March 13 (SeeNews) - Bulgarian software developer Tiger Technology plans to carry out a new funding round, seeking between 5 million euro ($5.36 million) and 10 million euro to support its expansion and tap its business potential, CEO Alexander Lefterov said.
The company will start a fund-raising process in the second quarter of 2023, aiming to enter the final stages around the end of the year, the CEO said, as seen in a video posted by Bloomberg TV Bulgaria on Saturday.
In view of the big volume of the targeted financing, the round is very likely to be led by a foreign investment fund, Lefterov said.
Tiger Technology has the potential to attract a strategic investor, the CEO said, adding that he is still weighing up the pros and cons of such a move.
Last month, Tiger Technology raised 2 million euro, with existing investor MFG Invest providing 525,933 euro.
The round valued the company at 15 million euro, which was conservative, according to Lefterov. The round was interim, allowing the company not to delay its plans while preparing for the major fundraiser.
Founded in 2004, Tiger Technology developed a software solution to enable quick access to shared data, attracting major media companies as clients. The Sofia-based software firm is currently mainly focused on the underlying technology of hybrid cloud workflows.
($ = 0.9325 euro)