Bulgarian Government Increases the Capital of the Fund of Funds

At today's regular meeting, the government approved changes to the budget of the Ministry of Finance for 2020 to increase the capital of the Fund of Funds with a cash contribution of BGN 375,000. The increase of the capital of the company will be carried out by issuing new registered shares with a nominal value of BGN 1 each.

The funds from the increase will ensure the activity of the Fund during the year, according to the Memorandum of Understanding between Bulgaria and the European Investment Bank from 2016.

On Tuesday The Fund of Funds (FoF) has signed an agreement with the selected financial intermediary for the implementation of the Seed/Acceleration and Start-up Fund II to be financed under Operational Programme Innovation and Competitiveness 2014-2020 (OPIC), co-financed by the European Structural and Investment Funds.

The funds will be managed by Vitosha Venture Partners OOD, led by the managing partners Maxim Gurwitz, Maris Pree, Nikola Stoyanov, Paul Weinberger, Marin Iliev and Eric Anderson. The Sofia-based management team will be responsible for the disbursement of BGN 38 million, including BGN 35.6 million in public financing made available by the Fund and Funds to be supplemented by private co-financing.

The team of the selected financial intermediary has gained relevant experience in investment management and entrepreneurial programmes and ecosystems over the course of more than ten years. The key team members have been previously part of the teams of several fund managers in different countries, having had responsibility for the management and investment of funds in more than 200 technological start-ups in Europe and the United States.

Along with equity and quasi-equity investment, Vitosha Venture Partners will...

Continue reading on: