Bulgarian VC Backs Travel Startup

New Europe Venture Equity, Bulgaria’s first VC firm, has its first portfolio company: Lessno.com, a new discount travel site. The startup raised €3 million in Series A funding, which it will use for product development, staffing and marketing.

flag[1].gifLessno.com was founded in New York City last year, and has since grown to 35 employees and opened satellite offices in both Philadelphia and Sofia, Bulgaria.

“We are interested in start-ups that have a pipeline of globally marketable IT products and solutions,” says Pavel Exekiev, managing partner of New Europe Venture Equity. “More than that, Lessno.com also has one of the best management teams we’ve seen, and we’re confident they’ll deliver us a significant return.”

New Europe Venture Equity raised €22.5 for its inaugural fund, and intends to make up to 10 investments into Bulgarian and Romanian information technology and internet companies.

“This investment is a great sign of support from New Europe Venture Equity for our plan to grow Lessno.com and build upon the progress we’ve made so far,” said Assen Vassilev, co-founder of Lessno.com.