- Reference
- Not verified
- Implementing authority
- Fund Manager of Financial Instruments in Bulgaria (Fund of Funds)
- Programme
- PKIP 2021–2027 - Fund of Funds financial instrument
- Deadline
- Rolling
- Days left
- Rolling
- Total programme budget
- €30,000,000 sourcePublic resource. Total capital commitment under the operational agreement of 31 July 2025: €33,334,000.
- Per beneficiary
- Not verifiedTicket size is set by the fund manager and is not verified.
- Max. funding intensity
- Not verified
- Own contribution
- Not verified
- Funding type
- Equity
Total budget is not the amount one applicant can receive.
Overview
Venture capital for the earliest-stage start-ups: product, prototype and first market tests. Managed by the selected intermediary Vitosha Ventures, to whom founders apply directly.
Summary written by YARD Law (AI-assisted) from the official sources. Not an official text.
Status: Open. The financial intermediary (Vitosha Ventures) has been selected and a first closing took place on 23 April 2026 through AIF Vitosha Venture - Fund 2 KD (FMFIB report to 30 June 2026). Applications are on a rolling basis, made directly to the fund manager. source
| Window | Opens | Deadline | Status |
|---|---|---|---|
| Rolling - through the fund manager | 23 Apr 2026 | -No application deadline; the investment period follows the intermediary's agreement. source | Open |
Who can apply?
1 of 11 conditions confirmed
Start-ups at pre-seed and seed stage. FMFIB says the instrument also suits founders who have not yet registered a company.
| Requirement | Our record | source |
|---|---|---|
| Bulgarian or EU legal entity | Not verified | |
| SME, micro or large-enterprise eligibility | Not verified | |
| Startup or established business | Pre-seed and seed; founders without a registered company are also in scope. | source |
| Minimum operating history | Not verified | |
| Minimum turnover | Not verified | |
| Eligible sectors and NACE codes | Not verified | |
| Geographic eligibility | Not verified | |
| Linked and partner enterprise rules | Not verified | |
| Financial standing and outstanding public debts | Not verified | |
| Consortium or partnership requirements | Not verified | |
| Other programme-specific restrictions | Not verified |
Eligible investments
0 eligible · 2 conditional · 9 not verified
| Investment | Status | Our record |
|---|---|---|
| AI software development | Conditional | Equity proceeds fund the company's plan as agreed with the fund manager. source |
| AI integration and automation | Not verified | Not yet verified from the call documents. |
| Commercial software and licences | Not verified | Not yet verified from the call documents. |
| GPU servers, computing equipment and storage | Not verified | Not yet verified from the call documents. |
| Data-centre infrastructure | Not verified | Not yet verified from the call documents. |
| Cloud subscriptions and computing services | Not verified | Not yet verified from the call documents. |
| Staff and R&D expenditure | Conditional | As agreed with the fund manager. source |
| Machinery and industrial equipment | Not verified | Not yet verified from the call documents. |
| Energy-efficiency systems | Not verified | Not yet verified from the call documents. |
| Consulting and other professional services | Not verified | Not yet verified from the call documents. |
| Construction or renovation | Not verified | Not yet verified from the call documents. |
Financial requirements
1 of 7 confirmed
| Minimum and maximum project value | Not verified |
|---|---|
| Grant percentage | Not verified |
| Required own contribution | Not verified |
| Advance payments | Not verified |
| Payment and reimbursement rules | Equity investment: the fund takes a shareholding and does not reimburse costs. Terms are negotiated with the fund manager. source |
| State-aid limitations | Not verified |
| Eligible and ineligible costs | Not verified |
Application process
10 steps
A practical outline. The call documents prevail wherever they differ.
Check eligibility
Check the instrument's target stage and sector on the FMFIB page, then the fund manager's own investment criteria.
Gather supporting documents
Prepare a pitch deck, business plan, financial statements or projections and the current shareholder structure.
Prepare the proposal
Approach the selected fund manager directly. There is no ISUN application for equity instruments.
Prepare the budget
Prepare a financial model and the amount you are raising, with its use of funds.
Use the official channel
Apply through the fund manager's own intake. FMFIB lists the selected intermediaries.
Sign the documents
Investment documents are signed by the company's legal representatives. A capital increase or share transfer must also be registered in the Commercial Register.
Timing
Equity funds invest on a rolling basis during their investment period, so there is no call deadline.
Due diligence and decision
The fund manager runs due diligence and its investment committee decides.
Sign the investment agreement
The parties sign an investment or shareholders' agreement setting the terms.
Reporting
The fund becomes a shareholder: expect regular reporting and the governance rights agreed.
Required documents
list not extracted yet
No document list recorded yet.
Requirements are set by the fund manager (typically a pitch deck and business plan).
Official sources
5 official links
- Official programme announcement
- Фонд Предприемачество - Ранен етап - ФМФИБ
- Application portal
- Not linked yet
- Guidelines for applicants
- Not linked yet
- Application templates
- Not linked yet
- Eligible-cost rules
- Not linked yet
- Official clarifications and amendments
- ФМФИБ - Често задавани въпроси
- Managing authority contact
- ФМФИБ - Финансови посредници
Managing authority contact: Apply directly to the fund manager, Vitosha Ventures. FMFIB lists all intermediaries. fmfib.bg/posrednici
Questions and answers
4 questions
- Can a Bulgarian company apply for Entrepreneurship Fund Early Stage?
- Yes, Entrepreneurship Fund Early Stage is open to applicants from Bulgaria. Eligible applicants: Start-ups at pre-seed and seed stage. FMFIB says the instrument also suits founders who have not yet registered a company. Bulgaria (PKIP instrument). Exact territorial conditions sit with the fund manager.
- What is the deadline for Entrepreneurship Fund Early Stage?
- Entrepreneurship Fund Early Stage has no fixed deadline: applications are accepted on a rolling basis. Checked on 3 Nov 2026.
- How much funding can one company get from Entrepreneurship Fund Early Stage?
- Ticket size is set by the fund manager and is not verified. The total budget of €30m is the whole programme envelope, not the amount one company can get.
- How do I apply for Entrepreneurship Fund Early Stage?
- There is no application deadline or ISUN form: companies approach the selected fund manager directly with a pitch deck and business plan. Official announcement: https://fmfib.bg/instrument/fond-predpriemacestvo-ranen-etap
Summary written by YARD Law (AI-assisted) from the official sources. Not an official text.
Record history
Research draft · Last checked: 3 Nov 2026 · Automated check · 4 Nov 2026 · source unchanged
No changes recorded since this record was created.
Bulgaria Funding Intelligence is an information service of YARD Law Co. It is not legal advice and not an official source. YARD Law does not administer public funds and has no official affiliation with any funding authority.