November 25 (SeeNews) - Bulgarian online platform for buying and selling second-hand mobile phones Swipe.bg plans to expand to the markets of Romania and Greece, founder and CEO Mihail Dimitrov told SeeNews on Thursday, after the startup recently raised 500,000 euro ($520,184) in a funding round.
In the middle of 2023, the company will start a gradual expansion outside Bulgaria, aiming to replicate its partner model with repair shops and online and offline retailers, Dimitrov told SeeNews in an e-mailed statement.
Still, the main goal of Swipe.bg remains to establish itself on the Bulgarian market as it sees huge potential here. The company intends to develop a network of partners in Bulgaria, including retailers, online shops, repair centres and telecoms.
Financially, the firm targets a turnover of 20 million levs ($10.6 million/10.2 million euro) by the end of 2024.
The proceeds from the recent funding round will be used for the accumulation of working capital and the development of teams of salespeople as well as marketing and customer service teams. Part of the sum will be invested in marketing and promotion of Swipe.bg as the main sales channel of the company, Dimitrov said.
The funding round attracted venture capital funds Vitosha Venture Partners and New Vision 3. CEO Angels Club and angel investors also participated.
According to Dimitrov, the company attracted specific angel investors as they have a network of partners on the Romanian and Greek markets. Through them, Swipe.bg hopes to enter its first partnerships abroad, the CEO added.
Swipe.bg provides clients with options to sell their smartphones. The company then inspects, certifies and sells them to users who wish to buy refurbished second-hand phones at affordable prices.
($ = 0.9612 euro)