Sofia Angels Ventures – Follow-On Investment Press Release

We at Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, are thrilled to announce our participation in the successful follow-on strategic financing round of our portfolio company – Fabrico – an innovative digital maintenance tool specialised in manufacturing. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Together with Ficosota and angel investors, we are supporting Fabrico’s development of the innovative Fabrico OEE module – a new module for measuring the efficiency of production processes. This solution will complement Fabrico’s existing machine maintenance software and set new standards for manufacturing efficiency. The investment will allow Fabrico to strengthen its market position and accelerate technological advancements, creating value for production teams and managers alike.

OEE (Overall Equipment Effectiveness) is a production efficiency standard that gains new dimensions within the vision of Industry 5.0. The new module is based on an innovative combination of IIoT and AI technologies, including computer vision, to provide a comprehensive view of the efficiency of production assets – downtime and its reasons, productivity, and quality.

Fabrico automates the processes of data collection and analysis, enabling production teams to make informed decisions in real-time. Meanwhile, managers gain a clear understanding of the state and efficiency of their assets, helping to reduce waste, optimize productivity, and increase profitability.

“Our goal is to help management gain comprehensive information about their production assets in real time, including at a group level, which we call Machine Master Data. We already do this with Fabrico CMMS, and the new OEE module will provide in-depth analysis and understanding of what the assets produce and how effective they are – the most important indicator for any production,” said Blagovesta Puygova, Manager of Fabrico.

The collaboration between Fabrico and Ficosota is a key highlight of this round. Ficosota not only contributes capital but also brings valuable expertise from their team of experienced production engineers. This partnership builds on their successful integration of Fabrico CMMS in Ficosota’s facilities and sets the stage for the development of the new OEE module. Together, these efforts demonstrate the power of uniting software innovation with hands-on industry knowledge to create solutions that meet real-world needs.

The investment highlights the financial community’s trust in Fabrico’s sustainability and potential: “Our investment in Fabrico demonstrates our strong confidence in Fabrico’s management team and will accelerate innovations in their industrial software,“ said George Sidjimkov, Managing Partner at Sofia Angels Ventures.

With support from Sofia Angels Ventures and the strategic collaboration with Ficosota, Fabrico is well-positioned to launch the Fabrico OEE module on the European market in 2025. We are excited about the potential global impact of this solution and remain committed to fostering growth in the startup ecosystem.

January 2025

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is proud to announce its investment in BibeCoffee. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

We are proud to join our friends in Eleven Ventures, Uni.Fund and Venture Friends in supporting BibeCoffee, a London-Athens-based startup, which raised €2.1 million in a post-seed round. BibeCoffee’s IoT-powered solution transforms any professional coffee machine or grinder into a smart, connected terminal, helping coffee chains and roasters monitor and improve coffee quality while streamlining asset maintenance.

BibeCoffee’s platform has gained significant traction and is now trusted by the largest coffee machine manufacturers worldwide, covering 75% of machines globally. With customers in over 20 countries, the startup’s goal is to revolutionize the coffee industry through a data-driven approach that ensures every cup of coffee served meets high-quality standards. By integrating real-time monitoring technology, the company helps brands protect their reputation, minimize revenue loss, and optimize machine performance remotely.

The coffee industry, worth $225 billion, has seen heavy investment in R&D to improve coffee quality, but there has been little focus on ensuring that high-quality coffee reaches the end customer consistently. BibeCoffee solves this by standardizing coffee preparation at retail locations, enabling roasters to control quality and machine performance remotely. Their technology offers enriched data and two-way communication, allowing technicians to predict malfunctions and optimize maintenance without on-site interventions.

With the new investment, BibeCoffee plans to enhance its AI decision-making capabilities and work on developing white-label solutions for coffee machine manufacturers. The startup also aims to expand its global presence, particularly in the US and Asia, as it sets its sights on reaching millions of installed machines in the coming years. This growth reflects the rising demand for digital solutions in a rapidly evolving coffee market.

September 2024

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is proud to announce its latest investment – Ogre AI. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

We are proud to announce our participation in a €3 million investment round for Ogre AI, a fast-growing energy tech startup specializing in AI-driven forecasting solutions for the energy sector. The round was led by VERBUND X Ventures, with contributions from Early Game Ventures, MMC Greater London Fund and Soulmates Ventures.

