Vitosha Venture Partners, Intermediary of the Fund of Funds, Closes a Second Round of Investment Deals
Seven of the thirteen supported companies are part of their accelerator program Vitosha ACCELERATE
After closing its first four deals at the beginning of the year, Vitosha Venture Partners Ltd., the intermediary selected by the Fund of Funds, has now announced the next group of thirteen investment deals closed. Seven of the companies backed by the Fund are part of the Vitosha ACCELERATE accelerator programme. The total value of the investment amounts to BGN 5.32 million, of which BGN 5.16 million in public funds provided by the Fund of Funds (FoF) under the Operational Programme Innovation and Competitiveness 2014-2020 (OPIC), co-financed by the European Regional Development Fund (ERDF). The additional private capital raised amounts to nearly 160 thousand BGN.
The seven companies from the accelerator program that received funding are:
CloudTech Ltd (NulaBG) - banking and accounting platform for small and medium-sized businesses.
The company operates in the fintech sector;
GridMetricsLtd - is a company that helps utility companies gain useful insights into the performance of their infrastructure through artificial intelligence.
Sector - Artificial Intelligence;
Trace du Taste Ltd - a platform that enables chain stores, supermarkets, restaurants, bakeries, hotels etc. to monetise food and goods with expiry dates, i.e. those that are unmarketable or difficult to sell.
The company operates in the food-tech sector;
FiduTrade plc is a fully digital financial services provider for small and medium-sized exporters from emerging markets to Western Europe. The company is developing an innovative fintech platform to enable Bulgarian exporters to monetise their receivables at the point of shipment of the goods or services.
The company operates in the fintech sector;
TribeEsportsLtd (Augment) - eSports data analytics platform.
The company operates in the eSports sector;
InternationalStutteringTherapyInstitute Ltd (ByeByeStuttering) - an online platform that helps people with speech difficulties. It allows them to follow their own therapy course with the support of their loved ones — an option that traditional therapies do not offer.
Sector - Healthcare - Healthtech;
Ecopolitech Ltd is developing biodegradable polymers and environmental solutions that will serve the industry to move away from man-made materials to using biodegradable equivalents to make disposable products.
Clean Technology Sector.
Outside of the accelerator program, Vitosha Venture Partners Fund I KD closed six more investment deals:
OmnioLtd (Omnio) - The company provides an AI-backed investigative software solution that automates eligibility and fraud prevention processes for financial institutions. Investments of £391,166 have been made to develop the platform and to deploy Omnio in financial institutions.
Sector - regtech;
AssenAeronauticsEurope Ltd (AssenAero) - The company is developing a unique drone for transportation. With the help of the investment of BGN 1 173 499 provided by the Fund, Assen Aero will develop its first prototype that will be able to safely transport people.
Sector - Aeronautics;
PetmallLtd (Petmall) is one of the fastest-growing companies in the pet food and pet accessories trade. The investment of BGN 1 564 664 will help the company to implement new business models, expand its market and grow its online sales.
Sector - pet care;
TokWiseLtd (TokWise) - An innovative green energy project portfolio management platform that helps energy companies optimize their business models. The investment of BGN 293 375 will help the platform reach new customers in Bulgaria and Europe and upgrade its product.
Sector - Software as a Service, Green Energy;
Pellet Box Ltd (Pellet Box) - *in the process of incorporation. 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 customized solutions for households with a yard, securing their heating needs. Vitosha Ventures Partners invested £391 166 in implementing the company's solutions.
Sector - energy efficiency/renewable energy;
HealthMeProductsLtd (MeatMeBar) creates innovative, healthy, high-quality and affordable food products that are low in carbohydrates, from all-natural ingredients. With the investment of £782,332, the company will expand its market and develop a range of other innovative and healthy additions to its product line.
The company operates in the food-tech sector.
* The international team of Vitosha Ventures Partners manages a fund of BGN 50.7 million, of which BGN 49.1 million in public funds provided by the Fund of Funds from Operational Programme Innovation and Competitiveness"2014-2020 (OPIC), co-financed by the European Regional Development Fund, and the remainder comprising private co-financing.
By the end of 2023, the fund manager will invest in nearly 100 early-stage start-ups. Small and medium-sized enterprises at the acceleration stage can receive funding in the range of BGN 30 thousand to 100 thousand. Between BGN 30 thousand and BGN 2 million will be invested in companies that are more advanced in developing their product or at the stage of developing a prototype.