News and Analysis

The Fund of Funds launches a call for proposals for the selection of a financial manager for start-up business and entrepreneurial ideas

27.05.2019

The Fund of Funds (FoF) has launched a call for proposals for the selection of a Fund Manager for the last of the three Seed/Acceleration and Start-Up Funds (SASF).

The public contribution of BGN 35.6 million under Operational Programme Innovation and Competitiveness (2014-2020), co-financed by the EU Structural and Investment Funds, is expected to be complemented by a private equity contribution of at least 10 %.

The Seed/Acceleration and Start-Up Fund is an accelerator programme which provides equity financing to start-ups at the earliest stage of their development. The programme ensures that approved applicants have access to business leaders who share their experience and provide practical tips and guidance on project development. The accelerator also provides training, administrative, accounting, legal and other services to participants.

The FoF funding provided in turn aims to support the development of a favourable entrepreneurial environment and sustainable business models.

The essential criterion for fund manager selection is experience in investment at the earliest stage of company development. This includes the ability to identify and appraise sound business ideas and invest in their future development.

Another important criterion is a strong teamwork track record and experience in setting up organisational structures and control systems that conform to the requirements laid down in the regulations governing the management of EU Structural and Investment Funds (ESIF).

The selected fund manager will be expected to finance at least 76 enterprises, providing financial assistance in the range of BGN 30 thousand up to BGN 2 million.

Fund manager applicants may submit proposals at the FoF office until 22 July 2019. The call for proposals and the application documents to be submitted have been published on the FoF webpage at http://fmfib.bg/bg/buyer/procedure/44

To date the FoF has developed two similar instruments, which are currently actively operating on the market and calls for the submission of project proposals have already been launched by Nevek Management with a total availability of BGN 53.4 million and Innovation Accelerator Bulgaria AD, while the fund is operating with a total of BGN 30.5 million.