With public resource, contributed by the Fund of Funds, and additional private capital, Vitosha Venture Partners Fund to invest in eight new companies. Seven of them are Sofia-based startups. The supported local projects are: Elka.Bg and its software that compares  electricity suppliers, Dexicon and the platform for fast and cheap creation of mobile applications with no professional experience needed from the users, Noviotic and its probiotic products, Info Smart and the platform for subscription for content by experts in health, beauty and personal development and self improvment, Opto Smart Solutions – the mobile app for ophthalmologists, Softmedline and the platform connecting healthcare specialists with patients, and Black Sea Film – an innovative media production company for home entertainment and series. The investments range from BGN 176,000 to over BGN 1 million, which the startup companies will use for prototyping, laboratory activities, product development and marketing. The total value of the investments amounts to BGN 3.1 million, of which BGN3 million are public funds from the Fund of Funds under the Operational Program “Innovation and Competitiveness” 2014-2020. find here.

The Bulgaria and U.K. based online casino game developer Silverback Gaming becomes part of the American GAN Limited – a leading provider of SaaS solutions for online gaming and betting. Silverback Gaming develops casino games. It is headquartered in Sofia and has a second office in London. Among the studio’s proven titles are Aztec LuckTM and Mystery StacksTM, currently distributed across European regulated markets to more than 100 B2C operators of iGaming. Silverback is soon to launch four new titles. With the acquisition of the Sofia-based company, GAN aims to increase the number and variety of interactive slot games in its portfolio and reach more customers in the US and Europe.

LatticeFlow announced its plan to open an office in Sofia. The Zurich-based startup plans to hire a team of 50 experts in the next two years. LatticeFlow is a spin-off of ETH Zürich (Swiss Federal Institute of Technology), founded by two Bulgarian researchers. The company focuses on safe and secure artificial intelligence systems. LatticeFlow  was founded in 2020 and has raised $ 2.8 million in fundingin 2021. LatticeFlow recently became one of the Top 3 AI startups in Switzerland. “We are excited to expand our engineering team to Sofia, a home of top tech talent offering an incredible opportunity for faster team growth,” the company said in a

According to data from the National Statistical Institute for the period January – November 2021, Bulgaria’s exports increased by 23.3% compared to the same period in 2020. Exported goods amounted to a total of BGN 61,992.4 million. 26.3% and value of imported goods of BGN 69,356.5 million.

Trade with EU countries and third countries

Exports of goods from Bulgaria to the EU increased by 24.1% and amounted to BGN 37,006.8 million. The country exports mainly to Germany, Romania, Italy, Greece, France and Belgium. These countries account for 68.9% of Bulgaria’s exports to EU markets. The highest growth was noticed in the sectors ‘Animal and vegetable oils, fats and waxes’ (117.8%) and ‘Mineral fuel, lubricants and related materials’ (69.8%). A decrease was recorded only in the sector “Soft and alcoholic beverages and tobacco” (17.1%).

Imports of goods to Bulgaria from the EU increased by 25% and amounted to BGN 37,318.2 million. The largest volumes of imports were from Germany, Romania, Italy, Greece, the Netherlands and Hungary. The largest increase was recorded in the sector ‘Animal and vegetable oils, fats and waxes’ (134.6%). No decline was observed in any of the sectors.

NSI data on exports and imports to the EU is for the period January – October 2021 and is a comparison with the same period for 2020.

The latest data of the Institute for Import and Export to Third Countries cover the period January-November 2021. Exports of goods from Bulgaria to third countries increased by 20% and amounted to BGN 20,593.9 million. Bulgaria’s main trade partners are Turkey, China , USA, Serbia, United Kingdom, Republic of Northern Macedonia, Russian Federation and Ukraine. Exports to these countries formed 58.9% of the total volume. The largest increase was in the sector ‘Mineral fuel, lubricants and related materials’ (35.9%), and a decrease was observed only in ‘Beverages and tobacco’ (10.9%).

For the same period, January – November 2021, the import of goods in Bulgaria from third countries increased by 27.8% and amounted to BGN 27,522.2 million. The largest are the amounts from Turkey, the Russian Federation, China and Ukraine. The largest increase was reported in the sectors ‘Mineral fuel, lubricants and related materials’ (63.8%) and ‘Manufactured goods classified chiefly by material’ (38.1%), while there was a decrease reported in the sector ‘Animal and vegetable oils, fats and waxes’ (9.1%).

