Innovation Accelerator Bulgaria fund to invest 15.6 mln euro in local start-ups

The fund will invest between 25,000 euro and 50,000 euro in start-up ideas, and between 50,000 euro and 1 million euro in the development of already established start-up companies, Innovation Accelerator Bulgaria said in a statement.

The fund's priority investment sectors are healthcare, light industry, transport and logistics, digital projects and media and enterprise software, defined by the fund manager as key high-priority sectors in the local economy with high potential for disruptive and scalable innovation.

The main criteria set by the fund include a business model with a distinguishable approach to innovation, a clearly defined competitive advantage and an experienced team.

Innovation Accelerator Bulgaria benefits from 14 million euro in financing from Bulgaria's Fund of Funds, which manages 1.2 billion levs under four EU-funded operational programs: Human Resources Development, Innovation and Competitiveness, Environment and Regions in Growth.

($ = 0.9055 euro)