April 5 (SeeNews) - Bulgaria-based platform Webit Investment Network [BUL:WIN], or WIN, said that it has invested $200,000 (183,468 euro) in US-based sustainable furniture manufacturer Elephant in a Box.
The fresh funding will allow Elephant in a Box to expand its operations and develop its patented furniture technology based on a honeycomb structure, bringing sustainable solutions to more customers, Webit said in a statement on Tuesday.
The company aims to accelerate its growth and drive innovation in the furniture and construction industries, generating over $100 million in revenue by 2026.
"We are excited to partner with Elephant in a Box and invest in their innovative technology for sustainable furniture production," WIN representative Dr Plamen Rusev said in the statement.
Elephant in a Box's patented furniture technology reduces waste and transport costs and minimizes the impact of production on the environment. Co-founder Reham Khalifa said that the company has already applied for a new patent to use honeycomb in the construction industry as a product for insulation, movable walls and bricks.
Elephant in a Box was recently chosen as a finalist at the 2023 Founders Games Grand Final at the World Economic Forum in Davos, organised by the Webit Foundation. Founded in 2020, the women-led US company brings honeycomb structures from aircraft and race cars to furniture, sofas and sectionals by developing the HoneyComb Support Technology (HoST), according to the statement.
Shares in Webit Investment Network closed flat at 0.85 levs on the BEAM growth market of the Bulgarian Stock Exchange on Tuesday, bourse data show.
($1 = 0.9173 euro)