Bulgarian eID Provider Evrotrust Raises $7.5M for European Expansion

Evrotrust, a Sofia-based provider of electronic identification (eID) and qualified trust services, has raised €6.6 million (US$7.5 million) in a new investment round.

The round was led by 3TS Capital Partners, a Vienna-based venture capital firm. This new funding follows previous investments from the Bulgarian Development Bank’s Capital Investment Fund (€2.5 million in 2023) and private equity firm Silverline Capital (€3.3 million in 2024).

The investment is a significant VC bet on the private sector’s role in building out Europe’s new public digital identity infrastructure. Evrotrust is not a typical startup; it is a private company that already provides the official national digital identity program for Bulgaria, which it launched in 2023.

With the EU’s eIDAS2 regulation mandating all member states to roll out a European Digital Identity (EUDI) Wallet by 2026, there is a massive, time-sensitive market opportunity. The investment in Evrotrust—which already operates as a Qualified Trust Service Provider (QTSP) with a proven, scaled national eID system serving over 1.8 million users—is a strategic move.

The new capital is earmarked for “further European expansion,” with a specific focus on Central and Eastern Europe (CEE) and the DACH region (Germany, Austria, Switzerland). 3TS is betting that Evrotrust can replicate its “battle-tested” Bulgarian model and sell it as a scalable, cross-border eID solution to other nations that need to meet the eIDAS2 deadline.

Sources: PR Newswire, EQS-News

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By the ID Tech Editorial Team