Ogre AI is an innovative startup in the field of energy forecasting that specializes in the development of state-of-the-art AI-based solutions for predicting energy generation and demand. Its main product, the Ogre forecasting system, relies on advanced proprietary ML pipelines and algorithms to manage the unpredictability of renewable energy sources such as solar and wind power, as well as the shifts in demand patterns. This enables energy operators to optimize their business, reduce costs, mitigate financial risks and better meet the challenges of the energy transition.

The latest funding round will help Ogre AI grow its presence in Europe, where it already operates in countries like Romania, Great Britain, and Greece, working with clients such as Enel, CEZ, and E.ON. Ogre AI’s technology helps manage the challenges of adding renewable energy to existing grids and adjusting to changes in energy demand.

“We see Ogre AI not only as an innovative company but as a key player in the future of the energy sector. Their advanced solutions are crucial for the development of intelligent energy systems and the efficient use of renewable energies.” – says Bistra Kirova, Managing Partner at Sofia Angles Ventures.

We view this partnership as an opportunity to invest in new technologies that support the energy sector and address global energy issues. By backing startups like Ogre AI, our Fund continues its focus on promoting innovation across different industries.

September 2024

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is proud to announce its latest investment – Almacena. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Almacena is a company focused on improving the logistics of the coffee trade through its digital platform. The Company provides essential services such as financing, insurance, logistics, and compliance, all while using blockchain technology to ensure secure and transparent transactions.

Almacena aims to make the coffee supply chain more efficient by directly connecting producers with international buyers and offering full product traceability. The company operates in ten countries across Africa and Latin America, handling 12% of Africa’s coffee export capacity. It serves a buyer network that includes 14 countries, such as those in the EU and the USA.

The platform simplifies the supply chain by offering services like online matchmaking, contract management, quality checks, and foreign exchange. Almacena’s approach to blockchain technology helps to reduce execution time, minimize risks, and support fair value distribution.

As of Q2 2024, Almacena has seen steady growth, with a 200% increase in deals quarter-over-quarter. The company’s revenue model is based on fees from its various services, and it projects quarterly gross merchandise value (GMV) to grow significantly by Q4 2027. Almacena is already generating positive net financing revenue and expects to become cash flow positive by 2026.

Our investment comes as Almacena raises its bridge round to further develop its technology, expand geographically, and enter new markets, including tea and cocoa. The company is focused on growing its operations in Latin America and expanding into North American and Asian markets.

“At Sofia Angels Ventures, we are thrilled to support Almacena in their mission to revolutionize the coffee supply chain. Their innovative use of blockchain technology to ensure transparency and efficiency aligns perfectly with our commitment to fostering sustainable and impactful ventures. We believe that Almacena’s platform has the potential to significantly enhance the global coffee trade, benefiting producers and buyers alike. We look forward to contributing to their growth and success as they expand their reach and services.” – says George Sidjimkov, Partner at Sofia Angels Ventures.

The team behind Almacena has over 75 years of combined experience in commodities and supply chain management, with backgrounds at institutions like Citadel, ABN Amro, and Santander.

As Almacena continues to grow, it has the potential to diversify into other commodities and become a strong player in the global coffee market, which is valued at around $35 billion. This investment aligns with our goal of supporting companies that aim to create more sustainable and transparent supply chains.

“We are excited that Sofia Angels Ventures (SAV) joined the existing Almacena shareholders. The bridge will allow us to continue our expansion in Latin America, underpinned by our expanded embedded-finance offer, and invest further in our supply chain services platform in preparation for our Series A round. We look forward to working with the SAV team and our existing shareholders as we continue to build the first end-to-end supply chain service platform for international commodity trade and empower origin producers to reach international buyers and new destination markets.” – says Dimo Yanchev, Founder and CEO of Almacena.

August 2024

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is proud to announce its latest investment – Ethermind. Our investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Ethermind has secured more than half a million euro to develop and empower organizations with innovative tools for continuous learning and operational efficiency. The funding round, led by Sofia Angels Ventures with participation from private investors, will accelerate further the development of Ethermind Copilot. This investment will enable Ethermind to scale its solutions, improve learning experiences, and reinforce its position as a leader in AI-driven training technologies.

