Sofia-based Bianor has raised €6.8 million to accelerate its development through mergers and acquisitions in the region and support its organic growth. The round was backed by BlackPeak Capital.
- Co-founded in 1998 by Kosta Jordanov, Bianor is a software development holding specializing in custom software solutions, quality assurance services, and IT consultancy. Its clients range from startups and small businesses to medium-sized tech, media, and telecom companies across Europe and North America.
- The Bianor accomplishments, the company’s CEO Ivan Dimitrov says, include setting up the core engineering teams for two of the top IT businesses in the world in Bulgaria. The first was the Comptel Communications team, which is presently a part of Nokia. The second is the TechniData Labs Bulgaria location, which is currently an SAP subsidiary.
- The funding round was backed by BlackPeak Capital, a Bulgarian private equity firm that invests in Southeast European startups, from its BlackPeak Southeast Europe Growth Equity Fund. Currently, the firm leads two funds with total assets of €150 million.
“We are very pleased to have the opportunity to support Kosta and the entire Bianor team in their ambitious expansion plans. Bianor is a company with a proven track record of growth through acquisitions, and we believe that recent trends in the IT industry will give advantages to larger companies that have the resources to compete on a global level based on higher added value,” Managing Partner at BlackPeak Capital, Rosen Ivanov, commented.
- The fresh investment from BlackPeak Capital marks Bianor's second successful capital raise in under a year. Previously, the company issued shares worth €10 million, attracting 199 investors. As of now, Bianor holding’s capitalization exceeds €25 million, making it one of the largest IT companies listed on the Bulgarian Stock Exchange.
- This investment will support Bianor’s development strategy, which includes a plan to expand its operations and customer base in the US, Germany, Switzerland, the Nordic, and the MENA regions, while also improving the company’s service and capability offerings.
