August 25 (SeeNews) - Bulgarian investment company ImPulse I [BUL:IMP] said on Thursday that median revenue generated by its portfolio of investments in start-up companies increased by 163% over the 12 months to the end of June.
As much as 25% of funds raised in the company's initial public offering (IPO) held in July 2021 has since been invested in dividend-paying companies, while 71% has been allocated to investment instruments, ImPulse I said in a summary of a presentation to investors held earlier this week.
Last week, ImPulse I announced that its alternative investments fund ImVenture II agreed to invest a further 100,000 euro ($99,690) in insurtech start-up Boleron as part of a capital increase under a 2.1 million euro funding round, which will be conducted in stages over the next 17 months.
The investment firm's two funds, ImVenture I and ImVenture II, have taken minority positions in businesses such as biometric systems developer Biodit, logistics and forwarding company Discordia, business intelligence platform Browswave and, most recently, cybersecurity firm SoCyber.
ImPulse I has made five investments in growth companies until end-June and is in advanced stage of negotiations over deals with four more, it added.
All companies in its portfolio are Bulgarian, having registered an aggregate revenue rise of 41% in 2021 and allocating a significant share of their production for export.
ImPulse I received 62,300 levs in dividend payouts in the first half of 2022, from companies including Speedy [BUL:SPDY], Telematic Interactive Bulgaria [BUL:TIB], Bulgarian Stock Exchange [BUL:BSE] and Allterco [BUL:A4L]. It stands to receive a dividend of 28,000 levs from Telelink Business Services Group [BUL:TBS] once its shareholders give their approval.
Earlier this month, ImPulse I posted a pre-tax loss of 633,000 levs ($322,630/323,650 euro) for the first half of 2022. The company's net loss as a result of changes in the fair value of financial assets, reported through profit and loss, amounted to 592,000 for the period.
The value of ImPulse I's investments in companies traded on the Bulgarian Stock Exchange was 1.66 million levs in total as at end-June.
In June, ImVenture II acquired 978,000 levs worth of shares in US-based interactive publishing technology start-up Storied Data, which was founded by Bulgarian entrepreneur Rado Kotorov.
Shares in Impulse I traded 0.42% lower at 1.17 levs as at 1532 CEST on Thursday.
(1 euro = 1.95583 levs)