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Bucharest
July 3, 2022
BUSINESS

Blugento attracted a first investment of EUR 120,000 after only one year of activity

  • The strategic investment will allow speeding up the Blugento development at national level, as well as the expansion on other two European markets
  • The capital infusion has been made by three Romanian entrepreneurs by taking over a minority package of shares

 

Blugento, a company from Cluj specialized in providing ecommerce solutions based on the Magento platform, has attracted a strategic investment amounting EUR 120,000 from three Romanian entrepreneurs.

The investment is performed in the context of an increasingly evolving local e-commerce market, with an annual growth rate of 25%-30%, estimated to exceed EUR 2 billion this year.

The investment, which involved selling a minority package of Blugento shares, aims to contribute to the expansion to two new international (European) markets and to the complete automatization of the Blugento solution, which will allow to reduce the time for implementing online stores and to increase the number of delivered projects. The capital infusion also represents a first round of investments, the next one being scheduled for the next year.

Blugento is an ultra-high-performance e-commerce solution, built on the Magento platform, the most popular electronic commerce platform in the whole world, and is provided to the customers in the SaaS (Software as a Service) format. Blugento provides all the needed functionalities for a successful online store, against on a monthly subscription, being integrated with more than 100 solutions of payment, courier, marketing and other services which provide competitive advantages to the online stores.

“The investment confirms the potential of the Blugento solution and of the Romanian ecommerce market, which is still much less developed than in other countries, such as Hungary or Slovakia, and twice below the European average. This investment will allow us to have an accelerated development, and soon, to approach other two European markets” stated Sandu Babasan, Blugento CEO.

By the end of the year, Blugento will double its team, reaching the number of 30 employees, and aiming to become the leader on the Romanian ecommerce market in 12 months, with an annual recurrent income of more than EUR 1 million.

“I chose to invest in Blugento, first of all, due to the team behind this project, as well as due to the large number of online stores they have delivered in a few months since they were launched. The fact that the managerial team made another recent exit from another start-up software, makes me be confident in the Blugento perspectives, being also sure about the growth of the Romanian ecommerce market” stated Florin Pop, Owner & Managing Partner at Primainvest Capital Management, a Blugento investor.

The investment was performed through the SpritPoint program, following a first round of events called “investors Dinner” held in Cluj and Bucharest, and completed in only 8 weeks of negotiations.

The transaction was assisted, for Blugento, by the Laurentiu, Laurentiu & Associates – Attorneys at law (LLA) Law Office, by the direct involvement of Alin Mihai Laurentiu, LLA Managing Partner. Also, Blugento benefitted from professional consultancy in business development from the SprintPoint international acceleration program and from the RICAP program (The Romanian Innovation Commercialization Assistance Program), which helps Romanian entrepreneurs in the technology field to expand their businesses on the international markets.

 

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