Bulgarian Swipe.bg secures €1.4M to accelerate its expansion

Swipe.bg, a Bulgarian company which refurbishes and sells used smartphones, has announced that it secured a €1.4 million investment in December 2023. The investment was supported by Vitosha Venture Partners and New Vision 3.

• Swipe.bg was founded in October 2021 by Mihail Dimitrov, Ognyan Popov, and Nikola Pavlov. The startup offers the first Bulgarian platform that buys, restores, and sells used phones. Currently, about 1,000 phones go through Swipe.bg each month.
• According to Swipe.bg, about 75% of smartphones are sold within a month. The company also reported just under €2.5 million in revenue for 2023, a nearly fivefold increase compared to a year earlier.

The goal here is to have the status of an international company and then start growing demand. Due to the expected large wave of inventory from our partners, we want to have the tools and channels ready to sell the inventory outside of Bulgaria as well,

Mihail Dimitrov, the co-founder and CEO of Swipe.bg, commented.

• In November 2022, the startup raised €510,000 in a seed round to expand its operations. The round was also co-led by the current investors Vitosha Venture Partners and New Vision 3.

• For both Vitosha Venture Partners and NV3, this is one of their last deals as their mandate from the Bulgarian Fund of Funds has ended at the end of 2023. Sofia Angels Ventures, SeedBlink, and several angel investors played a pivotal role in contributing to the fundraising for a portion of the round.
• After the round, Swipe.bg plans to further expand in the Bulgarian market, as well as go abroad, initially targeting Greece and Romania, and also other Eastern European countries.