Bulgaria’s ImPulse I invests 200,000 euro in Kikimora IO

Following the current funding round and the restructuring of ImVenture II's initial investment, the fund will own a 15.85% stake in Kikimora IO, ImPulse I said in a bourse filing.

Vitosha Venture Partners as well as angel investors acting through Romanian investing platform for tech startups SeedBlink also took part in the funding round.

Kikimora IO was founded earlier this year as a spin-off from its subsidiary, cybersecurity firm SoCyber. The company is developing and commercialising a platform, Kikimora.io, which employs machine learning to automate vulnerability analysis and prioritisation, offering a centralised solution for managing security gaps.

SoCyber, which specialises in security testing services for cyber protection, was initially supported by ImVenture II in April 2022 by way of a convertible loan. The investment was later restructured, with ImVenture II subscribing to 15% of Kikimora's capital.

In the current pre-money round, Kikimora IO is valued at 5 million euro, marking a fivefold increase from its valuation during ImVenture II's initial investment in SoCyber, ImPulse I said.

ImVenture II is managed by Impetus Capital, an alternative investment fund in which ImPulse I has direct participation.

As of 1410 CET on Tuesday, shares in ImPulse I traded 0.82% higher at 1.23 levs on the BEAM growth market of the Bulgarian Stock Exchange.

($ = 0.9201 euro)