The newly formed venture capital fund for startups New Vision 3 (NV3) is ready to make seed and early-stage investments for €23 M in 45 Bulgarian companies. The fund has started considering candidate companies and expects to have 3 or 4 investments completed by the end of 2019.
New Vision 3 Fund is the third fund launched by the NEVEQ partners. NV3 is founded by 9 legal entities and individuals as an alternative investment fund that will be regulated by the Financial Supervision Commission. The fund is interested in supporting companies in seed to early-stage operating in the fields of Fin-Tech, AI, Blockchain Technologies and Shared Economy. The target groups are young companies with a ready-made product, generating revenue, and seeking growth capital. The founders of NV3 include the Bulgarian Fund of the Funds, established under the EU operational programme „Innovation and Competitiveness 2014-2020”, with contribution of €19.1 M, Neveq Capital with €1.2 M and the rest from 7 companies and private investors from Bulgaria, USA, and Lithuania with contributions between €100 000 and €1 M.
The raised amount of €23 M should be invested by the end of 2023. Companies can receive support of maximum €1 M. NV3 will acquire minority stakes in the funded companies and after a period of around 5 years will seek exit by selling to strategic investors.
In addition to NV3, the EU operational programme “Innovation and Competitiveness 2014-2020“ is planning to launch two other venture capital funds to support start-ups in Bulgaria. The first one will be managed by Innovation Accelerator Bulgaria and will have a resource of €15.2 M and the second one, which is still looking for a manager, will have €18.8 M under management.