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Bulgaria's BrightCap launches 60 mln euro fund for SEE tech firms

Jul 9, 2024, 11:18:46 AMArticle by Mihaela Miteva
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July 9 (SeeNews) - Bulgaria-based early-stage venture capital (VC) firm BrightCap Ventures said it has completed the first close of its new BrightCap II fund targeting 60 million euro ($65 million), which will support founders from Rising Southeastern Europe (SEE).

Bulgaria's BrightCap launches 60 mln euro fund for SEE tech firms
Image source: BrightCap Ventures

BrightCap II aims to invest in globally scalable and impactful SEE tech companies and help them expand into the Western European and U.S. markets, the VC firm said in a statement on Monday.

Most initial investment tickets will range between 400,000 euro and 3 million euro, targeting pre-seed and seed stages. The fund will focus on the future of work, digital health and fintech verticals.

BrightCap II is funded by the European Union’s NextGenerationEU, the Bulgarian government under the national Recovery and Resilience Plan and the Romanian government under the Romanian Recovery Equity Fund.

BrightCap's Fund I has seen five exits to strategic acquirers out of its 22 investments, raising over $150 million in follow-on capital.

($ = 0.9229 euro)

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