The Fund of Funds has launched its first instrument under the Operational Programme “Innovation and Competitiveness” / OPIC / Acceleration and Seed Fund / ASFF /.
FUNF is a private equity and quasi-private equity investment instrument that will support the creation and development of sustainable business models, as well as develop and improve the entrepreneurial ecosystem in Bulgaria. The OPIC funds for the financial instrument are EUR 51.3 million, which are divided into three funds:
– Acceleration and Seed Fund I: EUR 14 million.
– Acceleration and Seed Fund II: EUR 18.2 million
– Start-up Fund: €19.1 million
The financial instrument aims to support innovative business ideas and stimulate entrepreneurial activity. The Acceleration and Seed Fund will provide funding to businesses from the inception of their concept until financial sustainability. This will meet the broad demand in the entrepreneurial and investment community, building on what has been achieved so far and supporting the renewal and development of the Bulgarian economy.
The three funds will be closed-ended and private funds will be provided at the fund level and/or through co-investment at the end recipient level. The investment period is five years, and the total duration of all three funds should be ten years, with an option to extend for two additional one-year periods.
Full details of the procedure, as well as the documentation on the procedure, can be found in the “Buyer’s Profile” section of the website of the Fund Manager for Financial Instruments in Bulgaria.
For details, read here.