“Green Card for Administrative Services” is the new service that Sofia Municipal Privatization and Investment Agency (Invest Sofia) will provide to investors in Sofia. The Green Card aims to provide assistance for tailored administrative services on the territory of Sofia Municipality both to noncertified but eligible investors and already certified under the Promotion Investment Act investors. Special emphasis is also placed on innovative startups, for which the legislation does not provide general incentive measures. By issuing a Green Card for startup companies Invest Sofia positions startups next to strategic investors in Sofia.

The first four Green Cards were presented by the Mayor of Sofia Yordanka Fandakova and Georgi Georgiev, Chairman of the Sofia Municipal Council. The total investment of the companies amounts to BGN 65 million.

“In these challenging years of the pandemic and many crises, Sofia continues to be a competitive investment destination and this is due to the entrepreneurial spirit of both strategic companies and startups. It is the startup innovative companies that create the ecosystems in our city, give young people reason to live and work in our city and it is very important for us to support them,” Ms. Fandakova said while presenting the “Green Card” certificates to Sofia Med AD and the startup Elka.bg.

“We highly appreciate the outstretched hand of the administration, it is important for every business to have predictable environment and support,” Sofia Med CFO Sergey Vlaykov said. The company is a manufacturer of a wide range of rolled and extruded products of copper and copper alloys with great application in a number of industries and in construction. A new investment project for 20 million euros is forthcoming for Sofia Med. Expanding the production in the field of green solutions is part of the planned investment activities.

Elka.bg is a web-based platform that compares electricity prices and allows customers to choose the best supplier and save money. According to one of the founders of the startup Kremena Stoyanova, the support at the early stage of a company’s development is of crucial importance for further growth. 

“Legal certainty and predictability is what investors need most. This is what the “Green Card” stands for, Chairman of the Sofia Municipal Council Georgi Georgiev said at the certificate presentation to Key Bio Industry Bulgaria Ltd., which will build the high-tech industrial park “Hemus” in “Kremikovtzi” and to the startup company Dexicon Ltd., which offer a fully

A pilot project of Sofia Municipality has received an opportunity to expand beyond its initial scope. The air quality monitoring system Kanari, which was implemented in the 76th Kindergarten “Sarnichka”, has attracted the attention of Tryavna Municipality and has already been submitted to the local administration for testing.

The Kanari system is a pilot project of the Sandbox for Innovations initiative of Sofia Municipality and its unit for digitalization, innovation, and economic development Innovative Sofia. In August 2021, it was implemented in Sofia’s largest kindergarten. In each of its 20 groups devices were installed that measure and display air quality. The devices have indicators of relative humidity, carbon dioxide, and fine dust particles in the air. Children learn about the state of the environment from the reaction of an electronic canary, which changes its mood on the device’s display. The real-time information helps both teachers and children by providing them with data on the state of the air in the bedrooms and study rooms, and it also helps kids to develop habits and attitudes towards the environment.

So far, Tryavna Municipality has given positive feedback on the system’s application. Talks are underway to implement “Kanari” in the public service building fund managed by the city administration.

Apart from testing in another Bulgarian municipality, the project has the potential for further application in the private sector. Innovative Sofia reports that the largest mobile operator in the country has shown interest in including the Kanari system in the operator’s ICT / IoT portfolio. Public and private hospitals have also requested to test and implement the system. 

“We expect even greater proactivity this year from start-ups that can solve urban challenges. We are ready to offer them administrative support and help them prototype and test their technology. The Digital Transformation Strategy for Sofia requires the Municipality to be the first client and validator of digital services and smart solutions developed by local companies, thus supporting the ICT business ecosystem of Sofia and creating opportunities for further applications outside the city,” Deputy Mayor for Digitalization and Innovation Gencho Kerezov commented.

The French-Bulgarian Chamber of Commerce and Industry has launched the third edition of its Innovation Awards. The competition aims to promote the most innovative projects developed in Bulgaria, and for the first time, the competition is open to external companies, non-members of the Chamber. All companies registered in Bulgaria for at least 18 months, with at least 5 employees, regardless of their sector of activity, who have implemented an innovative local project in Bulgaria, can apply for the Innovation awards of the CCIFB.

