• Leanpay was founded in 2016 by Janko Medja, Misa Zivic, and Tilen Zugwitz, has over 120,000 users and 1,500 merchant partners. It develops Buy Now Pay Later 3.0, providing instalment payment solutions for vendors and consumers.
• The startup employs a team of 70, serves more than 120,000 customers and 1,500 merchants, and has issued around €103 million in loans across Serbia, Slovenia, Romania, and Hungary.

Investment details

• The investment was led by BlackPeak Capital, a Bulgarian private equity firm that invests in Southeast European startups like Bianor Holding, GenePlanet, and Pick&Pack.
• The firm currently manages two funds with a total of €150 million in assets. The round was also co-led by Catalyst Romania, a private equity and venture capital fund platform from Bucharest.

• BlackPeak Capital’s Managing Partner, Niklas Pichler, will join Leanpay’s board to guide the company in reaching its growth goals. 

The shift in consumer behavior towards flexible payment methods like BNPL is increasingly influencing daily life for all generations as well as reshaping the e-commerce landscape, being pivotal for both businesses and customers alike. We are excited to partner with Leanpay, a Slovenian leader in responsible lending and a pioneer in the 3rd generation BNPL solutions in our region operating an asset-light model, — Niklas Pichler said.

This funding will allow Leanpay to expand its operations, launch new services, and recruit new talents to strengthen its market position.

About RobosizeME

• Founded in 2022 with headquarters in Czechia and the US, RobosizeME is a process automation specialist for the global hospitality industry. The company leverages extensive industry knowledge and technical expertise to help hotel chains and large hospitality management companies enhance efficiencies in all areas of hotel operations.
• Its “digital workers” have already been introduced to multiple reputable hotel chains and hotel management companies, including Kempinski Hotels and Resorts, Louvre Hotels Group, Global Hotel Alliance, Design Hotels, Dorchester Collection, H World Hotels, MCR Hotels, Story Hospitality, and many more.

Investment details

Although the deal’s amount is undisclosed, it follows the two-week announcement of BrightCap’s successor Fund II. Earlier, AIN reported on the fund’s first close of the €60 million target. The fund’s ticket size was stated to range between €400,000 and €3 million. Thus, the investment in RobosizeME is expected to be at least €400,000.

“This is the second time we are backing visionary founder Stephen Burke, following our Fund I investment in Kardi AI—a medical-grade long-term ECG heart monitoring startup. Stephen’s track record in the hospitality technology sector spans over 22 years and includes a successful previous exit. This time, he is teaming up with co-founders Linda Girrbach, a seasoned hospitality and revenue management expert, and Ivo Brabec, a CFO and finance entrepreneur,”

BrightCap’s representatives commented on the deal.

Apart from the lead investor BrightCap, other investors in this round include hospitality-focused Czech – Indonesian newly forming Botanique Hospitality Management Group.

The fresh capital will enable the RobosizeME to grow and reach the milestone of signing 6,000 hotels within 18 months.

• Founded in 2018, NitroPack has an installed base of over 219,000 websites. NitroPack aims to boost site speed scores and pass Core Web Vitals with caching, CDN, image optimization, critical CSS, and more. Their clients include Tiffany & Co, Stanford University, Instacart, and Reuters.
• NitroPack also claims that since its launch, Page Speed Boost adoption has consistently grown with customers seeing significant improvements in Google Lighthouse scores, which measure Core Web Vitals. These include a 34% average improvement in desktop scores and a 132% average improvement in mobile scores.
• WP Engine is a global technology company thatprovide solutions, tools, and services, including specialized platforms for Managed WordPress and Headless WordPress, industry tailored eCommerce and agency solution suites, and developer-centric tools like Local, Advanced Custom Fields, and more. It serves about 1.5 million customers across over 150 countries.

Plans via the aquisition:

NitroPack was previously introduced to WP Engine customers with the launch of Page Speed Boost, which leverages NitroPack’s proprietary WordPress optimization technology. According to both companies,the acquisition will further strengthen WP Engine’s website performance capabilities, providing customers with innovative features and flexibility for site optimization.

Having sold companies before, we’re highly selective about who we do business with, and our journey with WP Engine has reaffirmed that they’re the right fit for our team, our technology, and our customers. This acquisition is more than a business transaction, it’s the culmination of a relationship built on trust, shared goals, and a mutual commitment to innovation, — said NitroPack co-founder and CEO Georgi Petrov.

Additionally, NitroPack’s Sofia office will become WP Engine’s seventh global office hub. The founders are on the path to launch a new company, focusing on user optimization, business analytics, and performance after their new Navigation AI was featured on Google IO 2024.

• Founded in 2005 in Western Pomerania by Boris Pavlov, Renters.pl is the largest vacation property operator in CEE, with a portfolio of over 4,000 apartments. Enterprise Investors purchased a majority stake in the company in early 2023 and increased its capital, aiming to consolidate the market through acquisitions of local operators.
• Since 2018, the company has been providing its services to apartments in dozens of locations on the coast and in the larger cities. Additionally, in April 2023, Renters.pl acquired 100% shares in Rent Like Home.

Renters.pl acquires 100% shares in Rent Like Home

• Flat Manager was founded in 2016, and manages nearly 600 apartments across 14 Bulgarian cities and resorts, primarily for short-term rentals. Kamen Manev was appointed the company’s CEO at the beginning of 2023 following the spin-off of accommodation platform Flataway.
• Flat Manager’s business travel and corporate accommodation services are utilized by international consulting, IT, and financial companies, embassies, and other organizations.

With this transaction, we not only increase our portfolio, but also receive valuable know-how, experience from the Bulgarian market and fantastic partners. Our approach is based on synergies, we strive to use the good practices of both organizations without imposing our methods and operational processes. We believe that by combining the skills and unique experience of both companies, we will be able to create and impose future trends in our industry in the Central and Eastern Europe region,

says Kamil Kzhizhanovski, CEO director of Renters.pl.

The fresh deal is Renters.pl’s first international acquisition, as the company aims to consolidate the Central and Eastern European (CEE) market, with the support of Polish private equity fund Enterprise Investors. Flat Manager also continue to develop its services while retaining its brand and team.

• Tietoevry Create is an international IT company that specializes in providing digital services and software solutions to a wide range of industries. The company is headquartered in Finland and operates in 23 countries across Europe, Asia, North America, and Latin America, employing approximately 10,000 people globally.
• Tietoevry Create focuses on various sectors, including healthcare, banking, energy, and public services, delivering advanced IT solutions such as cloud services, data-driven insights, and enterprise applications. The company’s mission is to support its clients in their digital transformation journeys by leveraging cutting-edge technology and industry expertise.

The decision was made due to a transition to a new operating model, which involves the integration of three previously independent subsidiaries: MentorMate, EVRY India, and Ukraine’s Infopulse. These processes are planned to be completed by the end of the Q4 2024.

Operational simplification leads to the potential reduction of some non-billable roles in administration and management,

the company reports.

Accroding to DOU, these changes are prompting Infopulse to reduce 70 specialists in Ukraine. The company states that this concerns only administrative and managerial positions and will not affect the bench and developers. Those affected by the reduction will be offered support.

About Denxpert

• Denxpert is an EHS & Sustainability and ESG management consulting and software as a service provider with over 15 years of experience in the Sustainability, Environment, Health & Safety field. Its main focus is to provide organizations a one-stop-shop that enables swift and hustle-free management of applicable EHS&S legislations, obligations and optimized processes.
• Among its clients are over 500 companies worldwide (MOL, Telekom, Mercedes, E.On, Vantage DC, Rauch, PPF, Vienna Airport.

Denxpert plans to meet an exponentially growing market demand, as changing social and business expectations and various EU and national regulations require companies to publish more detailed and transparent sustainability data than ever before. I consider this seed round to be outstanding not only for its scale, but also for its market message, signalling the recognition of the increasingly prominent role of ESG in business,

Róbert Szücs-Winkler, CEO of denxpert, said

Investment details

• Sofia Angels Ventures, a €13 million venture fund backed by EIF for angels and private co-investment and headquartered in Sofia, led the current round. In November 2023, Sofia Angels Ventures joined a €9 million round for German AI startup Retorio.

Sofia Angels Ventures joins €9M round for German AI startup Retorio

• The Budapest-based Obuda Uni Venture Capital, a fund focusing on deep tech, AI, robotics and medtech startups and early stage ventures also participated. This is the first investment by ÓUVC, founded in 2023.

The fresh investment will help Denxpert meet the growing demand for detailed and transparent sustainability data, especially with the new EU regulations (CSRD) arriving, and expand internationally.

About Bianor Holding and participants

Bianor Holding is a Bulgarian public company operating several fully-owned specialized software development companies. Among its clients are companies from the telecommunications, technology, and defense industries in Europe and North America. Bianor Holding is led by CEO Kosta Jordanov.

• Prime Holding is a technology consulting company that offers services in product design and prototyping, cloud strategy and DevOps, digital transformation, end-to-end product development, Data Science & Analytics, Salesforce solutions, and mobile application development. It is based in Bulgaria and working with partners from USA, Europe, and Asia 
• Digital Lights is a software company specializing in mobility, enterprise, and space solutions. Digital Lights was founded in 2018, in Sofia, Bulgaria.

