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Vitosha Venture Partners Wraps Up Summer with €1M Commitment to 8 Innovative Ventures

Vitosha Venture Partners Wraps Up Summer with €1M Commitment to 8 Innovative Ventures, TheRecursive.com
Image credit: The Vitosha Venture Partners team
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  • Vitosha Venture Partners has invested in 8 new startups, totaling 70 companies in its portfolio.
  • The startups represent various sectors, including cloud systems, online diamond sales, energy solutions, and electric vehicles.
  • Vitosha plans to announce 20-30 more investments by the end of the year, when it ends its fund mandate.

 

As summer 2023 comes to a close, Vitosha Venture Partners, a Bulgarian venture capital fund specializing in early-stage companies, has announced 8 fresh investments.

With these additions, the fund’s portfolio now boasts a grand total of 70 companies. Vitosha (which is co-financed by the European Structural and Investment Funds under the Operational Programme for Innovation and Competitiveness 2014-2020, managed by the Fund of Funds in Bulgaria) is currently in the final stages of sealing its last investments for this fund mandate, scheduled to wrap up by the end of 2023.

The latest investments of Vitosha Venture Partners include six more advanced-stage companies and two that were part of the fund’s most recent Accelerator Program – “Accelerate by Vitosha”.

Vitosha plans to announce 20-30 more investments by the end of the year to wrap up this investment cycle.

Here are the 8 startups

1. Fabrico

Funding received: €300,000

About: Fabrico is a cloud-based system that streamlines all maintenance processes within a manufacturing enterprise, making it easy and convenient. The investment from Vitosha Venture Partners will be used for boosting product development, marketing, and sales.

2. Taylor & Hart

Funding received: €200,000

About: Taylor & Hart integrates innovative processes for custom-designed diamond rings that are sold online. This investment is part of a bigger round that amounted to €4M, which Taylor & Hart announced in April. Vitosha’s investment aims to increase capacity and bolster sales through additional technical enhancements and refined marketing and sales strategies.

3. Modern Energy

Funding received: €200,000

About: Modern Energy is developing hardware-software installations that aim to harness untapped electrical energy from photovoltaic power plants, converting it into cryptocurrencies and transforming unsellable, unused electricity into financial assets, thereby replacing more expensive energy storage batteries.

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4. AIOT Cloud

Funding received: €100,000

About: AIOT Cloud is an innovative and affordable real-time energy monitoring and management solution.

5. Cashlend

Funding received: €70,000

About: Cashlend provides credit institutions worldwide with a white-label solution that allows them to raise capital directly from individual investors through their own peer-to-peer lending platform under their own brand. Vitosha’s investment will support the company’s efforts to facilitate product enhancement and business expansion.

6. Ivory

Funding received: €50,000

About: Ivory is developing a compact electric vehicle designed for food and small package delivery in urban settings. The investment from Vitosha Venture Partners aims to finance the production of initial prototypes.

Accelerate by Vitosha

7. D Aerospace

Funding received: €50,000

About: D Aerospace is a Bulgarian company specializing in the design and production of industrial drones. Vitosha’s investment will be used for the development and validation of the first commercial units.

8. Vodoraslo

Funding received: €30,000

About: Vodoraslo is the first biological air purifier in Bulgaria, utilizing microalgae and photosynthesis. Vitosha’s investment will be used for new design development and component procurement.

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https://therecursive.com/author/snezhana/

Snezhana is an Innovation Journalist at The Recursive. She uses the power of storytelling to put the spotlight on the emerging innovation ecosystems in Central and Eastern Europe. With a keen eye for the bleeding edge, she delves into the depths of deep tech, unearthing captivating stories that bridge the realms of science and human imagination.