Technology Transfer Fund

The Technology Transfer Fund (TTF) is implemented in line with the goals of Operational Programme Innovation and Competitiveness 2014-2020 (OPIC), co-financed by the European Structural and Investment Funds to bridge the gap between science and business, commercialisation and internationalisation, R&D, promotion of innovation.

It is planned to set up one or more funds in the form of a closed-ended investment fund, with the Fund of Funds acting in the standard role of a limited partner.

The resources made available by the Fund of Funds amount to BGN 58.7 million, and additional co-financing is expected to be raised from private investors.

The TTF will provide equity and quasi-equity financing to final recipients and will finance projects the benefits of which would remain in or flow to Bulgaria.

TTF investments will be aligned with the goals of the national strategy for smart specialisation, with a focus of the following industries: ICT, pharmaceuticals and bio technologies, mechatronics, nano- and clean technologies, creative and recreational industries.

Eligible final recipients include business start-ups, SMEs and large companies, including their subsidiaries and joint ventures.

The Technology Transfer Fund should 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-discriminatory selection procedures in compliance with the requirements of the applicable EU law and national legislation.

Current stage of the instrument: As part of preparing the procedure for the selection of financial intermediaries, the Fund of Funds held market consultations in the period 04.01. - 31.03.2019 with prospective financial intermediaries and key participants in the investment eco-system with respect to the indicative technical specifications of the instrument, with the aim to arrive at an optimal structure for the financing instrument, taking into account the current market demand and the requirements of prospective financial intermediaries, the goals set by the operational programme which is making the financing available, and the policies of the Fund of Funds.

The market test outcomes are summarized and disclosed in the Market Test Report, and will be duly reflected in the final version of the technical specifications and documentation, which will be published with the announcement of the call for selection of financial intermediaries.