March 15 (SeeNews) - Bulgaria’s United Commercial Outlets, the operator of retail automation platform Promoto.bg, is in the process of raising about 2 million euro ($1.89 million) in a new investment round, its largest so far, CEO Nikolay Grozdev told SeeNews on Wednesday.
The round will be supported by current and new venture capital funds, Grozdev told SeeNews via LinkedIn.
The fresh financing will be used to support the company’s expansion plans.
Promoto.bg is an online platform which connects independent trade outlets with manufacturers and vendors for digital business-to-business (B2B) orders and sales as well as trade and shopper marketing. The platform already made its international debut in Romania, with local vendors being onboard since the start of 2023. The ambition of United Commercial Outlets is to expand across the Mediterranean, Central Asia and the Gulf, Grozdev said.
Founded in 2018, Promoto posted gross merchandises value (GMV) of over 21 million levs ($11.4 million/10.7 million euro) in 2022, extending the range of fast-moving consumer goods (FMCG) products it offers to over 30,000 from more than 100 vendors.
United Commercial Outlets raised 434,000 euro in its previous funding round in November 2022, with Bulgarian investment company ImPulse I providing 100,000 euro through its fund ImVenture II.
($ = 0.9435 euro)