Bulgarian fintech start-up ADDIT.TECH closed successfully the first funding round raising BGN 1.1M to fuel further its expansion and development plans.
The first and only fintech platform in Bulgaria built around the device-as-a-service (DaaS) business model raised BGN 1.1M in seed capital from Bulgarian venture capital fund Sofia Angel Ventures. Other business angels and co-investors also joined the round. The investment is one of the first landmark deals for SAV, the newest investment fund in the Bulgarian start-up ecosystem.
Sofia Angels Ventures is a EUR 13 million venture fund for angel & private co-investments backed up by the European Investment Fund.
ADDIT.TECH’s innovative web platform is inspired by the idea of circular economy and sustainable development. The company’s founders and management believe that consumers and companies use electronic devices in a fashion that leads to both non-efficient allocation of resources and funds, overconsumption as well as environmental pollution. Modern lifestyle and trends have also shifted people’s spending preferences and habits from buying and owning material products towards life-enriching experiences. With an introduction of highly competitive and flexible rent services and fully digital customer experience the company aims to change fundamentally the way people and businesses access, use and value electronics.
After successfully introducing the device subscription model to the Bulgarian market ADDIT.TECH is looking now to expand in neighbouring countries. The investment rationale behind the current fundraising round is additionally motivated by the development plans of the company to launch two new complementary business lines: a marketplace for second hand and refurbished electronics and innovative financial services aimed specifically at retailers and retail customers. The company expects to start offering the novel services at the beginning of the second quarter of 2022.
With secured funding and significant growth in both new and returning customers in 2021, the founders believe that ADDIT.TECH has already successfully validated the demand for modern rent solutions in the electronics market in Bulgaria and the company is now fully committed to becoming the most seamless, flexible and sustainable DaaS platform in the region.
Addit.tech has been part of the Sofia Tech Park Incubator since the spring of 2020. They enriched the activities in the community with various initiatives, among which was the Game day for all companies among the ecosystem. The start-up has successfully developed in the Incubator of the Science and Technology Park some of its innovative projects and initiatives for sustainable environment like separation and collection of out-of-date electronics.