Bulgaria wins €210M EU tech boost

Bulgaria has lined up about €210 million in European Union-backed financing for high-tech companies, with the European Investment Fund set to run the programme. (eif.org) The European Investment Fund announced the package on April 14, saying the money will go to Bulgarian companies in sectors including microelectronics, artificial intelligence, defence, quantum technologies, space and green innovation. (eif.org) The financing sits inside JEREMIE Bulgaria, an European Union initiative for small and medium-sized businesses, and the current pool combines €160 million available for reinvestment with another €50 million in recycled European Union funds. (brusselstimes.com) The structure matters because JEREMIE works like a revolving fund: equity investments and other financing are paid back over time, and those repayments are reused for new companies instead of ending after one budget cycle. (brusselstimes.com) The European Investment Fund said the goal is to deepen Bulgaria’s pipeline of local technology companies and strengthen its position as a venture capital hub in Southeastern Europe. (eif.org) Bulgarian caretaker Prime Minister Andrey Gurov said on April 14 that the extension of JEREMIE reflected a broader partnership with the European Investment Fund, and he described the new €210 million as support for companies in strategic sectors. (bta.bg) Innovation Minister Irena Mladenova said the new phase would channel the money through financial instruments rather than one-off grants, according to SeeNews. (seenews.com) The European Investment Fund said JEREMIE Bulgaria has supported more than 10,000 small and medium-sized businesses since 2010 and has invested in more than 13 venture capital and private equity funds. (eif.org) Law firm Boyanov & Co., which advised on the new investment strategy, said the European Investment Fund will manage the programme through 2035 and that earlier JEREMIE resources of €350 million from European Union structural funds had been scaled into more than €1.6 billion of equity, loans and guarantees. (boyanov.com) For Bulgaria, the next test is execution: getting the new pool into funds and companies quickly enough that local founders can raise capital at home instead of looking abroad. (eif.org)