29 May 2025
The Bulgarian company Healthy Bars, founded in 2015 by two students and entrepreneurs – Valentin Strekalovski and Mavitan Chiftchi – not only managed to establish itself in over 35 international markets, but also secured a strategic partnership with the European Bank for Reconstruction and Development (EBRD). Selected to be part of the prestigious Blue Ribbon program, the company receives financial and expert support, including the construction of a modern production facility in Bozhurishte. With backing from the EBRD and UniCredit Bulbank, Healthy Bars is investing 40 million BGN in building a new facility in the Bozhurishte industrial zone. The site will feature state-of-the-art flexible production lines, allowing for quick recipe changes and configurations, ensuring efficient manufacturing of a wide variety of products with different formulations. The expansion will also include team growth – from around 120 employees currently to at least 160 once the new factory is operational.
How did the partnership with the EBRD come about, what were the selection criteria, are new products planned, which markets is the company targeting, how are consumer trends evolving, how many new jobs will be created, and what does the company’s future look like – these and other questions are answered by Mavitan Chiftchi, CEO, and Valentin Strekalovski, co-founder and Managing Director of Healthy Bars.
What does joining the EBRD Blue Ribbon program mean to you?
Mavitan Chiftchi: For us, it’s a great recognition and a strong push forward – it motivates us. The program opens doors to working with international experts and is a step toward our next major project: building the most modern protein bar factory in Europe. Joining the Blue Ribbon program is a clear signal that we are an innovative company with global potential.
How did this partnership come about? What qualities were key to your selection?
Valentin Strekalovski: Everything started with our participation in the Bulgarian Stock Exchange accelerator program – beamUp Lab. We were noticed by representatives of the EBRD, which led to a visit to our factory. We found many shared values. Our common goals are innovation, continuous modernization, and sustainable growth. They decided to work with us and help bring our ambitions to life faster, so we can reach more people.
What is the size of the funding you will receive from the EBRD?
V.S.: The total investment is €20 million, with the EBRD acting as co-lender alongside UniCredit Bulbank. In addition, they provide access to experts from their network and a grant for new modern equipment, helping us move toward more sustainable growth.
What is your vision for the new factory? What would make it “the most modern in Europe”?
M.Ch.: Our goal is to produce excellent products with high-quality ingredients, while also being able to switch quickly between different recipes and adjust machines rapidly. That flexibility is actually our core know-how – and what sets us apart from European competitors.
What new products do you plan to develop?
V.S.: We’re planning many products. In addition to expanding our current portfolio of bars, we are developing others that we can’t yet disclose. We recently returned from an exhibition in Barcelona. At Vitafoods, we presented a meal replacement bar. What does that mean? It replaces one full meal in your diet, providing all necessary minerals, vitamins, and fatty acids for nutrition. Of course, we recommend replacing just one meal, not all meals. Our goal is to give consumers healthier alternatives. We also introduced products with alternative sweeteners that offer a more interesting taste. Today, consumers are looking to replace traditional desserts with healthier – but still delicious – options.
How are consumer demands for protein products changing, and how do you adapt?
M.Ch.: The market is extremely dynamic. In recent years, we’ve seen growing demand for protein products – especially bars. People want tasty and enjoyable food. Our customers are no longer just professional athletes, but mostly busy people who want to eat healthier. They’re more informed, read labels, and understand what they consume. Over the past five years, protein products have increasingly become part of the broader dessert, wafer, and chocolate categories – aligned with a healthier lifestyle. We’re very happy about this trend.
What are your plans for expanding the team after the new facility is built? How large is it now?
V.S.: Currently, we have about 120 employees. With the new facility, we expect to grow to around 160. I’d like to take this moment to thank everyone in the company – we wouldn’t be where we are without them.
What types of specialists are you looking for?
V.S.: We’re looking for people in sales and finance. On the operational side – R&D specialists, process and quality improvement experts, as well as production line operators and machine workers.
Where will the new facility be located?
V.S.: In Bozhurishte.
Healthy Bars is already present in over 35 markets. Which market was the biggest challenge to enter, and why?
M.Ch.: There are many, but Japan stands out due to cultural differences. Germany was challenging because of strong competition from established European producers. Greece was interesting as well, with its own entry barriers. And in Italy, we attempted entry during the lockdown – when everyone was at home – so we didn’t manage to break through at that time. We definitely have many interesting stories.
Which markets are your priority in the coming years?
M.Ch.: Right now, we’re focused on Western Europe, where we’ve already proven ourselves as a manufacturer. We have strong products and clients, and demand is stable. In the future, we’ll turn our focus toward Asia and the Americas.
How do you see Healthy Bars developing over the next five years?
M.Ch.: We are currently in discussions with leading European brands, and we believe the new factory will not only increase capacity and competitiveness but also open the door to working with major partners.
What is your philosophy for success in such a competitive market?
M.Ch.: Competing with companies that have been on the market for 50–60 years, we realized we need to do something different and more interesting for our clients and end consumers. We focus on creating high-quality products and producing them more efficiently so we can compete successfully with European players.
