Bulgarian high-tech companies are set to access about €210 million in fresh financing under an EU-backed programme that will be managed by the European Investment Fund through 2035.
The funding will be made available under JEREMIE Bulgaria, an EU initiative designed to support small and medium-sized businesses, with a focus on sectors including microelectronics, artificial intelligence, quantum technologies, space and green technologies, the European Investment Bank announced on Tuesday.
The roadmap for the extended programme was set out at an event in Sofia involving the Bulgarian Ministry of Innovation and Growth and the EIF, which is part of the European Investment Bank Group.
JEREMIE provides support including equity financing — investment in return for a stake in a company — and repayments are recycled back into the programme for reinvestment, the EIF said.
JEREMIE Bulgaria currently has €160 million available for reinvestment and is due to receive an additional €50 million injection of recycled financing from EU funds, it added.
“Together with our partners in Bulgaria, we are determined through the EIF to support Bulgarian entrepreneurs, innovators and creators of high-value jobs,” EIB Vice-President Marek Mora said.
Track record and focus areas
More than 10,000 small and medium-sized businesses have been supported since JEREMIE Bulgaria began in 2010, and the programme has invested in more than 13 venture capital and private equity funds, the EIF said.
More than 350 innovative companies and startups have received capital through those funds, including Bulgarian fintech Payhawk, described as the country’s first “unicorn” — a privately held company valued at more than $1 billion.
The EIF has deployed more than €1.6 billion in equity investments, loans and guarantees through JEREMIE Bulgaria to date, around five times an initial €350 million of EU regional development funding known as Structural Funds.
“The new investment strategy will improve the entrepreneurial ecosystem and the sustainable growth of the Bulgarian economy,” Prime Minister Andrey Gyurov said.
The programme will target technologies that can be used for both civilian and defence purposes, often referred to as “dual use”, and will also support investments in energy, transport and digital infrastructure.
Bulgaria will be the first country in Central and Eastern Europe to take part in the EIF’s pan-European European Tech Champions initiative.
“We will continue to ensure that resources are channeled to the most promising projects,” EIF Chief Executive Marjut Falkstedt said.
