Fund of Funds in Bulgaria

Name

Fund of Funds in Bulgaria

Legal name

Фонд мениджър на финансови инструменти в България ЕАД

Website

https://fmfib.bg

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Public Fund Management (Development Finance)

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Miscellaneous Business Credit Institution (6159)

akta.pro industry

PRIMARYBPADACAJ

Private Sector & Blended Finance Arms (IFC-type)

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYBPADACAC

National Development Banks & State Development Finance Institutions (DFIs)

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYBPADACAO

Impact Investment & Development Investment Funds

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYBPAGALAA

Impact Investing & Social Finance (Funds, CDFIs, Microfinance)

Business & Public Services/Nonprofit, NGO & Social Services/Social Enterprises & Impact Organizations

Keywords

• Fund of funds management
• EU financial instruments
• Development finance
• SME financing programs
• Venture capital management

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Public Fund Management Operations: FMFIB is a sole-owned joint-stock company held by the Bulgarian state. As a government entity, it does not generate commercial revenue in the traditional sense. It distributes public funds from European programmes and national co-financing through financial instruments. The company's operations are funded through management fees and operational budgets allocated by the state. Its mission is to ensure efficient and sustainable use of EU funds, not to generate profit.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Fund of Funds in Bulgaria (FMFIB) is a state-owned joint-stock company that manages European Union structural and investment fund resources through a portfolio of debt and equity financial instruments. It structures these instruments and selects financial intermediaries (banks, fund managers, microfinance institutions) who then deploy capital to end recipients such as SMEs, large enterprises, startups, municipalities, healthcare facilities, and water and waste operators across Bulgaria.

Product overview

Fund of Funds in Bulgaria (Фонд мениджър на финансови инструменти в България ЕАД) is a sole-owned joint-stock company held by the Bulgarian state that distributes European Union funding through specialized financial instruments. The organization offers two main categories of products: Debt Financial Instruments (including microfinance, urban development, water sector, waste management, fisheries, circular economy, and strategic investment instruments) and Equity Financial Instruments (including early-stage, venture capital, growth, innovation, technology transfer, digitalization, strategic technologies, and startup funds for students). The portfolio spans the 2021-2027 and 2014-2020 programming periods, targeting micro/small/medium enterprises, large companies, healthcare facilities, educational institutions, municipalities, municipal companies, and water operators. The organization reports EUR 1 billion in investments supporting 3,588 projects across 11 active instruments.

Differentiator

Problem solved

Functional benefit

Products and services

• Circular Economy Financial Instrument (2021-2027) Debt financial instrument for selecting intermediaries to implement circular economy projects under the 2021-2027 programming period, providing funding for sustainable business practices to Bulgarian private-sector companies.
• Urban Development Fund 2021-2027 Debt financing instrument supporting urban development projects including infrastructure improvements, municipal investments, and urban renewal initiatives for Bulgarian municipalities and municipal companies.
• Financial Instrument for Strategic Investments Strategic debt financing instrument designed to support large-scale investment projects with significant economic impact for municipalities, public entities, and large enterprises.
• First Loss Portfolio Guarantees for Digitalization Portfolio guarantee instrument that covers initial losses on bank loan portfolios to encourage financial intermediaries to lend for digital transformation projects of Bulgarian enterprises.
• Microfinancing for Students and PhD Candidates Microfinance instrument providing startup debt capital to students and doctoral candidates with innovative business ideas.
• Debt Financial Instrument for the Water Sector (2021-2027) Debt financing instrument for water sector investments, supporting water supply infrastructure and wastewater management projects of Bulgarian water supply and sewerage (ViK) operators.
• Waste Management Financial Instrument (2021-2027) Debt financing for waste management sector projects, supporting sustainable waste collection, recycling, and disposal infrastructure for Bulgarian municipalities and waste operators.
• Support for Fisheries and Aquaculture Financial Instrument Financial instrument supporting the Bulgarian fisheries and aquaculture sector through risk-sharing and guarantee mechanisms, financed under the EU Maritime, Fisheries and Aquaculture Programme.
• Business Start Microloans Microfinance instrument supporting business creation and employment, providing loans to entrepreneurs starting new ventures.
• Risk-Sharing Micro-Finance Facility Microfinance facility with shared risk between FMFIB and financial intermediaries to increase access to capital for small businesses under the 2014-2020 programming period.
• Entrepreneurship Early Stage Fund Equity investment fund providing early-stage capital to startups and nascent entrepreneurs in Bulgaria.
• Entrepreneurship Venture Capital Fund Venture capital fund providing risk financing to Bulgarian high-growth potential companies.
• Entrepreneurship Growth Fund Equity fund supporting the growth stage of established Bulgarian companies with expansion capital needs.
• Enterprise Innovation Fund Equity fund focused on innovative Bulgarian enterprises, supporting companies developing new technologies and business models.
• Technology Transfer Fund Equity fund facilitating the transfer of technologies from Bulgarian research institutions to commercial applications.
• Digitalization Fund Fund providing equity financing for Bulgarian companies engaged in digital transformation and digital economy activities.
• Fund for Startups by Students and PhD Candidates Dedicated equity fund for startups founded by students and doctoral candidates at Bulgarian universities.
• Strategic Technologies and Defense Fund Fund investing in strategic technology companies and defense-related enterprises of national importance in Bulgaria.
• Business Start Fund (Sustainable Business Start) Fund providing equity and quasi-equity investments to support sustainable business launches in Bulgaria.

