In the heart of Bulgaria’s Black Sea coast, a determined movement is taking shape. While Sofia continues to dominate the national startup conversation, Varna is beginning to build a name of its own—thanks in no small part to grassroots efforts like Varnapreneurs. Founded by entrepreneur and ecosystem builder Galin Stefanov, Varnapreneurs is more than just a meetup group; it’s the largest entrepreneurial community outside of Sofia, regularly gathering between 200 and 300 founders, builders, mentors, and believers who want to see Varna thrive as a startup hub.
Varnapreneurs hosts live podcasts featuring guests who have achieved significant success in their fields, aiming to showcase that building and scaling a business in Bulgaria is not only possible but increasingly common. These live events are followed by networking sessions, creating a vibrant space for connections and collaborations. Galin, who sold his company Performalis in 2021, has since been fully dedicated to building Varna’s local entrepreneurial ecosystem. His passion and efforts are culminating in the upcoming official partnership between Varnapreneurs and the Bulgarian Angels Club—a step that could unlock a new chapter of growth for the region.
As Varnapreneurs moves forward, we sat down with Galin for a wide-ranging and refreshingly candid conversation about what it really takes to grow a regional ecosystem, the gaps still left to fill, and why angel investing might just be the key to unlocking Varna’s full potential.
Find out more about Varnapreneurs here!
1. What are the main differences you’ve observed between the startup ecosystems in Varna and Sofia, and how have these differences evolved in recent years?
In Varna, we’re still in the early stages of building a true startup ecosystem. Sofia, on the other hand, began accelerating after the Telerik acquisition and the formation of Eleven Ventures. It’s had over a decade of structured growth, with VC funding, coworking spaces, regular pitch events, and multiple success stories that inspire new founders.
In Varna, one of the key challenges is that successful startups often leave once they grow—many of the most promising founders from here are now based in Sofia or abroad. The difference isn’t just scale, it’s the presence of visible success stories and a deep-rooted culture of entrepreneurship.
That said, the time for Varna is now. There’s talent here. There’s energy. We just need to channel it consistently over the next 4–5 years.
2. Could you describe the types of startups emerging in the Varna region? What unique opportunities or challenges do they face?
The reality is that there still aren’t many truly scalable startups emerging from Varna yet. Many ideas are at the lifestyle business stage or extremely early in validation. But there is potential—especially if we provide the right environment.
What we often see is that founders are either not dreaming big enough or don’t know what’s possible. Some are building flower shops or writing books—which are valid business ideas—but not scalable startups.
The unique opportunity? Varna has access to talent—especially from students and returnees from abroad. It’s also more affordable than Sofia and offers a better work – life balance, which many teams value.
The challenge? Lack of local success stories and the need to travel regularly to Sofia or abroad to stay plugged into the real pulse of the startup world.
3. What motivated you to create Varnapreneurs? Was there a particular gap or opportunity in the community that you aimed to address?
Varnapreneurs started because there was simply nothing else like it. No monthly events, no place to meet founders or people interested in entrepreneurship. I saw a massive gap—a lack of continuity and community—and decided to build a bridge.
We don’t just gather startup folks. We bring together small business owners, freelancers, educators, NGO leaders, and aspiring entrepreneurs. It’s a grassroots community space designed to seed inspiration and spark collaborations.
We aren’t expecting overnight results. But I believe true success will show over time—when we hear someone say, “I met my cofounder here” or “that talk changed how I think.”
4. What inspired you to become an angel investor, and how has this role influenced your approach to supporting startups?
Honestly, I didn’t know anything about angel investing until I was introduced to the Angels Club. I come from a bootstrapped background and exited my company before entering the startup ecosystem. Richо (Hristomir Hristov) was the one who opened that door for me.
What keeps me going now isn’t just the potential for return, but the people. I back founders who burn for their idea. I’m less focused on the pitch deck and more on the founder’s energy and willingness to grind.
I’m also more useful now as an ecosystem builder, not just a mentor. I want to shape environments, not just give one-off advice.
5. Since its inception, what impact has Varnapreneurs had on the local entrepreneurial community? Can you share a success story that highlights this impact?
The impact is real, even if not always visible. We’ve had people meet at Varnapreneurs who later worked on charitable projects together, who got into global programs, or who just stayed in Varna because they felt a community existed.
One example? Some of the women who attended our events also joined programs like the Academy for Women Entrepreneurs. I also know of a few people who returned from abroad and got reconnected with the local scene thanks to Varnapreneurs.
We’re now working on surfacing more of those stories—so if you’re reading this and something changed for you after one of our events, reach out!
6. How do you envision the future of the startup scene in Varna over the next five years? What key trends should local entrepreneurs be aware of?
If we play it right, Varna can become Bulgaria’s second true startup hub within the next five years. But it’s going to take consistency—regular events, strong educational programs, readiness around angel investing, and active support from national ecosystem players. One of the key trends I see is that the best founders today are emerging later in life, after they’ve built up 5 to 10 years of domain expertise—they know the problems deeply and have the skills to solve them. Another crucial mindset shift is going global from day one. The local market here is simply too small to build a scalable startup for, so founders need to think internationally right from the start. And finally, community really matters. People won’t stay in Varna—or choose to build here—unless they feel like they’re part of something meaningful and bigger than themselves.
7. Based on your experience, what crucial advice would you give to aspiring entrepreneurs in Varna who are just starting?
Immerse yourself in the ecosystem. Go to events. Find mentors. Talk to other founders. Go to Startup Weekend, even if you don’t have an idea. You need to live it, not just read about it.
Also, don’t be afraid to start late. Some of the best founders I know started companies after 30. They had domain knowledge, knew the problems, and were ready to commit.
Lastly, surround yourself with people who dream big. Your environment is everything.
8. What strategies can we use to inspire more people in Varna to support entrepreneurs and invest in startups?
You need to show them what’s possible. You can’t just expect people to invest in something they don’t understand.
That’s why we need regular, invite-only events, not just for startups but for potential investors. We must demystify what angel investing is and do it in their language. That’s where education, trust, and real stories come in.
You also can’t rely only on marketing to bring in angels. It’s about relationships and peer influence—people invest when they trust someone already in the circle.
9. How do you envision Varnapreneurs & Bulgarian Angels Club collaborating?
The collaboration between Varnapreneurs and the Bulgarian Angels Club feels like a natural next step. Varnapreneurs brings the grassroots energy, the local community, and the visibility, while the Angels Club adds structure, access to capital, and connections to the broader national investment network. To make this partnership truly work in Varna, there are a few key ingredients we need to focus on. We have to start with regular pitching events—even small, intimate ones—just to get momentum going. We also need to invest in educating people about what angel investing is and what it isn’t. Storytelling is another powerful tool: we have to highlight local role models, small wins, and the stories that can inspire others to believe it’s possible. Trust-building is huge, and that’s best done through invite-only, well-curated gatherings that bring the right people together. And most importantly, we need patience. This isn’t a sprint. It’s a long-term game, and while we’re not expecting immediate results, if we show up consistently and commit to the process together, the outcomes will come in time.
As our conversation with Galin made clear, there’s no silver bullet for building a startup ecosystem—especially outside the capital. It takes time, consistency, local leadership, and deep belief in the potential of people and place. But the foundation is there. With the right kind of support—from investors, mentors, and community organizers—Varna could emerge not just as a satellite of Sofia’s ecosystem but as a powerful, independent node in Bulgaria’s entrepreneurial future. The partnership between Varnapreneurs and the Bulgarian Angels Club is a step in that direction—and perhaps a sign of more to come. One thing’s certain: the long game is underway, and the energy in Varna is rising.