The day in 3 news: beam grows further; Housing construction slows in Sofia; Eleven Ventures invests again in Turkey

The day in 3 news: beam grows further; Housing construction slows in Sofia; Eleven Ventures invests again in Turkey

© Надежда Чипева


New listings and bond offerings on beam

As of September 11 the number of companies listed on the Bulgarian Stock Exchange's small and medium enterprises market (beam) will reach 17. Reisswolf Bulgaria, a document archiving and destruction firm, will list its 8.4 million ordinary shares, though it has no immediate plans to raise capital, as stated by its CEO Ivaylo Yordanov. The company previously issued 1.2 million euro in bonds in 2022, maturing in 2025. Meanwhile, Sofia-based Eurolease Group successfully raised 5 million euro in bonds, with interest linked to the Euribor index, nearing 9.5%. Additionally, "Impulse Growth" recently announced modest results from its share warrant offering, raising just 90,000 levs.

Slowdown in Sofia housing construction

Housing construction in Sofia slowed in 2024 compared to previous years, despite a boom fueled by high demand and rising property prices. During the first half of 2024, the number and total area of construction permits decreased by 27% and 12.5%, respectively, compared to the same period in 2023. However, the average project grew by 7.8% in size. The majority of new permits were concentrated in districts located in the southern and southeastern parts of the capital, with Student's Town leading in numbers of permits granted. Significant projects include residential complexes in Pancharevo and Mladost.

Eleven Ventures invests in Turkish Magfi

Bulgarian venture capital fund Eleven Ventures made its second investment in a Turkish company, leading a 1.1 million euro funding round for advertising startup Magfi with 600,000 euro. Magfi operates on Telegram and Discord, analyzing public groups for advertising potential. With the new funds, Magfi aims to expand internationally, prioritizing Brazil, where half the population uses Telegram. Eleven Ventures notes Turkey's startup ecosystem is growing rapidly, attracting investors despite economic challenges. The fund is currently investing from its third fund, expected to be fully deployed by mid-2025.

New listings and bond offerings on beam

As of September 11 the number of companies listed on the Bulgarian Stock Exchange's small and medium enterprises market (beam) will reach 17. Reisswolf Bulgaria, a document archiving and destruction firm, will list its 8.4 million ordinary shares, though it has no immediate plans to raise capital, as stated by its CEO Ivaylo Yordanov. The company previously issued 1.2 million euro in bonds in 2022, maturing in 2025. Meanwhile, Sofia-based Eurolease Group successfully raised 5 million euro in bonds, with interest linked to the Euribor index, nearing 9.5%. Additionally, "Impulse Growth" recently announced modest results from its share warrant offering, raising just 90,000 levs.

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