The Bulgarian start-up FoodObox, which was the big winner in the competition for the best innovative project within the framework of the International Investment Forum, organized by the Ruse Chamber of Commerce and Industry in May, won 300 thousand euros in funding.
Half of the funds are from the Innovation Capital fund, which works through co-financing from the European Regional Development Fund before the Fund of Funds. The rest of the funds were attracted by a total of 9 business angels. In addition to external financing, nearly 100,000 euros of personal capital was also invested in the company.
FoodObox is an innovative app designed to fight food waste. Through it, you can buy high-quality food that would otherwise be thrown away, at an affordable price. The founders of FoodObox are Jane Dimitrova and Velin Kerkov. Currently, the service is available in Sofia, Plovdiv, Varna, Burgas, Ruse, Stara Zagora, Veliko Tarnovo and other smaller cities.
The funds raised will be invested in efforts to establish a leadership position in Bulgaria. This includes doubling partner sites from 400 to 1,000 within the next 9 months, growing the team, and investing in IT and marketing.
The founders have the ambition that FoodObox will become a market leader not only in Bulgaria, but also in the whole of Eastern Europe. The next market is to be Romania, starting from Bucharest.