Made in Bulgaria, Used Worldwide: Chaos, Telerik and Payhawk | Български компании със световен успех
Bulgaria is not only about history and yogurt. Sofia has become one of Europe’s tech hubs, and some Bulgarian companies now serve customers around the world. Here are three success stories.
Chaos and V-Ray: Bulgarian software honoured by the Academy Awards
Chaos was founded in Sofia in 1997 by Peter Mitev and Vladimir Koylazov. Its rendering software V-Ray turns 3D models into photorealistic images and is used by architects, designers and film studios. In 2017 Koylazov received a Scientific and Engineering Award from the Academy of Motion Picture Arts and Sciences for creating V-Ray, and in 2021 the software won an Engineering Emmy. V-Ray has helped create visual effects for many Hollywood films.
Telerik: the company that inspired a generation
Telerik was founded in Sofia in 2002 and built software tools used by developers around the world. In 2014 it was bought by the US company Progress Software for $262.5 million, one of the biggest tech deals in Bulgarian history. Its founders went on to invest in new startups, and the free Telerik Academy has trained thousands of young programmers.
Payhawk: Bulgaria’s first unicorn
Payhawk, founded in 2018 by Hristo Borisov, Boyko Karadzhov and Konstantin Djengozov, makes software that helps companies manage cards, expenses and payments. In March 2022 it raised $100 million at a valuation of $1 billion, becoming the first Bulgarian unicorn.
Why it matters
- Bulgaria has strong maths and programming schools
- Sofia offers talent and a good quality of life
- Success stories encourage the next generation to build companies at home
Do you run a Bulgarian business with a story to tell? Get in touch with Promote Bulgaria.
More from this series: Famous Bulgarians and their gifts to the world
