100 million euro in startup funding released after legal battle
Bulgaria's Supreme Administrative Court has overturned a decision by the Competition Protection Commission (CPC) that had blocked the selection of two equity fund managers under the state-backed Fund of Funds (FoF) program.
The ruling allows the immediate allocation of 70 million euro to Bayeña Ventures and Morningside Hill, alongside 30 million euro already awarded to Vitosha Venture Partners, completing a 100 million euro investment round aimed at supporting Bulgarian companies over the next five years. The decision comes unusually swiftly, just two months after the appeal, and overhauls the CPC's claims of flawed evaluation.
Producer prices surge annually despite monthly decline
Producer prices in Bulgaria rose by 12.3% in April compared to the same month last year, driven largely by a 39.4% increase in electricity, heat, and gas production, a 23.9% rise in mining, and an 8.7% uptick in manufacturing. For the domestic market, prices climbed even more sharply, by 16.9% year-on-year. Key contributors include a 47.9% surge in energy prices, 22.2% in mining, and 10.1% in manufacturing. Despite the annual growth, producer prices fell by 4.4% in April on a monthly basis.
Managers report growing uncertainty
Bulgaria's overall business climate indicator fell by 1.7 points in May compared to April, according to data from the National Statistical Institute. Managers cite an uncertain environment, labor shortages, and weak demand as key concerns. The most negative assessments come from the industry and retail sectors. However, short-term expectations are more optimistic, with industry anticipating further price rises and retail expecting stable price levels.
100 million euro in startup funding released after legal battle
Bulgaria's Supreme Administrative Court has overturned a decision by the Competition Protection Commission (CPC) that had blocked the selection of two equity fund managers under the state-backed Fund of Funds (FoF) program.
