Seed / Acceleration and Start-Up Fund

Financial resources

  • public resources* in the amount of EUR 70.9 million (BGN 139 million);

*including additional resources, available for support to enterprises affected by the COVID-19 crisis from the terminated Technology Transfer Fund 

  • private resources in the amount of EUR 5.2 million (BGN 11 million).

Goals of the instrument

  • promote entrepreneurship in Bulgaria and facilitate access to financing for small and medium-sized enterprises at an early stage of development;
  • set up and develop new sustainable businesses;
  • implement successfully new innovation-based business ideas;
  • boost activity in the entrepreneurial ecosystem in Bulgaria and promote its development;
  • add value to investees.

Final recipients

Small and medium-sized enterprises at an early stage of development

Type of financing

  • equity and quasi-equity investments;
  • The resources are allocated to three funds managed by financial intermediaries (fund managers) selected in a procedure in accordance with the Public Procurement Act.

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 intermediaries

SASF I: Innovation Capital AD

Financial resources

  • public resources* in the amount of EUR 19.3 million (BGN 37.8 million);

*including BGN 10.4 million for support to enterprises affected by the COVID-19 crisis;

  • private co-financing in the amount of EUR 1.8 million (BGN 3.5 million) at the fund level.

Development stage of investees

Acceleration and start-up stage

Size of individual investment

  • acceleration stage: EUR 25 000 — 50 000 (BGN 50 000 — 100 000);
  • start-up stage: EUR 50 000 — 1 million (BGN 100 000 — 2 million)

The acceleration programme provides strategic support, training, mentorship, etc.

Expected number of companies to be supported: 229.

SASF II: Vitosha Venture Partners OOD

Financial resources

  • public resources* in the amount of EUR 25.1 million (BGN 49.2 million);

*including BGN 13.6 million for support to enterprises affected by the COVID-19 crisis;

  • private co-financing in the amount of EUR 800 000 (BGN 1.5 million) at the fund level.

Development stage of investees

Acceleration and start-up stage: projects focused on technology and having a high potential for sustainable growth

Size of individual investment

  • acceleration stage: EUR 15 000 — 50 000 (BGN 25 000 — 100 000);
  • start-up stage: EUR 15 000 — 1 million (BGN 25 000 — 2 million)

The acceleration programme provides strategic support, training, mentorship, etc.

Expected number of companies to be supported: 125

SASF III: New Vision 3 OOD

Financial resources

  • public resources* in the amount of EUR 19.1 million (BGN 37.4 million);

*An agreement to provide an additional BGN 14.3 million for support to enterprises affected by the COVID-19 crisis is in the pipeline

  • private co-financing in the amount of EUR 2.6 million (BGN 5.1 million) at the fund level.

Development stage of investees

Start-up stage

Size of individual investment up to EUR 1 million (BGN 2 million)

Expected number of companies to be supported: 53