18.06.2021

ENTREPRENEURSHIP: INVESTMENTS AMOUNTING TO BGN 5.32 MILLION WERE RECEIVED BY 13 STARTUPS

Investments in the amount of BGN 5.32 million were received by 13 companies through the accelerator program "Vitosha ACCELERATE" of the intermediary "Vitosha Venture Partners". BGN 5.16 million are public funds, as the resource is provided by the Fund of Funds under the Operational Program "Innovation and Competitiveness" 2014-2020 (OPIC), co-financed by the European Regional Development Fund (ERDF). The additionally attracted private capital amounts to nearly BGN 160,000, the Fund of Funds announced.

Cloud Tech (NulaBG) is one of seven companies in the accelerator program to receive funding. It is from the fintech sector and is a platform for banking and accounting for small and medium businesses.

Grid Metrix is ​​from the artificial intelligence sector. The company helps utility companies get useful information about the efficiency of their infrastructure through artificial intelligence.

Trace du Teest is from the food technology sector and is a platform that enables chain stores, supermarkets, restaurants, bakeries, hotels and more. to monetize expired food and goods; those that are non-commercial or difficult to sell.

Fidu Trade is an all-digital provider of financial services for small and medium-sized exporters from emerging markets to Western Europe. The company is developing an innovative fintech platform that allows Bulgarian exporters to monetize their receivables at the time of sending the goods or performing the service. The company is from the fintech sector.

Augment is from the e-sports sector and is a data analysis platform for e-sports.

Bye Bye Stuttering Institute is an online platform that helps people with speech difficulties. Through it, they can conduct their own therapy with the support of their loved ones. This is an opportunity that traditional therapies do not offer. The company is in the healthcare sector - healthtech.

Ecopolytech is developing biodegradable polymers and environmental solutions that will serve the industry to move from artificial materials to the use of biodegradable equivalents for the manufacture of disposable products. The company is from the sector - clean technologies.

The Fund of Funds informed that outside the accelerator program "Vitosha Venture Partners-Fund I" KD closed six more investment deals.

Omnio is from the regtech sector and provides an artificial intelligence investigation software solution that automates eligibility and financial fraud prevention processes for financial institutions. Funds in the amount of BGN 391,166 have been invested for the development of the platform and for the implementation of Omnio in financial institutions.

Assen Aeronautics Europe (Assen Aero) from the aeronautics sector is developing a unique drone for transportation. With the help of the investment provided by the fund over BGN 1.173 million, the company will develop its first prototype, which will be able to safely transport people.

Petmall is one of the fastest growing companies in the pet food and accessories trade. An investment of BGN 1.564 million will help the company implement new business models, expand its market and grow its online sales.

TokWise Ltd. (TokWise) is an innovative platform for managing a portfolio of projects for the production of green energy, which helps optimize the business models of energy companies. The investment of BGN 293,375 will help the platform reach new customers in Bulgaria and Europe and upgrade its product. It is selected by sector - Software as a service, Green energy.

Pellet Box, which is in the process of being established, will operate in the sector - energy efficiency/renewable energy. It is the first company in Bulgaria to provide easy, round-the-clock access to pellets and other bulk goods through vending machines. Pellet Box also offers personalized solutions for households with a yard, providing their heating needs. Vitosha Ventures Partners is investing BGN 391,166 in implementing the company's solutions.

Meat Me Bar from the foodtech sector creates innovative, healthy, high-quality and affordable foods that are low in carbohydrates, from all-natural ingredients. With the investment of BGN 782,332, the company will expand its market and develop a series of other innovative and healthy additions to its product line.

We remind you that Vitosha Ventures Partners manages a fund in the amount of BGN 50.7 million, of which BGN 49.1 million are public funds provided through the Fund of Funds from the Operational Program "Innovation and Competitiveness" 2014-2020 (OPIC), co-financed by the European Regional Development Fund, and the rest is private co-financing.

By the end of 2023, the fund manager must invest in nearly a hundred start-up companies at an early stage of their development. Small and medium-sized enterprises at the acceleration stage can receive financing from BGN 30,000 to BGN 100,000. Between BGN 30,000 and BGN 2 million will be received by the more advanced companies in the development of their product or the creation of a prototype.