What is the state of green startups in Bulgaria?
What challenges do they face?
What are the paths to growth for green companies?
We present a summary of the most important data on the state of green startups in Bulgaria. The data was collected during the second edition of the national survey of green initiatives in Bulgaria, "Green Solutions from Bulgaria 2025," conducted by MOVE.BG, the results of which we presented in September.
Green startups today: the data
Startups are the most dynamic part of the green innovation ecosystem in Bulgaria. The survey covered 55 companies of this type, which accounted for 40.7% of all respondents. Most of them typically belong to the category of micro-enterprises: 80% of the respondents have up to ten employees, while 52.7% have teams of one to three members. This profile implies a limited capacity in terms of resources and expansion but, at the same time, a high level of flexibility and adaptability to new trends and market conditions. These companies operate mainly in the following spheres: circular economy and waste management (60%), energy and energy efficiency (32.7%), climate solutions (30.9%), nature-based solutions and ESG policies (23–27%).
Which sector is the main activity of your company focused on? Category of startups. More than one answer was possible.
In terms of the type of innovation, over 38% of green startups develop so-called disruptive innovations - solutions that can change market logic and industry structure. 21.8% develop innovations of an interdisciplinary nature, and about 2% work on social innovations. Just over 38% of respondents among startups build on existing solutions, making them more efficient or accessible. Almost half of startups (49%) develop innovations simultaneously in new products and approaches/processes, 27% only in products, and 16% only in services.
Type of innovation developed by your company. Category of startups.
Financing is a major problem for the development of green startups - only 21.8% have attracted VC capital, while 58% rely on their own funds. In terms of capital raised, 41.8% have not been able to attract any external funding at all, 34% have raised capital of up to €100,000, and only 12.8% have raised more than €1 million.
Amount of the leveraged equity. Category of startups.
Financing problems hinder the development of the potential of green startups, and therefore, MOVE.BG is once again calling for several key measures, including: the creation of a green fund within the Fund of Funds for targeted investment in green innovation; introducing green verticals in venture capital funds; and introducing a mechanism to encourage banks to support the development of green manufacturing innovations on favorable terms.
Green Solutions from Bulgaria 2025: the data
The "Green Solutions from Bulgaria 2025" National Survey covers the three key groups for successful green transformation: startups, civil society initiatives, and research organizations working to support sustainable development. You can read a short article with summary data on green civil society initiatives here (in ENG). Check out the report summarizing the survey data here (in ENG).