The deal details

• The proforma consolidated revenue of Bianor, Prime, and Digital Lights for the past year is €28 million, and the combined team exceeds 500 people. This makes Wiser Technology the second-largest IT company listed on the Bulgarian Stock Exchange.
• The deal is a merger of the companies already part of Bianor Holding, with Prime Holding and Digital Lights. A significant portion of the transaction will be executed as a share swap, so the founders and the key shareholders of Prime Holding and Digital Lights will become a shareholders in Wiser Technology.

The new, larger organization will enable us to deliver even more value to our clients and to undertake even more strategic projects for them. The more dynamic and larger organization will also offer all our colleagues more exciting and diverse opportunities for professional growth,

Kosta Jordanov, CEO of Bianor Holding, said.

• Following the deal, the companies will continue to operate independently within their existing structures while the group centralizes corporate development, finance, marketing, and sales.
• Additionally, Dimitar Dimitrov, CEO of Digital Lights, and Georgi Sokolov, CEO of Prime Holding, will be nominated as members of the Board of Directors of Wiser Technology. Kosta Jordanov, co-founder and CEO of Bianor Holding, will serve as CEO of Wiser Technology and will remain on its Board of Directors.

Before the deal, Bianor Holding’s software development company received €6.8 million from BlackPeak Capital. The deal was the second capital raise for the company in less than 12 months.

• Native Teams was founded in 2020 by Jack Thorogood and Alex Mitrevska. The startup specializes in providing work payment solutions, aiming to help individuals and businesses streamline global remuneration within a centralized platform. Native Teams has expanded to over 65 countries with a global team of more than 200 employees across their target markets.

Investment details

The round saw participation from several CEE-based funds:

• The Sofia-based venture capital fund Eleven Ventures, which supports tech companies from Southeast Europe;
• Fil Rouge Capital, a Croatian investment fund manager whose funds focus on early stage businesses from pre-seed, seed, and Series A rounds of investment;
• MFG Invest, a group of angel, Begin Capital, a UK-based VC fund, and others also participated.

The market opportunity ahead of us is probably the biggest sector imaginable: redefining payments for work. This funding round lets our capital-efficient business take the next important steps as we serve ever-broader market segments, to a greater extent, and in a growing number of countries,

Jack Thorogood, CEO and co-founder of Native Teams, said.

Fresh investment will be used to enhance their financial services platform for better product performance in their key markets. Moreover, it will help the enhancement and expansion of their offering into the US, India, and wider Asian region. 

• The AUBG Accelerator Program Elevate is a 18-week experience-and mentorship-based program designed to help AUBG students and recent graduates start and grow a business. It was created by American University in Bulgaria in partnership with Sofia-based VC Eleven Ventures.
• Since its inception in 2019, the Elevate accelerator has nurtured a total of 25 startup projects across four cohorts. Elevate AUBG provides students and alumni with a $2,000 investment to cover expenses for validation and prototype building, allowing them to test and develop their startup ideas.

During the Season 5 Elevate Demo Day on April 24, three of the teams secured funding of $10,000 with motivation to continue working on the projects:

Winners of the fifth edition of Elevate:

• a Sofia-based startup founded in 2023, Verdere, growing and supplying nutrient-dense micro-vegetables to restaurants and direct to customers;
• a Blagoevgrad-based Enthela that creates a biostimulator based on nitrogen-fixing bacteria that allows farmers to replace the use of nitrogen fertilizers while maintaining yields and increasing soil fertility.
• a Bulgarian ReGrounded that turns coffee grounds into eco-friendly reusable cups, revolutionizing the coffee industry and building a sustainable future one cup at a time.

The jury of the accelerator included Bulgaria’s top investors and enterpreneurs — Pavel Velkov, Rene Tomova, Nikola Yanev, and Krum Hadjigeorgiev. Among mentors were Hristo Borisov, Kosta Yordanov, Radoslav Georgiev, Nikola Yanev, and Svetozar Georgiev.

• Novus was founded in 2020 as a “neobank” that integrates financial services with event-driven positive impact initiatives. It enables users to monitor their carbon footprint and earn cashback for sustainable purchasing choices through its app, where customers can obtain rewards from 130 brand partners.
• In addition, its corporate model allows users to contribute to causes they feel connected to, with a portion of revenue automatically directed to an NGO of a customer’s choice upon the completion of any transaction.

Novus’ mission was to create impact through the lens of finance. Our vision was to empower all consumers and corporations to do well while doing good. With Paynetics’ expertise, we’ll amplify our mission and reach new heights,

Hristian Nedyalkov, CEO & co-founder of Novus, says.

• Paynetics is a licensed provider of end-to-end payment services. It enables non-financial companies to embed finance. The company offers individual and business accounts with dedicated IBANs and UK accounts, supporting SEPA credit, SEPA Instant, FasterPayments, BACS, and some local non-Euro settlements. It also provides virtual and physical Visa and Mastercard cards that are enabled for Apple and Google Pay with customisable branding.

According to the buyer, this deal underscores Paynetics’ commitment to advancing environmental, social, and governance goals while expanding the ESG ecosystem across Europe.

• Bianor was co-founded by a Bulgarian entrepreneur Kosta Jordanov. It brings together a group of companies providing specialized software development services across Europe and North America.
• Among its client portfolio comprises mainly telecom, tech, and media enterprises for which Bianor provides services related to data streaming, machine learning, artificial intelligence, transition to the cloud, and digital transformation.

• BlackPeak Capital, a private equity firm established in 2014 with a total AUM of €160 million, led the current round. Through its second fund, BlackPeak Southeast Europe Growth Equity Fund, the firm invests growth equity tickets of €5-15 million in dynamic SMEs in Bulgaria, Romania, Slovenia, Croatia, and Serbia. Bianor is the fifth company in the BlackPeak Southeast Europe Growth Equity Fund’s portfolio.
• The fund benefits from the support of the European Union under the Equity Facility for Growth. In July 2023, the firm led a €20 million round for Slovenian biotech startup GenePlanet.

• The investment is part of the company’s capital increase, which attracted 199 investors, including several institutional investors. This is the second capital raising by Bianor in less than 12 months. After the increase, Bianor Holding’s capitalization exceeds €25 million at the current stock price.

With the fresh investment, Bianor aims to accelerate its growth and the development through mergers and acquisitions in the region. In addition, it plans expand the geographic presence by reaching more customers in the US, Germany, Austria, Switzerland, the UK.

• Rush was founded in 2019 by Kiril Kirilov and Stanislav Stankov. The app aims to help e-commerce businesses, individual merchants, and dropshippers to transform their shipment tracking pages into marketing opportunities. Its integration with Shopify offers a SaaS solution for order tracking and notifications, facilitating post-purchase communication between Shopify merchants and their customers.

• According to the company, it currently serves over 2,800 global brands on Shopify & Shopify Plus. Previously, Rush has been backed by Eleven Ventures and LAUNCHub Ventures, including angel investors.

Scaling a successful SaaS requires time, effort, funds, resources, a strong network, brand presence, continuous partner nurturing – and a million other micro steps. While the core Rush team managed to grow both the number of Shopify stores and MRR drastically in the second half of 2023, maintaining the right velocity long-term in a competitive market required a lot more than a small yet committed team,

Mario Peshev, CEO of Rush, commented.

• Shop Circle is a London-based technology company that acquires and grows e-commerce software, boasts a portfolio of over 40 apps within just three years. Additional information on the deal will be disclosed within the next few months.

• Founded in 2022 by Viktor Viktorov, Vasil Georgiev, and G. Tsonev, Krik.bg is a company operating in the region’s automotive aftermarket sector. Its inventory amounts more than 14 million auto parts catering to both B2B and B2C segments, covering the whole vehicle spectrum, enabling the startup to reshape the landscape of the second-hand auto parts industry.
• The current investment was led by Sofia Angels Ventures (SAV), a €13 million venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia. Vitosha Venture Partners, another Bulgarian early-stage VC fund with €26 million under management, and an unnamed private investor joined the round.
• The round was also supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe.

Our partnership signifies our confidence in the company’s vision and potential for growth. With a current focus on the B2B segment and the hiring of key sales representatives in target markets, Krik.bg is primed to solidify its position as a market leader while driving sustained value for customers and stakeholders alike. We are happy to be part of Krik.bg’s journey, supporting their international expansion efforts and contributing to their continued success in the global automotive aftermarket industry,

the team of Sofia Angels Ventures commented on the investment.

Krik.bg is planning to accelerate its expansion into new international markets, including Romania, Greece, Germany, and the Czech Republic. The funds will empower Krik.bg to enter into new markets and diversify revenue streams.

AIN had the opportunity to interview Zlatolina Mukova, Managing Partner at New Vision 3, discussing the fund’s activities in 2023 and plans for 2024, as well as talking about the CEE and Bulgarian markets.

Tell us about New Vision 3.

