Based in Sofia, ARMADA Capital invests in established companies with growth and consolidation potential, high-potential start-ups and real estate projects with a clear path to monetization.

About us

Criteria ARMADA’s position
Investment focus
  • Sector agnostic investments through equity and quasi-equity instruments.
  • Focus on established companies with growth and consolidation potential, high-potential start-ups and real estate projects with a clear path to monetization.
  • Preference for minority positions in enterprises with strong management teams. Capacity to take majority positions.
  • Preference for investments in Endeavor entrepreneurs who already have global access to markets, capital and talent.
Investment sizes/structures
  • Typical investments range from €1m to €3m. Ticket sizes could be lower (e.g., high-potential start-up companies) or higher (e.g., greenfield real estate development).
  • Preference for investments to be structured as capital increases. Readiness to engage in share purchases.
Geographic focus
  • Focus on Bulgarian companies with regional and global aspirations.
  • Willingness to invest opportunistically across CSE and MENA regions.
Added value
  • Entrepreneur-friendly approach and deep investment and industry expertise unrivalled across the CSE.
  • Advisory committees offering dedicated guidance on various strategic, operational and financial aspects.
  • Active leverage of the partners’ own enterprises and sharing of institutionalized know-how, market insights and contact networks.
  • Assistance with debt and equity capital raising, M&A mandates and joint-venture/partnership initiatives.
Exit strategy
  • Maximizing exit valuations through leveraging a strong track record in operating and investing across a wide array of industries, including:
    • Auto leasing/retail
    • Engineering services
    • Facility Management
    • Financial services
    • Food delivery services
    • Food processing and farming
    • Home automation
    • Hotels and hospitality
    • Insurance services
    • Legal, tax and accounting services
    • Medical devices
    • Mobile applications
    • Mobile broadcasting
    • Mobile gaming
    • Mobile marketing
    • Real estate development/brokerage
    • Renewable energy
    • Security services
    • Specialized construction
    • System integration
    • Telematics
    • Wine and beer production
  • Extensive experience with management of all aspects of M&A and capital raising processes across different industries and phases of development.
  • Preference for exiting investments within 3 to 5 years.

Detailed information

Please click here to download additional information about ARMADA Capital.

The Partners

Andon Tushev

TAL Engineering EOOD, Owner and CEO

Atanas Simeonov

S Group Bulgaria, Managing Director

Christo Iliev

AG Capital, Chairman of the Board

Ivo Evgeniev

Rosslyn Capital Partners, Co-founder

Kiril Boshov

EuroHold Group, Chairman of the Managing Board

Lyubomir Minchev

TeleLink, CEO

Nedelcho Spasov

Easy Asset Management, General Manager

Stefan Gugushev

Gugushev & Partners, Managing Partner

Vassil Terziev

Progress Software, Chief Innovation Officer


Should you have any questions or require more information while our site is under construction, please email us at: [email protected].

11A Aksakov Street, Floor 4, Office 2

Sofia 1000, Bulgaria