I am so happy that I may share with you such a fantastic news. Fund of Funds (FFF) signed a contract with the selected financial intermediary for the implementation of the Acceleration and Initial Funding Fund II (FUNF II), with funds from the Operational Program "Innovation and Competitiveness" 2014-2020 (OPIC), co-financed by the European Structural Funds and investment funds. The Sofia-based international team will manage a fund of BGN 38 million, of which BGN 35.6 million are public funds provided through the Fund of Funds, and the rest will be private co-financing.
The team of the selected financial intermediary has gained relevant experience in investment management and in the creation of entrepreneurial programs and ecosystems over the last more than ten years. The key people in it have participated in the teams of fund managers from several different countries and respectively as managers and investors in over 200 technology companies in Europe and the USA.
Along with financing through equity and quasi-equity investments, Vitosha Venture Partners will provide mentoring and strategic support to companies, and will use the international networks developed by the team for business development and attracting additional private capital. About half of the supported companies will participate in an accelerator program organized by the fund manager, and the team will make the remaining investments in startups in a more advanced stage of development.
With the signing of the contract with Vitosha Venture Partners, the Fund of Funds completed the creation of a network of funds for acceleration and initial financing, which will significantly contribute to the provision of competitive channels for development of innovative companies in Bulgaria in the coming years. The other funds from it that make investments are New Vision 3 and Innovation Accelerator Bulgaria (which changed the name of their fund manager to Innovation Capital).
Together with Morningside Hill (Venture Capital Fund), four equity and quasi-equity funds are already active in the market. They will support nearly 400 small and medium-sized enterprises with a total resource of BGN 190 million, of which the public funds provided by the FNF amount to BGN 148 million, and the remaining BGN 42 million are additional private capital. attracted by intermediaries.