We are glad to announce that, in the 2nd year of its existence Ondo Solutions completed a new investment round of 1 million euro. The lead investor is, again, Eleven Ventures, who were the first to spot the potential of ONDO solutions in the past year and invest in the team. The new investors who joined this round are Sofia Angels Ventures, BrightCap, MFG Invest, HR Capital and Georgi Zahariev – entrepreneur.
The stable growth of Ondo Solutions and the fast completion of a follow-up investment round are major proofs for the potential of the solutions for precise irrigation, fertigation and climate control created by the company. At present, the solutions offered by ONDO have been installed and are successfully working in the greenhouses and open fields of 15+ farmers in Bulgaria and North Macedonia, despite the challenges brought by the Covid pandemic throughout the past year. The company has successfully accomplished its planned pilot projects, developed its software platform, as well as the hardware solutions, has won 6 of the most prestigious awards in the sphere of technology and innovations in Bulgaria and is now looking forward to position itself on the Israeli market as well, following the invitation it received to join one of the most powerful agrifood innovation hubs in the world – EIT FAN in Haifa.
“After our first investment and seeing the successful integration of ONDO in a number of farms, which practically proved the efficiency of the solutions offered by the company, it was a natural follow-up step to be the lead investor for the next investment round. To us ONDO is a showcase for all positive signs we are looking at when evaluating whether or not to invest – on one end, a well-bonded and very experienced team, who is listening to advice we give, on the other end – an excellent product on a huge market, in a sector that is of particular interest to us – the so-called “Future of Food” as we name it in our team.”, shared Ivo Simov, partner in Eleven Ventures.
The biggest investor in the new Seed round of Ondo Solutions is Sofia Angels Ventures – a venture capital fund, supported by the European investment fund and business angels, family offices and other private investors and funds. Ondo Solutions is the first company in Bulgaria that Sofia Angels Ventures decided to invest in.
“The team at Sofia Angels Ventures is glad to support ONDO on the road to their expansion. The agritech segment is really promising and ONDO has demonstrated excellent technology capabilities.”, said Georgi Sidjimkov, partner in Sofia Angles Ventures.
„We want to thank all investors for their trust in the company, and also thank our team for their hard work and motivation. This new investment will allow us develop our partner network of system integrators and resellers, grow the platform, boost our sales in all countries from the Balkan region and enter other international markets, including put our foot in some of the most developed markets for precision farming and farming automation solutions – the Dutch and the French markets” shared the CEO of Ondo Solutions Ilia Iordanov.