Bulgarian Mobile App Attracts USD 2.4M Investment
The Bulgarian company Flipps Media attracted a USD 2.4M investment for the development of its mobile application Flipps, which turns the smartphone into a remote control.
This becomes clear from an announcement of the parent company of Flipps Media, Bianor Holding to the stock exchange.
The financing comes from the risk investment fund Earlybird and the Silicon Valley entrepreneur Tim Draper. So far this is the largest investment in a Bulgarian statrup company among the projects of the two investment funds – Eleven and Launchub, created under the JEREMIE initiative in 2012.
In 2012 Flipps Media received seed financing of USD 200 000 from Launchub and a group of “business angels”. Back then Flipps Media was evaluated at around USD 3M. In two years its price increased threefold and it is now evaluated at around USD 10M.
The new investment will cover the current expenses of the company.