New Vision 3, as you might guess from the name, is founded by veterans in the VC industry in Bulgaria. Myself, a team manager at the Bulgarian Post-privatization fund back in 1999, joined by Konstantin Petrov, a start-up founder at investee company at that time, and both of us partners at Neveq1 ( 2007 ) and Neveq2 (2012) funds, Jordan Zarev  and Alexander Terziyski, investment professionals at Neveq2, and Jordan Stoyanov and Filip Genov, bringing solid banking VC experience from the largest Bulgarian bank. NV3 operates from Sofia, Bulgaria, and invests in fast-growing tech companies, which aspire for the leading position in their domains on the local and/or global markets. 

NV3 invests in early-stage technology companies in fintech, AI, blockchain, shared economy, e-commerce tech, green energy, frontier tech. To 100 years of joint experience in venture capital, €50 million investments in local start-ups, three VC funds, over €50 million co-investments, the team adds a success record of 7 exits to multinational players, mostly listed on the West European and US stock exchanges. The fund manager is a proven partner of visionary entrepreneurs creating new global technology solutions and business models from East Europe. 

NV3 fund commitments amount to €22.3 million, where the leading co-investor is the Fund of Funds in Bulgaria with a commitment of €19.1 million provided by the operational program Innovation and Competitiveness 2014 – 2020, co-financed by the European Structural and Investment Funds.

2023 seemed like quite a busy year for NV3, with nearly a dozen new investments announced only in Autumn. What is the exact number of closed deals in 2023, and how did you manage to do it?

We invested in 18 companies in 2023, which was the last year of our investment period. But the preparation of the deal pipeline started in previous years. And most of the deals come from our network of contacts. As we are so long on the market we are very well connected, moreover some of the founders from our previous funds are already investors themselves bringing a lot of contacts, but also knowledge in the tech space which helps to validate the hypothesis of candidates for investment. Our rich experience also helps to close deals faster.

Can you tell us more about the recently announced Autumn batch of 7 startups?

• QuarkXR is a company we have been following for a few years. It develops a Next Gen compression and streaming Technology, an ultra-fast software solution that provides low-latency wireless transmission.
• CoLumbo reads spine MRI scans better and faster than humans. The software has a CE mark, FDA 510(K), and TGA clearance. The key novelty of CoLumbo lies in the unique machine learning algorithm, based on fully convolutional neural networks combined with medical domain knowledge. Health tech is one of our target sectors and we are very happy to have been able to invest in such a promising company.
• 365 Data Science provides a holistic data science and AI training, including the technical expertise and soft skills needed to ensure long-term success in a dynamic job market. Its courses and projects are based on real-life use cases people can expect when they get hired. Job candidates can verify their data and AI skills with industry-recognized certificates and get a desired job.
• AdScout is an ecommerce tech company that builds a network of trusted recommendations, connecting satisfied users with popular brands. This is our second investment in this sector, and we believe it will be a game changer in the way people make buying decisions.
• Vibejobs is a job platform in Viber that enables companies to find and attract Blue-Collar Workers utilising a chatbot-based solution for communication and recruitment automation. The platform is making digital hiring accessible to all people looking for jobs which are currently underserved.
• Bronia is a deep tech company specialized in next-gen intelligent & autonomous security solutions. Its AI-based acoustics signal processing platform leverages state-of-the-art proprietary technology to identify sounds of interest, locate their sources and act smartly across a variety of industry and security scenarios.
• eLando is a professional services company that provides innovative technology solutions using top notch delivery methodologies. The high level of technical expertise, complemented by break-through thinking and creativity are the key to their success.

What usually makes you think “We need to invest in this startup”?

It’s a difficult question, but I would say we are not making emotional investments. We are analyzing every aspect of the business – market, product, team – before making any decision.

From your experience, can you tell us what differentiates Bulgarian startups from others in Europe?

I wouldn’t say there is much difference especially with the ones in Eastern Europe. Compared to Western European ones the difference is, surely, the lower amount of available capital, as well as weaker connections with the large markets in the EU and the US. Thus, startup founders in the region more frequently resort to bootstrapping strategies compared to their western counterparts.

Can you walk us through the specifics of the Bulgarian Startup and VC ecosystem? How is the ecosystem faring recently?

I believe the Bulgarian startup and VC ecosystem is one of the most developed ones in the region. Important driver for this development was the specialization of Bulgaria in the IT sector in the socialist past. Then, the successful programmes of the European Investment Fund aiming at building of professional fund managers and attracting private capital alongside EIF. Despite the overall VC funding downtrend, the ecosystem is faring quite well in Bulgaria.

Are there any notable changes between the ecosystem in 2019, when you started, and now?

NV3 started in 2019 together with a bunch of other VC funds targeting companies from the seed to growth stage. As of today, all 2019 vintage funds are beyond their investment period and one can feel the lack of capital on the market. Nevertheless, the Fund of Funds and the EIF are in the process of selection of fund managers for new funds and we hope they will be operational early next year at the latest. It is still very difficult to raise funds in Bulgaria without those two important players.

As regards investment proposals, we are evidencing a larger number of quality deep tech projects.

What are your general predictions on the market in 2024?

The market is recovering from the 2022 capital crisis. Still, the recovery is not as fast as we would like it to be. No doubt, AI will continue to be a bright spot for investors.

Can you share some of your plans for the future?

As you know, VC fund managers are in the startup mode themselves. Thus, our team is also looking into raising its next fund.

• Dronamics was founded in 2014 by Konstantin Rangelov and Svilen Rangelov. The company aims to democratize airfreight and lower the cost of shipping in emerging markets. The team develops and operates an all-in-one solution for the middle-mile, powered by its flagship Black Swan cargo drone.
• The company claims that the Black Swan drone can carry 350 kg (770 lb) at a distance of up to 2,500 km (1,550 mi) up to 80% faster. It is also 50% cheaper and with up to 60% lower emissions than alternative modes of transport, including airfreight.

• The investment agreement was signed by Svilen Rangelov, Dronamics co-founder and CEO, and Iliana Ivanova, the European Commissioner for Innovation, Research, Culture, Education, and Youth, at the EIC Summit in Brussels on 19th March. Svilen Rangelov has also been invited to become an EIC Ambassador in recognition of his contribution to the EIC and European innovation ecosystem. 

The continued support from the EIC demonstrates the potential of the cargo mobility solution Dronamics has developed for the European economy at large, as well as the wider global economy. In fact, this investment shows the commitment the European Commission is making towards supporting innovation in mobility a sector of strategic importance for Europe,

Dronamics commented on the commitment.

• Fresh funding will be used to set up and initiation of commercial operations this year, after the complete completion of its flight test program.

The current investment comes right after the €2.5 million funding from EIC in November 2022. A year since, in February 2023, Dronamics received €37.6 million in a pre-Series A funding.

• The EIC Accelerator offers startups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million or more. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors, and ecosystem actors.
• Companies can submit their ideas to the EIC Accelerator at any time. They are evaluated within 4-6 weeks. Since launching EIC in 2021, over ten thousand startups have submitted their ideas. The next batch of EIC Accelerator is scheduled on 13 March 2024.

About the fresh EIC Accelerator program

242 companies were interviewed by investors and entrepreneurs out of a total of 1083 full proposals submitted. 42 selected companies will together receive up to €285 million in funding. Most of them (62%) will receive the blended finance option, which is a combination of grants and equity investments.

17% of the total proposals were submitted by companies with female CEOs. The applicants come from 39 different countries, with the highest number of participants coming from Germany, France, and Israel. 14% of applications originate from widening countries.

CEE startups to receive the support:

• IQM Finland, an Espoo-based developer of industrial-grade quantum computers with error correction and mitigation capabilities;
• SpinDrive Oy, Finland’s startups that provides design, prototyping and serial production of active magnetic bearings (AMBs) for Original Equipment Manufacturers (OEM);
• Basemark Oy, a Finland-based automotive software and service company specializing in Augmented Reality & ADAS visualizations and HMI graphics for software-defined vehicles;
• VEXLUM Oy, Finland’s laser company making narrow-linewidth VECSELs for Quantum Technology applications;
• Powerful medical, a Slovakian medtech startup that offers an application for more accurate heart attack diagnosis;
• Smart Farm Robotix, a Sofia-based company that develops a fully autonomous solar-powered lightweight weeding robot, using AI for plant recognition, precision contact and contactless weeding methods suited for hard soils, hilly terrains, and arid climates.

Most companies are going to receive grant financing within the next 2-3 months, while the first investments will be made within two months, depending on the urgency of the companies’ needs.

In the Startup of the Day column, Konstantin Bezuhanov, the co-founder of Evrotrust, shares the details about the startup’s idea, its product, and future plans.

The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.

Tell us about your startup. How does it work?

Evrotrust is the evolution of physical identity documents in a digital-first world. We help regulated businesses to digitally transform their customer-facing processes and develop sustainable digital channels. To do this, the Evrotrust platform offers an end-to-end solution for reusable remote electronic identification and digital signing with qualified signatures, directly from the mobile phone.

How did you come up with the startup’s idea? What was the reason/motivation behind it?

We sat down to think about how the world is changing and what are the current bottlenecks that are going to stipple this change. We realized that the success of digitalizing every aspect of our lives is dependent on the ability of participants to prove who they are with certainty and privacy.