“Our mission is to enhance professional growth and operational efficiency,” said Theodor Panayotov, Founder and CEO of Ethermind. “This funding will allow us to scale our solutions, making personalized education accessible across all sectors, from corporate environments to educational institutions.”

Upskilling and reskilling offers clear benefits but can be challenging due to high costs, inefficiencies, and a lack of customization. Ethermind’s technology overcomes these obstacles by providing scalable and customizable solutions, perfectly suited for various industries and business sizes.

“We are thrilled to lead the funding round for Ethermind. Their commitment to AI-driven upskilling aligns perfectly with our vision for transformative technologies and enhancing knowledge. We believe Ethermind’s Copilot will revolutionize professional development, and we’re excited to support their growth. It is also a great success that in addition to SAV, there are 5 prominent angel investors from across Europe that trusted the founder and invested in Ethermind together with us.” said Bistra Kirova, Managing Partner at Sofia Angels Ventures.

Ethermind’s Copilot provides immediate access to knowledge, reducing onboarding, compliance training, and upskilling costs. With a focus on data security and comprehensive reporting, Ethermind helps organizations achieve their training goals and maintain a competitive edge.

July 2024

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is pleased to announce its latest investment – denxpert.

A significant investment has been made in denxpert EHS&S software, a Hungarian startup that helps companies collect, manage and report environmental and sustainability data. The regional market leader will use the joint investment from Óbuda Uni Venture Capital (ÓUVC) and Sofia Angels Ventures (SAV) to scale and expand internationally. The investment of SAV is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

In 2021 after 14 years of being a business unit of EY denkstatt, one of the leading sustainability consultancies in the region, denxpert spun off as a separate SaaS provider. Offering cloud-based solutions to streamline compliance with environmental, health and safety and sustainability (EHS&S) regulations, the software is already used by more than 500 companies worldwide (MOL, Telekom, Mercedes, E.On, Vantage DC, Rauch, PPF, Vienna Airport). The software’s relevance is more pressing than ever: in the EU alone, from 2024, more than 50,000 companies will have to produce highly detailed sustainability reports under the Corporate Sustainability Reporting Directive (CSRD) guidelines – and the software, among others, will help them to do so.

„Denxpert plans to meet an exponentially growing market demand, as changing social and business expectations and various EU and national regulations require companies to publish more detailed and transparent sustainability data than ever before. I consider this seed round to be outstanding not only for its scale, but also for its market message, signalling the recognition of the increasingly prominent role of ESG in business.“ – said Róbert Szücs-Winkler, CEO of denxpert.

This is the first investment by ÓUVC, founded in 2023. The HUF 10 billion venture capital firm is the first in Hungary to focus on university startups and enterprises. Its co-investor Sofia Angels Ventures invests in pre-seed round and seed round tech startups with the support of the European Investment Fund.

More information:
Fehér Csaba
CMO
+36 30 626 5453
feher.csaba@denxpert.hu
https://denxpertsolutions.com/hu/ and
https://www.csrdsoftware.com/

Background information
Denxpert’s vision is to become the most widely used EHS&S support software in the world. ÓUVC and SAV’s investment will contribute to the realization of this vision, in addition to financial support, through the mentoring of renowned experts such as Imre Hild, venture capitalist, and Dr. Levente Kovács, Rector of Óbuda University.

The potential of denxpert is demonstrated by the fact that in just a few years of operation they have won several awards, including the Smart Innovator award from tech consultancy Verdantix, and have been shortlisted for the Environment Analyst ESG Innovation Award (to be presented in early July).

June 2024

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is pleased to announce its latest investment – Krik.bg – a dealer in second-hand auto parts with an extensive inventory of over 14 million auto parts, covering the whole vehicle spectrum. The investment is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Krik.bg is a dynamic Bulgarian-based startup reshaping the landscape of the second-hand auto parts industry. Securing approximately 350k euro in funding from Sofia Angels Ventures KDA and Vitosha Venture Partners Fund I and a private individual, Krik.bg is poised to accelerate its expansion into new international markets, including Romania, Greece, Germany, and the Czech Republic. Founded in 2022 by Viktor Viktorov, Vasil Georgiev, and G. Tsonev, Krik.bg has swiftly emerged as a frontrunner in the region’s automotive aftermarket sector, boasting an extensive inventory of more than 14 million auto parts catering to both B2B and B2C segments.

