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Vitosha Venture Partners With Its First 8 Investment Deals of 2023, Worth €1.1M

Vitosha Venture Partners team with some of the founders they funded in 2023
Image credit: The Vitosha Venture Partners team with some of the founders they funded in 2023
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•    Since the beginning of 2023, the Bulgarian VC fund for early-stage companies, Vitosha Venture Partners invested €1.1M in 8 local startups.

•    In 2021 and 2022, Vitosha Venture Partners supported over 50 start-ups, from those at a very early stage of their development to those who already generate revenue and have dozens of employees.

•    Startups represent sectors such as sports goods, Foodtech, Agritech, Marketing, and SaaS.

 

Which are the 8 startups?

Name: Dynamic Pricing

Funding received: €400K 

Dynamic Pricing is an e-commerce software solution that assists businesses in efficiently managing their pricing and promotional activities. Their technology employs algorithms to automatically adjust prices and promotions, ensuring businesses remain competitive and profitable in a constantly evolving market. With a recent investment of €400K, the company plans to expand its market reach, target new customer segments, and develop innovative product functionalities that will facilitate further growth and success.

 

Name: Brain Foods

Funding received: €250K 

Brain Foods is a vegan brand that offers healthy snack products without added sugar and gluten, making them an ideal choice for health-conscious consumers. With a recent investment of €250K from Vitosha, the company plans to focus on developing new products, achieving mass production, and expanding to new markets. In addition to this, Brain Foods also received an investment in 2021 from the German vegan business Proveg Incubator, demonstrating the company’s potential for growth and success in the plant-based food market.

 

Name: Agriniser

Funding received: €200K 

Agriniser is a digital marketplace that connects buyers and sellers of grain with ease and efficiency. The platform offers farmers and buyers a transparent and affordable market to negotiate deals, fostering fair competition within the industry. Agriniser plans to utilize a recent investment of €200K to expand their team, enhance their product, and explore new markets.

 

Name: Pleggi

Funding received: €50K 

Pleggi is a platform that leverages scientific methodologies and psychometric games to pre-select top-tier talent. In a recent survey, 81% of HR professionals cited soft skills as a key selection criterion for the next decade. Pleggi’s proprietary software provides an efficient and effective way to assess candidates’ suitability for a given role, using a comprehensive “Matching Score” assessment that includes criteria such as education, experience, languages, soft skills, and personality traits. With a €50K investment from Vitosha, Pleggi will focus on product development, marketing, and sales to further develop its current activities and expand its reach.

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Name: Fight Scout Martial Art Platform

Funding received: €50K 

Fight Scout Martial Art Platform is a solution designed to address the challenges faced by all stakeholders in the martial arts industry, including fighters, promoters, managers, regulators, and fans. The platform’s proprietary algorithm uses industry-specific criteria to help fighters find the right events and showcase their skills and achievements. Vitosha has invested €50K in Fight Scout, which will be used to market, develop, and maintain the platform. The investment is aimed at accelerating the platform’s growth and expanding its reach in the highly competitive martial arts industry.

 

Name: Fly the Earth 

Funding received: €50K 

Fly the Earth is a brand that offers products designed to enhance the safety and satisfaction of professional athletes, air sports enthusiasts, and novices alike. Created by an accomplished pilot, the company is committed to delivering the highest quality equipment to its customers. With a €50K investment from Vitosha, Fly the Earth will use the funds to develop and produce new products, invest in marketing and sales, and further expand its operations.

 

Name: Youbhappy

Funding received: €50K 

Youbhappy is a platform that aims to revolutionize the creation, management, and interaction with content marketing campaigns. The platform leverages online challenges, enabling all participants to engage actively and receive rewards from brands. With Youbhappy, users can freely create and launch their own challenges, sponsor and associate their brand with existing campaigns, and participate and promote other active campaigns. Vitosha has invested €50K in the platform, which will be used to expand the team and develop the platform further.

 

Name: Relaxify App

Funding received: €25K 

The Relaxify App is a mobile application that utilizes scientific principles to enhance mental health, productivity, and overall quality of life by gamifying the process. The app assesses the state of the user’s mental health via a short study and then recommends appropriate games and exercises to improve it, tracking the user’s progress along the way. With investment of €25K from Vitosha, the Relaxify App is poised to launch its iOS version and expand its user base to reach more people in need of mental health support.

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Apart from investing, Vitosha Venture Partners is running its accelerator program, Accelerate By Vitosha, for ten Bulgarian companies. The program includes a 3-month program with mentoring sessions and workshops with industry professionals, in addition to funding support.

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Elena is an Innovation Reporter at The Recursive, an online media dedicated to the emerging tech and startup ecosystems in Southeast Europe. She is keen on sharing the innovation stories that shape the regional ecosystem and has a great interest in fintech, IoT, and biotech startups. Elena is currently finishing her Bachelor's Degree in Business Administration and Political Science at the American University in Bulgaria.