In addition, we came to the conclusion that the internet has been missing a real identity layer since birth – a fundamental liability when scaling outside of entertainment and e-commerce. And then our team decided that this is a large enough and noble enough problem affecting billions of people that is worth devoting our lives to.

How long did it take to reach the prototype or MVP? What did you encounter?

By following our hypothesis of the problem, we also took a more ‘creative’ way to make our MVP. In essence, the MVP had to satisfy two main criteria, to allow us to move closer to our vision:

• First, of course, was the technical development, which took about 12 months to complete.
• The second equally important part was regulatory acceptance. Acceptance, especially when it comes to certification, was a challenge but this allowed us to complete an M&A transaction within the first year of the company.

When developing the MVP, we decided to approach it differently from current solutions because we’re confident about the must-have features of the “perfect”, identity solution. This confidence enabled us to tackle the problem from a different angle.

When exactly did you launch your product? Or when the launch is planned?

Evrotrust’s operations started in 2018. Within 9 months, Evrotrust was the contracted vendor for 90% of the banks in the local market.

Tell us about the startup’s business model. How do you monetize your product?

Comprehending identity means understanding that it is a basic human right. It is a key to fully participate in an economy as it unlocks basic needs like financial, health, education & utility services. Therefore, Evrotrust’s business model has been always free for the end user. This again was something unthinkable, since the legacy providers of certificates have been operating on the premise that the users pay for certificates.

We decided to turn this on its head, as it makes more sense – the relying party (e.g. the bank) will pay the transaction for the user (e.g. in a process where the bank wants to sign a contract or identify a new-to-bank customer). In essence, whoever receives value covers the cost,

In 2023, the strong traction was reinforced as we were recognized as a notified electronic identification (eID) scheme by the European Commission, opening the doors for citizens of all member states to access public and private services in the entire EU completely digitally in a reusable manner.

What are your target markets and consumers?

The problem is global. We have validated that identity is not just an EU phenomenon, in fact we already have great traction in non-EU countries as well as in Africa.

As of the end of 2023, Evrotrust has over 1.3 million users from 58 countries, and 150 enterprises from 11 countries have already trusted us. Currently, we are targeting European & African continents, but the solution is open to individuals globally.

If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.

In 2022, Evrotrust was recognized by Deloitte as one of the 50 fastest-growing tech startups in Central Europe for its stunning 958% growth rate. We also have over 1.3 million international users aged between 18 and 80 and over 150 business clients, 15 of which are some of the major banking institutions worldwide.

What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.

Evrotrust team includes 70 professionals. However, our goals for 2024 include new market penetration and team expansion by hiring top-tier executives, who have proven track records on walking our journey in the past.

The target for 2024 is to have the team size grow by +50%. The founding team comprises of strong expertise in regulatory and technical background, and we have a welcoming and diverse culture that we are proud of.

Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.

In 2017, we attracted a €500,000 pre-seed investment from one of our first clients. In 2023, we attracted an investment of €2.5 million, from the Bulgarian Development Bank, distinguishing ourselves as a leader in the Central and Eastern European startup space.

At the beginning of 2024, we raised a significant pre-series A investment of €3.3 million from existing clients and private equity fund Silverline Capital.

What’s next? Tell us about your future plans.

Our future plans are to continue to nail on the strong track record of enabling people to easily participate in the digital economy. We are actively scaling with new market penetration, team expansion, and a new product launch – a digital identity wallet for citizens across the world. This wallet will store personal documents such as identity cards, educational diplomas, and driving licenses, ensuring the utmost security and privacy for users, while promoting interoperability with various EU and US digital infrastructures.

Bulgarian startups

• CoLumbo, an AI-enhanced lumbar spine diagnostics company, received a €1 million investment. The key novelty of CoLumbo lies in the unique machine learning algorithm, based on fully convolutional neural networks combined with medical domain knowledge.
• eLando, a Sofia-based software engineering services company, received a €500,000 investment. eLando provides services in the areas of Cloud Solutions, Software Engineering, Mobile Applications, Software system Integrations, Cybersecurity, and more.
• Bronia, a deep tech company, specializing in acoustic recognition, also received €500,000 in investment capital.
• 365 Data Science, a data-science learning platform providing holistic data science and AI training to ensure long-term success in a dynamic job market, raised €400,000 from the fund.
• AdScout, the first trusted product recommendations platform in Bulgaria, received €300,000 in funding.
• QuarkXR, a Next Gen Compression and Streaming Technology that helps bridge powerful cloud computing with immersive (AR/VR) devices on the edge, acquired €225,000 in capital.
• VibeJobs, a job platform in Viber that enables quick and easy access to the most sought-after personnel in the labor market utilizing a chatbot, got a €100,000 investment.

Apart from the mentioned companies, NV3 has also reaffirmed its commitment to its portfolio companies by providing additional funding to Paperfin, IRIS, and Swipe, totaling €1 million. 

About New Vision 3

NV3 is a VC firm investing in startups and growth-stage companies who are helpful for the Bulgarian ecosystem. The fund supports founders in creating future industry trends in FinTech, AI, Blockchain, and Shared Economy. With the following batch of investment, NV3 successfully closes its investment period.

By backing these seven innovative startups, NV3 is not just funding their expansion but also enriching the vibrancy and inclusivity of the Bulgarian startup landscape.

• Founded in 2021 by Mete Bayrak and Attila Algan, Cognitiwe is on the mission to help fresh foods retailers optimize storage and distribution using AI-driven visual analysis. By using regular IP cameras, Cognitiwe’s unified vision platform provides real-time insights and predictions to improve daily operations.
• Cognitiwe currently has two pioneering products. WeShelf, which estimates the stock levels of products in real-time, and WeFresh, which determines the freshness of fruits and vegetables by analyzing factors such as color, shape, and size. According to the company, these solutions can help achieve a 40% drop in missed online orders and a 27% improvement in in-store product availability.

The grand vision for Cognitiwe revolves around redefining the retail landscape, ensuring customers never face the disappointment of encountering “out of stock” products, be it online or strolling through the aisles. More than that, they aspire to revolutionize efficiency and sustainability, minimizing food waste and ensuring every produced item reaches a willing consumer. The ultimate goal is to pave the way for a smarter, more connected, and waste-free retail world,

Eleven Ventures representatives commented.

• Eleven Ventures, a Bulgarian early-stage VC investing in technology companies in Central and Eastern Europe, was one of the main founders in the startup. One of the fund’s most recent investments was in LANGaware during €2 million round.

• The round received support from TechOne VC, an Istanbul-based early-stage VC fund, Flat6Labs, MENA region’s leading VC firm, Domino VC, a Dutch-based early-stage VC fund, and Caucasus VC, which invests in tech entrepreneurs from Caucasus, Central Asia, and Eastern Europe. Several undisclosed angel investors also participated.

With the fresh capital, Cognitiwe remains dedicated to extending its reach to new markets.

• Prolaz is a Dalmatia-based company set to redefine the PoS transaction acquiring with its unique B2B solution. The company supports banks and merchants by enabling faster time to market for new checkout products while reducing non-cash payment costs. 
• The company is among the first independent providers of an innovative multi-acquiring PoS solution in Eastern Europe and is the first one that successfully enter the Bulgarian market in 2022. The FinTech company is already partners with 10 of the largest banks in SEE.

This funding represents the next step in our plans to aggressively expand into multiple new EU countries while scaling up our business infrastructure to support the additional growth. The benefits of multi-acquirer processing exist in all European countries and are only now beginning to be recognized. At the same time, new hardware is enabling additional value-added software to co-exist with multi-acquiring payment applications. We are now positioned well to capitalize on these trends,

John Jager, Executive Director of Prolaz Bulgaria, comments.

• The fresh capital is coming from the New Vision 3 Fund and a cohort of undisclosed business angels. NV3 is a VC firm investing in startups and growth-stage companies who are helpful for the Bulgarian ecosystem. The fund supports founders in creating future industry trends in FinTech, AI, Blockchain, and Shared Economy.

• This investment reflects NV3’s commitment to supporting innovative solutions that revolutionize industry standards and enhance operational efficiency.

• Evrotrust was founded by George Dimitrov and Konstantin Bezuhanov, starting its operations in 2018 with focus on providing solutions that help businesses and government institutions digitize their services. The identity-as-a-service platform enables organizations to remotely identify, onboard, and provide services to their customers.
• According to Evrotrust, its services are utilized by over 1.3 million users from 58 countries, and 150 enterprises in 11 countries. The platform is integrated with government institutions, international banking groups, and non-bank financial institutions such as insurance companies, pension companies, and telecoms.
• The fresh €3.3 million investment was led by Silverline Capital, a Sofia-based private equity fund that provides mezzanine and equity financing solutions to outstanding mid-market businesses in Bulgaria. The other names of investors are yet to be disclosed.
• Before the current investment, in February 2023, Evrotrust raised €2.5 million from the Bulgarian Development Bank Group and Capital Investment Fund.

Thanks to the fresh capital, Evrotrust will increase its team, including hiring executive members across Europe to support its plan for market expansion and further platform development.

