The Fund of Funds (FnF) signed a contract in the building of the Ministry of Innovation and Growth with the fund manager “Bayena Ventures“ AD, selected to manage the “Entrepreneurship – Growth“ Fund.
A resource of €69 million is expected to be accumulated, of which €40 million are public funds provided under the “Competitiveness and Innovation in Enterprises“ 2021-2027 Program, co-financed by the European Union through the European Regional Development Fund. The selected contractor is committed to investing 18 million euros in private capital through the established fund and additionally attracting another 11 million euros, which it will invest directly in final recipients.
The team of “Bayena Ventures“ AD is composed of professionals with proven experience in investment activities in Bulgaria and abroad. The fund provides support for enterprises with high potential for growth and commercialization, at least half of which must be outside the Southwestern region. Individual financing can be up to 3 million euros.
The strategic focus of the instrument is aimed at enterprises aiming at commercial realization, strengthening the prospects for high growth, innovation and expansion of activity.
The event was attended by the Deputy Minister of Innovation and Growth - Krassimir Yakimov, Iliyana Ilieva, Director General of the Directorate General of “European Competitiveness Funds“, the executive directors of the Fund of Funds and experts from the team, representatives of “Bayena Ventures“ AD.
“This fund is a strategic instrument for supporting the next generation of successful Bulgarian companies. With the commitment to investments outside the capital and the emphasis on those with high growth potential, we are laying a real foundation for both a more balanced and sustainable economic development. I count on the fact that after the signing of the contract, the funds will reach the market as quickly as possible.“, said the Deputy -Minister Yakimov.
With the signed agreement, the Fund of Funds builds on the results achieved in the previous OPIC 2014-2020 programming period, continuing to develop each segment of the entrepreneurial ecosystem in Bulgaria, and the investment period continues until the end of 2029. This is the second contract signed by the Fund for equity financial instruments during this programming period, with a cumulative amount of nearly 120 million euros to be available on the market by the end of the year.