Funds will be used to cover expenses incurred by the company’s ongoing commercial contracts and also general expenses.
“Financing will help us support the growth of our business activity, during a period in which we have limited liquidity. In parallel with our development on the local market, by extending the number of clients and the portfolio of products, we are also focusing on external markets,” stated Bogdan Ciungradi, general manager of Noriel Impex SRL.
Ciungradi also said that Noriel had already concluded partnerships with a series of distributors in Greece, Serbia and Croatia to sell its own products and to develop products in private label system. Noriel is currently in talks to start a collaboration with partners in Italy and Mexico.
Noriel was established in 1995 by the Constantinescu family as an importer and distributor of toys and games. In 2016, Noriel was acquired by Polish investment fund Enterprise Investors, which had held several businesses on the Romanian market, but it kept only Noriel in its portfolio.
Bucharest, with 17 stores, is the company’s leading market. Noriel store format covers on average 300 to 400 square meters.