Bulgaria's eBag.bg raises 275,586 euro

The funds were raised with participation from an unnamed long-term strategic investor and a C-level manager from the target company, investment firm HR Capital said in a stock exchange filing.

HR Capital itself did not take part in the fundraising, it added.

The investors acquired shares in eBag at a price of 980 levs apiece, which implied a jump in valuation of 46% compared to the e-commerce platform operator's previous round.

Convenience raised 1 million euro in April 2022 in a round led by Czech online food retailer Rohlik.cz, which first invested in 2020. At the time, HR Capital subscribed for 730 ordinary shares investing a total of 250,000 euro in the e-commerce firm.

In 2022, Convenience grew its total turnover by an annual 37% to roughly 50 million levs, according to its most recent financial statement. The company widened its loss to 2.5 million levs last year from 2.4 million levs in 2021, as expenses for hired services, salaries and amortisation costs all rose.

(1 euro = 1.95583 levs)