Applications are accepted in four categories: “Investment”, “Businessman”, “Businesswoman” and “Corporate Social Responsibility”. The applications for each category will be reviewed by an independent jury. Apart from the winners in each category, one project from all four will be nominated to compete for the Special Jury Award. Applications are accepted until February 28.

SMEs can now apply for the exclusive eBay Growth Program, in which the e-commerce giant will provide a package of exclusive services to the companies:
Personalized growth program
Customized training program for setting up online activities on the eBay platform
High sales limits for rapid growth
3 months free eBay subscription

Retailers must have more than 100 items for sale. The inclusion of Bulgarian companies in the eBay Growth Program is locally supported by the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA). Applications are accepted at: https://export.ebay.com/en/new/?utm_source=BSMEPA

Companies with urban mobility solutions have have now the chance to test their ideas in real urban conditions through an EIT Urban Mobility project – an initiative of the European Institute of Innovation and Technology (EIT). The project partner the cities of Toulouse and Milan, which have already presented specific mobility challenges that need to be addressed. During the implementation of the project, the pilot initiatives will be tested in parallel and entirely in a real urban environment. EIT funding and administrative support from the cities’ administrations for the implementation of the pilots will be provided. Find out more about the specific challenges posed by Italian cities and how to apply for pilot testing here. The deadline is February 8, 2022.

Through the network of the International Economic Relations Center to BIA, a Germany-based research institute is looking for a partner from Eastern Europe and the Balkans for their Horizon Europe project proposal “Digital tools to support the design of a circular economy”. The Institute is looking for partners with semi-automated production, interested

The 9th edition of Innovation Explorer will take place on February 24 at Sofia Event Center, hosted by Innovation Starter Agency in partnership with Capital.bg. At the invitation of the organisers, Invest Sofia will be part of the event with a welcome speech by CEO Dr. Maria Hristova during the opening session. 

Innovation Explorer 2022 will be held under the “Think Further!” motto that refers to John M. Keynes’s essay titled “Economic Possibilities for Our Grandchildren”. Keynotes and discussions this year will focus on the different perspectives on the consequences and results that today’s societies bequeath to future generations.

The event will feature more than 20 international speakers  – university professors, visionaries, futurists and business experts, and unfold under three panels:  Mathematical angle of almost anything, Think Further, Strong Civil Society, Economic Possibilities, and Climate Actions.

For the first time, the “Innovator in Bulgarian Society” award ceremony will be part of the agenda. It will reward mayors of small municipalities in Bulgaria for projects, aimed at sustainable development and investment in support of society.

Full agenda and speakers are already announced on the website of the event. The early registrations for Innovation Explorer 2022: Think Further! are open by the end of January.

The European Commission has announced the calls for proposals under the Erasmus + program for 2022. Next year’s budget is nearly EUR 3.9 billion. One of the novelties in the published calls is the opportunity to apply for a lump sum for the implementation of a project, which significantly reduces the administrative burden in the application, project management, and reporting documentation.

All public or private bodies with activities in the fields of education, training, youth, and sport can apply for funding with the help of the Erasmus + National Agencies established in all EU Member States, as well as with the assistance of the European Executive Agency for Education and Culture. Prospective projects are in the areas of school, higher and vocational education, youth mobility, and adult education. The nearest submission deadlines are in February 2022, and some procedures are open for submissions until October 2022. The detailed terms of the call for proposals, including its priorities, can be found in the Erasmus + Program Guide for 2022. at the following link http://ec.europa.eu/programmes/erasmus-plus/resources/programme-guide, and on the its own website here.

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The platform of the Bulgarian Chamber of Commerce for Open Innovation has published 14 new challenges on topics related to innovation, digitalization, biotechnology, carbon emissions, telemedicine, industrial automation, and response to the Covid-19 pandemic. BCC’s Open Innovation Platform connects companies and institutions with start-ups to solve a specific problem or develop a new solution in a certain field. Register on the platform’s website to view the full description of each challenge and apply.

