The team was founded in the summer of 2013 as an alternative to the other local club PFC Shumen 2010, which had been struggling financially for a number of years.

[1] The newly founded FC Shumen 1929 shared a stadium with the old club during the 2013–14 V AFG season, resulting in the most recent 'Shumen derby' taking place in one of the top three levels of Bulgarian football.

At the end of the 2013/14 season, PFC Shumen 2010 was relegated from the North-Eastern V Group, and soon after disbanded altogether.

[2] This temporarily left FC Shumen 1929 as the highest-ranked team from the city within the Bulgarian football pyramid, but the club soon began experiencing financial difficulties.

They ultimately stopped fielding a senior side after the 2015–16 season, leaving Shumen without an official representative in the Bulgarian football system until the original club was refounded in 2018.