📋 Tender Overview
Early-stage technology start-ups in Central and Southeast Europe will have improved access to finance in the wake of an investment by IFC that aims to support the regions potential to foster technology development and application.IFC has invested 15 million in the LAUNCHub Fund IImanaged by LAUNCHub Fund II Managementa venture capital firm headquartered in Bulgaria. The Fund aims to provide increased access to early-stage equity and operational value add for technology start-ups in the region which are underserved by venture capital thus hindering their growth. Given the growth of digital entrepreneurship during the COVID-19 pandemic this funding is critical to help promising start-ups scale and strengthen their delivery of critical goods and services.The startup ecosystem for innovative tech companies in Central and Southeast Europe has transformed entrepreneurship in the region over the last decade said Lyuben Belov founding partner at LAUNCHub Ventures. With the support of IFC as an experienced and reputable institutional investor we can go even further investing in the exceptional growth potential of the region.The Fund will support start-ups that are developing technology-led innovative solutions to disrupt traditional business models. IFCs investment is expected to help drive competitiveness across targeted markets by increasing productivity and efficiency while bolstering the regions venture capital ecosystem.With their young and technology-savvy populations countries in Central and Southeast Europe have a clear opportunity to invest in the digital economy said Wiebke Schloemer Director for Europe and Central Asia at IFC. Our partnership with LAUNCHub Fund II will help more promising start-ups grow regionally and globally create local jobs opportunities in the digital space and fight the brain drain that is currently affecting the region.IFC has supported the development of the private equity and venture capital funds in its Europe and Central Asia Region for over 20 years with commitments of over 600 million in the region as of April 2021.
