Fund of Funds, Financial Intermediary Sign Agreement on Management of BGN 38 Million for Start-Ups, Accelerators
June 9 (BTA) - The Fund Manager of Financial Instruments in Bulgaria, also known as the Fund of Funds, has signed an agreement with the selected financial intermediary on the management of a new accelerators and start-ups fund of 38 million leva. The bulk of the resource, 35.6 million leva, gets funding from the Innovations and Competitiveness Operational Programm and co-financing from the European structural and investment funds, and the rest, from private co-financing, the Fund said on Tuesday.
The selected financial intermediary is Vitosha Venture Partners OOD. The first investments are expected in the summer.
The agreement with Vitosha Venture Partners completes the creation of a network of accelerators and start-ups fund under the umbrella of the Fund of Funds which is to provide competitive options for the development of innovative companies. RY/ZH