New Bulgarian Social Network Eyes EU Market

A Bulgarian company developing online products is set for expansion at a European level.

Getlokal has decided to step into the European market with its social media which aims at sharing consumers' feedback on visited location, according to Bulgarian website Money.bg.

Through the online platforms, people will be able to rate and share their experiences of restaurants, shops, beauty parlors, sport playgrounds, etc.

The website also shows the highest-ranking places depending on the user's current geographic location. It has users in Bulgaria, Macedonia, Serbia and Romania. Its mobile application has been downloaded about 10 000 times.

Apart from Finland and Hungary, the new network is also targeting Russia and and hopes to make its way onto other "three or four markets" until mid-2014, as its CEO, Nick Saunders, was quoted as saying by Capital Daily newspaper.

A total of USD 1.5 M have been invested in the company by the SEEF II fund, and USD 1 M more will be necessarty for the forthcoming expansion.