Startup Investments: Sofia Success Stories

Mobility, e-commerce, smart city, AI, fintech, gaming, digital media, healthcare, proptech are some of the sectors in which Sofia-based companies attract the attention of investors. Since the beginning of the year, several local startups have raised capital from investment funds. Here are several success stories of the teams that chose the Bulgarian capital as a place to set up and develop their products and services with local and global application.

Amygda Labs, a predictive analytics platform for industrial assets, has received an investment from ВrightCap Ventures. With the attracted resource the company will establish a technological team in Sofia, further develop its product and manage the operations with clients from the European markets. Amygda Labs was founded two years ago by a Bulgarian and a British and started with software that forecasts the need for maintenance of aircraft engines. Due to the impact of the Covid-19 crisis on international flights, the team decided to widen the software application to the monitoring of technical components in the space, railway and industrial sectors. The software uses AI and machine self-learning to monitor engines and predict potential anomalies and damage. The great potential of Amygda Labs is that it offers operational efficiency to customers during a pandemic, as well as the potential future application of risk assessment and tracking software for autonomous vehicles.

The Sofia-based digital insurance broker Boleron received an investment of a total of EUR 500,000. from two funds – “New Vision 3” (NV3) and “Eleven”. The startup company is developing a digital insurance platform that enables consumers to buy, receive and manage multiple insurance products in a frictionless and easy way and will use the funds to accelerate its expansion across the SEE region, as well as enable team expansion and product development.

NV3 also backed up the AI-powered digital twin platform MYX Robotics. The Sofia-based startup will use the funding to accelerate product development, support local and international business development, as well as grow the company’s team.

Proptech company FantasticStay, a fast-growing technology startup for real estate and rental management, also received funding from NV3 fund. With an investment of EUR 1.3 million, the startup plans to expand its global operations and further develop its products and services.

Vitosha Venture Partners started the year with four supported companies, three of which are based in Sofia. These are Hobo – the first Bulgarian micro-mobility startup for shared travel using electric scooters; Eirene Studio – a niche design company for luxury fashion, aimed at high-class international markets; Quendoo – a digital platform that allows holiday property owners and hoteliers to control and manage their bookings, payments, availability and marketing and distribution channels from a single dashboard. The fourth supported company is Varna-based Eljoy – one of the fastest growing European manufacturers of e-bikes. The four companies have been backed up with a total of BGN 5.1 million.

The Sofia-based robotic process automation RPA.bg raised BGN 1 million from Innovation Capital. RPA.bg develops software robots for process automation through artificial intelligence and machine learning in accounting, route planning in logistics, office processes in banks and many more. The company will use the capital for international growth and team expansion.

Source: Sofia Invest Agency