Flipps, a San Francisco, New York and Sofia, Bulgaria-based provider of an app to stream entertainment from a mobile device to TV, raised $2.4M in funding. Backers included Earlybird Venture Capital and existing investors including Tim Draper. The company intends to use the funds to expand its library of premium content. Led by Kosta Jordanov, […]

Imagga, a Sofia, Bulgaria-based cloud platform that helps businesses and individuals organize their images, raised $350k in funding. Backers included LAUNCHub ($260K)and other unnamed private investors ($90k). According to a written statement, a (small) portion of this amount is for buying out of the shares of OpenFund, a previous micro-seed investor in the company. The company intends […]

The EIF has selected Eleven and LAUNCHub to manage a €21m Entrepreneurship Acceleration and Seed Financing Instrument under the JEREMIE Holding Fund. Eleven will manage a €12m acceleration & seed fund with a view to making around 200 investments in innovative young businesses. Investments into individual portfolio companies will typically be in the range of […]

The European Bank for Reconstruction and Development (EBRD) is making available two credit lines worth a total of €27.5m to Allianz Bank Bulgaria (ABB) for on-lending to small and medium sized enterprises (SMEs) and for financing energy efficiency and renewable energy projects. The €20m SME credit line will be used to finance investments and working […]

The European Investment Bank (ΕIB) signed a €50m facility with Eurobank EFG Bulgaria, for funding small and medium-sized companies in the country. According to Ms Marta Gajęcka, EIB Vice-President responsible for lending in Central Europe as well as Bulgaria, “the facility will offer greater scope for meeting the liquidity needs of local companies in this […]

The EBRD provided Fama, the third largest manufacturer of milk products in Bulgaria, with a €5.5m mezzanine loan to finance the company’s investment programme. Fama is the Bulgaria’s third largest manufacturer of milk products, in a dairy market which remains highly fragmented. The loan will enable Fama to expand its market share by building its […]