Vitosha Venture Partners, the Intermediary Selected by the Fund of Funds, Makes Its First Investments and Launches Its Accelerator Programme
Vitosha Venture Partners – Fund I KD, a limited partnership established in 2020, is currently financing four companies from its portfolio with BGN 5.1 million. The amount includes BGN 4.4 million in public resources made available by the Fund of Funds under Operational Programme Innovation and Competitiveness 2014—2020 (OPIC). The Programme is co-financed by the EU Regional Development Fund (ERDF). The additional private capital raised amounts to BGN 700 000. The transactions with the four companies have been finalised. Investments in another 15 start-ups are being negotiated and will soon be made public.
The companies supported so far are:
- Eljoy AD — one of the fastest-growing European makers of city/off-road e-bikes;
- Hobo Bulgaria OOD — the first Bulgarian micro-mobility start-up for shared travel using electric scooters;
- Eirene Studio EOOD — a fast-growing niche design company for luxury child and teen fashion aimed at high-class international markets;
- Quendoo OOD — a digital platform that allows holiday property owners and hoteliers to control and manage their bookings, payments, availability and marketing and distribution channels from a single dashboard.
Following a strong start in 2021, Vitosha Venture Partners OOD announced the first companies selected for their acceleration programme Vitosha ACCELERATE, which will run in 3-month stages throughout the Fund's investment term. Start-ups can apply for participation all the year-round.
Companies wishing to take part in the next 3-month programme can apply at https://www.vitosha.vc/accelerate.
The first stage of the programme will last till mid-April. The participating companies selected by the Vitosha Venture Partners team are Grid Metrics; Nula Bg; Augment; Voxxy; FidU; TraceTheTaste; ByeByeStuttering. They develop solutions in areas such as artificial intelligence, fin-tech, gaming, digital media and healthcare.
Start-ups will receive expert advice, mentorship and strategic support in the form of regular workshops and individual meetings. Enterprises at the acceleration stage that are selected for investing will be supported with financing for development and growth. The programme will involve over 50 world-class mentors. Each start-up will participate in a tailored support programme. The selected companies will benefit from expertise in areas such as strategy, teamwork, business development and follow-up financing.
Commenting on the active involvement of Vitosha Venture Partners on the market, Vladimir Danailov, the Executive Director of the Fund of Funds, said, “The Fund’s mission is to implement financial instruments in order to improve access to financing for small and medium-sized enterprises: start-ups, innovation and conventional companies in Bulgaria. We are pleased that, through the work of Vitosha Venture Partners, more Bulgarian companies that have a potential for sustainable growth will have the opportunity to develop. Moreover, they operate in sectors such as smart city, e-commerce, mobility and tourism. It is our priority to communicate and engage proactively, together with the financial intermediaries, with the business ecosystem in order to stimulate the development of Bulgarian companies from all sectors, for a sustainable economy in Bulgaria.”
“We are happy to announce our first investments. This is a forceful start for us, and we will support over 120 projects more by the end of 2023. With these four companies, we are demonstrating our approach in supporting innovative Bulgarian businesses with international potential in various sectors where our economy has shown a strong capacity – from property management software to shared mobility services. With the international expertise and positioning of our team, we aim to take the strongest innovators and entrepreneurs to a European and world level”, said Max Gurvits, a Managing Partner in Vitosha Venture Partners.
*The Fund of Funds selected a financial intermediary and signed a contract with Vitosha Venture Partners in June 2020, and the joint seed and acceleration fund Vitosha Venture Partners – Fund I KD was set up in September. Thus the fund manager officially entered the investment stage and started accepting applications for financing. The international team manages a fund of BGN 50.7 million, of which BGN 49.2 million are public resources made available through the Fund of Funds under Operational Programme Innovation and Competitiveness 2014—2020 (OPIC), which is co-financed by the EU Regional Development Fund (ERDF). The remaining amount is privately sources co-financing.
By the end of 2023, the fund manager will invest in 125 start-ups at an early stage of development. Small and medium-sized enterprises at the acceleration stage can receive financing from BGN 30 000 to BGN 100 000. Businesses at more advanced stages of product development or prototyping can receive from BGN 30 000 to BGN 2 million.