The Fund of Funds (FoF) signed an agreement at the Ministry of Innovation and Growth with fund manager Bayena Ventures AD, selected to manage the Entrepreneurship Fund.
It is expected that €69 million will be accumulated, of which €40 million will be public funds provided under the "Competitiveness and Innovation in Enterprises" (CIE) 2021-2027, co-financed by the European Union through the European Regional Development Fund. The selected contractor undertakes to invest €18 million of private capital through the established fund and to attract an additional €11 million, which will be invested directly in final recipients.
The team of Bayena Ventures AD consists of professionals with proven experience in investment activities in Bulgaria and abroad. The fund provides support to enterprises with high growth and commercialization potential, at least half of which must be outside the South-West region. Individual financing may be up to €3 million.
The strategic focus of the instrument is on companies aiming for commercial realization, strengthening prospects for high growth, innovation, and expansion of activities.
The event was attended by Deputy Minister of Innovation and Growth Krasimir Yakimov, Iliyana Ilieva, Director General of the Directorate General "European Funds for Competitiveness," the executive directors of the Fund of Funds, experts from the team and representatives of Bayena Ventures AD.
"This Fund is a strategic tool to support the next generation of successful Bulgarian companies. With our commitment to investments outside the capital and our focus on those with high growth potential, we are laying a real foundation for both more balanced and sustainable economic development. I am confident that after the agreement is signed, the funds will reach the market as quickly as possible," said Deputy Minister Yakimov.
With the agreement, the Fund of Funds builds on the results achieved in the previous programming period under OPIC 2014-2020, continuing to develop every segment of the entrepreneurial ecosystem in Bulgaria, with the investment period continuing until the end of 2029. This is the second agreement signed by the Fund of Funds for equity financial instruments during this programming period, with a cumulative total of nearly €120 million available on the market by the end of the year.
