Fundraising round in Bulgaria

Fundraising round in Bulgaria

Bulgarian domestic revenue operations (RevOps) and analytics growth platform Releva said that it has raised a total of $870,000 (789,388 euro) from a fundraising round which was led by Sofia-based venture capital investor New Vision Fund 3, or NV3.

The fundraising also saw the participation of local investment company HR Capital [BUL:HRC], Verto Invest of Belgium as well as several unnamed private investors, Releva said in a statement on Monday.

The size of acquired stakes and the target company's valuation were not disclosed.

Founded in 2019, Releva leans on artificial intelligence (AI) in its tools for purchase intent prediction using real-time big data. The platform can then stimulate sales by automatically sending highly-personalised multichannel messages via web, email, phone, text messaging, and social media. Releva's platform enables e-commerce companies to forecast sales potential and deal with changes in the supply chain, thus significantly boosting operations.

The fresh funds will be used to speed up Releva's operational development and support its global strategy.

"We believe that demand for marketing automation software-as-a-service (SaaS) solutions is going to significantly increase as e-commerce businesses need to respond to the increasing online channel penetration and, in turn, greater competition for e-commerce market share would require more differentiation in this field," NV3 partner Aleksandar Terziyski said in the statement. He added that the investment is aligned with NV3's strategy and enhances the fund's presence in the e-commerce and SaaS verticals.

New Vision 3 is a successor of Bulgarian venture capital funds NEVEQ I and NEVEQ II, and is backed by the Fund of Funds in Bulgaria (FMFIB), the vehicle that manages financial instruments co-financed by the European Structural and Investment Funds.

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