Puzl CowOrKing: Expanding, Purchasing Buildings And Raising €15m

Puzl CowOrKing, the Sofia-based IT-only coworking space, is executing a €15M–€20M expansion into Budapest. After a failed negotiation on a 40,000 m² heritage property, the team pivoted to acquiring two buildings totaling 12,000 m². These spaces will be renovated and launched in stages, starting with 2,000 m² in the upcoming summer.

Unlike previous models, Puzl is now focusing on purchasing properties rather than renting. The investment will be supported through a mix of equity funding in its UK-based parent company and European VC loans, offering 8% annual returns over a six-year repayment plan.

CEO Thibaut Taittinger emphasizes Budapest’s greater potential over Sofia, citing its larger size and international appeal. Despite Budapest having fewer coworking spaces, its competitive market offers room for differentiation through Puzl’s IT-specialized model.

To maintain operational consistency, local co-founders like Zsofi Toth are trained in Sofia and given equity in the parent company. This prevents fragmentation and keeps all locations aligned under one strategic vision. COO Alex Tokmakchiev highlights that avoiding local dilution ensures everyone works toward shared goals.

Construction Manager Daniel Minchev explains that although Hungarian renovation processes are streamlined, costs are 30–50% higher than in Bulgaria, and heritage protections present unique logistical challenges.

Future expansions are planned across CEE capitals such as Bucharest, Prague, Vienna, and Athens. The broader mission remains to create a tightly connected IT ecosystem across the region through community-focused workspaces, shared culture, and long-term sustainability.