May 19 (SeeNews) - Bulgaria’s investment company MFG Invest [BUL:MFG] said on Friday it invested an additional 196,159 euro ($212,107) in its portfolio firm Tiger Technology under a previously agreed commitment.
The fresh funding brings MFG Invest's total equity investment in Tiger Technology to 1.38 million euro, representing an 8.32% stake, the company said in a bourse filing.
MFG Invest previously invested 525,933 euro in Tiger Technology in February, according to an earlier statement.
Tiger Technology's revenue increased by about 50% in 2022, whereas the number of its projects doubled, MFG Invest added. This year, the company aims to double its revenue.
Sofia-based Tiger Technology designs and implements software products and solutions for data storage. The company’s main software product allows the synchronisation of data between Windows file servers and client machines using a cloud provider.
MFG Invest raised 4.04 million levs ($2.23 million/2.07 million euro) in an initial public offering in December, saying it will use the proceeds to invest in new companies or boost investments in portfolio firms.
Shares in MFG Invest last traded on Thursday when they closed at 3.04 levs on the BEAM growth market of the Bulgarian Stock Exchange, bourse data show.
($ = 0.9248 euro)