• Launched in 2019 and led by Marko Pejković, Project 3 Mobility (P3) develops its own autonomous electric vehicle, specialized infrastructure, and mobility service.
• The company claims its solution helps to redefine urban mobility to keep streets safe, improve the communities, and be good for the planet. P3 is currently headquartered in Zagreb, but the company also has an R&D office in the United Kingdoms.

Who invested?

• The round, which brought the total amount of raised capital to €100 million, saw participation from TASARU Mobility Investments, a Saudi Arabian public investment fund. In its previous stages of development, the company managed to secure investments from Kia, one of South Korea’s automotive manufacturers.
• Other strategic investors who are supporting P3 are the Bulgarian software company SiteGround, the Croatian IT company Infinum, and Rimac Group, a provider of technology solutions in the mobility and energy sectors. Additional key investors are Neurone, an investment group focused on advanced technologies, and Elaf Auto, a company based in Qatar.

Over the past year, we navigated through a series of demanding procedures and in-depth analyses, both within the EU grant approval process led by the European Commission and in our pursuit of attracting private capital. The successful closure of this investment round marks another milestone in affirming the value of our project that will revolutionize mobility and enhance the quality of life in urban areas.

We believe our project will bring significant benefits for Zagreb and Croatia, as well as many other cities worldwide where we plan to launch our service,

Marko Pejković, CEO of Project 3 Mobility, commented the investment.

P3 will apply the fresh capital for further development of all elements of the project and the delivery of P3’s urban autonomous mobility ecosystem. It will also support further growth of the team.

• Shkolo was founded in 2016 by Lyubomir Vanyov, Miroslav Dzhokanov, Simeon Predov, and Alexander Stoyanov. The startup aims to minimize bureaucracy and increase parent and student engagement via its administrative and management software platform for schools.
• The software provides a space for communication between teachers, students, and parents, including digital class register learning content, testing materials, and other features. More than 1,800 educational institutions in Bulgaria use their services already.
• Shkolo was acquired by British Juniper Education, backed by the UK-based investor Horizon Capital. The company works with over 14,000 schools in the United Kingdom, offering data management, student progress tracking, school websites, human resource, and financial management, school governance, educational resources, and continuing education services, including teacher and staff training.
• The deal amount was undisclosed. Following the acquisition, Shkolo will be adapted to the UK’s market as an integrated solution with leading market technologies for schools. The deal will also enable the British company to facilitate its foreign expansion.

• Swipe.bg was founded in October 2021 by Mihail Dimitrov, Ognyan Popov, and Nikola Pavlov. The startup offers the first Bulgarian platform that buys, restores, and sells used phones. Currently, about 1,000 phones go through Swipe.bg each month.
• According to Swipe.bg, about 75% of smartphones are sold within a month. The company also reported just under €2.5 million in revenue for 2023, a nearly fivefold increase compared to a year earlier.

The goal here is to have the status of an international company and then start growing demand. Due to the expected large wave of inventory from our partners, we want to have the tools and channels ready to sell the inventory outside of Bulgaria as well,

Mihail Dimitrov, the co-founder and CEO of Swipe.bg, commented.

• In November 2022, the startup raised €510,000 in a seed round to expand its operations. The round was also co-led by the current investors Vitosha Venture Partners and New Vision 3.

• For both Vitosha Venture Partners and NV3, this is one of their last deals as their mandate from the Bulgarian Fund of Funds has ended at the end of 2023. Sofia Angels Ventures, SeedBlink, and several angel investors played a pivotal role in contributing to the fundraising for a portion of the round.
• After the round, Swipe.bg plans to further expand in the Bulgarian market, as well as go abroad, initially targeting Greece and Romania, and also other Eastern European countries.

• Established in 2017 by Xavier and Olga Marcenac, and Marc Bolard, Nasekomo is biotechnology company undertaking insect farming. The team turned to insects as a solution to lower the carbon footprint, resource use, and nutritional value of animal feed.
• In July 2023, Nasekomo opened its Insect Center of Excellence and marked the first full production cycle at the facility – from insect genetic improvement to end-product manufacturing, resulting in the delivery of the initial batch of protein meals for pet food. Earlier, Nasekomo secured a grant in €2.5 million under Bulgaria’s National Recovery and Resilience plan. 

Our objective is to attain the highest level of process optimization in our upcoming factories through automation, digitization, AI-native solutions, and interconnected machinery,

Marc Bolard, co-founder at Nasekomo, said.

• The investment was led by Sofia-based Invenio Partners, which manages a private equity and growth equity fund INVENIO Partners Fund II SCSP focused on investments in Southeast Europe. Several individual investors also joined the round.
• Thanks to the funding, the company plans to operate 100 bioconversion factories in its network, each capable of processing up to 100,000 tons of biowaste into valuable insect protein, oil, and organic soil fertilizer by 2030.

• Founded in 2009, Software Group is a pioneer in digital banking platforms, serving over 200 clients in 70 countries, including banks, central banks, fintechs, telecoms, government agencies, microfinance, and other non-banking institutions. So far, Software Group has delivered over 500 projects, positively impacting more than 100 million end-customers worldwide.
• For Software Group, the investment is a partnership that will fuel its mission to revolutionize the way financial services operate globally.

“We are immensely grateful for this partnership with Invenio Partners and the continued support from PostScriptum Ventures. Their investment will enable us to enhance our product offerings and extend our market reach, reinforcing our commitment to driving digital transformation in emerging markets,”

Kalin Radev, CEO of Software Group, stated.

• Sofia-based equity investment firm Invenio Partners was established in 2014 by Elvin Guri, Stanislav Nikolaev, Slavcho Parushev, and Tihomir Dyankov. In 2022, it launched a new €55 million regional private equity fund Invenio Partners Fund II to invest in SMEs across Bulgaria, Romania, and Serbia.
• The fresh round was also joined by PostScriptum Ventures, an investment group focused on decarbonization, sustainability, and technology. Established in 2006, PostScriptum and its subsidiaries have been among the global pioneers in the energy transition.

The new investment will fortify Software Group’s position in the market and secure its growth strategy.

• FMFIB provides access to alternative financing for the Bulgarian economy through financial instruments co-financed by the EU shared management funds. In the previous investment cycle, FMFIB has successfully supported over 2,300 Bulgarian SMEs and made 220 equity investments in startups.
• The new fund is financed under the EU Programme for Competitiveness and Innovations in Enterprises and co-financed by the European Regional Development Fund.
• The public resource provided amounts to €100 million, but it is expected to reach €126 million through the additional co-financing by private investors.

Entrepreneurship Fund will be structured as 3 separate funds:

• Early Stage Fund – €30 million public resource to support early-stage development (proof of concept) with tickеts of up to €1 million;
• Venture Capital fund – €30 million public resource focused on fast-growing companies with developed products, aiming to launch mass production or distribution to target markets with tickеts of up to €3 million;
• Growth Fund – €40 million public resource to invest in mature and fast-growing enterprises with tickets up to €4 million.

Currently, the fund of funds is focused on finding fund managers, who will be announced by the end of 2024 or the beginning of 2025.

In the Startup of the Day column, Jivko Djamiarov, one of the co-founders of Ancestral Superfoods, shares more details about the startup’s idea, its products, and future plans.

The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.

Tell us about your startup. How does it work?

Ancestral Superfoods is a company focused in the development of sprouted and fermented functional foods, driven by the idea of contributing to the health of the gut microbiome. The name of the company is not accidental, because on the one hand we want to emphasize regional fruits and ingredients that we believe are not inferior to so-called superfoods, and on the other hand because this is how we want to pay tribute to our ancestors. We have a strong focus on e-commerce, thus building our presence in foreign markets and combining this approach with distribution and retail sales.

How did you come up with the startup’s idea? What was the reason/motivation behind it?

The idea for Ancestral Superfoods was born in the intensive care unit of an Austrian hospital where I was recovering from a stroke. Being on the border between life and death, not knowing if I would cross over, I promised myself that if I survived, I would dedicate my life to creating functional foods that would help prevent the diseases of modern living such as obesity, diabetes, stroke and heart attack.

“The main ingredients of AncestralSuperfoods’ complex include ProViotic – Lactobacillus bulgaricus and selected combinations of wild-growing fruits and sprouted seeds. All products are raw and organic certified.”

How long did it take to reach the prototype or MVP? What did you encounter?

It took about four years to get from prototype to MVP. One of the main challenges was related to the production technology and the refinement of the recipes. Apart from that, bringing the prototype to market gave us a lot of useful feedback, with the help of which we were able to solve problems related to the packaging of the products, improve the design of the packaging, as well as the recipes of the products.

When exactly did you launch your product? Or when the launch is planned?

The real launch of our products was in the fall of 2019, after we went through a year-long testing phase with their prototypes.

Tell us about the startup’s business model. How do you monetize your product?

We use a hybrid model that consists of e-commerce, direct sales, and retail sales.

What are your target markets and consumers?

Our target markets are in Western Europe, USA, Australia and Asia. Our main target group is men and women who suffer from gut flora imbalances, IBS or other digestive problems.

If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.

Since the start of 2019, we have been able to enter 9 markets outside of Bulgaria and achieve sales of around €125,000 in 2022 from the Bulgarian market.

