IMPETUS Capital

An early stage venture capital fund partnering with founders at Seed and Series A stage

IMPETUS Capital^[1] is a Bulgarian venture capital firm founded and managed by Viktor Manev and Nikolay Martynov. The firm focuses on early-stage investments in technology companies, primarily in Central and Eastern Europe, with emphasis on companies having Bulgarian connections.

Impetus Capital specializes in Seed and Series A investments, typically providing initial investments ranging from €300,000 to €500,000.^[2][3][4][5]

The firm is known for its long-term investment approach and has achieved double-digit growth across its portfolio companies.

The firm is dedicated to partnering with early-stage startups that demonstrate high growth potential and operate in what’s often described as "blue-ocean" markets—spaces where innovation creates untapped opportunities. Their portfolio reflects a remarkable diversity, showcasing a commitment to industries poised for transformative growth.^[6]

For instance, Tiger Technology ^{[7][8][9][10][11][12]} is leading the charge in data management and optimization, offering software solutions that empower businesses to handle massive amounts of data seamlessly.

In digital insurance, Boleron is revolutionizing the way people access and manage their policies with user-friendly, tech-driven platforms. Meanwhile, Discordia is driving innovation in international transportation, optimizing logistics and improving efficiency in global trade.

The firm’s investments in artificial intelligence are equally impressive, such as Transmetrics, which leverages AI to optimize cargo logistics, and Tapline, providing SME forecasting tools to help businesses make smarter, data-driven decisions. In pricing intelligence, Browswave is making waves with solutions that allow companies to adjust strategies in real time, while Bioseek is transforming semantic search engines to revolutionize how we interact with information.

In the IoT and smart home space, Shelly Group ^[13][14][15] is creating cutting-edge devices that make connected living a reality. Similarly, Biodit specializes in biometric access control systems, blending innovation with security. On the energy front, Hydrogenera is driving the adoption of hydrogen fuel technologies, a cornerstone of the green energy movement.

Other notable companies in their portfolio include Excitel, delivering high-speed internet solutions; Promoto, enhancing fleet management systems; Kikimora.io, which focuses on software solutions for creative industries; and Storied Data, a leader in narrative-driven data analysis. Additionally, Re:Benefit is transforming employee benefit management, while Noesis focuses on education and training solutions.

Viktor Manev serves as a Managing Partner at Impetus Capital. He has 29 years of experience in private equity, corporate finance, and capital markets. His expertise includes consulting on deals worth over €500 million in Central and Eastern Europe. Prior to Impetus Capital, he worked with organizations such as Paribas Capital and BNP Paribas PF.[5]

Nikolay Martynov ^[16]is a Managing Partner and co-founder of Impetus Capital. He is considered a pioneer in the Bulgarian capital market with over 30 years of experience. Martynov was among the first 13 licensed brokers in Bulgaria and has been involved in significant transactions, including the first IPO on the Bulgarian Stock Exchange.[6] References