December 14 (SeeNews) - Bulgarian startup 3 EN 3, whiteboard paint producer under the Escreo brand, has raised a total of 100,000 euro ($121,700) from local investment firm Eleven Capital [BUL:11C] and investment fund 3P1, Sofia-based media reported.
Eleven Capital and 3P1 have each invested 50,000 euro in 3 EN 3, business news provider Capital.bg reported over the weekend.
The investment will enable 3 EN 3 to expand its portfolio, develop its online sales platform and expand towards the markets of Germany, Austria and Switzerland. The company, which currently employs six people, also intends to use the fresh funding to increase its headcount.
3 EN 3 plans to launch a 500,000 euro seed round in 2021, Capital.bg said.
Earlier this year, Eleven Capital raised 2.1 million levs in an initial public offering (IPO) on the Bulgarian Stock Exchange and said it will invest the funds in around 30 of the companies in its portfolio.
Eleven Capital, established in January 2019, is the owner of the portfolio of local venture capital fund Eleven. The Eleven fund was launched in 2012 by Eleven Ventures, as a 12 million euro acceleration and seed fund, which was fully invested in 115 startups over three years. The fund initially benefited from financing from the European Investment Fund (EIF) under the JEREMIE programme.
3P1, also known as Proptech.bg, is specialised in providing property technology services.
($ = 0.821938 euro)