Funding Opportunities
The 2019 program of Cleantech Bulgaria and Climate-KIC for startups with ideas in the field of clean technologies, solutions for sustainable business and climate innovations is now open for applications. Climate-KIC Accelerator is the largest European entrepreneurial initiative for clean technologies to tackle climate change. The accelerator works in a network with another 24 EU countries, providing entrepreneurs with a unique international environment for mentors and investors. In Bulgaria, the program is being held for fourth consecutive year and has supported 24 companies so far.
Potential participants are welcome to complete the application form on the website of the accelerator no later than January 27 in order to apply for a place in the Climate-KIC Accelerator Program.
***
Bulgarian startups can now apply for a free participation in Start-up-Woche in Dusseldorf, Germany, part of the North Rhine-Westphalia meets Eastern Europe event that will be held on April 11, 2019. The event is organized by Enterprise Europe Network and NRW.International GmbH and is a result of the growing interest of Western companies to partner with Eastern European countries. At the meeting 25 Eastern European companies will have the opportunity to present their business ideas, plans and projects and get in touch with German companies.
The deadline for registration is February 28. More information is available here.
***
The Bulgarian Development Bank offers a EUR 300 million program under the Juncker plan to support micro, small, medium and mid-cap enterprises with up to 3 000 employees. The funding under the scheme is jointly provided by BDB and EIB within the framework of the ’Investment Plan for Europe’.
The commercial banks, partners under the program, shall receive loans of up to EUR 50 million to be further on-lent following their individual internal regulations. Additionally, BDB is ready to bear up to 100% of the risk under the loans to the Bulgarian enterprises.
Under this program, the companies shall be able to apply for new investment, project and related working capital financing from BGN 3 to 24 million, while the refinancing of loans shall be excluded. The interest rate shall not exceed 3.7% per year. The maximum repayment period is until 2032.
***
NEVEQ, one of the first private equity investors in Bulgaria, signed an agreement with the State Fund of Funds for financial resource management of EUR 19.1 million of public funds intended for the acceleration and initial financing of companies in the field of artificial intelligence, fintech and block technology. The funds are under the ‘Innovation and Competitiveness’ Operational Program and will be managed for a period of ten years. They will be invested in the development of 45 companies – 15 new and 30 existing ones. According to the business plan, the Fund should provide another EUR 8 million private capital from its investors from Switzerland, the USA and Bulgaria.
Investments of up to EUR 500 000 are intended for seed companies, and of up to EUR 1 million – for startups. The funds will be granted against a minority share in the company – from 20% to 35%.
