"Innovation Accelerator Bulgaria" will Finance 200 Startups

The Fund of Funds has signed an operational agreement with the investment intermediary "Innovation Accelerator Bulgaria" for investment in startups.

The new accelerating and start-up fund has a resource of BGN 30.5 million. Of these, BGN 27.4 million is provided by the Operational Program "Innovation and Competitiveness" 2014-2020 (OPIC) and the rest must be funded by private investors.

The resource is intended for entrepreneurs at an early stage in the development of their business. The plans are to reach about 200 companies, with accelerated investment from BGN 50,000 to BGN 100,000, and in the start-up phase they can reach up to BGN 2 million.

The fund manager plans to invest in startups that bring innovative business ideas into the areas of healthcare, education, eldercare, transport and logistics, light industry, digitization, and more.

Along with the funding, Innovation Bulgaria Bulgaria will provide mentoring and strategic support to companies and will also enable them to connect to business networks.

Key people in the management of the new fund are Leona Aslanova, Borislav Stefanov, Anna-Marie Vilamovska and Alexander Djoganov.

With the launch of a second start-up fund, the resource now amounts to 65 million leva. "This resource comes in time on the market at a time when a wave of investment is exhausted and entrepreneurs are waiting for new resources to support their ideas "said Svetoslava Georgieva, Head of the Fund of Funds.

With the signing of the last contract, the Fund of Funds has already provided for investments BGN 751.2 million, which is equivalent to 60% of the funds it manages in the current programming period.

By the end of this and the beginning of the next year, procedures will be...