What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.

Currently, the team of founders is working on the startup on a daily basis and we also have support from our investors and freelancers.

Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.

We recently closed an investment round and received a strategic investment of €200,000 from the NV3 fund. The investment will be used to expand our product portfolio, strengthen our marketing efforts and enter new markets.

What’s next? Tell us about your future plans.

We are about to start selling on Amazon in several of their European stores as well as launch our online stores in the first three of our target markets.

• Gurkovo-based Bulmetal, a member of Belgian Scrap Terminal Group, is a manufacturer of a wide range of sizes and types of metal packaging for the food and chemical industries, processing over 13,000 tonnes of raw materials annually. The company exports over 70% of its production to 400 clients in Central and Eastern Europe. In addition, Bulmetal has its subsidiaries, Cevolani in Italy and BiBRA in Germany.
• The packaging segment is about 65% of Bulmetal’s annual sales. Leading markets for Bulmetal packaging include Germany, Italy, Slovenia, Romania, Greece, and Bulgaria, while the group’s machines are sold mostly in Italy, Canada, northern Africa, and South America.

“We firmly believe in sustainable waste management. At the same time, we understand that pure materials are of quintessential importance nowadays. In order to meet the increasing requirements of our buyers as well as governments, we consistently invest in innovation. That is why we are now able to recycle 95% of a discarded vehicle,”

Bulmetal explains its green innovations.

• Between December 8 and December 15, Bulmetal received offers for 928,000 shares from over 100 investors, with some 1.13 million shares offered in total. The newly issued shares are expected to start trading on the Sofia Exchange at the beginning of 2024.
• The investment will help to proceed with the expansion of the company’s production capacity and automation of its processes.

In the Startup of the Day column, David Cermak, the founding team of Eilla AI share more details about the startup’s idea, its product, and future plans.

The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.

Tell us about your startup. How does it work?

For M&A advisors and investors, one of the biggest time constraints is the volume of mundane tasks associated with the deal workflow. Eilla AI’s technology automates these processes by mirroring industry professionals using generative AI.

The platform also unlocks new insights and supports complex decision-making through aggregation and analysis of large amounts of information from various sources in significantly less time than is currently possible.

How did you come up with the startup’s idea? What was the reason/motivation behind it?

Eilla’s inception was a product of an insatiable curiosity and a clear vision of what AI could bring to the financial world. While studying at the University of Cambridge with a Masters in AI, Nikola Lazarov worked on ChatGPT’s predecessor and Generative AI for his thesis. From there, he transferred his knowledge to London-based Hedge Fund, where he developed trading strategies using Generative AI. And while the world was still wrapping its head around the potential of models like ChatGPT, he recognized a big opportunity.

Determined to bring his vision to life, he reached out to his lifelong friends from the Bulgarian city of Veliko Tarnovo. Together with Petar Petrov and Nikolay Babulkov, they set out to harness the power of AI in a way that could mirror the complex tasks performed by financial professionals, but with unmatched speed and efficiency. And as they say, the rest is history.

How long did it take to reach the prototype or MVP? What did you encounter?

It took us one month. That’s what most investors love about us — we experiment a lot and bring ideas to life much quicker than other startups.

When exactly did you launch your product? Or when the launch is planned?

The AI Platform for M&A, VC and PE was launched early 2023, but Eilla’s first prototype was launched in June, 2022.

Tell us about the startup’s business model. How do you monetize your product?

Monthly subscription based on credits and user seats.

What are your target markets and consumers?

M&A banks, VC and PE funds mainly in the US and UK.

If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.

More than 200 M&A banks, PE and VC funds have requested an early access to our platform two weeks after we announced our fundraising round.

What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.

The team consists of 5 people, but we already started the hiring process, so we are looking to grow the team to a total of 14 people by mid 2022. Looking for Full-stack developers, AI engineers, UI/ UX designer, Infrastructure Engineer, Marketing Manager.

Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.

Recently, we secured $1.5 million led by Eleven Ventures and joined by Fuel Ventures. The fresh funding will help us to further expand the team and position on markets.

What’s next? Tell us about your future plans.

Our main priority is continue building a great product that VCs, PEs and M&A banks NEED. Other than that, our focus is expanding the team and filling our insider program, which we recently launched. It allows us to work closely with funds and banks to help us improve our product and tailor the platform to their needs. The program is already half-filled and our goal is to fill the remaining spots in the next few weeks.

• Founded in 2018, TokWise develops a software platform providing the ability for renewable energy players to become active participants in the market, which also provides support in accurate decisions being made.
• The platform bridges the gap between physical assets and complex electricity markets, helping to centralize renewable portfolio management.
• Encavis investing in TokWise will open new opportunities with access to new markets and expanding their exposure in the EU. The round was also participated by Vitosha Venture Partners and advised by Georgiev & Kolev.
• This is the second time the Bulgarian €26 million early-stage fund Vitosha Venture Partners invested in the startup. During its initial deal, the fund led the investment.

As for the startup, the deal will allow TokWise to have increased access to new markets and expand its exposure in the European Union.

• Founded in 2019 by entrepreneurs Konstantin Tzonev, Boris Kolev, Tsvetoslav Zahariev, and later Teodor Todorov, nPloy provides talents and jobseekers with a tool that matches their lifestyle and communication preferences and connects them with suitable employers.
• When creating their profile in nPloy, employees and candidates set their requirements and let the algorithms do the rest of the job to match them. The app also claims it improves the traditional job application process by allowing candidates to only see the positions suitable for them.
• The fresh investment was led by Morningside Hill VC and joined by Blue Ocean Ventures. In 2022, the startup has already raised €2 million in a seed round from the same investors.

• nPloy will continue to develop its platform. The company expects that in the next 2 years, the candidate base will increase by over 300% in Bulgaria and tenfold in Romania. 

• Founded in 2016 by data storage industry veterans George Dochev and Peter Thompson, LucidLink provides a space for teams to collaborate securely on massive media projects with fast and easy-to-use file access. With headquarters in San Francisco for its sales, marketing, and founders teams, LucidLink also has an R&D team based in Bulgaria, which is more than 60 people.
• The SaaS solution solves the problem of accessing, sharing, and collaborating on files of any type or size from anywhere in real-time. LucidLink is used by teams working in Adobe, Netflix, VICE, A+E Networks, WebMD, and many others.
• The company will use the funding to accelerate the development and updates of its products.

“With this Series C investment, LucidLink will accelerate its most ambitious product updates in the company’s history to expand our technology leadership position, open up new customer use cases, and create more personalized product experiences that enable creative professionals to work more efficiently and effectively,”

George Dochev, CTO and co-founder of LucidLink, comments.

Who are the investors?

• Brighton Park Capital is the lead investor this round. It is a US-based investment firm focused on entrepreneur-led, growth-stage software, healthcare, and tech-enabled services companies. The firm invests in companies that provide highly innovative solutions in partnership with great management teams.
• Headline participated as one of the existing investors. It is a US-based VC firm actively on the ground in 7 cities around the world. The firm invest across geographies, leading rounds at every stage. 
• Baseline Ventures is also an existing investor. It is a US-based VC firm investing in early-stage technology companies across multiple sectors. It backs the founders who want to build and grow their businesses into change-affecting enterprises.
• Adobe Ventures is a VC-arm of the Adobe company, investing in early-to-midstage companies that create software at the forefront of creativity, digital experiences, and document productivity.

• Founded in 2018, Retorio develops a platform offering personalized AI coaching and is already used by five of the ten DAX companies with the highest turnover. Its proprietary behavioral intelligence uses video analysis to identify and train successful behaviors of sales, service, and management personnel.

“Our behavior-based AI coaching technology enables global companies to identify and establish patterns of success in sales or service. This helps companies to adapt more quickly to new market conditions and to assert themselves in global competition,”

Dr. Christoph Hohenberger, Co-CEO of Retorio, comments.

• The lead investor in the funding round is SquareOne, a Berlin-based investor specializing in B2B tech. Porsche Ventures and Storm Ventures are also new investors. Family offices of DAX board members and entrepreneurs participated again.
• Existing investors also joined in the round, including Basinghall Partners, Passion Capital, and Sofia Angels Ventures, a Bulgarian investment firm that focuses on technology startups at the pre-seed and seed stages.

Earlier this year, Sofia Angels Ventures invested in several Bulgarian startups such as Icanpreneur, Fabrico, NOLD.

• Retorio will use the fresh funds to strengthen the innovative behavioral intelligence technology that helps global companies to effectively improve sales and services.

• Ancestral Superfoods was co-founded by Jivko Djamiarov, Elena Gerganova, and Georgi Gerganov, specializes in the development of health-enhancing “live and functional” foods, leveraging natural processes. The startup claims that its products supports the gut health, brain function, immune health, and boost metabolism.
• The main ingredients of AncestralSuperfoods’ complex include ProViotic – Lactobacillus bulgaricus and selected combinations of wild-growing fruits and sprouted seeds. All products are raw and organic certified.
• The lead investor is the current round is NV3, Bulgarian venture capital firm that invests in startups and growth-stage companies in fintech, AI, blockchain, and shared economy. In H1 2022, AIN.Capital recognized it as one of the most active Bulgarian VC funds.

