Bulgaria's NV3 backs seven new startups, reinvests in portfolio firms

The VC fund has also invested an additional 1 million euro to further stimulate the growth and development of its portfolio companies Paperfin, open banking platform Iris Solutions and refurbished phone marketplace Swipe.bg, NV3 said in a statement on Wednesday.

By supporting the seven new startups, the fund seeks to foster innovation, attract further capital and drive progress and advancement across the regional ecosystem. With this round of funding, NV3 has closed its investment period, it said.

NV3 allocated 1 million euro to CoLumbo, an AI-enhanced lumbar spine diagnostics company, which reads spine MRI scans to provide a pre-populated report.

The fund put 500,000 euro each into software engineering services provider eLando and deep tech company, focusing on acoustic recognition, Bronia. ELando offers cloud solutions, software engineering, mobile applications, software system integrations and cybersecurity services, whereas Bronia provides next-gen intelligent and autonomous security solutions across air, land, sea, space and cyber.

Data-science learning platform 365 Data Science, which provides holistic data science and AI training for success in the job market, received 400,000 euro in funding.

NV3 also injected 300,000 euro into social platform for product recommendations AdScout. The company empowers people to recommend products and services and earn money for each purchase.

Next-gen compression and streaming technology QuarkXR got a 225,000 euro investment. The platform bridges cloud computing with immersive augmented reality and virtual reality experiences for professionals across different sectors.

Finally, Viber-based job platform VibeJobs received 100,000 euro. It uses a chatbot-based solution to streamline recruitment processes.

NV3 invests in startups and growth-stage companies in the fintech, AI, blockchain and shared economy sectors.

($ = 0.9252 euro)