November 2 (SeeNews) - United Commercial Outlets, a portfolio company of Bulgarian joint stock investment company ImPulse I [BUL:IMP], plans to expand in Romania after it attracted 434,000 euro ($428,960) in a funding round, Impulse I said on Wednesday.
The fresh capital will also enable United Commercial Outlets to invest further in the development of its cloud-based software platform PROMOTO, Impulse I said in a bourse filing.
ImVenture II, one of the growth investor's funds, committed 100,000 euro in the fundraiser, Bulgarian investment fund New Vision 3 and unnamed angel investors also took part.
The company's valuation prior to the funding round stood at 4 million euro.
Sofia-based United Commercial Outlets, which was founded in 2018, develops software and connects shops, hospitality establishments and other businesses with distributors, facilitating wholesale e-commerce in fast-moving consumer goods (FMCG).
($ = 1.01107 euro)