Vitosha Venture Partners is investing in 17 more start-ups

24.02.2022

VITOSHA VENTURE PARTNERS IS INVESTING IN 17 MORE START-UPS

Vitosha Venture Partners - Fund I Accelerated and Initial Financing Fund KD, managed by Vitosha Venture Partners OOD, selected by the Fund of Funds, closed the fourth consecutive round of financing with investments in seventeen companies in the initial stage of development.

The total value of the investments amounts to BGN 6.98 million, of which BGN 6.77 million are public funds, as the resource was provided by the Fund of Funds under the Operational Program "Innovation and Competitiveness" 2014-2020 (OPIC), co-financed by the European Regional Development Fund. The additionally attracted private capital amounts to nearly BGN 210,000.

Five of the start-up companies, which the fund supported with investments of between BGN 50,000 and 100,000, are part of the Vitosha ACCELERATE accelerator program. The program aims to help participants expand their business, with experts from various fields providing expert, mentoring and strategic support. The companies are:

  1. "Home Academy" Ltd. - Safe, effective, personalized platform for private teachers teaching students from 1st to 12th grade;
  2. "Mutiv.BG" Ltd. - The first liquid thermometer, which is applied directly to the skin;
  3. FRESCHO LTD - The first B2B digital food market in the Balkans, allowing free trade without an intermediary;
  4. "SWIPE BG" Ltd. - Swipe.bg is a platform for buying and selling second-hand mobile phones through an innovative model;
  5. "Fair Incorporation" Ltd. - Subscription service for contact lenses.

Outside the Vitosha Venture Partners - Fund I accelerator program, KD closed twelve more investment deals to support start-ups with investments between BGN 150,000 and BGN 1.4 million:

  1. Arctic Fox Supplies Ltd. - Sustainable clothing brand for sports such as snowboarding, skateboarding, hiking and running. Made from the best cotton on the market, Stinky products last longer than any other similar product;
  2. "Voxy BG" Ltd. - Social network based on voice messages, which connects listeners with their favorite artists and podcast hosts;
  3. "WeHugit Bulgaria" Ltd. - WeHugit connects companies, consumers, influencers and charitable initiatives in a single social platform that offers mutual benefits and the most transparent distribution of charitable funds, using blockchain technology;
  4. "Pet Buddy" Ltd. - Subscription platform for pet owners, which provides medicines, healthy food and high-end accessories at preferential prices to the customer's door;
  5. "Vigan Export" Ltd. - High class vegan chocolate, produced in Bulgaria and already known in the markets of the EU, USA and Asia;
  6. Prio Nau EOOD - Pre-order platform, which provides more predictable cash flows and optimized working capital for merchants and discounts for regular buyers;
  7. SHITLEY LTD - Trading Management Platform for small and medium web stores built with Shopify and BigCommerce;
  8. "Multispace Bulgaria" Ltd. - an online platform that connects owners of unused office space with people who are looking for a more plastic work location. The subscription service will allow employees and businesses to find short-term free office space;
  9. "Voltrax" Ltd. - Bulgarian company for the production of lithium-ion batteries for electric bicycles;
  10. "Saver Tech" Ltd. - Platform for quick selection of a wide range of services for home and office, helping users to choose the most suitable offer for them and save money;
  11. "Aeko Space" Ltd. - A platform that offers a range of technologies and solutions to support the digitalization of the architectural and construction industry and the professionals who work in them;
  12. "Greenray" Ltd. - Easy and affordable provider of all services and goods related to solar roof panels, such as design, development, installation and financing of roofs of homes, businesses and institutions.

By the end of 2023, Vitosha Venture Partners - I is expected to provide support to nearly 100 start-up companies at an early stage of their development. Small and medium-sized enterprises at the stage of "Acceleration" can receive financing from BGN 30,000 to BGN 100,000. Between BGN 30,000 and BGN 2 million will be given to companies that are more advanced in developing their product or creating a prototype.

Fund Manager of Financial Instruments in Bulgaria EAD performs the functions of the Fund of Funds (FF) - allocates public funds from European programs and national co-financing through specialized financing schemes (financial instruments).

The international team of Vitosha Venture Partners Ltd. 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.