Romania's OPCOM electricity spot volumes - Dec 04, 2023
Romania's OPCOM electricity spot prices - Dec 04, 2023
Croatia power consumption - Dec 02, 2023
Serbia power consumption - Dec 02, 2023
Bulgaria power consumption - Dec 02, 2023
Sep 14, 2023 16:26 EEST
September 14 (SeeNews) - The Bulgarian Development Bank (BDB) said on Thursday that it is investing 1.2 million euro ($1.3 million) in local tourism and entertainment software developer Upass to support its expansion in the Central and Eastern European (CEE) region.
The funds will be channelled through BDB's growth investment arm, the Capital Investments Fund (CIFund), the state-owned lender, which was set up to support small business, said in a press release.
Founded in 2015, Upass has developed Urbo Studio, a proprietary cloud-based software platform which helps businesses in the creative and recreational industries manage events, festivals, sports activities, spa centers, and cinemas. With the software, companies can boost their revenue by handling schedules, capacities, and available spaces in real-time. It also enables them to sell their services through social media and other external channels, as well as use cross-selling and upselling tools for growth.
The funding will also help expand the software firm's team.
The company also has growth potential in the Middle East, according to BDB's statement.
Currently, Upass clients include several Bulgarian municipalities, like Sofia, Plovdiv, Stara Zagora and Burgas as well as the Albena and Sunny Beach resort operators. First Investment Bank, A1 Bulgaria, Shell and Mastercard also use the company's services.
This is the eighth investment made by the CIFund, which last year invested in Barin Sports, a Bulgarian start-up that recently attracted English football star Michael Owen as an investor.
(1 euro = 1.95583 levs)
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options