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Bulgaria's CIFund invests 400,000 euro in Fly The Earth

May 30, 2024, 4:18:17 PMArticle by Mihaela Miteva
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May 30 (SeeNews) - Capital Investments Fund (CIFund), the growth investment arm of state-owned Bulgarian Development Bank (BDB), said on Thursday that it is investing 400,000 euro ($434,280) in local paragliding equipment manufacturer Fly The Earth.

Bulgaria's CIFund invests 400,000 euro in Fly The Earth
Image source: Capital Investments Fund

The financial injection will accelerate Fly The Earth's growth and technological development while supporting the company's expansion on the European and global markets for paragliding accessories, CIFund said in a press release.

Fly The Earth, founded in 2018 by paraglider Veselin Ovcharov and software specialist Hristo Peev, produces flying gear for professional athletes, enthusiasts and air sports lovers.

The deal marks the ninth investment made by CIFund, which last September put 1.2 million euro into local tourism and entertainment software developer Upass to support its expansion in Central and Eastern Europe.

($ = 0.9211 euro)

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