When a Bulgarian fund exits an investment with a 7x return, which Neo Ventures describes as the best ever exit for foreign investors in Bulgarian registered investment funds, it’s not just a win for the fund but a blueprint for how Eastern European deep tech can compete globally.
Neo Ventures’ exit from EnduroSat marks a watershed moment. The Sofia-based satellite manufacturer has delivered over 120 satellites and, in 2025, closed a €43 million Series B led by Founders Fund, followed by an additional $104 million round backed by Riot Ventures, Google Ventures, and Lux Capital. But the story starts much earlier, with Neo Ventures’ initial €1 million investment in 2017, when EnduroSat was still an early-stage startup.
That early conviction, combined with years of hands-on operational support, helped EnduroSat attract follow-on capital from the European Investment Bank, CEECAT Capital, Freigeist Capital, and eventually top-tier Silicon Valley investors.
In this exclusive Q&A conducted following their successful exit, Neo Ventures reflects on what this milestone means for Bulgaria's position in global space tech, how they bridge the gap between Eastern European innovation and international capital, and which sectors in the region are poised for similar breakout success.
1. What does this milestone mean for Bulgaria’s position in the global space industry?
With this SpaceTech exit, Neo recorded the best ever exit for foreign investors in Bulgarian registered investment funds. EnduroSat's journey reinforces country’s emergence as a credible contributor to the global space ecosystem, it not only marks a milestone for the country in the space industry but also a milestone for the country’s overall investability.
It demonstrates that the region can produce commercially viable, frontier-tech companies capable of competing internationally, and it raises investor confidence that Bulgaria can be a source of deep-tech innovation, not just outsourced engineering talent.
2. This is one of the biggest space-related rounds in Bulgaria, what convinced Founders Fund and others to participate?
Investors were ultimately convinced by a combination of technical depth, demonstrated execution, and a clear path to scalability. EnduroSat showed that it could deliver reliable hardware, attract global customers, and operate with the speed and discipline expected from world-class aerospace companies. The team’s ability to build differentiated IP and convert it into commercial traction made the opportunity compelling.
3. How does EnduroSat fit into Neo Ventures’ investment thesis?
EnduroSat exemplifies Neo Ventures’ approach as an unconventional, evergreen deep-tech fund: we invest in high-potential opportunities with the explicit aim of delivering outsized returns, and we commit significant time and resources to help companies scale.
With EnduroSat, we saw a technology and team capable of global growth, and we applied our hands-on model: strategic guidance, network-driven introductions to investors and customers, and operational support, to accelerate that trajectory. The company’s path from startup to market leader reflects the kind of high-conviction, value-add partnership Neo deliberately targets.
4. As an Eastern European fund backed (partially) by U.S. investors, how do you bridge the gap between local innovation and global capital? What do U.S. LPs find compelling?
We act as a translator between local technical excellence and the expectations of global capital. U.S. LPs are drawn to the region’s combination of exceptional engineering talent, cost-efficient R&D, and growing entrepreneurial ambition. Our role is to identify founders capable of operating at global scale and provide the governance, network access, and strategic support needed to match them with top-tier investors.
5. What early signals convinced you EnduroSat could become a globally competitive satellite company?
Early on, the company demonstrated a unique combination of engineering rigor, customer-centric product thinking, and market awareness. Their modular nanosatellite architecture showed real differentiation, and early customer interest validated both demand and scalability. Most importantly, the team consistently executed with a level of speed and precision that signaled global potential over just regional ambition.
6. Which sectors or technologies in the region are most under-invested but globally competitive, and why?
The country's prime EU location, low corporate tax rate, and highly skilled talent pool create a powerful launchpad. Bulgaria holds exceptional and under-appreciated potential in several high-value sectors that are globally competitive. Areas like deep tech and quantum computing leverage world-class academic foundations, while the booming demand for data center capacity positions Bulgaria as a strategic European hub.
In high-value agri-tech, particularly for organic and traditional products like rose oil, the nation has a unique competitive edge. Furthermore, the renowned IT and software development sector is ripe for evolution from outsourcing into innovative product companies. With targeted investment in modern industrial parks, digital infrastructure, and growth capital, these sectors are poised to transform Bulgaria into a leading knowledge-based economy.
Neo Ventures’ 7x exit from EnduroSat validates a thesis that many international investors are only beginning to understand: Eastern Europe has evolved from a region known for cost-effective engineering talent into a credible source of globally competitive frontier-tech companies.
From Neo Ventures’ initial €1 million investment in 2017 to EnduroSat attracting Founders Fund, Google Ventures, and Lux Capital, the company’s trajectory reflects the impact of patient capital combined with deep operational involvement.
For local funds, the exit demonstrates that long-term conviction and hands-on support can generate outsized outcomes. For international investors, it reinforces Neo Ventures’ view that Bulgaria’s engineering depth, regulatory environment, and growing capital base can support category-defining deep-tech companies.
The question now is not whether the region can produce global leaders, but which company will be next.
