April 4 (SeeNews) - Sofia Angels Ventures (SAV), a Bulgarian venture capital fund backed by the European Investment Fund (EIF), said that it has invested in Swedish green technnology start-up Hoting Innovations as part of a 3.5 million euro ($3.85 million) seed round.
The Sofia-headquartered fund invested in Hoting Innovations alongside Swedish early-stage venture capital firm Almi Invest and a number of unnamed global angel investors, SAV said in a statement on Friday. The amount of the capital injection by SAV or the size of the acquired stake were not disclosed.
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Hoting Innovations has developed a trademarked technology, SinterCell, that enables the mass production of an environmentally-friendly, carbon-neutral alternative to plastics that is based on cellulose and can contribute towards eliminating single-use packaging which contains petroleum and fossil fuel-based agents. The green packaging technology can be used in the medical, food and beverage and personal hygiene industry, among others.
SAV is a 13 million euro co-investment venture capital fund which is supported by EIF's early stage arm InnovFin Equity and provides capital to start-ups alongside private co-investors such as angels, family offices, funds and other private institutions. SAV, which focuses on early-stage technology companies, makes initial capital injections of between 200,000 euro and 500,000 euro, as well as follow-on investments of up to 1.0 million euro.
($ = 0.9090 euro)