In the new cohort of Endeavor’s Dare2Scale growth program, 10 companies will be included. Now in its sixth consecutive year, the program is primarily supported by Postbank and backed by the Executive Agency for the Promotion of Small and Medium Enterprises (EASME), the European Bank for Reconstruction and Development (EBRD), the America for Bulgaria Foundation, and capital partner SeedBlink. Media partners for Dare2Scale 2024 include Forbes Bulgaria, Bloomberg TV Bulgaria, and Digitalk.
The selected companies underwent a two-stage process, involving interviews with mentors, the Endeavor board, and managers from Postbank, EBRD, and SeedBlink. The interviews focused on their growth strategies, business models, and leadership potential. The chosen companies are represented by 17 founders. The quota for a socially beneficial organization or NGO was filled by Teenovator, which actively supports youth entrepreneurship in the country.
This year’s cohort features a diverse range of industries, including healthcare technology, real estate technology, logistics, financial technology, health and beauty, and more. A significant number of participants indicated that raising capital is one of their main goals for the next 6-12 months. The three most common priorities among the cohort are capital raising, organizational management, and entering foreign markets, with the Western Balkans being the most frequently targeted region. These topics, along with other critical aspects of scaling businesses, will be addressed in the program’s specialized training sessions.
The Dare2Scale growth program will start in September and conclude in December with Demo Day. Each company will have access to Endeavor’s local mentor network, which will support the founders with entrepreneurial expertise. Additionally, for the third year, senior partners and directors from PwC Bulgaria will work individually with all participants, conducting regular mentoring sessions to help entrepreneurs overcome key challenges and seize business opportunities. Participants will also have the chance to join networking events to meet and exchange experiences with key figures in the entrepreneurial ecosystem.
Momchil Vassilev, Executive Director of Endeavor Bulgaria, stated:
“Dare2Scale has established itself as a robust program for successful entrepreneurs who, with our support, continue to develop as part of our other programs, accessing resources from our regional and global network. Over the past six years, we have built a large and active community of over 100 entrepreneurs who have gone through Dare2Scale. We will continue to support them through our new Alumni+ program. In the coming months, we will expand this inspiring community by launching Dare2Scale in the Western Balkans, starting with North Macedonia, Kosovo, and Albania. Later in 2024, we plan to expand into other countries in the region as part of our efforts to build a strong and unified infrastructure for supporting entrepreneurship. We believe that collaboration and knowledge sharing are key to sustainable growth and transforming regional economies.”
Petia Dimitrova, Chief Executive Officer and Chairperson of the Management Board of Postbank:
“The selection of companies is one of the most exciting stages of the program because it’s the moment when we truly appreciate the remarkable potential of the young entrepreneurs we will be collaborating with. We welcome all participants eager to elevate their skills and encourage them to be active and assertive in all aspects of the training process. Our entrepreneurial ecosystem needs the enthusiasm and fresh energy of these ambitious individuals to drive growth. As a committed mentor and partner, we are eager to invest our expertise in their future strategies, helping them to conquer new heights. We believe that the innovative approach of the Dare2Scale growth program will add significant value to their business ideas and be a key part of their success journey.”
A Brief Introduction to the Selected Companies in Dare2Scale 2024:
Blueberry: Provides leading solutions in cybersecurity and machine learning, including AI for IoT systems and comprehensive software development. They offer complete system architecture integration and installation, along with cybersecurity consulting, certification implementation, and support. Their R&D capacity supports “white label” projects, aiding local startups in achieving their goals.
Concrene: Licenses its intellectual property to partners who apply graphene in concrete products and construction projects, collaborating with global graphene manufacturers. Partners purchase graphene directly from the producers and pay Concrene a licensing fee for each cubic meter of graphene-enhanced concrete used.
Coshera: Automates order creation by using predefined minimum quantities for each item, placing orders automatically when critical stock levels are reached. Customers can choose between automatic ordering, order suggestions, or notifications, and enjoy secure overnight deliveries via Coshera’s electric fleet.
Epix AI: Combines epigenetics and AI; their platform measures biological age and the risk of age-related diseases using data from wearable devices and geolocation to assess daily aging rates. The company’s mission is to democratize preventive care, enabling everyone to live longer and healthier lives.
finbryte: Specializes in creating robust solutions for the mortgage industry, particularly their flagship product, a comprehensive “white-label” solution. Designed to streamline the lending process, it serves both loan officers and borrowers, providing valuable analytics and digital marketing support. finbryte aims to enhance the mortgage business with efficient digital tools, simplifying processes, and reducing costs.
Several Clouds: Focuses on modernizing legacy systems and migrating them to the cloud, supported by certified AWS and Microsoft architects. Their services include cloud adoption, training, building secure environments, and implementing DevOps and DevSecOps practices. Several Clouds helps businesses adopt these practices for global deployment, increased agility, and secure environments.
Shoot the Pimple: A product for treating acne. The company’s mission is to help millions suffering from acne achieve clear skin and boost their confidence. The product conceals and eliminates pimples within 1-3 days using a blend of zinc oxide, niacinamide, kaolin, peppermint oil, and Sepicontrol A5.
Teenovator: An 8-month program for 10th and 11th-grade students, focusing on developing soft skills and guiding them through the process of creating their first startup. The program leverages the power of mentorship by pairing two mentors with each team of 10 students, following a specially designed curriculum validated by the American University in Bulgaria (AUBG). Approximately 300 startup projects are presented by the students to a panel of investors.
VEDA: An accounting service dedicated to supporting tech founders from the initial idea to MVP and achieving unicorn status. Besides traditional accounting and payroll services in both Bulgaria and the UK, VEDA offers expert legal, CFO, and HR support. In recent years, VEDA has also taken on the role of an investor.
Vola Software: An innovative web and mobile software agency specializing in delivering comprehensive software solutions to meet the technological needs of clients worldwide. The company focuses on innovative services like continuous engineering and artificial intelligence, constantly developing state-of-the-art solutions. Based in Vratsa, Vola also has a social mission – to help young professionals find employment in the IT sector in the region.