The Bulgarian dream come true
A small company drawn the interest of the Capital Investment Fund at the end of last year. BDB's new subsidiary needed a smashing start, and the history of M2PROM provides all the prerequisites for this. Sounds like the realized Bulgarian dream.
A dream that needs support
Miroslav Konstantinov and Mitko Dimov /M2/ are two young men and childhood friends. When one decided to study in France, the other followed him and so they found themselves in the land of skillful cuisine, inimitable design and haute couture. Mitko graduated in finance in Grenoble and specialized in building installations, while his friend turned to international trade. They worked for French companies of different profile, but there came a time when their paths crossed. Five years ago, they established their company M2PROM engaged in the design and production of luxury commercial furniture, influenced by the high French style. The two friends decided to change the common understanding that Bulgarian furniture manufacturers are low-cost and work poorly. They embraced the mission to work for the image of Bulgaria.
They locate their company in Bulgaria, but work mainly for the French market, and have contracts with international companies with branches around the world. Today, in its spacious and modern halls in Bozhurishte, M2PROM creates the furnishing of world fashion brands such as Dior and Yves Saint Laurent.
Fashion giants and Bulgaria
Miro and Mitko’s idea is to show that Bulgaria can be associated with quality furniture. They work directly with their famous clients. Today, they can boast that in the Yves Saint Laurent Museum, next to the authentic furniture of the designer, there is also furniture made by them.
They are an official subcontractor of the large French retail chain Lagardere. They have made furniture for sites at the Charles de Gaulle Airport in Paris. They currently have orders for its new terminal. They have furniture at another Paris airport, Orly, and at the Prague Airport, as well.
The watch company SWATCH is also among their clients
They have also made furniture for the four offices of the aircraft giant Airbus in Toulouse, as well as for two large French insurance companies.
They also work with other companies for which they make furniture for luxury boutiques in France, England, Spain, America. Their portfolio includes 12 DIOR boutiques - in Venice, London's HARRODS, Paris, Madrid, and the United States. Their entire commercial furniture, from the wall cladding to the smallest detail, is made by M2PROM.
M2PROM is also an official subcontractor of KFC and Pizza Hut for France.
"In Bulgaria it is easier to achieve your dreams"
"Here our competencies are at the same level as in Western Europe, but things are much easier," the two entrepreneurs reveal.
However, to spread their dreams they need more capital. Therefore, after a thorough research, they choose the Capital Investment Fund - the subsidiary of the Bulgarian Development Bank. The opportunity to work with an entirely public resource attracts them. CIF sees the potential of the company and joins it with BGN 1.65 million.
As soon as the Fund joined, the interior design and manufacture company made a serious reorganization of its business. The fresh investments helped the company move to a higher added value and focus on a digitalized transformation of production.
Today, 28 people work for M2PROM.
"We have united under one roof a team of experts to meet the high expectations of our customers. Everything is fully compliant with their requirements for quality and time," Miro and Mitko say.
With CIF’s help, they have managed to get innovative software - "expensive but valuable".
This is one of the best 3D design software in Bulgaria. For the two entrepreneurs, it has become one of the most important investments helping them reach the level of leading manufacturers in the luxury segment in Western Europe. The software helps them minimize their waste and expenses. They are also equipped with two machines connected directly to the 3D program.
The Fund’s support helps the small factory triple its production, and the state-of-the art equipment increases the productivity of employees without replacing them.
We hire, train and grow
The company does not neglect the social aspect. The care for the employees is at an enviable level, with the company providing various benefits, trainings, recreation and sports spaces in an eco-friendly environment.
Even in the worst months of the COVID-19 pandemic, no employees were dismissed, to the contrary, more were hired, among which disadvantaged people as well.
"To grow further, we invest in a good working environment and team skills," Miro and Mitko give away their formula for success.
Currently, they are planning a joint activity with the University of Forestry in Sofia.
The two entrepreneurs are preparing a presentation for the students to show them that their profession has a future and to attract young people to internship and work in their company.
Because they are convinced that this dream come true will help more Bulgarians to believe in the power of their abilities.
The investment in the luxury interior design and manufacture company M2PROM is the first deal of the Capital Investment Fund. BDB’ subsidiary started its activity in 2019 with a capital of BGN 65 million. CIF participates in the capital of SMEs to increase the competitiveness of the business, to provide capital for research and development, to increase the production capacity, to provide financing before raising capital on a regulated market and absorbing EU funds. Priority is given to SMEs in the growth phase, social enterprises and innovation.