“We are deeply inspired by Ancestral Superfoods’ remarkable achievement of gaining traction in nine diverse markets, including the competitive UK sector. The fervor and commitment of their team are truly exceptional, and it’s evident that the founders are on a passionate quest to enhance people’s health.”

Jordan Stoyanov, Partner at NV3

• This investment is part of a larger funding round that includes contributions from over 12 angel investors. The funding will accelerate Ancestral’s mission to develop functional foods and dietary supplements.

• Founded in 2021 by Vesko Kolev, Icanpreneur develops the first Accelerator-as-a-Software that helps tech entrepreneurs and teams get through the journey of creating the idea to product-market fit with higher odds of success. The platform provides guides, know-how, and best practices through its intuitive and collaborative software.

“The startup world is evolving beyond its initial romantic phase. Founders are starting to realize that discovering and solving significant problems is more than art and energy created by the initial inspiration. They started applying a more systematic and scientific approach when creating products, focusing on customer satisfaction and efficient technological solutions. That’s exactly where Icanpreneur offers essential tools to accelerate their progress significantly. We believe the timing is perfect and the company’s team is right for the mission,”

Milen Ivanov, Managing Partner at Sofia Angels Ventures, commented.

• Sofia Angels Ventures, a Bulgarian investment firm that focuses on technology startups at the pre-seed and seed stages, is the lead investor in the round, joined by MFG Invest and several angel investors.
• The list of angels includes Svetozar Georgiev, Pressian Karakostov, Kristian Demirev, Hristo Kosev, Zoran Arsovski, Georgi Atanasov, and Emil Tabakov. After the round, the company’s total raised funding now exceeds €1 million.
• Icanpreneur now plans to use the fresh funding to accelerate the development of its product, as well as further expand to its go-to-market in the next couple of years.

• The startup was co-founded in the Bulgarian town of Veliko Tarnovo by Nikola Lazarov (CEO), Petar Petrov (CCO), Nikolay Babulkov (CTO), Filip Siderov (a software architect), and Nikolay Papazov (CFO). Eilla provides an AI platform powering the M&A, VC, and PE deal workflow. It helps to automate mundane tasks and support complex decision-making through the aggregation and analysis of large amounts of information.
• Today, Nikola, Petar, and Nikolay live together in London, from where they operate Eilla AI. The startup also has a presence in Sofia, with two of its members located there. 

“Our mission at Eilla AI is to pioneer the new era in finance by harnessing the power of Secure Generative AI to automate mundane tasks and enhance decision-making.”

Nikola Lazarov, one of the co-founders, commented.

• Sofia-based VC firm Eleven Ventures, which supports tech companies from Southeast Europe, led the current round. Earlier this autumn, Eleven Ventures led €2 million round for Greek-founded healthtech LANGaware. Fuel Ventures, an early-stage seed/growth stage EIS Fund based in London investing in technology companies, also participated in the fresh investment.
• Eilla AI will use the fresh funding to further expand its team and position itself on the markets it targets.

• Founded in 2022 by Blagovesta Pugyova, Fabrico is a cloud-based CMMS (computerized maintenance management system), which manages all the maintenance processes in a production plant by integrating end-to-end maintenance strategies in a lean way.
• The solution offers benefits to the factories that decided to integrate it, such as reduced equipment downtime, multiple orders asset organization, unplanned disruptions and breakdown reduction, extended machine lifespans, and maximized equipment reliability.
• At Fabrico, the team also leverages the platform and tailors it with upgrades specific to the client’s needs. According to the company, the system can significantly enhance the efficiency with the number of emergencies decline by a remarkable 15%.

“The digitalization of maintenance is often delayed by manufacturers because there are very few offerings of solutions which are adapted to the dynamic needs of the technicians. The adoption rate of Fabrico among technicians is 96% irrespective of the level of digitalisation, the average age of the team, or how dynamic their work day is — the more dynamic, the more savings it brings,”

Blagovesta Pugyova commented in her LinkedIn.

• The funding came from Bulgarian Vitosha Venture Partners, a €26 million fund and entrepreneurship ecosystem focused in emerging Europe, Sofia Angels Ventures, a €13 million VC fund backed up by the European Investment Fund to co-invest alongside other investors, and Innovation Capital, a VC fund focused on pre-seed (€25,000 — €50,000) and іeed (up to €1,000,000) funding rounds.
• Several angel investors who have vast experience in investments, enterprise software and manufacturing also joined the round. The list includes Asen Bahtev, Milen Manev, Georgi Zahariev, Aleta Ivanova, Stamen Kotchkov, Maya Kerezieva, PhD, PMP, Mila Petrova, and others.
• Fabrico will use the funding on publicity and market expansion. The company also plans to integrate AI technology into the platform and enter international markets.

• NOLD is a female-led tech startup offering a new perspective on a circular fashion, aiming to divert fashion industry from overproduction towards sustainability. In particular, the company offers a peer-to-peer resale platform for the luxury industry market, with a primary focus on the UK.
• The company does not change the existing model on the market, however, it takes the concept further. NOLD prizes itself on the user engagement, brand partnerships, and industry endorsement. If the brands want to cooperate with the platform, they can provide their product database and choose to either capture 10% of the resale value in net profit or 90% in revenue.
• The founders Boryana Uzunova and Ana Kremenlieva stated the goal for the next year includes entering the UK pre-loved market and revolutionizing it.

Who are the investors

• Tilia Impact Ventures is the lead investor in the platform. It is a Czech impact fund that supports purpose-driven founders and companies with scalable business models and high environmental or societal impact.

Recently, Tilia launched the €32 million second fund to support CEE companies with an Environmental, Social, and Governance focus.

• Depo Ventures is a Prague-based investment group, managing angel funds and an international network of angel investors with 35 portfolio companies and €100 million investment participation.
• Czech Founders is a community-driven VC firm investing into exceptional CEE founders with global ambitions. The firm typically invest as the first external investors and is backed by over 40 top European founders.
• Sofia Angels Ventures is a €13 million early-stage VC fund backed up by the European Investment Fund to co-invest alongside angels, family offices, and other private investors and funds.
• New Vision 3 is a Sofia-based VC fund investing in early stage tech-enabled companies working at the forefront of innovation.
• NOLD was also supported by an advisory board, comprising Justine Liu, Maÿlis Buonomo, Dax Lovegrove, Alexis Cepeda Maule, and Léon Evers.

• Founded in 2019 as a spin-off from St George’s, University of London by Greek researcher Dr. Vassiliki Rentoumi, LANGaware’s technology analyzes language, voice, and speech through digital biomarkers. The solution can detect cognitive and mental impairment such as dementia, mild cognitive impairment, and depression, through an AI-powered voice processing.
• LANGaware claims it can analyze over 600 biomarkers in just a 2-minute speech recording, and shows a 80% accuracy in its early trials. The company’s clients are health systems, providers, and pharma firms.
• The fresh round was backed by Sofia-based fund Eleven Ventures, which supports tech companies from Southeast Europe. In May 2023, Eleven Ventures announced an investment of €1.2 million in four CEE startups: Perfeqt, MyTeam, True Insights, and FlatAway.

“We are thrilled to welcome Vassiliki Rentoumi and Virginia Korma to our family – the fearless duo behind LANGaware, revolutionizing cognitive and mental impairment diagnostics through AI-powered voice processing. The newest gem in our healthcare portfolio is positioned at the crossroads of artificial intelligence, neurological diseases, and early diagnostics,”

the team of Eleven Ventures added.

• The fresh funding will be used to enhance LANGaware’s technology and product teams, as well as to expand its business development team and presence across virtual care platforms and health systems in the US. 

• URBO Studio is a software company that provides technological solutions for booking, management, online and offline sales of services in the creative and recreational sectors. The company services festivals, attractions, municipalities, hotels, resorts and activity providers in Bulgaria and the region.
• URBO Studio offers a number of software tools for marketing and alternative channels sales, such as Viber Business Messaging, Viber ChatBot, SMS API, integration with email clients and social networks, a wide range of payment and credit providers. The company also collaborates with government entities through B2G partnerships to enhance public services in the tourism industry.
• The lead investor is Capital Investments VC, a part of the Bulgarian Development Bank. Its’ investment strategy is supporting Bulgarian companies with strong growth prospects. The investment in URBO Studio is the fund’s eight one.
• The fresh round will accelerate company’s expansion into new markets will further transform the experience economy by enabling businesses to optimize their operations and engage with customers in a digital-first manner.

• Founded in 2017, Nasekomo is biotechnology company undertaking insect farming. The scaleup specifically rears Black Soldier Fly species to produce protein, oil, and fertilizer for the feed and agriculture industries. Nasekomo’s insect farm network helps reduce overfishing and wild fish depletion, saving 560,000 tons of wild fish from becoming fishmeal yearly.
• Moreover, by replacing soybeans in animal feed, it reduces Europe’s reliance on imported soybeans, decreasing the environmental impact associated with soybean cultivation and transportation. According to the company’s estimates, the efforts will be able to cut carbon emissions by a significant 430,000 tons annually, contributing to a more sustainable future. 
• The grant is going to be disbursed through the Bulgarian Ministry of Innovation and Growth. Out of the total grant allocation exceeding BGN 34 million for all 12 approved companies, Nasekomo will be granted BGN 4,9 million (€2,5 million).
• With the grant support, Nasekomo will supply the partnering bioconversion factories with Hermetia Illucens larvae, robotized bioconversion equipment, and digital platform to analyze and leverage data through machine learning algorithms, establishing an international network of bioconversion factories.

