The Ministry of Innovation and Growth (MIG) became the epicenter of a landmark event in the Bulgarian entrepreneurial ecosystem. "Vitosha Ventures II" officially signed a contract with the Fund of Funds (FoF) to manage the investment instrument "Entrepreneurship - Early Stage" for the programming period 2021-2027.
The financial mechanism provides a total investment resource of 45 million euros, of which 30 million euros are public funds from the "Competitiveness and Innovation in Enterprises" Program (CIEP). An additional 15 million euros will be attracted from private investors, which expands the potential to support Bulgarian startup companies.
The fund's strategic goals include supporting 78 enterprises at various stages of development - from the conceptual phase to acceleration. At least 44 of these companies must be newly created (up to 3 years from registration). Individual investments will range between 25 thousand and 1 million euros, with a special focus on supporting companies outside the Southwest region.
"Vitosha Ventures II" is a direct successor to "Vitosha Venture Partners", who in the previous programming period managed around 26 million euros and realized over 100 investments in Bulgarian companies. The new investment instrument aims to accelerate the development of the entrepreneurial ecosystem and increase the competitiveness of Bulgarian business internationally.
During the official signing, Deputy Minister Krasimir Yakimov, executive directors from the Fund of Funds, and experts were present. Alexander Nenkov, executive director of FoF, shared additional details during the "Digital Horizons" conference, organized by the Executive Agency for Promotion of Small and Medium Enterprises.
The fund's investment period is planned until the end of 2029, with the first investment deals expected in 2025. In parallel, FoF is preparing a second procedure for signing an agreement with another fund manager who will manage investments in companies at a more advanced stage of development.
This financial mechanism is a key tool for stimulating innovation and entrepreneurship in Bulgaria, providing the necessary risk capital for young and ambitious companies.