The Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) has selected three fund managers for the implementation of the financial instrument (FI) "Entrepreneurship Fund" with a total resource of EUR 100 million. Additional co-financing from private investors is expected, bringing the total amount to EUR 158 million, with a priority focus to support companies outside the Southwestern region. The instrument will create three alternative investment funds to support enterprises at different stages of development (from newly established SMEs at the concept stage to mature phases with established business models). The funds are provided under the "Competitiveness and Innovation in Enterprises" Program 2021-2027 (CIEP), co-financed by the European Union through the European Regional Development Fund.

The three funds will be established for a period of 10 years, with the possibility of an extension for up to 2 years and will carry out equity and quasi-equity investments. They will focus on companies operating in sectors defined by the National SME Strategy 2021-2027.

The selected fund managers are as follows:

• Position I with the subject "Implementation of the Early Stage Entrepreneurship Fund with a public financial resource of EUR 30 million" – Vitosha Venture Partners II Consortium
• Position II with the subject "Implementation of the Venture Capital Entrepreneurship Fund with a public financial resource of EUR 30 million" – Morningside Hill II Consortium
• Position III with the subject "Implementation of the Growth Entrepreneurship Fund with a public financial resource of EUR 40 million" – Bayena Ventures Consortium

The process of signing agreements with the selected applicants and structuring the three funds will continue according to the legally established steps and timelines.