When we first met the Imagga founders, we knew there was something great going on. No matter the small team, the imaging technology the company possessed was already on par with many international efforts.
In 2010, shortly after the conclusion of the selection process, Openfund I’s executive board offered to invest in the company. The flagship product at the time was Stockpodium, but over time it quickly became apparent that a big part of the promise was the SaaS B2B business.
A couple of years afterwards, amid growing revenues and market traction, investor interest was originated about the company. We, having made a conscious decision to focus on the Openfund II, decided to take a step back and allow the company to simplify its holding structure.
Georgi Kadrev, the CEO, said:
“Openfund served us as the first people visionary enough to believe and invest in us, two years before seed funding went ‘mainstream’ on the Balkans. They exited the company to make our life simpler, when a new investor wanted to step in. However, we still feel them as friends and perceive them as one of the most knowledgeable guys about seed-funding in the region”.
You may read Imagga’s detailed blog post here.
We remain excited about Imagga’s future and we will be very happy to watch the founders become a role model for entrepreneurs in the region. At the same time, this marks the fund’s first divestment. Up to now we had significant up rounds, but never an exit before. We believe this small realization is another indication of the fund’s promise towards the future.