Vasil Terziev

Vasil Terziev (born June 9, 1978) is a Bulgarian entrepreneur, investor, and philanthropist. He is best known as the co-founder and CEO of Telerik, a global provider of software development tools and content management solutions. In 2014, Telerik was sold for $262.5 million, which at the time was the largest deal in the history of the Bulgarian startup ecosystem. Terziev has played a key role in the development of Bulgaria’s technology and innovation ecosystem through numerous initiatives and investments. He has also contributed to attracting investment into multiple businesses in Bulgaria.

Early Life and Education

Vasil Terziev was born on June 9, 1978. He studied at the First English Language School in Sofia from 1992 to 1996. He then attended the American University in Bulgaria (AUBG) in Blagoevgrad from 1996 to 2001, graduating summa cum laude with a degree in Business Administration.

Career

After his first year at AUBG, Terziev participated in the Work and Travel program in the United States. Upon returning to Bulgaria, he launched his first business—a VoIP (internet telephony) company. Although the venture was not financially successful, it marked a turning point in his career, leading him to pursue technology rather than finance.

After several short-term roles, he joined SwiftPro, a UK-based company, where he worked as a project manager. At SwiftPro, he worked alongside his AUBG friends Boyko Yaramov and Svetozar Georgiev, as well as Hristo Kosev, who later became his partners at Telerik.

Telerik

The four co-founded Telerik in Sofia in 2002. Starting as an IT services company, Telerik quickly developed and commercialized its first product—a UI editor for the emerging Microsoft .NET platform. Over the next 12 years, the company expanded organically and through acquisitions across Europe, the United States, and Canada. At the time of its acquisition by Progress Software for $262.5 million in 2014, Telerik had become a leading provider of software development tools, employing over 800 people across 15 global offices, serving more than 130,000 customers and 2 million developers worldwide, with annual revenues of $70 million.

Progress Software

Following the acquisition, Terziev became Chief Innovation Officer at Progress Software, where he was responsible for identifying growth strategies and new market opportunities, as well as ensuring Telerik’s integration into Progress. As of 2023, Progress Software employs over 500 IT professionals in Sofia, making it the company’s largest global R&D center. Terziev left Progress in early 2017 to join Eleven Ventures as Managing Partner.

Eleven Ventures

In 2017, Terziev became a Managing Partner at Eleven Ventures, an early-stage venture capital fund based in Bulgaria that has invested in some of the most prominent technology companies in Southeast Europe.

Recognized as one of the leading investors in the region, he led investments in Bulgaria’s first unicorn Payhawk; Quantive (formerly Gtmhub), which raised the largest funding round in Bulgarian startup history—$120 million in 2021; SMSBump, later acquired by Yotpo in one of the largest deals in the local entrepreneurial ecosystem; and NitroPack, one of Bulgaria’s fastest-growing tech companies by revenue in 2021.

In May 2023, he stepped down from his role as partner to focus on public service.

Impact on the Ecosystem

Terziev believes education and entrepreneurship are key drivers of prosperity. He is a co-founder, investor, and mentor in numerous companies and initiatives aimed at strengthening Bulgaria’s innovation ecosystem.

Telerik Academy

In 2009, Terziev was a key driver behind the founding of Telerik Academy, an internal training program designed to address the shortage of skilled software engineers. The academy offers an intensive 12-month free training program for individuals pursuing careers in software development, QA, or technical support. Since its inception, it has helped over 10,000 people start careers in IT and has become a model for tech education initiatives in Bulgaria.

In 2017, Telerik Academy was spun off as an independent company.

Campus X

In April 2018, Terziev and his Telerik co-founders launched Campus X, one of the largest technology incubators in Southeast Europe. Often referred to as a “factory for unicorns,” Campus X has hosted companies such as Payhawk, Quantive, and Dronamics. As of 2023, it provides workspace and services to over 1,350 professionals across more than 70 startups and scaleups.

Bulgaria Innovation Hub

In 2018, Terziev co-founded Bulgaria Innovation Hub to build bridges between the entrepreneurial ecosystems of Bulgaria, Southeast Europe, and Silicon Valley. The organization has supported over 45 companies that have raised $124 million in capital and created more than 650 jobs in Bulgaria.

Endeavor Bulgaria

Terziev is a co-founder and board member of Endeavor Bulgaria, part of the global high-impact entrepreneurship network. Since its launch in 2015, it has supported over 100 entrepreneurs leading more than 50 fast-growing tech companies, creating over 2,300 jobs and generating more than $182 million in revenue in 2021.

He served as Chairman of Endeavor Bulgaria in 2019 and 2020.

Notable Investments and Mentorship

Between 2012 and 2017, Terziev was one of the most active angel investors in Bulgaria, supporting over 60 companies including Payhawk, Quantive, and OfficeRnD. He has provided strategic support to more than 500 companies through investments and his involvement in various organizations.

Awards

Vasil Terziev has received numerous awards, including:

“Atanas Burov” Industrial Management Award (2015)
“Hristo and Evlogi Georgievi” Award (2016)
Deal of the Year by the Bulgarian Ministry of Economy (2014)
“Ecosystem Hero of the Year” by BESCO (2020)
“Most Generous Individual Donor” by SOS Kinderdorf (2017)
“Top Donor” by Tuk-Tam (2021)

Public Activity

Trustee at the American University in Bulgaria
Member of the F&P Committee
Advisory Committee for Tate Modern acquisition
Junior advisor to Neelie Kroes, European Commissioner for Competition