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Bulgaria's Vitosha Venture Partners supports eight local startups with 1.6 mln euro

Bulgaria's Vitosha Venture Partners supports eight local startups with 1.6 mln euro Deal, business, corporate contracts

SOFIA (Bulgaria), December 21 (SeeNews) - Bulgaria's Fund of Funds, a state-run manager of financial instruments co-financed by EU structural and investments funds, said that Vitosha Venture Partners supported eight local startups with a total of 3.1 million levs ($1.8 million/1.6 million euro).

Some 3 million levs of total financing are public funds contributed by the Fund of Funds under operational programme Innovations and Competitiveness 2014-2020, it said in a statement on Monday.

The startups supported by Vitosha Venture Partners are software solutions providers Elca.bg and Dexycon, probiotic products maker Noviotic, software as a service (SaaS) company Agrovar, digital healthcare platforms Info Smart and Softmedline, mobile application developer Opto Smart Solutions and media production company Black Sea Film.

By the end of 2023, Vitosha Venture Partners is expected to support a hundred more startups in an early stage of their development. Small and medium-sized enterprises in the acceleration stage can receive funding of between 30,000 levs and 100,000 levs. Between 30,000 levs and 2 million levs will be allocated to companies that are more advanced in the development of their product or the creation of their prototype, the statement added.

In June, Vitosha Venture Partners supported 13 local startups with a total of 5.3 million levs.

Vitosha Venture Partners manages a 50.7 million levs fund, of which 49.1 million levs are public funds provided through the Fund of Funds under EU operational programme Innovation and Competitiveness 2014- 2020, and the rest is private co-financing.

(1 euro = 1.95583 levs)

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