The Fund of Funds Launches a Procurement Procedure for Investments in Start-Ups


The Fund of Funds is launching a procurement procedure to select financial intermediaries for its first instrument under Operational Programme Innovations and Competitiveness (OPIC), the Seed/Acceleration and Start-Up Fund (SASF). The SASF is an instrument for equity and quasi-equity investments to support the setting up and development of sustainable business models and develop and enhance the entrepreneurial ecosystem in Bulgaria. The OPIC resources earmarked for the financial instrument amount to EUR 51.3 million, allocated to three Funds:

  • Seed/Acceleration Fund I: EUR 14 million
  • Seed/Acceleration Fund II: EUR 18.2 million
  • Start-Up Fund: EUR 19.1 million

The financial instrument is aimed at providing support for innovative business ideas and promoting entrepreneurial activity. The SASF will serve as a vehicle to provide financing to enterprises from the point in time when their business idea is first conceived until they attain financial sustainability. That will respond to the high demand in the broad entrepreneurship and investment community by building on the achievements so far and facilitate innovation and development of the Bulgarian economy.

The purpose of the procurement procedure is to select fund managers for the three funds by means of a competitive procedure with negotiation in accordance with Bulgaria’s Public Procurement Act. They will be required to complement the funding resources available from the three SASF funds by adding private financing in the amount of at least 10% for the two Seed/Acceleration Funds and at least 30% for the Start-Up Fund, respectively. The capacity of the applicants to raise the necessary private co-financing, i.e. to leverage the Funds’ resources, is a prerequisite for the successful operation of the Funds and the sustainability of the investments. In the process of evaluating the applications, the key criteria will examine the applicant’s experience in investing in start-ups and team work, their business plan and ability to select successful investments, as well as their organisational structure and control systems.

The three funds will be close-ended, with private funding sourced at the Fund level and/or by co-investing at the level of the final recipient. The investment period will be five years, with a total time horizon of 10 years for the three funds, with an option to extend their life for another two one-year periods.

You can find the complete information on the procurement procedure and the relevant documentation on the website of the Fund Manager of Financial Instruments in Bulgaria EAD at