September 27 (SeeNews) - Bulgarian venture capital fund Morningside Hill invested 500,000 euro ($584,800) in local food supplements trader Vital Concept Trade, local media reported.
"Our investment is aimed mainly at sales and marketing development," business news outlet Capital.bg quoted Pavel Velikov, managing partner at Morningside Hill, as saying last week.
According to commercial register data, Morningside Hill currently owns nearly 24% of Vital Concept Trade's capital. The remaining equity of 76% is held by the company's founder Vladimir Neshev.
Sofia-based Vital Concept Trade offers a range of nutritional supplements and food supplement products manufactured in Germany.
The Morningside Hill VC fund, launched in 2019, has 38.5 million euro under management to be invested in equity (or equivalent) minority positions in 25 to 30 companies. It comprises public funds of 33.3 million euro provided by the Fund of Funds (FoF) in Bulgaria under the EU's operational programme Innovation and Competitiveness, co-financed by the European Structural and Investment Funds for the 2014-2020 programming period, according to information published on Morningside Hill's website.
($ = 0.855240 euro)