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3 Failed Startups from Bulgaria & their Case Studies

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Countless startups are being launched every day in Bulgaria.

Many fail because they did not learn from the success of other companies who've managed to rise above.

We just published this list of 3 failed startups from Bulgaria with analyses on why they shut down, and interviews with their founders.


3 Failed Startups Founded in Bulgaria

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DotaHaven

DotaHaven

Kyril is the founder of DotaHaven, a gaming content site that’s currently passing away. The website had early success, raising $90k, growing from 0 to 500k page views/mo in 6 months and making $3.5/mo at its peak. However, in the last months, the business has struggled to make enough money to keep running; over-investment in a non-validated concept is one of the reasons for their failure.

Details of the startup:

  • Founder:

    Kyril Kotashev

  • Country:

    Bulgaria

  • Industry:

    Entertainment

  • Started in:

    2018

  • Closed in:

    2020

  • Funding Amount:

    < $100K

  • Specific cause of failure:

    Bad Market Fit

You can read more about their failure here.

Kolos

Kolos

In 2012, Ivo started a 3-year journey building a business that sold iPad racing wheels, which would suck up $50,000 in personal and investor funds. The hardware accelerator he went through wasn't able to help turn his business into a success, neither was the Kickstarter campaign successful. Learning from the experience, today Ivo runs $1M+ crowdfunding campaigns. Read below to learn about his journey.

Details of the startup:

  • Founder:

    Ivaylo Kalburdzhiev

  • Country:

    Bulgaria

  • Industry:

    Software & Hardware

  • Started in:

    2012

  • Closed in:

    2015

  • Funding Amount:

    < $100K

  • Specific cause of failure:

    No Market Need

You can read more about their failure here.

Swipes

Swipes

With 2 partners, Stefan co-founded Swipes, a company that developed productivity tools. The startup went through all stages and experiences, even almost fundraising $1M. However, over the 6 years of running, they weren’t able to really find product-market fit and they eventually ran out of money.

Details of the startup:

  • Founder:

    Stefan Vladimirov

  • Country:

    Bulgaria

  • Industry:

    Productivity

  • Started in:

    2013

  • Closed in:

    2019

  • Funding Amount:

    < $100K

  • Specific cause of failure:

    Bad Market Fit

You can read more about their failure here.

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