Bulgarian food company Snack Art has completed a capital increase through which venture capital fund Innovation Capital acquired a stake in the company for 78,040 levs ($48,820/39,880 euro), commercial register data shows.
Innovation Capital Fund has acquired 16,279 newly-issued shares in Snack Art, with a nominal value of 1 lev each, documents entered into the commercial register on December 30 show.
The 16,279 newly-issued shares are equal to 14% interest in Snack Art following the capital increase.
Snack Art booked a net loss of 44,000 levs on revenue of 730,000 levs in 2019. The company offers various sweet and savory snacks under the Scala brand.
Innovation Capital Fund is a 15.6 million euro venture capital fund providing equity and quasi-equity funding to Bulgarian startup companies. Innovation Capital Fund is co-financed by the European Structural and Investment Funds under Operational Programme for Innovation and Competitiveness 2014-2020.