as artificial intelligence (AI) reshapes industries at an unprecedented rate, Dimitrina Ivanova, a prominent figure in Bulgaria’s tech scene, highlights the imperative for continuous adaptation. “We must continuously adapt to the rapid pace of technological advancements,” she states. “AI is transforming industries at an amazing speed.” The challenge is clear: keeping pace with this surge in innovation.

But amidst the challenges lies immense possibility.Ivanova emphasizes, “Up-skilling and re-skilling our workforce will be crucial to remain competitive. but this is also an exciting prospect! Bulgaria can become a leader in developing and applying innovative AI solutions to address global challenges.”

This vision paints a picture of Bulgaria stepping onto the global stage, not just as a follower, but as a thought leader in the field of AI. Imagine a nation leveraging its technological prowess to tackle pressing global issues, using cutting-edge AI solutions to drive positive change.

What will Bulgaria’s role be in this exciting new landscape? Will it become a hub for AI development and innovation? the future is unwritten, and the possibilities are endless.

What are your thoughts? Share your predictions for Bulgaria’s role in the global tech revolution in the comments below.

What specific steps is the Bulgarian government taking too support the growth of Bulgaria’s AI sector?

The Bulgarian Tech Scene: Thriving Despite Global Headwinds

Bulgaria is emerging as a vibrant tech hub, attracting new ventures and defying global economic uncertainty. We spoke with Dimitrina Ivanova, CEO of Sofia-based startup CodeAcademy, to get her take on the bulgarian tech scene in 2025.

Dimitrina Ivanova: CEO of CodeAcademy, Sofia

Dimitrina highlights the resilience of the Bulgarian tech ecosystem. While global trends may cause fluctuations, a constant flow of innovative ideas and a commitment to progress drive the scene forward. She explains that the surge of new startups, notably in the micro and small IT sectors, reflects the thriving entrepreneurial spirit within Bulgaria.

“The Bulgarian tech scene is truly dynamic,” dimitrina says. “While global headwinds might affect certain markets, our ecosystem has demonstrated resilience. The constant flow of new ideas and the relentless drive to innovate ensure that Bulgaria remains on a positive trajectory.”

Foreign investment plays a crucial role in Bulgaria’s tech success story. Dimitrina points out that the influx of global companies, with their capital and expertise, is creating a dynamic surroundings that fosters competition and pushes the industry to innovate at a faster pace.

“it’s fantastic!” she exclaims. “We’re attracting some truly remarkable global players, injecting fresh capital and expertise into the market. This creates a stimulating environment, fostering competition and pushing us to innovate faster.” The influx of international talent also broadens perspectives and introduces diverse skill sets, enriching the ecosystem.

Despite global layoffs impacting many tech sectors, Bulgarian IT companies are bucking the trend. Nearly 44% of them continue to hire,according to a recent MiNDS survey. Dimitrina attributes this resilience to Bulgaria’s strong foundation in tech.

“Bulgaria has cultivated a strong foundation in tech,” she explains. “Our educational system consistently produces skilled graduates, and there’s a deep-rooted culture of problem-solving and technical prowess.” This potent combination makes bulgaria a magnet for companies looking to expand their operations, ensuring it’s continued success in the global tech landscape.

Bulgaria: On the Verge of an AI Revolution?

The tech world is buzzing, and Bulgaria is poised to join the conversation. as artificial intelligence (AI) reshapes industries at an unprecedented rate, Dimitrina Ivanova, a prominent figure in Bulgaria’s tech scene, highlights the imperative for continuous adaptation. “We must continuously adapt to the rapid pace of technological advancements,” she states. “AI is transforming industries at an amazing speed.” The challenge is clear: keeping pace with this surge in innovation.

But amidst the challenges lies immense possibility.ivanova emphasizes, “Up-skilling and re-skilling our workforce will be crucial to remain competitive. but this is also an exciting prospect! Bulgaria can become a leader in developing and applying innovative AI solutions to address global challenges.”

What role do you think Bulgaria will play in the global AI revolution? Share yoru thoughts in the comments below!