Fund Manager of Financial Instruments in Bulgaria is working on the launch of its new Entrepreneurship Fund, backed with €100 million public resources. The new instrument will consist of 3 separate funds, for which FMFIB is searching financial intermediaries, the Recursive writes.
- FMFIB provides access to alternative financing for the Bulgarian economy through financial instruments co-financed by the EU shared management funds. In the previous investment cycle, FMFIB has successfully supported over 2,300 Bulgarian SMEs and made 220 equity investments in startups.
- The new fund is financed under the EU Programme for Competitiveness and Innovations in Enterprises and co-financed by the European Regional Development Fund.
- The public resource provided amounts to €100 million, but it is expected to reach €126 million through the additional co-financing by private investors.
Entrepreneurship Fund will be structured as 3 separate funds:
- Early Stage Fund – €30 million public resource to support early-stage development (proof of concept) with tickеts of up to €1 million;
- Venture Capital fund – €30 million public resource focused on fast-growing companies with developed products, aiming to launch mass production or distribution to target markets with tickеts of up to €3 million;
- Growth Fund – €40 million public resource to invest in mature and fast-growing enterprises with tickets up to €4 million.
Currently, the fund of funds is focused on finding fund managers, who will be announced by the end of 2024 or the beginning of 2025.
