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Bulgaria's Innovation Capital to invest 280,000 euro in seven startups

Author Radina Veleva
Bulgaria's Innovation Capital to invest 280,000 euro in seven startups

SOFIA (Bulgaria), June 24 (SeeNews) - Sofia-based venture capital fund Innovation Capital will invest a total of 280,000 euro ($334,500) in seven startups under its XLRadar accelerator programme, it said.

Each of the selected startups is expected to receive 40,000 euro, of which 25,000 euro in equity investment, and 15,000 euro in services, Innovation Capital said in a statement on Thursday.

The funds will go to Healthyco, a developer of software for oncology diagnostics, DoggoCollar pet-monitoring product, Closer 2 U baby feeding innovation technology, shared workspace platform Bum Bam, healthcare business solutions Pharma Works, ticket-selling portal Unity Pass, and Make My Cargo - B2B marketplace for air and water shipment.

Innovation Capital's acceleration programme XLRadar is focused on electronic trade, education, healthcare, and entertainment. Over 100 start-ups applied for the acceleration programme; 24 of them were chosen to participate, of which 11 were selected to receive investment.

Sofia-based Innovation Capital is a 21.1 million euro venture capital fund offering equity and quasi-equity funding to Bulgarian startups. It has investments in over 60 companies for over 5.5 million euro.

($ = 0.819663 euro)