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Everything you Need to Know About the New Venture Fund Моrningside Hill

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Officially, Моrningside Hill is the new domestic investment fund that will start supporting scaling companies in late summer. This is the first fund in Bulgaria that is especially targeted at Series A and B investment.

“We are already in communication with more than thirty companies,” says the CEO Pavel Velkov, after signing a contract with the state structure Fund of Funds which provides 70% of the €34.25M investment capacity.

The fresh capital is set to be deployed to a broader scope of businesses – beyond IT and software. Моrningside Hill aims to support solutions that reduce the single cost of products, hi-tech, hardware, e-commerce, products and services from around the world, that haven’t been implemented in the region. The fund will back at least 16 companies.

Expectations from the companies

The fund has strict criteria to only look for the companies that have at least 50% of their assets or income in Bulgaria. Моrningside Hill is looking for companies with a clear roadmap that already have developed a working product or service, which has been validated through the market.

The fund must back at least 16 companies and in case of company exit, the money could be reinvested.

On the other side, The Funds of Funds has also set expectations: 7% return.

Here’s everything else you need to know in numbers:

Investment capacity €34.25M
Public/Private capital 70% public from European Operational Program Innovation and Competitiveness, managed through Fund of Funds

30% private

Tickets €700K- €3.5M Series A and B
Type of investment 5-30% equity
Number of potential investments minimum 16 companies
Тerm 10 years with the option to extend for 2 more
Focus solutions that reduce the single cost of products, hi-tech, software and hardware, e-commerce, products and services from around the world, which haven’t been implemented in the region
Partners and expertise Pavel Velkov, Financial and investment consultant and private investor with hedge fund expertise
Todor Mutafchiyski
Delyan Ganev, Risk Analytics at Baron International Growth Fund
Ekaterina Velkova
It was quite challenging to find more information about the partners of the fund. The only clue that we got online is that Velkova and Ganev were part of the New York based Aspen Street Venture Partners. Luckily, we will be meeting Pavel Velkov next week, so we’ll be able to update you.

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