Emergence Capital Partners hosted a Hole in One Party on its San Mateo terrace yesterday. Putting greens, the Wii golfing video game, firm embossed golf balls and one of the hosts decked out in golf attire drove home the theme of the afternoon.

In that sea of khakis and baby blue shirts, two entrepreneurs (pictured below) stood out. They had come from Bulgaria pitching a telecom software startup that aims to reduce the cost of roaming charges by 90%. Their company, AllTelecoms, is aiming to raise $5 million to move their headquarters from Sofia to Silicon Valley and to market the service to the world's largest telecom companies. They're in the middle of a round the world fundraising tour that has taken them to London and has them headed to Asia after they spend a month in the Bay Area. One of the entrepreneurs, Victor Francess, was the co-founder and CEO or Orbitel, a Bulgarian telecom startup, that was purchased by Deutsche Telekom last year.

Aside from being impressed with the patience they showed while I forced them to look at pictures from my 2004 vacation to Bulgaria, I was intrigued by the short pitch the duo gave me. The ROI to carriers seems dramatic and the management has proven experience building companies. It will be interesting to watch in the coming weeks if any Silicon Valley venture capitalists (aside from DFJ) can get past the fact that AllTelecoms is currently based in Bulgaria.

Tags: alltelecoms, emergence+capital, vc, venture+capital