site.btaFund of Funds Signs Agreement on Support of 1.5 to 7 Million Leva for High-Tech Companies

118 ECONOMY - FUND OF FUNDS - HIGH-TECH COMPANIES

Fund of Funds Signs Agreement
on Support of 1.5 to 7 Million Leva
for High-Tech Companies


Sofia, May 29 (BTA) - The Fund of Funds (FoF) has signed an operational agreement with the financial intermediary selected for the management of the Venture Capital Fund with resources under the Innovation and Competitiveness Operational Programme 2014-2020, co-financed by the European Structural and Investment Funds, the FoF said Wednesday.

The Morningside Hill consortium will manage a fund of 67 million leva, of which 47 million leva are public resources and the rest will be private co-funding.

The team of the selected fund manager has over 10 years of experience with almost all investment instruments, such as investing in shares, publicly traded assets, state and corporate obligations, and derivative instruments and investments in companies experiencing financial difficulties.

Morningside Hill envisages investments in areas such as: manufacturing using high technologies that reduce expenses per product; high technologies, software and hardware; and products or services introduced in other countries but absent in the region.

The Venture Capital Fund is different in that it offers a significant amount of investments to be used in each supported company: from 1.5 to 7 million leva. This financial instrument is aimed at supporting high-tech companies with a clear venture profile that need significant funding to become more established and broaden their activity. The fund manager with also provide strategic support for access to new markets and expert opinions by improving corporate management and the overall capacity.

The fund manager is expected to start its work on the market this summer.

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