October 6 (SeeNews) - Bulgaria’s MFG Invest [BUL:MFG] said on Friday that it has invested 150,000 euro ($157,455) into German financial services platform Tapline UG on October 5 as part of a 2-million-euro funding round.
The funding round consists of two stages. The first stage, in which MFG Invest participated, amounted to 900,000 euro. The second stage, expected to conclude by year-end, will raise 1.1 million euro, the investment firm said in a bourse filing.
In exchange for its investment, MFG will receive a 1.59% equity stake in Tapline, which is expected to dilute to 1.43% following the second funding stage. The platform is valued at 8.5 million euro in the current pre-money round, MFG Invest said.
Berlin-based Tapline UG, founded in 2021, operates a financial platform that links software-as-a-service (SaaS) firms seeking financing with investors interested in acquiring receivables tied to customer subscription contracts. The platform ensures funds are distributed within 48 hours.
Tapline has already received requests for over 100 million euro. The company currently operates in Germany and Czechia and plans to expand into Poland and Estonia this year.
MFG Invest raised 4.04 million levs ($2.17 million/2.07 million euro) in an initial public offering last December, saying it would use the proceeds to invest in new companies or boost investments in portfolio firms. In June, the company invested $50,000 into Canopy Investment Funds II SPV LLC, a Delaware-registered special purpose vehicle (SPV) of U.S. fintech Canopy.
As of 1400 CEST on Friday, shares in MFG Invest traded flat at 3.00 levs on the BEAM growth market of the Bulgarian Stock Exchange.
($ = 0.95 euro)