The Bulgarian job platform nPloy has attracted a EUR 2 million investment

The Bulgarian job platform nPloy has attracted a EUR 2 million investment

Tsonev says the money will go toward growing the company — more in terms of markets than as a team. “We are not forecasting or planning a huge growth in terms of people. Maybe a few new people in the next period. The reason for this is that we have grown in advance, in anticipation of the investment, i.e. we have already hired some of the people we were thinking about after the financing. Let’s say that if we count everyone in the company, we will not be 20, but 30,” says Tsonev.

The real goal of the company is to go outside Bulgaria – first in the direction of Romania, and then to other neighboring and not so neighboring markets. This is one of the two reasons why Morningside Hill was interested in the investment.

“This industry is analog and operates as it did 50 years ago. Some people take commissions while CVs are distributed. There is no innovation or technology there, and nPloy has the opportunity to change that very model. And once they leave Bulgaria, the opportunities are huge – only Romania is a market that is four to five times bigger. The team has experience, and Bulgaria can be seen as a test market,” says Pavel Velkov, managing partner at Morningside Hill.

The same opinion is shared by Tsonev, who says that Romania is “far ahead with the material, the labor market is light years ahead of ours, with very developed platforms and services”. At the same time, the team has already done research on how to enter Romania, as well as other markets – preferably with a local partner who has a deep understanding of the specificities of the different countries. The long-term plan is for even greater geographic expansion. “Besides our closer countries and Western Europe, we are also looking at countries like Canada, where we think there is an opportunity for such a product,” concludes Tsonev.