Since doubling its business in 2022 and managing to maintain the same level during the crisis in 2023, the Bulgarian software company eLando plans to expand its business abroad. The company recently received an investment of BGN 1.5 million, with part of the funding intended for significant team expansion. This was announced by Stanimir Boychev, CEO and founder of eLando, on the “UpDate” show hosted by Elena Kirilova.
Since its founding in 2016, the company has been developing with its own funds, but in 2023 a decision was made to expand the business, finding support from the New Vision 3 fund and a private investor who is a client of the company. The investment is in the amount of BGN 1.5 million against an 18% stake in the increased capital of the company, which was valued at BGN 7 million, Boychev said.
“We have planned the new funds and have already started using them to expand the business with more foreign clients, including looking at emerging markets. The other part is for increasing the staff.”
The company has offices in Sofia, Shumen, Stara Zagora, and Plovdiv, with its strategy to hire people throughout the country. The business plan includes expanding the team from the current nearly 50 to around 200 in four years.
eLando has a subsidiary in Manchester, UK, and is in talks with universities to attract developers on-site, and will also seek people familiar with banking. The company will also have open positions for junior developers.
eLando’s software solutions are currently mainly focused on the financial sector, insurance, banking, and payments, with teams in the telecommunications segment implementing solutions for AT&T and Nokia in mobile operators, Boychev said. Clients range from small startups with secured funding to large established businesses.
“About half of the clients are from Bulgaria, and the rest are international,” Boychev said.
eLando has recently partnered with a Turkish company for a banking solution suitable for emerging banks in underdeveloped markets, with the two aiming to enter the market in Guyana. The company will seek development in the UK, the Middle East, and Africa, and has recently attracted Allianz in Germany as a client.