January 19 (SeeNews) - Bulgarian venture capital fund Morningside Hill invested about 1 million euro ($1.13 million) in local Fidelitas Lab, the operator of an independent cereals and oilseeds laboratory, Sofia-based media reported on Wednesday.
The investment will allow the company to expand its scope and capabilities of the laboratory through the purchase of software and high-tech equipment for liquid and gas chromatography, Capital.bg quoted Biser Diveri, managing director at FIdelitas Lab, as saying.
Part of the funds will go to rent more laboratory space and qualified staff, Diveri added.
By the end of 2022, Fidelitas Lab will be able to offer a complete package of laboratory services that will include indicators for both food quality and food safety.
Fidelitas Lab's main client is its parent - Varna-based Fidelitas Group. The expansion, however, is expected to open the way for external customers.
Due to the limited number of such laboratories in the region, the company expects to grow its client portfolio in Romania, Moldova, Ukraine and other countries, thus significantly inreasing its turnover, Diveri said.
Fidelitas Lab was established in the coastal city of Varna in 2014 and is part of the Fidelitas Group which is active in the field of logistics, forwarding, control, and certification of goods and insurance assessments.
The Morningside Hill VC fund, launched in 2019, has 38.5 million euro under management to be invested in equity or equivalent minority positions in 25 to 30 companies. It comprises public funds of 33.3 million euro provided by the Fund of Funds in Bulgaria under the EU's operational programme Innovation and Competitiveness, co-financed by the European Structural and Investment Funds for the 2014-2020 programming period, according to information published on its website.
($ = 0.8812 euro)