SOFIA, Bulgaria, June 4 (SeeNews) – Bulgaria’s Neo Gravity, a newly formed open-ended investment fund, said it was co-sponsoring two local startups – dairy-free deli maker Cheese the Queen and microbrewery Sofia Electric Brewing Co. Investments of 100,000 levs ($ 62,100 / EUR 51,100) each.
Cheese the Queen will use the fresh funds to increase production capacities and to expand the team, as well as to actively expand in the international market.
Sofia Electric Brewing Co will provide the money to expand its workforce and production capacity as well as marketing activities, Neo Gravity said in a statement on Thursday.
The Neo Gravity Fund started operations with an initial capital of € 5 million (US $ 6.1 million). The fund will focus on helping local businesses with the potential to enter overseas markets and providing the kind of services that have been brought to the fore by the coronavirus pandemic, such as sustainable mobility and smart delivery solutions, said its head Pavel Ezekiev in the statement.
Neo Gravity will soon announce its third investment in a local company with less than a year of history, but with
already exceptional business results in foreign markets, said Ezekiev.
Ezekiev is co-founder and managing partner of the NEVEQ 1 and NEVEQ 2 funds, which are part of the Southeastern European venture fund manager NEVEQ Capital Partners, which made the first significant investments in Bulgarian IT companies. The local venture capital company Neo Ventures is another of Ezekiev’s projects.
“With Neo Gravity, we are expanding our concept that we had when we entered the Bulgarian market with Neo Ventures – the two funds work on the principle of an investment platform with an open capital structure. So investors can get on and off the stage freely at any time, “Ezekiev said in the statement.
Ezekiev also noted that since Neo Gravity and Neo Ventures are “perpetual” funds, once their capital has been issued, they can raise capital for new projects or for additional company funding from their portfolios, which they are likely to add to only venture capital fund in the funds region able to invest between 25,000 euros and 4 million euros in a single company.
(1 euro = 1,95583 lev)