• Founded in 2015 by Kiril Shopov, later joined by Anton Chapov, Badu is a fast growing online ecommerce marketplace that operates in Eastern Europe, based in Petrich, Bulgaria. The company claims it works with suppliers from around the world to provide fast, reliable, and high-quality service for its customers.
• Among its services, the platform provides a high-demand option of payment on delivery for intercontinental purchases, which benefits customers, who seek security while shopping abroad. Currently, Badu operates in Bulgaria, Greece, Cyprus, and Romania.
• During its investment round, the company found financial support from Silverline Capital. The lead investor is a private equity fund that provides mezzanine and equity financing solutions to mid-market businesses in Bulgaria. Apart from the lead, several unnamed Bulgarian angel investors also participated in the round.
• Thanks to the fresh funds, Badu plans to expand in the current markets, as well as to enter 9 new markets. Badu’s goal is to challenge the current dominance of AliExpress by offering a comparable product range with faster delivery and better quality.

• Founded in 2022 by Nora Peneva, Yoga Llama develops a self-learning yoga app based on augmented reality, that monitors the performance of yoga poses through a camera and makes corrections instead of a yoga instructor. The startup’s AI-based solution can run between 300–600 detections per minute and identify whether a user is performing a pose. To date, in 2022, the startup raised ts initial personal capital of BGN 350,000.

“Yoga is a way of life that grants the human body every positive quality that any sport can give. Through yoga, people can discover a new way to rest and renew after a long day, find their balance, and connect their physical body with their spiritual self. Through its innovative approach, Yoga Llama aims to provide users with these opportunities wherever they go. All they have to do is pull their phones out of their pockets,”

Nora Peneva, founder of Yoga Llama commented.

• Morningside Hill Capital Management is a privately owned investment firm, based in Sofia. The company sector agnostic and focuses on venture capital, private equity, hedge funds, and mutual funds. In 2019, Morningside Hill launched its latest venture capital fund, which is focused on providing growth capital to Bulgarian startups. The fund has €38.5 million under management to be invested in equity minority positions in 25 to 30 companies. 
• The fresh investment will enable Yoga Llama to develop the product’s MPV, and expand its team, which currently consists of 20 in-house developers. The startup also intends to expand to the US and Canada, and then Western Europe, Scandinavia, Japan, South Korea, and other regions.

• Founded in 2008, GenePlanet provides a preventive genetic tests, specializing in NIPT, cancer screening, and lifestyle DNA tests. In addition, the company offers lifestyle tests that provide information about an individual genetic predisposition to various conditions, including cancer and heart disease. 
• Since launching, GenePlanet collaborates with over 1000 medical centers, doctors, and insurance companies. GenePlanet operates in more than 35 countries and has over 100,000 customers.
• The investment was led by Bulgarian equity fund BlackPeak Capital that targets growth equity investments of €5-15 million in fast-growing SMEs in Romania, Bulgaria, Slovenia, Croatia, and Serbia. In January 2023, it was participated in acquisition of Pick & Pack, a Croatian logistics startup.
• In addition, Niklas Pichler, a Managing Partner of BlackPeak will join the board of GenePlanet:

“Preventive health care and personalized medicine will play an increasingly important role in our lives in the near future. We are excited to partner with GenePlanet, a company at the forefront of innovation in genetic testing,”

Niklas added.

• German Darwin AG, Slovenian Kolektor and FMR also joined the round.
• The investment will enable GenePlanet to expand its product portfolio, make targeted add-on acquisitions in medical DNA testing, invest in big data infrastructure, and support its global expansion plans. GenePlanet also plans to develop an advanced AI system for large-scale language models. 

• Founded in 2020, Vitosha Venture Partners is a Sofia-based sector agnostic €26 million fund and entrepreneurship ecosystem development company focused on the emerging Europe region. Since the start of the investment period, there are already 62 startups in its portfolio.
• The biggest investment in this round is in Native Spaces, an online platform where event organizers can discover and book unique spaces, which received €450,000. SN Metals, a company in the field of electronics and technology, secured €200,000 from the fund.
• Nakantara, a Bulgarian online platform for buying and selling movable property and cars through an auction, got €100,000. And both ChatHalla, a user behavior analysis company, and FinqUP, a fintech platform, raised €50,000 each.
• Apart from these companies, Vitosha also supported another four startups through its accelerator program Accelerate by Vitosha. The startups are Nomad Cabins, DiplomID, Petstay, and Twisted Technology.

“The similarity between the nine companies we invested in is when they find inefficiencies in certain processes or market, they successfully optimize them through the use of technology. Their customers will get a better quality product with a better user experience,”

Stoyan Nedin from Vitosha Venture Partners told Forbes Bulgaria.

• euShipments is an international courier and fulfillment service for online stores. Currently, euShipments has a network across 27 European countries and operates 12 fulfillment center. In January 2023, the company acquired a majority stake in Croatian fulfillment and logistics company Pick & Pack.

• Founded in 2019 by Stefan Popa and Iosif Chesca, Helpship is a fulfillment service provider, based in Oradea. The company claims it processes over 80,000 online orders every month.
• The acquisition will help to strengthen euShipments’ position and services in Romania and Central Europe.
• The deal also allows customers of both companies to benefit from a joint logistics network, enter new markets, and take advantage of new business opportunities. In particular, Helpship will add a new service to its portfolio – international e-commerce deliveries from e-store addresses.

“A new, exciting chapter in the development of Helpship begins and together with my entire team we are ready for the future challenges. Now, being part of the euShipments.com’s group the main goal behind this strategic partnership is our company to become the most competitive fulfillment provider in Romania, fully specialized in international eCommerce growth and delivery solutions. This way all Helpship clients can grow faster than ever in Romania, the region and all over Europe,” 

Stefan Popa, founder and CEO of Helpship commented. 

• Stefan Popa, CEO of Helpship will continue to run the company. Svetlozar Dimitrov, CEO of euShipments and Vichren Bisset, CCO of euShipments will be joining the Board of Directors of Helpship.

• Founded in 2014, Cupffee is a sustainable foodtech startup creating edible and biodegradable coffee cups. Essentially, it is a vegan biscuit cup that can sustain a hot beverage for more than 12 hours. It contains 56 kcal and stay crispy for 40 min while the person enjoys a coffee.

• So far, the company has a production capacity of 2.5 million cups per month. The company also commits to green manufacturing practices that avoid pollution and industrial waste. Any unused material is remade into the edible stirrers.
• Cupffee’s fresh round consisted of a €500,000 pre-seed round led by Eleven Ventures and a €1.3 million grant from the European Innovation Council. Eleven Ventures is Sofia-based early-stage VC with over 150 SEE startups in its portfolio.
• The capital injection will help the company to move forward toward global leadership in the production of edible coffee-ware.

• Established in 2015 by Raycho Raychev and Stanimir Gantchev, EnduroSat designs and engineers spacecraft for business applications and space exploration missions. The company mainly builds customized satellites and provides complete support service for full-cycle missions.

• So far, EnduroSat has built a fleet of over 2500 systems currently operational in space and has gathered a team of over 130 engineering professionals. This has enabled them to serve more than 210 customers worldwide.
• CEECAT Capital is the lead investor in the company. It is a private equity investor in high-growth startups across Europe and Central Asian markets. In October 2022, the firm managed to raise $154 million for its Fund II. Also, the German seed fund Freigeist Capital participated in the round.
• EnduroSat will use the fresh funds to scale its operations and improve its satellite tech. The company will also increase its market share by expanding its portfolio with a “constellation-as-a-service” solution.

• Founded by two Romanians, Andrei Cretu and Gabriela Draghia, Pluria provides remote and hybrid work platform that can simplify recruiting process and develop businesses beyond borders, without the necessity of having a fixed office space. The company offers teams with access to a network of workspaces such as coworking hubs, hotel lounges, and cafés.
• Pluria expanded its network to 500 workspaces in Latin America (Colombia, Brazil, Mexico, Peru, Argentina) and Europe (Romania, Bulgaria, Spain, Portugal). Meanwhile, more than 150 companies use its app.
• The fresh round was backed by the Sofia-based fund Eleven Ventures which supports tech companies from Southeast Europe in four priority verticals — fintech, healthcare, future of work, and future of food. Earlier this year, Eleven Ventures has led a €2.1 million post-seed round for IoT real-time monitoring startup BibeCoffee. 
• Germany-based Croton Capital, Romanian WIT Angels Club, US-based Phoenix Venture Fund, and business angels also joined the investment.
• Pluria plans to use the costs to consolidate its presence in the two territories, Latin America and Eastern Europe, while building on the product to better serve the needs of users.