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The European Commission will fund at least 120 new projects under the LIFE program, the EU’s funding instrument for environmental and climate action, with a budget of € 280 million. Calls for submissions are open on the topics: Nature and Biodiversity, Circular Economy and Quality of Life, Mitigation and Adaptation to Climate Change, Transition to Clean Energy, and Operational Subsidies for Non-Profit Organizations. Three more invitations will open in mid-December. Information on each of them can be found on the program website here: https://cinea.ec.europa.eu/life_en

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SMEs with a Horizon 2020 grant agreement, as well as those expecting such funding, can benefit from the free Horizon Intellectual Property (IP) Scan service to scan intellectual property. The service is provided by the European Commission and aims to assist companies in the effective management of their intellectual property and in protecting and enhancing its value in

Sofia is the location of the headquarters of 93 of the 100 companies in the “The 100 largest employers in the software business in Bulgaria” (CBNTOP100) ranking of CBN – Pannoff, Stoytcheff & Co.

The ranking includes over 15,000 operating ICT companies in Bulgaria based on financial results and KPIs for the period from 2015 to 2020, including income and profit, number of employees, staff costs, productivity, employee benefits, payables, etc.

The main conclusions of the study of CBN – Pannoff, Stoytcheff & Co are:

– The top hundred largest employers in the software sector in Bulgaria have provided 26,625 tech jobs.

– 24 companies from CBNTOP100 have Bulgarian ownership, and the remaining 76 are owned by investors from a total of 20 countries, including the strongest economies in the world – the USA, China, Germany, the UK, France, Russia, Canada, Belgium, the Netherlands, Denmark, Spain, Sweden, Israel, and others.

– The 24 companies with Bulgarian ownership have an 18% share of the number of employees, and the growth in the number of employees in these companies compared to 2015 is 67%.

– 11 companies with 2,546 employees or about 10% of the workforce work for the domestic market.

– 89 companies in TOP100 with 24 079 employees or over 90% of the employees work mainly for foreign markets.

 According to CBN – Pannoff, Stoytcheff & Co, companies operating in foreign markets have exported an intellectual product worth 2.1% of GDP and each job in these companies has generated an average income that was 6.3 times higher than the GDP per capita.

 CBN Pannoff, Stoytcheff & Co agency commented in a publication for CBNTOP100:

“CBN recognizes an exceptional benefit for our society from including the expertise of more Bulgarian companies in the digital  transition process because they have long proven themselves on the world technology scene in competition with international business corporations and can contribute in solving difficult problems for the country in the process of digitalisation and e-government. “

Follow the link for more from CBNTOP100.

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 CBN – Pannoff, Stoytcheff & Co. is an independent agency specializing in business research, market analysis, and consulting, mainly in the field of ICT. Since 1992, CBN has been conducting its research on the volumes and market leaders in Bulgaria for computer systems, peripherals, mobile devices and communication equipment, the Internet, and software.

Employees from companies in Sofia and Bulgaria from all economic sectors are invited to join the anonymous survey “Emotional and mental health at work.”

The purpose of the questionnaire is to examine what factors interfere with the work process, how they affect mental health, wellbeing and efficiency in the workplace and how companies support employees and teams as part of their policies to ensure a productive work process.

Experts from all Bulgarian companies and organizations are invited to share their personal experience and observations in the survey here.

The questionnaire does not require personal data and takes no more than 10 minutes.

The survey was developed with the assistance of HR, communications and market research experts and was initiated by the team of hOUR THERAPY – psychologists and psychotherapists who provide personal consultations as part of the social benefits to employees in companies in tech, manufacturing and other sectors.

A Report with summary and data analysis to be prepared in December. We will share the results, so stay tuned.

Why the topic is important

At the end of 2018 (long before the pandemic became part of our daily lives), the World Health Organization (WHO) established in its 11th revision of the International Classification of Diseases ICD-11 a whole subsection on issues related to the workplace and the work environment. This came shortly after the organization released data from a global study showing that nearly 264 million people suffer from depression, many of whom also have symptoms of anxiety, and this costs companies about $ 1 trillion in lost productivity each year. WHO classified workplace burnout as an occupational phenomenon and the phenomenon is expected to be part of the updated WHO ICD-11 classification, that will come into effect on 1 January 2022

The pandemic has increased interest and placed an even greater focus on the topic of workplace wellbeing. With blurring boundaries between personal and working time and space, the constant reorganization of the work process, the need for rapid adaptation to technology, the uncertain future and more, all led to a deterioration in the mental health of employees. And, in fact, there are young people whose first appointment took place in a completely remote mode. These are 24-25-year-olds (upper age of Generation Z), whose onboarding and first steps in a working relationship happened remotely. The European Commission, the American Psychological Association, the international Workplace Mental Health Institute,