Vlad Andriescu
In H1 The Recursive projected to double last year’s financial performance for the same period and since the start of 2025, The Recursive has tripled its monthly recurring revenue, expanding its services to meet the needs of a fast-diversifying client base from 12+ countries: from early-stage startups looking to fundraise and build demand, to later-stage IT service companies and global corporations pursuing strategic market expansion, to governments aiming to position their countries as global innovation hubs.
At the core of this evolution is a network that now spans more than 20,000 founders, investors, corporate leaders, media outlets, major conferences and ecosystem builders across Europe, North America, and the Middle East. This infrastructure — built through years of original reporting, event partnerships, and trusted storytelling — now powers something even bigger: a platform for connection, matchmaking, and growth.
In 2023, as the market slowed and media outlets globally struggled to stay relevant, The Recursive had to rethink how it could continue creating impact — not just visibility. That moment sparked a deeper transformation.
“We’ve always believed stories shape stories — but we’ve also learned that visibility alone isn’t enough,” said Teodor Antonio Georgiev, CEO of The Recursive. “Our role today is about making the right introductions, amplifying the right signals, and helping the region’s most promising players connect with capital, customers, and talent across borders. I am excited to lead this next evolution in The Recursive story.”
“Leading The Recursive from an idea in a park to a regional voice for innovation has been one of the most meaningful journeys of my life. Stepping down was a gut decision — not because I had to, but because I felt my job was done and it was time to welcome new energy and fresh perspectives. I’ll continue supporting the team as a Strategic Advisor, trusting deeply in their ability to shape the next chapter of this mission we all believe in”, commented Irina Obushtarova, co-founder and now Strategic Advisor at The Recursive.
Georgiev, who built Storytelling Studio, the company’s PR and communications business from scratch into its primary revenue engine, brings a commercially driven and relationship-focused mindset to the CEO role.
Under his leadership, The Recursive has secured major clients, unlocked new revenue lines, and expanded its footprint across CEE and Western Europe while building the international brand of Bulgaria with #BreakingGrounds. As CEO, he will focus on scaling international sales, deepening market access, and positioning The Recursive as the go-to strategic partner for ecosystem players looking to grow across regions.
Storytelling Studio, the main driver in revenues for The Recursive
"Storytelling Studio it has allowed us to build a more defensible model while keeping the media outlet as independent as possible. Second, it has enabled us—and, by extension, the CEE tech community—to reach a much larger, global audience. Through Storytelling Studio, we forged relationships with Europe’s largest tech conferences (Web Summit, Slush, GITEX, Bit&Pretzels) and are now able to regularly position CEE-based tech companies on the biggest stages. We’ve had stories about CEE innovators featured in major outlets like Fox News, TechCrunch, The Economist, Forbes.com, and hundreds more. In a nutshell, it has enabled us to 100× our impact", says Etien Yovchev for start-up.ro.
Today, Storytelling Studio is the main driver for revenues for The Recursive.
"Storytelling Studio is how we actually support clients’ international expansion. Today, we offer a full range of services - from international marketing and communications strategy to brand design to ongoing media relations, event relations, and demand generation. This goes far beyond just creating awareness, which is what the traditional media sponsorship model offers. We create strong business value, capture more of that value financially, and ultimately build a more defensible business model, especially for tougher economic times in the industry", says Iovchev.
Dilyana Haralanova, as Managing Partner for Operations & Finance, will lead internal scaling and financial planning. Known for her ability to bring structure to complexity, Dilyana has been instrumental in planning and executing the company’s largest multi-market projects. Her focus will be on operationalizing scale, expanding the team’s cross-border capabilities and partnerships, and ensuring delivery quality at speed.
More than 60% of the clients are CEE startups
According to Etien Yovchev, 60% of the customers are CEE startup, sscale-ups, and IT service providers scaling internationally; 20% are VCs and accelerators; and the remaining 20% consist of country/city promotion agencies and the occasional major Western tech corporate looking to enter the CEE market.
Co-founder Etien Yovchev, now Managing Partner for Growth & Delivery, will continue to lead strategic client delivery, portfolio development, and brand evolution. Under his guidance, The Recursive has delivered more than €1.2M in client projects, executing PR campaigns that have reached over 100 million people globally. Etien will be responsible for ensuring that The Recursive not only tells the right stories — but turns them into clear expansion roadmaps that guide growth across markets.
“We’re not just publishing stories anymore — we’re shaping how they unfold,” said Yovchev. “When a startup enters a new market, when a country rebrands as a tech hub, when a VC fund expands its LP base — The Recursive is often behind the scenes, helping make those moves visible, credible, and connected.”
For the future, The Recursive is looking to expand not only in other parts of Europe, but also in other emerging ecosystems.
