LAUNCHub Ventures secures EUR 44m for a new fund for portfolio investments
Source: Capital.bg; Tech.eu; FFBH
The VC fund, LAUNCHub Ventures, announced that it has raised EUR 44m, which to invest in start-ups from Bulgaria and CEE over the next 4 years. The financing for the new fund was provided by EIF – EUR 20m, while the remaining from private investors. Moreover, LAUNCHub targets to raise up to EUR 70m in total in next 6 month.
The portfolio investments will start at EUR 500k and can reach EUR 2m in one company. More than half of the total fund size will be kept as reserves to support the funding needs of portfolio companies in follow-on rounds, while the remaining portion of funds will be invested in the new businesses. Its current portfolio includes freshly funded GTMHub, FintechOS, Giraffe360, Office RnD and Ferryhopper. In fact EUR 4.6m (about 10%) of the current fund has already been put to work. The focus of the newly established fund continues to be technology start-up companies from Bulgaria and the region at an advanced stage of their business development.