SOFIA (Bulgaria), May 2 (SeeNews) – Bulgarian venture capital (VC) firm BrightCap Ventures has led a $1.5 million (1.3 million euro) pre-seed funding round for U.S.-based software as a service (SaaS) platform Tow4Tech to help it modernise its commercial fleet towing platform and expand to Romania, Tow4Tech company said.
The financial injection will support Tow4Tech in expanding its national network of heavy and medium towing providers, improving its platform capabilities and growing its engineering team in order to provide better towing and roadside assistance for trucking fleets, the company said in a press release on Wednesday.
As part of the strategic partnership with BrightCap Ventures, Tow4Tech has established a Romanian subsidiary, Tow4Technologies SRL, which will serve as the company’s European development centre and a hub for future regional expansion.
“Their team expansion into Romania further strengthens their ability to scale globally, tapping into our region’s exceptional engineering talent and setting the stage for European growth,” BrightCap Ventures managing partner Georgi Mitov said.
Tow4Tech, founded in 2024, uses real-time geolocation and intelligent dispatching to connect commercial trucking companies and fleet operators with heavy-duty tow and roadside providers. The system tracks operator performance, dispatches jobs instantly, manages them end-to-end and automates invoicing.
Founded in 2018 and headquartered in Sofia, BrightCap Ventures backs early-stage companies with proprietary technology and strong global growth potential.
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