Dimitar Dimitrov, Co-Founder and CEO of Shelly Group, recently joined Export Voice, the podcast of the Bulgarian Small and Medium Enterprises Promotion Agency.
He explains the philosophy behind the company’s international growth – why Shelly Group places customers at the centre of every decision and how this approach has helped it establish a presence across more than 100 markets.
Impetus Capital is the first growth investor in Shelly Group (then Allterco) in 2015. Impetus prepared and supported Shelly’s IPO on BSE (2016) and Impetus’s funds invested in the company’s SPO (2020) with continued support for the dual listing on Frankfurt Boerse (2021) and bringing it to XETRA trading (2024).
Below, we summarise the most interesting highlights from the interview.
Customer needs come first
When most companies set out to expand internationally, they begin with market research, detailed analysis and a search for suitable partners. Shelly Group takes a different approach – its priority is to understand what customers genuinely need.
From the early stages of its development, the company’s team has actively participated in online communities, forums and social media groups focused on smart home automation. The мembers of the сales team, as well as Dimitar Dimitrov himself, follow discussions, join conversations and answer questions to gain a deeper understanding of the challenges that customers face. The insights gathered through these interactions provide valuable guidance when new devices and features are being developed.
The development of new products begins with understanding people’s needs, not with the technology itself.
This approach laid the foundations for the trust Shelly Group has been building with its customers from the very beginning.
How Shelly Group’s community drives growth and long-term success
The next logical step for Shelly Group was to create its community where people could ask questions, help one another and share their experience. The feedback provided by Shelly device users has since become an important part of the product development and improvement process.
This model enables Shelly Group to maintain a high level of customer support despite the scale of its operations. Today, the company’s products are used in more than 5 million households worldwide, with over 20 million devices in use. Even at this scale, many customer questions are answered directly within the community. This reflects the active role users play in developing the wider ecosystem around the company.
| 5,000,000 + | 300,000+ | 20,000,000+ |
| Households worldwide | Active users | Devices |
Every International Market Requires a Different Approach
According to Dimitar Dimitrov, there is no single approach that works equally well in every market. Consumer habits, cultural differences and the reasons people choose a particular product can vary significantly from one country to another.
He points to Germany as an example. High electricity prices there drive interest in solutions that improve energy efficiency and help optimise household costs. In the United States, by contrast, customers are more likely to look for convenience, automation and more comfort in their daily lives. As a result, the same product may need to be positioned differently depending on the market it is intended for.
Success comes when companies take the time to understand local customers and adapt the way they communicate the value of their products.
Dimitar Dimitrov: “We Don’t Choose the Markets. We Wait for the Markets to Choose Us.”
This philosophy also shapes the way Shelly Group selects its partners. The company looks for partners who understand the local market, recognise customer needs and are committed to developing the business over the long term. This helps Shelly Group adapt its approach to the specific characteristics of each country.
Dimitar Dimitrov offers one recommendation to companies that have ambition to expand in global markets: do not hesitate to seek support from Bulgarian communities abroad. These communities are often among the first to open doors to new markets, share valuable contacts and help companies build trust more quickly.
Disclaimer
The original interview with Dimitar Dimitrov was conducted by the Bulgarian Small and Medium Enterprises Promotion Agency on July 8, 2026.
This publication is produced by Viktor Manev as an individual and, for avoidance of doubt, not acting in his capacity of IMPETUS Capital’s managing director, is completed on July 23, 2026. Viktor Manev, via IMPETUS Capital and managed by the latter companies, currently holds shares of Shelly Group SE (ISIN: BG1100003166) which may constitute potential conflict of interest. An independent member of the board of Shelly Group SE is a shareholder and a managing partner in IMPETUS Capital which may constitute potential conflict of interest.
This publication, produced by Viktor Manev, is first disseminated by IMPETUS Capital on July 23, 2026 with modification thereafter by the author. The content published by IMPETUS Capital including articles, podcasts, and newsletters reflects the personal opinions of the authors affiliated with the firm and does not represent the official views of IMPETUS Capital, its subsidiaries, or affiliates. This content is provided for informational purposes only and should not be construed as investment advice, a recommendation to buy or sell any security, digital asset (such as cryptocurrency), or other financial instruments, nor as a basis for making investment decisions. It does not constitute a research report. Any third-party information referenced does not necessarily reflect the views of IMPETUS Capital or its related entities. All investors should execute their own due diligence in making investment decisions. All investments involve risk, including the potential loss of capital. Past performance is not indicative of future results.