This strategic infusion of capital will empower Krik.bg to capitalize on growing opportunities abroad, leveraging its competitive advantages to penetrate new markets and diversify revenue streams. With a steadfast commitment to providing cost-effective solutions and unparalleled customer satisfaction, Krik.bg is well-positioned to emerge as the leading online dealer of second-hand auto parts across Bulgaria and the broader Central and Eastern European (CEE) region. The company’s robust e-commerce platform, coupled with its swift shipping and streamlined document administration processes, underscores its unwavering dedication to excellence and innovation.

Our partnership signifies our confidence in the company’s vision and potential for growth. With a current focus on the B2B segment and the hiring of key sales representatives in target markets, Krik.bg is primed to solidify its position as a market leader while driving sustained value for customers and stakeholders alike. We are happy to be part of Krik.bg’s journey, supporting their international expansion efforts and contributing to their continued success in the global automotive aftermarket industry.

March 2024

Sofia

Sofia Angels Ventures – New Investment Press Release

Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is pleased to announce its latest investment – CoLumbo – an innovator in AI-driven medical diagnostic software.

CoLumbo, the Varna-based software is the sole spine AI algorithm for MRI with FDA clearance, boasting a CE mark and TGA certification. In the beginning of 2024, the Company raised a EUR 2.2 mln. Late Seed round, led by New Vision 3 Fund and supported by Sofia Angels Ventures, Eleven Ventures and several Angel investors. The legal side of the deal was wholly covered and serviced by our legal partners – DSP Law Office.

Demonstrations with live customers have highlighted CoLumbo’s ability to save 25-50% of the radiologist reading time, to enhance diagnostic accuracy by 15%, and streamline radiologists’ workflow by offering automated segmentation and measurement editable draft report. CoLumbo’s initial offering has successfully secured seven agreements, including three paid clients in France, Spain, and Switzerland.

The company’s business model leverages a B2B approach, offering annual subscription licenses per MRI machine. Demonstrating significant traction, CoLumbo boasts more than €50k in revenues for FY23, with projected revenues of above €350k in FY24, supported by a robust pipeline of customers.

The funding will facilitate the launch of CoLumbo V2, enhance CT Modality capabilities, and target €2M ARR by Q2’25. With plans to establish a corporate presence in the US, CoLumbo is positioned to leverage the global spinal imaging market’s potential, expected to grow at a CAGR of 5.2% from 2020 to 2027.

CoLumbo is set to expand its market reach in the USA and Australia in 2024, and Japan in 2025, following significant traction in Europe.

February 2024

Sofia

Sofia Angels Ventures – Announcement

We at Sofia Angels Ventures (SAV) are happy to announce the success of our event, organized by us in collaboration with the European Commission. The event focuses on EU’s Digital Markets Act and how it brings opportunities for the Bulgarian startups and ecosystem.

The event, which was held at the House of Europe in Sofia, Bulgaria, on the 20th February 2024, brought together a diverse group of entrepreneurs, industry experts, and stakeholders eager to delve into the implications of the Digital Markets Act for the startup ecosystem in Bulgaria. Attendees were treated to an insightful program featuring engaging talks, interactive panel discussions with a Q&A section, and valuable networking opportunities.

We would like to extend our gratitude to all participants, especially our esteemed guests – Mrs. Milena Stoycheva – Minister of Innovations and Growth of Bulgaria, our keynote speaker – Mr. Eoghan O’Neil, Senior Policy Officer, DMA/DSA, Platforms Directorate, European Commission, Mr. Boyko Blagoev, Head of European Commission Representation in Bulgaria a.i. and Mr. Boyan Dombalov, Partner, Head of Startups and VCs, DSP Law Office.

The response from the attendees post-event was overwhelmingly positive, with many expressing their appreciation for the relevance of the topic. The Digital Markets Act holds immense potential for startups in Bulgaria, and we at SAV were inspired to see the community come together to explore how we can leverage this opportunity for growth and innovation.

Stay tuned for updates on future events and initiatives as we continue to empower entrepreneurs and drive innovation in Bulgaria and beyond.

February 2024

Sofia