Venture Capital Fund

Financial resources

  • public resources* in the amount of EUR 33.3 million (BGN 65.1 million);

*Including an additional BGN 18 million available for support to enterprises affected by the COVID-19 crisis from the terminated Technology Transfer Fund;

  • private co-financing in the amount of EUR 5.2 million (BGN 10.2 million) at the fund level.

Goals of the instrument

  • support for the entrepreneurial ecosystem in Bulgaria;
  • assist high-tech companies that need financing in order to enforce and expand their operations;
  • facilitate access to capital for commercialisation of developed products and improve their overall capacity to achieve higher growth, including by implementing innovations.

Final recipients

  • small and medium-sized enterprises with a high-risk profile at a relatively early stage of development;
  • eligible areas: manufacturing of goods using new technologies which reduce unit cost of production; high-tech, software and hardware; e-commerce; innovative products or services, etc.

Type of financing

  • alternative financing in the form of equity and quasi-equity investments;
  • an investment amount ranging from EUR 750 000 to EUR 3.5 million (BGN 1.5 million to BGN 6.8 million);

Source of the public resources

Operational Programme Innovation and Competitiveness 2014 — 2020 co-financed from the European Regional Development Fund

Current stage of the instrument: active on the market.

Financial intermediary: Morningside Hill OOD  

Expected number of companies to be supported: 25