German automotive software supplier Sulzer will invest €1.5m in opening a development centre in Sofia, the Economy Ministry announced. This is an initial investment, the company says, and its long-term plans are to open a total of new 100 jobs. The company will form a team of highly qualified IT specialists.
Sofia has been chosen for the new investment in line with the company’s near-shoring strategy, which will allow it to shorten supply chains. The German company was founded in 1978 and delivers to automotive leaders such as BMW, Audi, Daimler, Porsche, Rolls Royce, SEAT, Volkswagen, and Skoda, as well as to clients in the engineering and insurance sectors.
A Sofia-based company is the big winner in the national round of the StartUP World Cup competition. This is Releva.ai and its AI platform that helps online marketers increase their revenue by identifying consumer preferences and behaviours. The company will represent Bulgaria at the Finals in Silicon Valley with the chance to win a prize of $1 million.
With an investment of BGN 25 million, the Bulgarian manufacturer of security and fire alarm equipment Teletek Electronics JSC opened a new production and administrative base in Sofia. In the construction of the building, the company has used innovative technologies and modern equipment. All activities in the new site will be managed and carried out by a fully automated system – the company’s own development.
The new building is located on 11 thousand square meters, which include a production area with five production lines, as well as warehouses. Teletek Electronics JSC exports to nearly 90 countries and currently over a million buildings worldwide are equipped with Teletek’s locally developed technology – public, residential and office buildings, as well as specialized buildings such as hospitals, logistics centers, government buildings, etc.
Seven out of ten are the Sofia-based companies featured in the TOP 10 Fintech Startups in Bulgaria ranking made by one of the largest global platforms for startups with over 4.6 million members – F6S. The companies that have caught the attention of the network are the air travel management company Colibra, the crypto and blockchain enterprise TraDEXsocial, the data management platform A4Everyone, the digital marketing product VertoDigital, the payments service Enbank, the platform for connecting buyers and suppliers of raw materials EOTRACE LTD. and the peer-to-peer lending platform Cashlend bg.
The list of companies is complemented by three that are based in Varna – a city that is emerging as the second center of fintech developments after Sofia. Find out more here.