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Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure BG-2020-34/1180 – measures in Bulgaria

Quasi-funds for investments

Фондове за квази-дялови инвестиции

Country Bulgaria , applies nationwide
Time period Open ended, started on 18 August 2020
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Tsetomila Sabcheva and Luboslav Kostov (Citub) and Eurofound
Measure added 24 September 2020 (updated 19 November 2020)

Background information

This is a specific measure aimed not so much at maintaining employment as at supporting industries with high added value potential. The goal is for the Bulgarian economy not to lose competitiveness. The aim of the programme is to support innovative companies with high added value and to help the economy recover quickly after the crisis. It targets start-up and fast-growing companies active in key areas such as:

  • innovation,
  • digitalisation
  • bio-and nanotechnology
  • mechatronics
  • robotics
  • clean and information technology
  • pharmacy
  • fintech_ and others.

Content of measure

The total budget amounts to BGN 120 million (€60 million) and it is co-financed by European Funds.

Investments through equity instruments in four venture capital funds . The amount of investment varies in a wide range with different intermediaries and according to the stage of development of the companies.

The average value is €400 000 in the form of equity investments, investments in the capital of the companies or convertible debt, in exchange for which the investor receives the right to acquire a share in the capital of the company under certain conditions. Most of the investments are aimed at financing the company's growth potential, as well as current costs related to the development of the main product or activity.

Given the fact that startups and fast-growing companies are facing challenges that have not been foreseen so far, the Fund's efforts are focused mainly on further facilitating and accelerating this type of investment.

More information about mutual funds is available on the website of the Fund of Funds, as well as on the websites of the respective intermediaries - Innovation Accelerator Bulgaria, Vitosha Venture Partners, New Vision 3, Morningside Hill.

Startups and innovative companies can apply depending on the stage of development and the amount of investment required and must have a presentation of the business, team and growth potential, business plan, analysis and financial forecasts. The funds review the documents, approve and make the investments.

Use of measure

A limited number of companies can benefit from the measure. In addition, given the specifics of the work of these companies, employment in them is not high against the background of total employment in the country. At present, there is no initial assessment of the parameters of the implementation of the measure.

Target groups

Workers Businesses Citizens
Does not apply to workers Sector specific set of companies
Companies providing essential services
Does not apply to citizens

Actors and funding

Actors Funding
National government
Company / Companies
European Funds
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Informed Informed
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • No involvement
  • Main level of involvement: Unknown


The social partners were informed about this measure, but did not take part in its preparation and modification. The idea is entirely up to the government and is part of the overall package of measures announced in August 2020.

To a large extent this measure is an initiative of the Ministry of Economy of the Republic of Bulgaria. In August, the social partners were invited by the Minister of Economy to be introduced to this and other measures.

Views and reactions

All social partners supported the measure and responded positively, although there was no prior consultation procedure.

Trade Unions :

  1. Confederation of Independent Trade Unions in Bulgaria - CITUB
  2. Confederation of Labor "Podkrepa" - KT PODKREPA

Employers :

  1. Confederation of Employers and Industrialists in Bulgaria - CEIB (KRIB)
  2. Bulgarian Industrial Capital Association - BICA
  3. Bulgarian Industrial Association - BIA
  4. Bulgarian Chamber of Commerce and Industry
  5. Union for Private Economic Enterprise

Sectors and occupations

    • Economic area Sector (NACE level 2)
      J - Information And Communication J61 Telecommunications
      J62 Computer programming, consultancy and related activities
      M - Professional, Scientific And Technical Activities M72 Scientific research and development

This case is not occupation-specific.


  • 18 September 2019: Фонд за ускоряване и начално финансиране (


Eurofound (2020), Quasi-funds for investments, measure BG-2020-34/1180 (measures in Bulgaria), EU PolicyWatch, Dublin,

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