Another 17 Start-Ups Get Investment Support from Vitosha Venture Partners OOD
Five supported companies to be included in the Vitosha ACCELERATE Programme
The Seed / Acceleration Fund I Vitosha Venture Partners KD, which is managed by Vitosha Venture Partners OOD, the financial intermediary selected by the Fund of Funds, has closed the fourth round of investment financing with seventeen start-ups at an early development stage.
The total investment pool amounts to BGN 6.98 million, including BGN 6.77 million in public resources provided by the Fund of Funds under the Operational Programme for Innovation and Competitiveness 2014—2020 (OPIC) which is co-financed from the European Regional Development Fund (ERDF). The additional matching private capital is approximately BGN 210,000.
Five of the start-ups that the fund has supported with investments ranging between BGN 50,000 and BGN 100,000 are part of the Vitosha ACCELERATE Programme. This acceleration programme aims to support the participating companies in growing their business by providing expertise, mentoring and strategic advice in various areas. The companies are:
- Domashna Academia OOD: a secure, efficient, customized platform for private tutors providing tuition to pupils in grades 1 to 12;
- MUTIV.BG OOD: the first liquid thermometer applied directly on the skin;
- FRESHCHEW OOD: the first B2B digital food marketplace in the Balkans, enabling free trade without any intermediary;
- SWIPE BG OOD: a platform for buying and selling second-hand mobiles using an innovative model;
- Rare Incorporation OOD: a subscription service for contact lenses.
Apart from its acceleration programme, Vitosha Venture Partners Fund I KD closed another twelve investment deals for the provision of support to start-ups, with investments ranging from BGN 150,000 to BGN 1.4 million, as follows:
- Arctic Fox Supply OOD: a sustainable clothing brand for sports such as snowboarding, skateboarding, hiking and running. Made of the best cotton on the market, Stinky’s products last longer than any similar item;
- Voxxy BG OOD: a social network based on voice messaging that connects listeners to their favourite artists and podcast hosts;
- WeHugIt Bulgaria OOD: connecting businesses, users, influencers and charity initiatives into a single social media platform offering mutual benefits and the most transparent distribution of charity funding using blockchain technology;
- Pet Buddy OOD: a subscription platform for pet owners bringing high-quality medical products, wholesome food and pet accessories at preferential prices to the customer’s door;
- Vigan Export OOD: premium-class vegan chocolate made in Bulgaria and already having a market presence in the EU, the USA and Asia;
- Prio Now OOD: a pre-ordering platform providing more predictable cash flow and working capital optimisation to sellers and discounts to regular customers;
- SHEETLY OOD: a retail management platform for small and medium-sized web-based outlets built on Shopify and BigCommerce;
- Multispace Bulgaria OOD: an online platform connecting owners of vacant office space to parties looking for more flexible work locations. The subscription service enables professionals and business to find short-term vacant office space;
- Voltrax OOD: a Bulgarian company manufacturing lithium-ion batteries for electric bicycles;
- Saver Tech OOD: a platform for a quick selection among a wide range of home and office services assisting users in making the best choice of a suitable offer and in saving money;
- Aeco Space OOD: a platform offering a range of technologies and solutions facilitating digitalisation for architecture and construction industries and professionals;
- Greenray OOD: a user-friendly and accessible provider for all services and goods relating to roof-mounted solar panels such as design, development, installation and financing for households, businesses and public institutions.
By the end of 2023, Vitosha Venture Partners Fund I KD is expected to provide support to about 100 start-ups at an early development stage. Small and medium enterprises at the acceleration stage can obtain financing in the range of BGN 30,000 to BGN 100,000. Amounts from BGN 30,000 to BGN 2 million are available to companies at a more advanced stage of product or utility model development.
* The international team of Vitosha Venture Partners OOD manages a fund in the amount of BGN 50.7 million, consisting of BGN 49.1 million in public resources provided through the Fund of Funds under the Operational Programme for Innovation and Competitiveness 2014—2020 (OPIC) which is co-financed from the European Regional Development Fund (ERDF), while the rest of the amount is privately sourced financing.