5xLabs: Bulgarian VCs launch a new platform to nurture the local entreprenerial ecosystem
Founders of the first investment funds in Bulgaria – NEVEQ 1 and NEVEQ 2 along with the first open-ended investment platforms in the country – Neo Ventures and Neo Gravity, have gathered forces to create a platform that helps and nurtures the local entrepreneurial ecosystem.
5x Labs will offer Bulgarian startups business development support, mentoring and legal advice, contacts to potential partners, as well as fundings up to €50.000.
The initiative is also supported by the international consulting company EY (Ernst & Young) through the EYnovation ™ program, which helps startup and fast-growing Bulgarian companies to develop their financial processes and prepare for the requirements of international markets.
The selection of startups is done in two phases – a preliminary review and official presentation of 5 selected business startups by their creators before a 5-member jury. According to the regulation, the composition of the jury is not permanent and it meets in accordance with the theme of the presented projects, reported Forbes.
“Our goal is to give a chance and support to good business ideas and teams in different sectors, not just the usual IT and fintech projects, which have traditionally been the focus of attention in recent years,” said Pavel Ezekiev co-founder and managing partner in the open-end investment funds Neo Gravity and Neo Ventures, which is the main driving force behind the new 5x Labs platform.
The next 5x Labs presentation session for startups will be held at the end of the year, and the pre-selection is permanently open, and those interested can send their presentation to email@example.com.