Innovation Capital Fund to invest in Bulgarian startup Snack Art

Innovation Capital Fund intends to acquire 16,279 newly-issued shares in Snack Art, with a nominal value of 1 lev each, documents published by the company show.

The capital increase was approved by Snack Art's shareholders at a meeting held on December 10.

Snack Art currently has a registered capital of 100,000 levs. The 16,279 newly-issued shares will be equal to 14% interest in Snack Art following the capital increase.

Snack Art booked a net loss of 44,000 levs on revenue of 730,000 levs in 2019. The company offers various sweet and savory snacks under the Scala brand.

Innovation Capital Fund is a 15.6 million euro venture capital fund providing equity and quasi-equity funding to Bulgarian startup companies. Innovation Capital Fund is co-financed by the European Structural and Investment Funds under Operational Programme for Innovation and Competitiveness 2014-2020.

(1 euro = 1.95583 levs)