“With such a high number of deals, we have the luxury to spread our bets far and wide, both across pre-seed, seed, and early-A stages, as well as across verticals and sectors ranging from biotech and SaaS, to e-commerce and FMCG.” How does raising a VC fund differ to raising VC investment? Vitosha Venture Partners does not yet have a portfolio but is looking to make 130 investments over the next several years. The price offer (management fee proposal).The joint and separate experience of the managing partners.He summarises the requirements to win as: “We obtained the fund-of-funds investment by winning a public procurement procedure with the Bulgarian government.” - says Max. ” - says Martin Danovsky, Chairman of the Management Board of Fund of Funds.įund of Funds is the solo LP in one of the newest VC funds in the SEE region, Vitosha Venture Partners.The General Partners, like Max Gurvits, hold the rest of the private equity in the fund company. Technicalities aside, we always endeavor to fulfill the fundamental idea of the investment strategy of our mandate.The underlying notion is that if a team has a strong track record in tech or in growth investments it would most probably strive to replicate and to adopt an approach similar to their past success stories. proper executing of the eligibility requirements for investees, following up state aid rules and so on. Given our specific role of a public investor we monitor the fund performance in other aspects as well, e.g. “In a nutshell, our role in the process comprises of detailing the design of the respective fund, running a selection process with candidate fund managers, support the legal closing of the fund and manage the participation post signature as any LP would do. The company manages a public resource of over € 660 million and implements a wide range of products for the financial sector, including guarantees, private equity and others.

One such public investor is Fund of Funds, a joint-stock company owned by the Bulgarian state, which implements in the country the financial instruments, co-financed by the European Structural and Investment Funds. Public sector money still makes for a large amount of investments in venture funds, especially in the SEE/CEE region. The level of maturity of the VC ecosystem corresponds to the diversification of the LP/GP base. More capital, more opportunities and more new VC funds. Indeed, VC investment in European startups has grown fourfold to €23bn (2013 to 2018). If you take a look at how much money went into European venture fifteen years ago to today, it’s changed almost by a factor of 10x or 20x. “There is a lot more money, a lot more interest, a real financial capability that wasn’t there before. Shortly after the announcement of their second fund, Hussein Kanji, a partner at the firm took part in an ‘Ecosystem Giants’ event of mine to share more on his journey in venture, fundraising and the early stage market in Europe. One of the top-performing early-stage VC firms on the continent is Hoxton Ventures its first fund having the highest ratio of unicorns to investments in Europe, according to Dealroom.

By 2019, the number increased by 13x.Their financing was historically not primarily done through venture capital. As an example, a little over a decade ago, there were 13 tech companies with a valuation of more than $1billion in Europe. The interest in European tech is rapidly growing. Startup advisor and mentor Tzvete Doncheva shares more on where the money behind the money comes from and the current VC landscape in the latest (Re)StartUp Strategy series.

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