SOFIA (Bulgaria), January 19 (SeeNews) – Bulgarian venture capital fund Morningside Hill has invested approximately 1 million euros ($1.13 million) in local Fidelitas Lab, the operator of an independent laboratory for grains and oilseeds, Sofia-based media reported on Wednesday.
The investment will allow the company to expand the scope and capabilities of the laboratory through the purchase of high-tech software and equipment for liquid and gas chromatography, Capital.bg said quoting Biser Diveri, Managing Director by FIdelitas Lab.
Part of the funds will go towards renting more lab space and trained staff, Diveri added.
By the end of 2022, Fidelitas Lab will be able to offer a complete set of laboratory services that will include food quality and safety indicators.
Fidelitas Lab’s main client is its parent company, the Varna-based Fidelitas Group. The expansion, however, should pave the way for external customers.
Due to the limited number of such laboratories in the region, the company expects to expand its customer portfolio in Romania, Moldova, Ukraine and other countries, thereby significantly increasing its turnover, a declared Diveri.
Fidelitas Lab was established in the coastal city of Varna in 2014 and is part of the Fidelitas Group which is active in the field of logistics, shipping, control and certification of goods and insurance assessments.
The Morningside Hill VC fund, launched in 2019, has 38.5 million euros under management to invest in shares or equivalent minority stakes in 25 to 30 companies. It includes public funding of €33.3 million provided by the Fund of Funds in Bulgaria under the EU Innovation and Competitiveness Operational Program co-financed by the European Structural and Investment Funds for the programming period 2014-2020, according to information published on its website. .
($ = 0.8812 euro)