Maclear Project V C Capital
- Written by
- Just P2P
- •
- Updated June 15, 2025
Score B+
V C CAPITAL Ltd. is a Bulgarian company founded in March 2019, specializing in oyster mushroom cultivation under controlled conditions. Since 2021, they have focused exclusively on mushroom production for retail and foodservice markets. The company operates four 40m² cultivation facilities and employs advanced climate-control technology.
The project aims to secure €650,000 in financing to expand production capacity through construction of cultivation rooms, pasteurization chambers, and a processing/storage facility. This will increase monthly production from 15,800 kg to 55,300 kg to meet growing demand from major retail clients.
Investment terms
Loan requested : €650,000
Period : 14 months
Interest rate : 15.7%
Loan requested : Facilities + €200K (liquid assets)
The €650,000 loan request falls within the mid-range of platform projects. The 14-month duration aligns with the most common loan period seen in recent projects, while the 14.7% interest rate is slightly below the platform average of 14.8-15.1%. The company’s contribution of €200,000 in liquid assets demonstrates significant skin in the game, strengthening the investment case.
Risk metrics
Debt/Equity Ratio : 3.25 (High risk)
LTV (Loan to Value) : 57% (Low risk)
Credit History Score : 9/10 (Very good)
The risk metrics present a mixed profile. While the high D/E ratio of 3.25 exceeds the high-risk threshold of 2.0, this is partially mitigated by the strong LTV ratio of 57% (below the 60% low-risk threshold) and excellent credit history score of 9/10. The robust collateral coverage provides important protection against the elevated leverage.
Business profile
Geographic Location : Bulgaria (EU member states)
Industry Sector : Agriculture (Mushroom cultivation)
Collateral Type : Equipment/Company assets
The business benefits from Bulgaria’s EU membership, providing access to the broader European market where mushroom demand is growing. The company’s focus on controlled indoor cultivation reduces weather-related risks, while established relationships with major retailers (Kaufland, Lidl, Fantastico) demonstrate market acceptance. The specialized nature of the collateral may impact recovery values, though the low LTV provides a buffer.
Positive / Risk factors
Positive factors
- Strong revenue growth (2022: €233K → 2024: €715K)
- Expanding relationships with major retail chains
- High gross margins (70-76%) = operational efficiency
- Controlled cultivation environment (low agricultural risk)
- Low LTV ratio providing strong collateral coverage
- Excellent credit history score
- Significant company contribution (€200K)
Risk factors
- High D/E ratio indicating significant leverage
- Relatively young company (founded 2019)
- Specialized collateral (limited liquidation value)
- Concentration risk with three main customers
- Execution risk related to capacity expansion
Score B+
The B+ rating is justified by the company’s strong operational metrics, established relationships with major retailers, and robust growth trajectory, which help mitigate the high leverage risk. While the elevated D/E ratio is a concern, the low LTV ratio of 57%, excellent credit score of 9/10, and €200K in liquid assets provide significant risk mitigation.
The combination of controlled cultivation methods, high margins, and expanding contracts with leading retailers suggests a solid investment opportunity, albeit one requiring careful monitoring during the expansion phase.
