This case study features the equity instrument from the Bulgarian JEREMIE Holding Fund, co‑financed by the European Regional Development Fund (ERDF). The investment strategy of the Bulgarian JEREMIE Holding Fund addresses financing needs of Bulgarian small and medium‑sized enterprises at all stages of business development, through debt and guarantees, as well as equity and quasi‑equity products in combination with non‑financial support. The instrument, worth EUR 21 million, provided start‑ups with accelerator services and seed investments of up to EUR 200 000. In addition to creating over 600 jobs, it triggered a further EUR 20 million in third‑party follow‑on investment. The innovative character of this instrument (based on a combination of accelerator and seed funding, as well as its international orientation and its market oriented approach) is considered to be a key success factor.