Sofia Angels Ventures – New Investment Press Release
In November 2023, we at Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, continue headstrong with our investing. We are pleased to announce our thirteenth investment – Fabrico – an innovative digital maintenance tool specialised in manufacturing – designed with technicians for technicians.
Due to the increasing demand and positive feedback from Bulgarian clients, Fabrico underwent a spin-off in 2023, establishing itself as a separate entity. The company successfully attracted strategic investment to facilitate expansion into European and US markets, securing a €680k investment round led by Vitosha Venture Partners, alongside Sofia Angels Ventures, Innovation Capital, and experienced angel investors specializing in investments, enterprise software, and manufacturing.
In manufacturing, effective maintenance is crucial for cost savings, as unexpected emergencies lead to significant downtime and subsequent losses. Fabrico stands out for its user-friendly interface and rapid adoption by technical teams, with a 96% satisfaction rate according to the latest client survey. This high satisfaction holds true regardless of the team’s level of digitalization, average age, or the dynamic nature of their workday – the more dynamic, the greater the savings.
Fabrico serves clients across diverse manufacturing industries, including industry leaders such as ABB, Ewellix, Ameta Holding, Kalinel, and others, with over 5000 daily users. International customers, like ABB, have started implementing Fabrico in various divisions, leading to a 15% reduction in emergency repairs and a 5% increase in production capacity.
The company’s primary objective for the coming year is expansion, with contracts established for sales representatives in the UK, Belgium, Norway, and Poland. Ongoing negotiations with potential partners in Europe and the US indicate strong market interest. CEO Blagovesta Pugyova expresses optimism about market trends surpassing expectations, citing successful client acquisition in Poland and a growing interest in other markets.
The founders, Andrei, Blagovesta, Veselin, Nickolay, and Teodora, along with the Fabrico team, are dedicated to creating an international market leader. They celebrate their success in providing a meaningful solution for thousands of individuals in the manufacturing sector.