NEVEQ 3: New Vision Fund has at Least €20M fresh capital for AI, Blockchain and Fintech Startups
The partners of the VC with the longest history in Bulgaria – NEVEQ, have officially signed an agreement with the local Fund of Funds to deploy €19.1M public funds to 45 startups. Artificial intelligence, blockchain and fintech are the priorities of the new Neveq Management. According to the business plan, the fund managers have to provide additional roughly €8M private capital, of which €1.09M their own. The targeted size of the fund is €27.3M.
Being on the VC market since 2007 NEVEQ has so far deployed 45M through its first two funds and has four successful exits in its record – Vayant Travel Technologies, FinAnalytica, 3DC and DealMarket. Unlike the previous activities of NEVEQ related to rather scaling and growth stage companies, the new fund is targeted explicitly at startup companies.
“We will invest in already existing companies with some traction”, Alexander Terziyski, partner at Neveq management, told Trending Topics. Here is everything else you need to know about the new fund:
| Investment capacity | €23.2М, opportunity to grow to €27.3M |
| Public/Private capital | ~70% EU public funds, Operational program “Innovations and Competitiveness”, European Regional Development Fund (ERDF) |
| 29.6% partners & LPs from Bulgaria, Switzerland, USA; 4% оf which partners
Unlike the previous funds supported with EU public funds, in this case the partners have also put their own capital in the fund |
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| Investments | – |
| Tickets | €1M for startup |
| €500K for seed | |
| Number of potential investments | 15 startups |
| 30 seed | |
| Тerm | 10 years, 5 year window for new investments |
| Focus | AI, blockchain, fintech |
| Investment types | 20-35% equity |
| Partners and expertise | Konstantin Petrov, serial entrepreneur and an angel investor
Zlatolina Mukova, experienced investor with a track record in private equity, start-ups, turnarounds and financial management Alexander Terziyski, investment manager at first two funds of NEVEQ Yordan Zarev,investment professional with experience in M&A and corporate finance |
| Decision Making | Partners and ERDF |
| Competitive advantage | Long history and extensive experience of the managers, greatest number of exits on the Bulgarian VC stage |
