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
