January 22 (SeeNews) - Bulgarian software and product development company Appolica said on Monday that it is launching its own venture studio, planning to invest up to 600,000 euro ($653,223) in four startups this year and taking on a new role in the local startup ecosystem.
The studio will provide funding ranging between 50,000 and 150,000 euro to each startup, focusing on projects in fintech, climate tech and the future of work and supporting entrepreneurs with innovative ideas that demonstrate significant growth potential and global scalability, the company said in a press release.
The initiative will provide a hands-on team of experts, including product and software specialists, marketers, financiers and recruiters, who will guide startups through all phases, from idea validation to the scaling stage. Entrepreneurs members of Appolica's studio will also be able to access a network of experienced entrepreneurs, investors, mentors and experts in different fields.
"Our goal in the venture studio is to provide a model that transforms good ideas into products that people want to use. With the support of our advisors and the full range of services, we are here to help entrepreneurs create scalable startups in the best way," Appolica co-founder and venture studio head Ralitsa Ivanova said.
Sofia-based Appolica was founded in 2015 to build scalable mobile apps and, in 2022, established an internal startup programme to help team members bring their business ideas to life, according to its website. The company has partnered with over 100 startups from more than 30 countries, including Tide, OnTheMarket, Sightline Climate, and Proximie.
($ = 0.9185 euro)