Quantifiable outcome

• Over 1 billion euro in total public investments mobilized; 3,588 projects supported; 11 active financial instruments across 7 EU programmes (2021-2027)
• +1 more outcomes

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• DSK Bank (Bancova DSK)coreChannel Partner/ Reseller/ Distributor · 1 January 2026DSK Bank was selected as a financial intermediary to provide over 19 million euros for investments in the Waste Management sector through FMFIB-structured financial instruments. DSK distributes EU-funded loan products to eligible end recipients.
• Sofia University "St. Kliment Ohridski"coreStrategic or Co-development Partner · 1 January 2026FMFIB co-organizes the annual 'Best Youth Startup in Bulgaria' competition with Sofia University, under the patronage of the Minister of Innovation and Digital Transformation. The competition ran for its 5th edition in 2026 with over 330 youth business ideas submitted and 30 finalists.
• Net Info and NOVA (Media Partners)minorGTM or Marketing Partner · 1 January 2026Net Info and NOVA served as media partners for the 'Best Youth Startup in Bulgaria 2026' competition, providing the Public Spotlight Award platform through NOVA PLAY application and video hosting on Vbox7.
• Vitosha Ventures 2, Bailena Ventures, BVCA, Innovation Capital, Silverline Capital, Bulgarian Stock Exchange, BESCO, UBB, SIS AD, SIS Credit, Sofia Tech Park, CleanTech BulgariaminorGTM or Marketing Partner · 1 January 2026Over 70 partner organizations supported the 'Best Youth Startup in Bulgaria 2026' competition, including VC funds, banks, business associations, accelerators, and innovation organizations. These partners provided jury members, special awards (investment meetings, accelerator access, mentoring sessions), and promotional support.
• Sofia Tech ParkminorStrategic or Co-development Partner · 1 January 2026Sofia Tech Park served as a venue and partner for the 'Best Youth Startup in Bulgaria' competition finals. It also offered special awards to competition finalists, including access to its innovation ecosystem.
• Financial Intermediaries (Banks and Funds)coreChannel Partner/ Reseller/ DistributorFMFIB selects and works with commercial banks and Alternative Investment Funds as financial intermediaries who deliver funding to end recipients. Includes institutions such as UniCredit Bulbank, DSK Bank, and others selected through FMFIB's procurement procedures.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• KfW Capital: German fund-of-funds within the KfW Group that invests in German and European VC/PE funds. Closely mirrors FMFIB's equity-instrument approach of intermediating public capital through private fund managers.
• Cofides: Spanish state-owned financial institution managing EU and national funds for SME financing and internationalisation. Comparable fund-of-funds and direct-instrument structure.
• NRB (National Development Bank of the Czech Republic): Czech state-owned development bank providing financing for SMEs, infrastructure, and strategic projects. Comparable in mandate and CEE EU-member-state context to FMFIB.
• European Investment Fund (EIF): EU-level fund-of-funds that channels resources to SMEs via financial intermediaries across Europe. Highly comparable model to FMFIB, though operating at pan-European rather than national scale.
• Slovak Investment Holding (SIH): Slovak state-owned fund-of-funds managing EU structural funds through financial instruments. Nearest direct national-level peer — same CEE EU-member-state context and identical fund-of-funds mandate.

Regional players

• Altum (Development Finance Institution of Latvia): Latvian state-owned development finance institution providing loans, guarantees, and venture capital to SMEs. Highly comparable as a small CEE EU-member-state DFI.

Broad incumbents

• Cassa Depositi e Prestiti (CDP): Italian state financial institution supporting public investment and SME financing. Comparable blended-finance model but at materially larger scale and broader mandate.
• Bpifrance: French public investment bank offering debt, equity, and guarantee instruments for SMEs and innovation. Operates a similar blended-finance model but at much larger scale and broader scope.
• InvestEU / European Investment Bank (EIB) Group: EU-level financing arm through which many FMFIB instruments are ultimately funded. Upstream counterparty and benchmark for national fund-of-funds operating models.
• EBRD (European Bank for Reconstruction and Development): International development bank actively investing in Bulgarian SMEs and financial institutions. Comparable mandate to channel private-sector development capital, but at regional/multi-country scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fmfib1

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fund of Funds in Bulgaria