The Bulgarian side went down 4-0 to Real Madrid at the Santiago Bernabeu on Tuesday, having seen Marcelinho sent off after 19 minutes for handling Raphael Varane's goalbound header.
After Cristiano Ronaldo had converted the resulting penalty, Gareth Bale, Alvaro Arbeloa and Alvaro Medran all found the target as Real made it six wins from six in Group B.
Despite finishing bottom of the pile behind Basel and Liverpool, Dermendzhiev was proud of his team's efforts in the competition, which saw them claim four points from six games.
"Ludogorets did so much and so well in this debut season in the Champions League," he said.
"We tried not to play in total defence. We conceded four goals but this is the Bernabeu. I think we gave our best and we also had chances.
"This a step forward for the club. The group was really hard.
"We can be delighted with the overall performance in the group."
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