The EIF has selected Eleven and LAUNCHub to manage a €21m Entrepreneurship Acceleration and Seed Financing Instrument under the JEREMIE Holding Fund.
Eleven will manage a €12m acceleration & seed fund with a view to making around 200 investments in innovative young businesses.
Investments into individual portfolio companies will typically be in the range of €25,000 – €200,000 per investee. The team include professionals with experience in the venture capital and private equity sectors in Bulgaria.
LAUNCHub will manage a €9m ICT fund, which aims to make around 120 investments over the next 4 years.
Investments into individual portfolio companies will typically be in the range of €30,000 – €200,000 per investee. LAUNCHub partners with the largest early-stage micro seed investment fund and mentoring programme in Europe – Seedcamp and with the Cisco Entrepreneurship Institute Bulgaria. Its team includes Bulgarian ICT entrepreneur Lyuben Belov.
It is expected that the funds will start the investment process in the autumn of 2012.