On the 11th of March, we had the pleasure to host an elevator pitching event of a few young, yet promising Bulgarian startups. Due to the current situation, this time instead of canceling the event, we did it online!
The event, part of the monthly series Pitch2Pitch, includes a 1-minute pitch followed by an up to 5 minutes Q&A In front of 6 judges: 1.Victor Schiller (President at V. H. Schiller & Associates) 2. Jordan Atanasov (Co-founder of SofiaStartup) 3. Georgi Ivanov (Founder of NobleHire) 4. Iskren Mitev (Founder of Escreo) 5. Trifon Mihaylov and Emil Shekerdzhiiski (Networking Premium)
On this session the startups pitching were: 1. 4Good Co. - It is a platform that aims to offer a solution that allows restaurants, supermarkets, catering companies, bakeries, and other food production and processing businesses to optimize the sales of products that have close to the expiry date. Currently, they are aiming at a transaction fee business model. The team has graduated from Founders Institute two months ago and since then they have developed an app currently in Alfa-beta testing. They are seeking 80-100k USD (seed) investment, nevertheless, they mentioned that the round will be postponed for after the release of the app and/or signing with a big customer for a bigger evaluation of the company. As of now, they are self-funded. 2. FigsIt - A biotech, super innovative, and purely Bulgarian idea. The creation of fig sap infused adhesive bandages (plasters) that cure non-cancerous skin growths - lesions, tags, warts, as an alternative to the many non-effective, extremely painful current treatments. At this moment, they have pre-prototype. They are looking for opportunities to test it. They are trying to separate problematic enzyme from their formulae to make the product have positive-only effect. They will need 400 000EUR and about a year of clinical testing before anything can be launched. 3. Meteo.Rocks - The climate is changing and is becoming more erratic. Meteo.Rocks is creating a network of automated weather stations in Bulgaria. The team designs and manufactures professional weather stations in-house. Their goal is to use the data from the network to create precise weather forecast. A legitimate forecast has very high value for many businesses and activities. Their business model will be most likely data-driven. Currently, they have built 60 stations around the world that include two in Antarctica which have proven to survive extreme weather conditions for a long period. Each device costs them around 1000USD - including the installation, so they are looking to sell it for about 4 times this price. So far, they have won a competition, which brought them 20 000EUR, that helped them create those stations and helped them with the development in the last two years. They are looking for a funding of 100 000EUR to build and install 150 stations that will cover the Bulgarian area. 4.Mycelin - The project's goal is to replace the current harmful methods of production for leather and other composite materials by introducing a biomaterial made to be durable, stronger and cheaper. This biomaterial is a mix of fungi and bacterial tissue which we call Mycelin. The natural properties of the tissue, as well as the growth rates give good indications that Mycelin can be made of higher quality while in less time, less space and for a lower price. Additionally, the impact on the environment will be considerably less in comparison with standard production methods. The team consists of 2 bio-tech students. They are in RND stage and have developed a prototype that as of now doesn't have the color and form they are striving to achieve. They are lacking mentorship rather than funding. 5.Airate - They invented a nanofiber membrane that you can put on the windows so it cleans the airflow. The membrane stops 95% of the heavy particles above 0.3 microns. They are developing a nano-tech enhanced net. That is basically a metal net that is coated with a nanometric anisotropic layer of fibers that can filter particles bigger than 300nm which basically means that every pollution particle and bacteria and also different viruses will be filtered by this net. The original intention is to be able to ventilate places with air and not to suffer from burned fossils and other pollution particles - mainly existent in cities. Their main goal is to create public awareness and are looking for collaborations with institutions, hospitals, kindergartens and other public buildings. The current price of the net is 35EU/sq.m. TA small VC has invested in them and as of now, they are not looking for investment.
The winner of the event was Meteo.Rocks. They will receive a credit prize of 5,000 BGN to use at Networking Premium Coworking along with the guidance and review of Emil Shekerdjiiski and Trifon Mihaylov.