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EIF supports first time team Daphni Purple, as fund closing reaches EUR 150m

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    Date: 17 October 2016

The European Investment Fund is supporting the fund closing of a first time Venture Capital Fund, Daphni Purple in France. Daphni Purple has reached a closing of EUR 150 million and will primarily target ambitious European start-ups.

Background on InnovFin financial products

Under  Horizon 2020, the EU research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, "InnovFin – EU Finance for Innovators" offers a range of tailored products which will make available more than EUR 24bn of financing support for research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructures. This finance is expected to support up to EUR 48bn of final R&I investments.

Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible as final beneficiaries.

InnovFin Equity provides risk capital financing to funds that provide equity and quasi equity investments in SMEs in their in their pre-seed, seed, start-up and other early stage phases allowing them to set up or reach their next development stage. The InnovFin Equityinvestment focus is on innovative sectors of Horizon 2020 such as ICT, life sciences, clean energy and on societal challenges such as resource efficiency, bio economy, health and demographics, climate change.

 InnovFin Equity comprises four different products:

InnovFin Technology Transfer (InnovFin TT): aims at accelerating of technological innovations through investments into technology transfer funds focusing on the areas of key enabling technologies and other Horizon 2020 objectives promotion of IP, licensing and spin off activities. It mainly invests in funds operating in the pre-seed (including proof of concept) and seed stages.

InnovFin Business Angels (InnovFin BA): targets investments into business angel managed funds or co-investment funds, which invest in early-stage enterprises at regional, national or cross-border level.

InnovFin Venture Capital (InnovFin VC): targets investments into venture capital funds that provide funding to enterprises in their early stage operating in Horizon 2020 innovative sectors.

InnovFin Fund-of-Funds (InnovFin FoF): targets investments into venture and growth stage fund-of-funds targeting to build a portfolio of investments into underlying funds with significant early stage focus. InnovFin also provides funding to separately managed Pan European VC Fund-of-fund programme.

For additional information in French please click the link below:
http://www.eif.org/what_we_do/equity/news/2016/daphni_press_release_fr.pdf

Press contact: EIF: David Yormesor, d.yormesor@eif.org

 

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