Bulgarian insurtech Boleron raises €2.1M for regional expansion

Sofia-based software platform for digital insurance Boleron has raised €2.1 million from Bulgarian funds Digital SPV Holding and Impetus Capital, The Recursive informs

  • Founded in 2020 by Alexander Tsvetkov, Boleron is a platform that provides B2C clients with a broad set of digital insurance products, including mountain and travel insurance. Boleron is also the first and the only company in Bulgaria that offers fully-digital car insurance.
  • Currently, the company has more than 10,000 customers in Bulgaria and is working on B2B offering for banks and telecom.
  • In February 2021, Boleron raised €500,000 from two Sofia-based investment firms specializing in fintech – Eleven Ventures and New Vision 3 in a seed round.

“Boleron has displayed a triple-digit growth in revenue since its last investment. Its growth is fueled by successful and dedicated founders and management. We expect that the management will be able to successfully allocate its current funding round in order to keep the growth trajectory,”

Viktor Manev, Partner at Impetus Capital said.
  • The fresh €2.1 round is the third funding for Boleron. It was led by Digital SPV Holding and Impetus Capital’s second fund called ImVentures II. Both firms focus on providing growth capital to CEE startups, with preferences for Bulgarian projects.
  • The fresh funding will allow Boleron to expand in Romania and Greece and to double the insurtech company team of 20 in the next six months.