January 30 (SeeNews) - Bulgaria-based platform Webit Investment Network [BUL:WIN1], or WIN, said it has invested a total of 3.6 million levs ($1.7 million/1.57 million euro) in six companies - from Europe, the Americas and Egypt.
The firms were selected as part of a funding competition for innovative companies, Founders Games, within the framework of the World Economic Forum in Davos, Webit said in a bourse filing.
The first two finalists, Argentinian fintech firm Pomelo and Slovakian electric battery development InoBat, received investments of 1 million levs each from WIN. The remaining 1.6 million levs was invested in German automation firm Noyes Technologies, US-based GH4 Global, US-based Elephant in a Box and Egypt-based online education company iSchool.
Pomelo is developing a new generation of financial technology and infrastructure in Latin America. The firm offers a card issuing, processing and distribution technology as well as technologies to create digital accounts and to enable user identification. InoBat is focused on the research, development and manufacture of innovative electric batteries for the automotive, commercial vehicle, motorsport, and aerospace sectors.
Noyes Technologies is working to simplify the automation of small storage areas. CH4 Global is developing products from Asparagopsis seaweed to reduce the negative impact of farming methane emissions on climate.
Elephant in a Box is developing an innovative material for the furniture and construction industry. The material is fully biodegradable and recyclable and is environmentally friendly. According to the statement, it will be adopted by major furniture brands such as IKEA and Tempur Sealy International.
iSchool is developing a platform for personalised online programming classes for students aged between six and 18 years in the Near East and Africa.
(1 euro = 1.95583 levs)