The Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) has selected three fund managers for the implementation of the financial instrument (FI) “Entrepreneurship Fund” with a total budget of €100 million. Additional co-financing from private investors is expected to bring the amount to €158 million, with a priority focus outside the Southwest Region.
The instrument will create three alternative investment funds to support enterprises at different stages of their development (from newly established SMEs at the concept level to mature businesses with established models). The funds are provided under the “Competitiveness and Innovation in Enterprises” Program 2021-2027 (CIEP), co-financed by the European Union through the European Regional Development Fund.
The three funds will be established for a period of 10 years, with the possibility of extension by up to 2 years, and will make equity and quasi-equity investments. They will focus on companies operating in sectors outlined in the National Strategy for SMEs 2021-2027.
The selected fund managers are as follows:
- Position I: “Implementation of Early-Stage Entrepreneurship Fund with a public financial resource of €30 million” — Vitosha Venture Partners II
- Position II: “Implementation of Venture Capital Entrepreneurship Fund with a public financial resource €30 million” — Morningside Hill II
Position III: “Implementation of Growth Entrepreneurship Fund with a public financial resource of €40 million” — Bayena Ventures
The process of signing agreements with the selected managers and structuring the three funds will continue in accordance with legal procedures and timelines.
