European Foundation
for the Improvement of
Living and Working Conditions

The tripartite EU agency providing knowledge to assist
in the development of better social, employment and
work-related policies

EU PolicyWatch

Database of national-level policy measures

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 Updated – 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)
Measure added 24 September 2020 (updated 06 March 2023)

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.


The following updates to this measure have been made after it came into effect.

21 February 2023

According to the Integrated Information Portal , funding up to a maximum of BGN 2 million in equity and quasi-equity investments is provided by three existing accelerator and seed funds. Total budget from the Fund of Funds and private investors is BGN 150 million. Funding of up to BGN 6.8 million is available from a Venture Capital Fund with a total budget of BGN 75.3 million.

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,


Eurofound publications based on EU PolicyWatch

30 January 2023


Measures to lessen the impact of the inflation and energy crisis on citizens

Governments across the EU continue to implement policies to support citizens and businesses in the face of rising food and energy prices caused by the COVID-19 crisis and intensified by the war in Ukraine. This article summarises the policy responses as reported in Eurofound's EU PolicyWatch database from January to September 2022.


12 September 2022


First responses to cushion the impact of inflation on citizens

Although the worldwide pandemic situation had already disrupted supply chains and triggered increases in energy and food prices in 2021, the situation deteriorated in 2022 with the Russian invasion of Ukraine.


12 September 2022


Policies to support EU companies affected by the war in Ukraine

This article summarises the first policy responses that governments across the EU have started to implement to support companies affected by the rising prices, and those with commercial ties to Ukraine, Russia or Belarus.


5 July 2022


Policies to support refugees from Ukraine

This article summarises the first policy responses of EU Member States, including those of the social partners and other civil society actors, enabling refugees to exercise their rights under the Temporary Protection Directive.


Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.