Today, 20 December 2018, the Fund of Funds (FoF) signed an operational agreement with the selected financial intermediary to implement the Seed/Acceleration and Start-Up Fund (SASF), with funds under the Operational Programme Innovation and Competitiveness 2014-2020 (OPIC), co-financed by the European Structural and Investment Funds. The financial intermediary Neveq Management, with managing partners Konstantin Petrov and Zlatolina Mukova, will run a BGN 53.4 million fund to invest in start-ups. This includes BGN 37.4 million in public funds, and the rest will be raised from private investors. The fund manager's team is a pioneer in equity investments in Bulgaria and has been involved in the management of the Neveq I and Neveq II funds, with assets totalling EUR 45 million, since 2007.

The SASF is a financial instrument for equity and quasi-equity investments to support the creation and development of sustainable business models and improve the entrepreneurial ecosystem in Bulgaria.

The new fund is targeted at companies in the early stages of development and aims to support innovative business ideas. Alongside financing, companies will have access to strategic and management support, business networking opportunities and mentorship. The fund will provide support to high-tech enterprises with strong teams and proven business models. This will meet the needs of the entrepreneurial community at a time when fresh capital is in high demand in order to boost the start-up environment that has been shaping up in recent years. Investments in innovative companies will help reinvigorate and develop the Bulgarian economy.

Next year, the Fund of Funds will launch two more start-up funds and will select financial intermediaries to manage a Venture Capital Fund and a Mezzanine/Growth Fund. In addition, it is envisaged to launch tender procedures for the award of the Technology Transfer Fund and energy efficiency guarantees, again under the OPIC.