Bulgarian Industrial Capital Association (BICA) and the Fund of Funds discussed the possibilities for financing the business through equity investment instruments. The meeting between the two organizations was attended by the Chairman of the Board of BICA Vassil Velev, the Secretary General Dr. Milena Angelova and the Executive Director Dobrin Ivanov, on the one hand, and the Executive Director of the Fund Vladimir Danailov.

The fund already has four active equity instruments. Financial intermediaries Vitosha Venture Partners, Innovation Capital and New Vision 3 invest in companies at an early stage of development, and Morningside Hill – in business projects with a risk profile. The total public resource at their disposal is EUR 104.2 million, to which intermediary funds add private funds.

“I am sure that together with one of the largest employers’ organizations we can work to promote equity investments so that Bulgarian business knows that there are opportunities for financing good and sustainable ideas,” said the Fund’s executive director Vladimir Danailov.

The two organizations promised to work together for promoting the opportunities offered by the Fund, by jointly developing a special business guide through which companies can receive basic guidelines and advice on choosing a broker, ways to apply and the necessary documents. It is expected that at the beginning of 2021 BICA and the Fund of Funds will start the first meetings with business representatives to present the funding opportunities.

According to the Chairman of the Board of BICA Vassil Velev in our country there is a need to improve the corporate culture of business and the attitude towards entrepreneurship. “Our goal is to improve the business climate and develop entrepreneurship. And I think we can be good allies in this endeavor. We need to set good examples and bring success out of anonymity. This is the only way we will stimulate young people to start their own businesses “, added Mr. Velev.

Fund of funds manages BGN 1.2 billion of public resources, with which it can mobilize more than BGN 2 billion of private funds. The fund provides two types of financial instruments – debt instruments an dequity investments.