NV3 announced its investment in CloudCart
Updated: Jun 3, 2020
NV3 will invest a total of EUR 500k, out of which EUR 440k are public funds from the Fund of Funds, and a further EUR 200k which were contributed by private investors.
New Vision 3 (NV3), a venture capital fund with an interest in early-stage tech companies, announced its fourth investment for the year with the latest recipient being CloudCart – a company developing an innovative platform for e-commerce. CloudCart enables merchants to quickly and easily create their own online stores and provides them with a lot of additional functionality and integrations within the ever-growing ecosystem of the platform. CloudCart is focused on the large number of small and medium merchants who want to sell online and expand their business.
NV3 is the leading investor in the round and provides an investment amounting to EUR 500k from a total of EUR 640k – out of which EUR 440k are public funds provided by the Fund of Funds. As result of its investment, NV3 has taken a minority stake in CloudCart. The Fund can increase its stake in the company by up to EUR 1m within one year. One of the managing partners of the Fund, Konstantin Petrov, shared that the business and vision of the company are in perfectly alignment with NV3’s other investments and the strategic goals of the Fund. “We are happy for the opportunity to invest in a motivated team and a company whose development we’ve been following for a few years. The company is positioned within a growing segment of the market, has a proven business model, and has developed a partnership ecosystem – all of which are factors we believe are crucial for a successful international expansion.” – added Konstantin Petrov.
“We will use the initial investment in the most strategic way possible – namely, to open up new markets and opportunities for CloudCart in Europe by affirming our position as the best-in-class e-commerce platform in Bulgaria and the region” added Nikolai Iliev, the managing director and founder of the company.
CloudCart was founded and registered as a trademark in the middle of 2016 by Nikolai Iliev and Petar Iliev. The company has offices in both Bulgaria (Sofia) and the US (California). CloudCart is an innovative platform for e-commerce with marketing instruments aimed at increasing sales. The platform’s main focus is to support small and medium merchants in selling online and expanding their business. CloudCart provides merchants with numerous solutions and applications, all of which aim to simplify online sales: innovative check-out process, digital assistant, eCommerce chatbot, complete discount and cross- / up-selling engine, and many others.
New Vision 3 Fund
New Vision 3 is a venture capital fund investing in start-up companies and successor of NEVEQ I and NEVEQ II, veterans within the venture capital industry in Bulgaria and the region. NV3 operates from Sofia, Bulgaria, and invests in fast-growing tech companies, which aspire for the leading position in their domains on the local and/or global markets. The leading co-investor in the fund is Fund of Funds in Bulgaria with a commitment of EUR 19.1 million provided by the operational program Innovation and Competitiveness 2014 – 2020, co-financed by the European Structural and Investment Funds.
Fund of Funds
The main activity of the Fund of Funds involves structuring and managing financial instruments, co-financed by the European Structural and Investment Funds, during the 2014-2020 program period. The company manages public resources exceeding EUR 660 million and offers a wide range of products for the financial sector of the Bulgarian market, including guarantees, private equity funds and a number of others.