In 1994, SEAF launched its second fund, the CARE Small Business Assistance Corporation Bulgaria (CARESBAC Bulgaria) in the newly democratic nation. At the time, the only available source of investment capital to private sector entrepreneurs was personal cash flows or loans from friends and family. Through CARESBAC Bulgaria, SEAF provided promising Bulgarian entrepreneurs with long-term patient equity and experienced business assistance to ensure the sustainable growth of their companies.

From an economic contraction in 1996 to the Balkan Crisis, Bulgaria experienced a rocky economic climate in the 1990s. CARESBAC Bulgaria weathered the crisis along with its portfolio companies, having invested nearly USD 6 million in 23 companies. Today, many of these companies have grown to become very successful and continue to provide much-needed local employment and other economic benefits to their communities. CARESBAC Bulgaria counts among its investments a leading ice cream manufacturer, a meat processing facility, and a frozen raspberry producer

  • Region: Central & Eastern Europe
  • Location(s): Bulgaria
  • Start Date: Jul 1994
  • Status: Fully Exited
  • Committed Capital: $12 Million
  • Investor(s): SEAF through United States Agency for International Development (USAID) grant funds, European Bank for Reconstruction and Development (EBRD)
  • Website

Related Portfolio Companies

  • Date
    July 29, 2015
    An ice cream distributor that acquired a production facility, Darko produces and sells high quality ice cream under its own brand name.
  • Date
    July 29, 2015
    Ken-4 is a meat producer that, over the life of SEAF’s investment, expanded its capacity tenfold and significantly increased employment.