Bulgarian startup TokWise raises €3M equity investment led by Encavis

Bulgarian SaaS platform TokWise has raised a €3 million equity investment led by German renewable energy producer Encavis. Bulgarian venture capital firm Vitosha Venture Partners also participated in the deal.

  • Founded in 2018, TokWise develops a software platform providing the ability for renewable energy players to become active participants in the market, which also provides support in accurate decisions being made.
  • The platform bridges the gap between physical assets and complex electricity markets, helping to centralize renewable portfolio management.
  • Encavis investing in TokWise will open new opportunities with access to new markets and expanding their exposure in the EU. The round was also participated by Vitosha Venture Partners and advised by Georgiev & Kolev.
  • This is the second time the Bulgarian €26 million early-stage fund Vitosha Venture Partners invested in the startup. During its initial deal, the fund led the investment.

As for the startup, the deal will allow TokWise to have increased access to new markets and expand its exposure in the European Union.