Spark will go public and may receive an investment of up to 30 million euros *

It is not yet clear which stock market the company will be listed on, but in a statement on the agreement with GEM, NARIUS Dagilis, CEO and chairman of SPARK Technologies, said it was a “major European stock exchange”.

SPARK’s listing and the company’s transformation from private to public is a project that requires the smooth but effective introduction of many new processes and internal restructuring. The goal is to complete the project before the end of 2024, provided there are many factors. which can change this time window – market trends in the EU, pandemic development, impacts on supply chains, etc., “said Stefan Spasov.

Spark currently operates in four cities – Sofia, Plovdiv, Vilnius and Bucharest. The total number of cars in all markets – Bulgaria, Lithuania and Romania, is over 1500, of which over 550 are here. Recently, 100 new VW e-Ups were ordered in the country, which were gradually added. The total users of the platform are over 250,000, of which over 100,000 are in Bulgaria. The brand works through the company “Ride Share Bulgaria”, whose revenues for 2020 are BGN 4.3 million, and weeks ago the company announced to “Capital” that in 2021 the turnover has doubled, ie. must have exceeded BGN 8 million. According to Spasov, this year the company plans to enter new markets in the EU and increase its fleet to over 2,000 electric vehicles.

GEM was established in 1991 as a global fund that manages $ 3.4 billion in assets and has so far completed more than 480 transactions. It has offices in New York, Los Angeles, Paris and the Bahamas. There are investments in companies from various sectors – from automotive component manufacturers, through IT companies and energy companies to financial intermediaries. This is not the first time that the name of GEM is associated with a company operating in Bulgaria. Last spring, it was announced that GEM Global Yield and Eurohold Bulgaria had signed a 26m-euro equity commitment agreement. At that time, the Bulgarian holding was in a period of acquiring CEZ’s assets in Bulgaria. But no deal was reached and the fund did not invest in Eurohold.

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