Bulgaria is set to strengthen its position as a leading innovation hub in South-Eastern Europe with a €210 million financing boost for high-tech businesses under a European Union-backed initiative. The programme, managed by the European Investment Fund, aims to support companies in strategic sectors such as microelectronics, artificial intelligence, quantum technologies, space, and green innovation.
The funding is part of the Joint European Resources for Micro to Medium Enterprises initiative, widely known as JEREMIE, which is designed to enhance entrepreneurship and promote sustainable economic growth. The EIF, a member of the European Investment Bank, will oversee the programme through 2035, continuing its long-term support for Bulgaria’s innovation ecosystem.
Out of the total €210 million, €160 million is available for reinvestment, with an additional €50 million expected from recycled EU funds. The initiative provides equity financing to businesses, with returns reinvested to sustain long-term growth and expand funding availability.
Andrey Gyurov emphasized that the strategy goes beyond startup funding, focusing on building strategic industries and retaining talent within the country. The programme is also expected to help Bulgaria transition from a startup-driven ecosystem to a scale-up ecosystem, ensuring that successful companies continue to grow domestically rather than relocating abroad.
Since its launch in 2010, JEREMIE Bulgaria has supported over 10,000 small and medium-sized enterprises and invested in more than 350 innovative companies through venture capital and private equity funds. Among its notable successes is Payhawk, the country’s first unicorn startup.
The EIF has so far deployed more than €1.6 billion in financing through the initiative, significantly multiplying the impact of the original €350 million in EU structural funds. Marjut Falkstedt noted that the programme has played a key role in establishing Bulgaria as a leader in effectively utilizing EU funds to drive innovation and investment.
The renewed strategy will also focus on “dual-use” technologies with both civilian and defence applications, alongside investments in energy, transport, and digital infrastructure. Additionally, Bulgaria will become the first country in Central and Eastern Europe to participate in the EIF’s European Tech Champions initiative, aimed at supporting high-growth companies.
Irena Mladenova highlighted that the initiative marks a shift toward scaling businesses, ensuring that innovative companies not only emerge but also thrive within Bulgaria’s economy.
With this expanded support, Bulgaria is positioning itself as a competitive hub for high-tech innovation, investment, and sustainable economic development in Europe.
