November 24 (SeeNews) - Bulgarian cosmetics startup Noesis plans to use the proceeds of 235,000 euro ($244,764) from its recent fundraiser to shift its focus entirely to eco-friendly technologies, managing director Constantin Angelov told SeeNews.
The company will use the fresh capital to increase its staff, build two online shops, purchase raw materials, equip new production lines and carry out marketing activities, Angelov told SeeNews in an email on Wednesday.
The company’s product development process is in a very advanced phase, Angelov said. The firm plans to launch three sustainable brands in the next 12 months, one of which will target the market for pet cosmetics.
Noesis has already developed several environmentally-friendly approaches, including products in biodegradable packages from innovative materials, reusable vials, water-free concentrated products and ingredients of natural origin among others.
The company’s latest funding round was led by ImVenture II fund, which is managed by Impetus Capital, an alternative investment fund in which investment firm ImPulse I [BUL:IMP] has a direct participation. Other venture capital firms, including Vitosha Venture Partners, New Vision 3 and Ceo Angels Club, also participated.
ImPulse I said on Tuesday that ImVenture II has invested 100,000 euro in Noesis as part of the round.
Founded in 2020, Noesis achieved a turnover of nearly 2 million levs ($1.07 million/1.02 million euro) within six months of its creation in the context of the newly emerged market of hand sanitizers. The company is developing and manufacturing product lines based on innovative formulations, using an own factory in the Bulgarian city of Plovdiv.
($ = 0.9601 euro)