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NEVEQ investors put 2 mln euro in Bulgaria's EnduroSat, Israel's CannabiTech

NEVEQ investors put 2 mln euro in Bulgaria's EnduroSat, Israel's CannabiTech NEVEQ/All rights reserved

SOFIA (Bulgaria), March 16 (SeeNews) - Investors in the Southeast Europe-focused venture fund manager NEVEQ have put 1 million euro ($1.07 million) in each of Bulgarian space engineering company EnduroSat and Israeli medical cannabis quality control testing systems maker CannabiTech, the company's co-founder Pavel Ezekiev told SeeNews on Thursday.

The two investments were closed in the first quarter of 2017 and will become part of the future assets of NEVEQ III fund, Ezekiev told SeeNews in an e-mailed statement.

"NEVEQ III, the company's next fund, will target emerging markets such as Central and Eastern Europe (CEE) where Credit Suisse/Unicredit analysts expect economic growth above 3% and higher growth of target IT sectors," Ezekiev noted.

Other target markets will be those of India and Latin America, where NEVEQ has already invested a significant share of its capital from NEVEQ II fund.

"At the moment, we are in talks for two exits and two new investments in companies," Ezekiev added without revealing further details.

NEVEQ's target investment size is in the range from 1 million euro to 5 million euro, with the preferred approach being joint investments with local companies of international players.

According to Ezekiev, 6 out of 10 companies which are part of the NEVEQ II fund are generating profit and are able to finance new acquisitions through their own equity or bank loans.

The portfolio of NEVEQ II includes technology company Bulpros, biometrics solutions provider Biodit, coffee vending machines operator Breaktime, software company Methodia, real estate online platform Properati, data analytics provider Content Insights, internet acceleration technology developer Intertainment Services, electric charging station platform eMobility International and platform for legal services LegalTrek.

($=0.9317 euro)

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