Sofia-based digital ID and qualified trust service provider Evrotrust has secured a €3.3 million in fresh funding led by Silverline Capital, a Bulgarian private equity fund. The investment will help to expand the company’s operations into new European markets.
- Evrotrust was founded by George Dimitrov and Konstantin Bezuhanov, starting its operations in 2018 with focus on providing solutions that help businesses and government institutions digitize their services. The identity-as-a-service platform enables organizations to remotely identify, onboard, and provide services to their customers.
- According to Evrotrust, its services are utilized by over 1.3 million users from 58 countries, and 150 enterprises in 11 countries. The platform is integrated with government institutions, international banking groups, and non-bank financial institutions such as insurance companies, pension companies, and telecoms.
- The fresh €3.3 million investment was led by Silverline Capital, a Sofia-based private equity fund that provides mezzanine and equity financing solutions to outstanding mid-market businesses in Bulgaria. The other names of investors are yet to be disclosed.
- Before the current investment, in February 2023, Evrotrust raised €2.5 million from the Bulgarian Development Bank Group and Capital Investment Fund.
Thanks to the fresh capital, Evrotrust will increase its team, including hiring executive members across Europe to support its plan for market expansion and further platform development.
