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May 23, 2023 15:57 EEST
May 23 (SeeNews) - Bulgaria’s MFG Invest [BUL:MFG] said on Tuesday that it put 100,000 euro ($108,221) in local entertainment company Forge Interactive as part of a 200,000 euro funding round.
In return for its investment, MFG will receive an equity stake of 8.70% in Forge Interactive, the investment firm said in a bourse filing. Its stake is expected to dilute to 8.33% after the second stage of the funding round.
Forge Interactive is focused on e-sports and gaming. The company operates a live entertainment platform, StarForge, which is an interactive reality format that tracks the development of players.
MFG Invest raised 4.04 million levs ($2.24 million/2.07 million euro) in an initial public offering in December, saying it will use the proceeds to invest in new companies or boost investments in portfolio firms. Last week, the company said it invested an additional 196,159 euro in its portfolio firm Tiger Technology.
Shares in MFG Invest last traded on May 18 when they closed at 3.04 levs on the BEAM growth market of the Bulgarian Stock Exchange, bourse data show.
($ = 0.9240 euro)
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