Bulgaria's Vitosha Venture Partners invests 1 mln euro in eight startups

In its latest funding round, the firm allocated 300,000 euro to Fabrico, a cloud-based system streamlining maintenance processes in manufacturing plants, Vitosha said in a press release. The funding will support product development, marketing and sales.

Additionally, Vitosha invested 200,000 euro in Taylor & Hart, a diamond ring manufacturer and seller, to increase capacity and sales through technical development and improved marketing and retail.

The fund also injected 200,000 euro into Modern Energy, a company that develops a cryptocurrency-generating installation using surplus electricity from photovoltaic power plants, creating a cost-effective alternative to energy storage batteries.

Vitosha put 50,000 euro into Ivory, a developer of small electric vehicles for food and package delivery in urban areas. The investment aims to finance the production of prototypes.

CashLend, a peer-to-peer lending platform that allows credit institutions to raise capital directly from individual investors under their own brand, received 70,000 euro in funding.

AIoTCloud, which offers a real-time energy monitoring and management solution, was supported with 100,000 euro.

Vitosha Venture Partners also funded two companies as part of its accelerator programme, Accelerate. Vodoraslo, the first Bulgaria biological air purifier, which uses microalgae and photosynthesis, received 30,000 euro to develop a new design and purchase components.

Lastly, D Aerospace, specialising in industrial drone design and production, received 50,000 euro for the development and validation of its first commercial units.

Vitosha Venture Partners is a 26 million euro venture capital fund, co-financed by the European Structural and Investment Funds under the Operational Programme for Innovation and Competitiveness 2014-2020 and managed by the Fund of Funds in Bulgaria. The firm is currently finalising its last investments under the current fund mandate, which concludes at the end of this year.

($ = 0.9378 euro)