Bulgaria has officially launched a new venture capital fund, Innovation Accelerator, after signing a contract to provide public funding from the state. It has an initial resource of just over BGN 30 million for distribution.
Ninety percent of public funding of Innovation Accelerator relies heavily on public funding, with 27.4 million leva being provided under the Innovation and Competitiveness Program 2014-2020 from Fund of Funds Bulgaria. The remaining 10% of the funds come from the founders of the fund and several partners. The fund will fund over 200 companies over the next 5 years.
The new fund is run by Leona Aslanova, who is behind Innovation Starter and is a University Innovation Fellows Graduate from the Design School at Stanford University sponsored by the Bulgarian Entrepreneurship Center (BEC).
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