Bulgaria's MFG Invest puts 100,000 euro into Native Teams

The financial injection was made in the form of a simple agreement for future equity (SAFE) instrument and can be converted into Native Teams shares by January 21, 2025, MFG Invest said in a bourse filing on Friday.

London-based Native Teams specialises in remote and flexible work solutions, facilitating payments and employment for freelancers, remote workers and employers. Through the platform, a company can also hire employees in countries where it does not have a legal entity or an office.

MFG Invest raised 4.04 million levs ($2.24 million/2.07 million euro) in an initial public offering in December 2022, saying it would use the proceeds to invest in new companies or boost investments in portfolio firms. Last month, the company put an additional 100,000 euro into its portfolio firm Icanpreneur under a previously agreed commitment.

Shares in MFG Invest last traded on March 12 when they closed at 2.90 levs on the BEAM growth market of the Bulgarian Stock Exchange, bourse data show.

($ = 0.924 euro)