June 15 (SeeNews) - Bulgarian investment firm Sofia Angels Ventures (SAV) said that it has led a 1 million euro ($1.08 million) late-seed funding round for Romanian online career platform Undelucram, also known as WhereWeWork, in support of AI integration and expansion plans in Central and Eastern Europe (CEE), Asia and Africa.
SAV contributed 400,000 euro, while third-time investor GapMinder and fund manager Head North injected 200,000 euro each, the Bulgarian investment firm said in a press release.
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Romanian online investment platform SeedBlink made a follow-on investment of 100,000 euro, which was matched by an unnamed business angel.
The online employee community platform will use the fresh funds to develop more advanced machine-learning and artificial intelligence (AI) algorithms and to triple its user base to over 4 million regional users by the end of 2024, along with reaching 1,000 clients. At present, the platform has over 1.5 million users in CEE.
"This is our fourth investment round and we are glad to have long-standing partners with us, partners who have trusted us for the second and third time," founder and CEO Costin Tudor said.
Launched in 2011, Undelucram is a network of online employer branding and recruitment platforms operating in 14 countries in Europe, the Middle East and North Africa. The business has attracted overall investments of 2 million euro, including the present transaction and three previous rounds in 2017, 2019 and 2021.
In 2019, Undelucram started expanding outside Romania, adopting the umbrella brand WhereWeWork and last year reached markets outside Europe. It is active in Bulgaria through the Kaderabotim.bg platform, and also operates in Greece, Moldova and Ukraine.
According to Milen Ivanov, managing partner at SAV, Undelucram has a very high potential for growing in the HR field thanks to developing transparent models of interaction between employers and employees. He added that SAV is likely to ensure a good return on investment, as its the development plan is realistic and validated by the market.
($ = 0.9248 euro)