15.07.2022 BDB’s Capital Investments Fund will finance the production of e-bikes
The Capital Investment Fund (CIF) of the BDB Group will invest EUR 2.5 million in the development of the company Econic One - a leader in the production of smart e-bikes in Bulgaria.
The contract for granting the financing was signed by the Executive Director of the Bulgarian Development Bank - Tsanko Arabadzhiev, the Executive Director of the CIF - Stefan Tamnev, and the founder of Econic One - Galin Bonev.
"BDB’s strategic priority is to support small and medium-sized companies experiencing difficulties in their growth and development. It is a huge challenge for us to help this young company, which is growing fast and steadily, realize its dreams", Tsanko Arabadzhiev said.
According to the latest data, Bulgaria is among the five largest producers of bikes in Europe. Econic One is a new leading player in the design, manufacture and market development of high quality e-bikes with smart technology that it creates and supports.
"We dream of green and clean cities full of bike lanes. Our plans are to grow every year and continue to inspire people to move cleaner and smarter," Galin Bonev, Executive Director of Econic One, commented.
With the financial and expert support of the Capital Investments Fund, the company will continue to invest in research and development of technology to meet the needs of today’s cycling enthusiasts. Efforts will also be focused on improvements to the base and growth of the IT and product departments. 70 people from Bulgaria, Germany and the USA already work in the company’s team.
"We will support Econic One’s ambitions to be at the forefront of the micromobility sector and expand its influence in Germany, Austria, Switzerland and the USA," Stefan Tamnev, CIF’s Executive Director, said.
This is the fifth transaction of the Fund, which was established in 2018 and provides equity capital for the growth of small and medium-sized companies in the country.
The subsidiary participates in the capital of the companies "Kolev & Kolev", "Decibel", M2 PROM and IPS ("International Power Supply").