Bulgarian LAM’ON raises half a million euros

LAM'ON

Bulgarian LAM’ON raises half a million euros

LAM'ON

© LAM'ON


Bulgarian manufacturer of biodegradable packaging film LAM'ON has received an investment of 500,000 euros, which it will use to increase its sales after more than 6 years of R&D activities. In return for a percentage of the company, the local venture capital fund Eleven Ventures, whose current capital investment is 350 thousand euros, and angel investor Grigoriy Ananiev, who is the managing director of Citibank, will enter the company.

Earlier this year, LAM'ON launched two products from its packaging line - PACK'ON Classic and PACK'ON Shrink film. PACK'ON Classic is a packaging film that offers a sustainable alternative to conventional plastic and is suitable for packaging fresh products, cosmetics and clothing.

PACK'ON Shrink is a heat-shrinkable film designed to protect products during transportation and logistics. The company's first clients are Bulgarian companies - a local craft beer producer and a Bulgarian sock brand, LAM'ON says.

The money will be invested in advertising to attract new customers from Europe in the food, beverage, clothing, home goods and electronics sectors. "We are excited to reach new markets with the support of Eleven," Angela Ivanova, co-founder and CEO of LAM'ON, says. "Consumer demand for sustainable products continues to grow and LAM'ON is on track to become a leading force in the bio-based packaging sector."

Over the years, LAM'ON has received financial support from Brussels and business angels. It participated in the green program of the European Institute of Technology EIT Climate Launchpad, and then joined the EIT Regional Innovation Scheme Accelerator, where it received its first financial injection in the form of a grant of 15 thousand euros. In early 2022, the company received 1.28 million euros after participating in another program for start-ups - EIC Accelerator, aimed at startups in the green sector.

The project also involves business angels Sasha Bezuhanova and Telerik co-founder Svetozar Georgiev, who entered LAM'ON in 2020 with a total equity investment of 150,000 euro, and later Bezuhanova invested another 75 thousand euros individually.

Made in Bulgaria

LAM'ON's packaging is produced from polylactic acid, obtained from corn, in the company's workshop in Sofia. The business model is B2B and the company sells to manufacturers and traders of goods. The price varies depending on the volume of the order, starting from 12 to 20 leva per kilogram depending on the type of foil.

"From here on, we continue to expand our portfolio. We already have several recipes developed, but they take time. Development will certainly remain part of the company in the future. Beyond that, we are already actively working on entering foreign markets through licensing, distribution, and partnerships," says Angela Ivanova.

Bulgarian manufacturer of biodegradable packaging film LAM'ON has received an investment of 500,000 euros, which it will use to increase its sales after more than 6 years of R&D activities. In return for a percentage of the company, the local venture capital fund Eleven Ventures, whose current capital investment is 350 thousand euros, and angel investor Grigoriy Ananiev, who is the managing director of Citibank, will enter the company.

Earlier this year, LAM'ON launched two products from its packaging line - PACK'ON Classic and PACK'ON Shrink film. PACK'ON Classic is a packaging film that offers a sustainable alternative to conventional plastic and is suitable for packaging fresh products, cosmetics and clothing.

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