Eleven Ventures invests in Greek Vivian Lab
Bulgarian venture fund Eleven Ventures made its first investment through the Alpha program, supporting Greek women's healthcare company Vivian Lab.
The Eleven Alpha program aids early-stage startups in Southeast Europe with 300,000 euro in funding for a 10% stake, along with mentorship and growth support. Vivian Lab, based in Munich and founded in 2023 by a female-led team, focuses on developing digital health solutions for women throughout different life stages, from menstruation to menopause.
Their first product, designed by doctors, addresses menopause symptoms by offering personalized treatment plans, telemedicine consultations, and community support. This investment will help Vivian Lab expand its program in Germany and develop an AI assistant for personalized healthcare.
Major tender launched for Chaira Plant
The National Electric Company (NEK) has announced a major tender worth 220 million levs (excluding VAT) for the overhaul of two units at the Chaira Pumped Storage Hydroelectric Plant (PSHPP).
The project involves replacing the generators, turbines, and key systems for units 1 and 4, which have been deemed severely worn out. This comes after a failed tender three months ago, when no candidates applied for a smaller repair project.
Chaira, the largest energy storage facility in Southeast Europe, has been out of operation for over two years, causing significant financial losses and electricity price hikes. The new contract is expected to attract more interest, with work scheduled to be completed by 2028.
Bulgarian exports continue to fall
Bulgaria's export revenue in 2023 saw a decline, mainly due to lower sales of fuel, energy, chemicals, and vegetable oil.
The total export value reached 86.9 billion levs, a 6.5% decrease compared to 2022, largely driven by falling prices in key markets like Ukraine. Despite the drop, exports remain significantly higher than in 2021, with a nominal growth of nearly 50% over the past five years. Major export contributors include copper products, electrical components, and wheat, while Germany, Romania, Italy, Turkey, and Greece remain Bulgaria's top trading partners.
The country's trade deficit narrowed to 10.2 billion levs, down from 15 billion levs in 2022, primarily due to a larger drop in imports.
Eleven Ventures invests in Greek Vivian Lab
Bulgarian venture fund Eleven Ventures made its first investment through the Alpha program, supporting Greek women's healthcare company Vivian Lab.
