BGN 42 million in anti-crisis financing from the Fund of Funds (FoF) is now available on the market. It is designated for liquidity support to small and medium-sized enterprises affected by the COVID-19 crisis. SMEs can access the financing via three equity investment funds under favourable conditions, without the need to raise private capital outside the fund manager's participation.
The acceleration and seed financing funds Innovation Capital Fund and Vitosha Venture Partners Fund I received an additional BGN 10.4 million and BGN 13.6 million, respectively, bringing their available funds to BGN 41 million and BGN 50.7 million. The two funds invest up to BGN 100 000 in companies at the acceleration stage and up to BGN 2 million in firms at an early stage of development.
The risk venture capital fund Morningside Hilladded another BGN 18 million to its investment resources and now has a total of BGN 75.3 million. It invests up to BGN 7 million in start-ups at an early stage of development and in more advanced high-risk profile companies.
An agreement is to be signed with the fourth investment intermediary, New Vision 3, with an additional BGN 14.3 million planned for its fund. Thus their total resources available for investment will reach to BGN 57.6 million, or up to BGN 2 million per company at an early stage of development.
The additional resources totalling BGN 56.3 million comes from Operational Programme Innovation and Competitiveness (OPIC) 2014-2020, which is co-financed by the EU Regional Development Fund.
