Seed/Acceleration and Start-up Fund

The Seed/Acceleration and Start-up Fund (SASF) 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. It is aimed at improving the survival prospects of start-up businesses and offers support for sustainable and knowledge-based business models.

The SASF is an instrument for equity and quasi-equity investments designed to support the setting up and development of sustainable business models, as well as to develop and improve the entrepreneurial ecosystem in Bulgaria. The OPIC funds made available for the financial instrument amount to EUR 51.3 million (BGN 100.3 milion), allocated into three funds:

• Fund for Acceleration and Pre-Seed Financing at Stage I, EUR 14 million (BGN 27.4 milion);

• Fund for Acceleration and Seed Financing at Stage II, EUR 18.2 million (BGN 35.6 milion);

• Fund for Start-Up Financing, EUR 19.1 million (BGN 37.4 milion).

Fund managers will be required to top up the resources in the three funds of the BASUF with private capital, with up to 10% for the Acceleration/Seed Financing funds and up to 30% for the Start-Up Fund, respectively. The funds will be closed-ended and private financing will be secured at the fund level and/or by co-investing at the level of the final recipient. Possible forms of investments could include equity instruments, such as shares of stock, equity stakes, other transferrable securities or equivalent rights or instruments vesting the right to equity participation in a given company. Financing per company ranges from EUR 25 000 to EUR 1 million.

The investment term is five years, and the life of each of the three funds should be ten years, with an option to extend it by two one-year periods.

Current stage of the instrument:

For SASF I operational agreement has been signed with Innovation Accelerator Bulgaria AD, with key persons Leona Aslanova, Borislav Stefanov, Anna-Marie Vilamovska, Alexander Djoganov.


For SASF II for a financial intermediary was selected  Vitosha Venture Partners.

For SASF III operational agreement has been signed with Neveq, the selected fund manager, led by Konstantin Petrov and Zlatolina Mukova.

Тел: + 359 2 958 7665