The Seed/Acceleration and Start-up Fund (SASF) is implemented in line with the goals of Operational Programme Innovations and Competitiveness 2014-2020 (OPIC) to improve the prospects of survival of start-ups and support sustainable and knowledge-based business models.
It is envisaged to establish one or more funds as a closed-ended investment vehicle/s, with the FMFIB having the standard functions of a limited partner.
The resources to be made available by the Fund of Funds will amount to BGN 107.6 million, with additional co-financing expected to be contributed by private investors.
SASF will secure equity and quasi-equity financing to final recipients and will finance projects the benefits of which would remain in or flow to Bulgaria.
Eligible final recipients include SMEs at the establishment, raising capital or start-up stage, that are not ‘firms in difficulty’ and do not operate in the sector of agriculture (Chapter A of NACE).
The Seed/Acceleration and Start-up Fund must be established and managed by professionals in the area of equity investments (Financial Intermediaries). The Financial Intermediaries will be designated as a result of open, transparent and non-non-discriminatory selection procedures in compliance with the requirements of the applicable EU law and national legislation.
As part of preparing the call for the selection of financial intermediaries and as required by Article 44 of the Public Procurement Act, the FMFIB held market consultations with prospective financial intermediaries to test the indicative technical specifications of the instrument, with the aim to arrive at an optimal structure for the financial instrument, taking into account the current market demands, the requirements of the prospective financial intermediaries, the goals set by the operational programme making the financing available, and the policies of the FMFIB.
The market test outcomes will be summarized and disclosed in a Market Test Report, and will be reflected in the final version of the technical specifications and documentation which will be published when the call for selection of financial intermediaries is announced.