Bulgaria’s HR Capital invests in e-commerce platform eBag.bg

SOFIA (Bulgaria), April 7 (SeeNews) – Bulgarian investment company HR Capital [BUL:HRC] said it had invested 250,000 euros ($273,100) in local online grocery store eBag.bg by subscribing for 730 common shares from the capital increase of the online store’s operator – local company Convenience.

The entire investment round is valued at EUR 1 million, with Czech online grocery retailer Rohlik.cz as the lead investor, HR Capital said in an IPO filing.

HR Capital’s funds used to subscribe to the new shares came from an investment campaign under a cash loan agreement with the local Citadel. The one-year loan is 800,000 lev and has an annual interest rate of 4%. The company announced that it was intended for the acquisition of new investments from HR Capital.

eBag’s sales reached 36.5 million leva ($20.4 million) last year, up 50% from 2020, according to the stock exchange record.

In 2022, HR Capital will strictly adhere to its publicly announced investment policy – investing in innovative technology companies as well as increasing interest in the most successful investments to date, according to the company.

Last month, HR Capital made investments in US-based artificial intelligence (AI) company OhmniLabs, digital industry news agency The Recursive and domestic growth platform Releva for revenue operations and analytics.

After a successful IPO in December, HR Capital debuted on the Bulgarian Stock Exchange’s BEAM SME growth market in January.

($ = 0.9155 euros)

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