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Investment Plan for Europe: New finance for tech start-ups in Spain as EIF and Inveready Technology Investment Group sign new agreement

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    Date: 07 November 2016

The European Investment Fund (EIF) and Inveready Venture Finance II, a venture debt closed-end fund managed by Inveready Technology Investment Group, have signed an InnovFin SME guarantee agreement to increase access to finance for innovative, tech small and medium-sized enterprises (SMEs) in Spain. This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

The new guarantee agreement will allow Inveready Venture Finance II to provide EUR 10 million of loans at attractive conditions to SMEs over the next two years. The Spanish fund will focus on technology-driven SMEs in their first years of operation, covering a market gap between equity investors and bank financing. Inveready Venture Finance II targets early-stage companies which are not credit-worthy enough to have access to sufficient bank financing.

EIF’s guarantee is provided under the “EU InnovFin finance for Innovators” initiative with the financial backing under Horizon 2020, the EU Framework Programme for Research and Innovation. The agreement would not have been possible so soon without the backing of the Investment Plan.

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “It is very encouraging that the first Inveready fund which also benefitted from EFSI backing was so successful that another fund is already being launched. Inveready targets early-stage tech SMEs which are seen as high-risk to investors. So the Investment Plan is helping to plug a gap in the market, providing access to finance to companies deemed not yet credit-worthy enough to get a regular bank loan.”

Commenting on the transaction, EIF Chief Executive Pier Luigi Gilibert said: “Building on the success of its predecessor – Inveready Venture Finance I, I am pleased to see that a second fund – Inveready Venture Finance II – has now been launched so that the fruitful collaboration with EIF under the InnovFin SME Guarantee Facility can be pursued. I am confident that the additional SMEs benefiting from Inveready Venture Finance II financing solutions will be able to contribute to a better innovation environment in Spain.”

Carlos Conti, General Partner of Inveready Venture Finance II, stated that: “We are delighted to continue to count with the support of EIF. The InnovFin program enabled us to finance truly innovative companies with Inveready Venture Finance I using a type of financing instrument that was not present in Spain: Venture Debt. The positive experience led us to launch a second Venture Debt fund dedicated to fund this type of companies which will benefit from more attractive conditions and a new alternative financing option thanks to EIF’s support.”

This transaction with Inveready Venture Finance II reflects the EU's commitment to rapidly launch concrete initiatives under EFSI, accelerating lending and guarantee transactions capable of boosting jobs and growth in the EU.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. More information on EIF's work under EFSI is available here.

About Inveready Technology Investment Group

Inveready Venture Finance II is a venture debt closed-end fund operating in Spain, focused on technology-driven SMEs in their first years of operations. The financing will be directed to funding intensive R&D processes and expansion into new markets. Inveready covers a niche market gap between equity investors and bank financing. It targets early stage companies which are those that are not credit worthy enough to have access to substantial bank financing. Inveready Venture Finance II is managed by Inveready Technology Investment Group, a leading technology investment fund management firm in Spain. It counts more than 65 portfolio companies and has backed success stories such as Password Bank, integrated in Symantec, Indysis, integrated in Intel, Lucierna, integrated in US peer Smart Bear, Palo Biofarma with a landmark deal with industry leader Novartis and leading MVNO operator Mas Movil. 

About the Investment Plan for Europe

The Investment Plan focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, providing visibility and technical assistance to investment project. The Investment Plan is already showing results. The European Investment Bank (EIB) estimates that by October 2016, the European Fund for Strategic Investments (EFSI) triggered more than EUR 138 billion of investment in Europe. Building on this success, the European Commission on 14 September 2016 proposed extending EFSI by increasing its firepower and duration as well as reinforcing its strengths. Find the latest EFSI figures including a break-down by sector and by country here. For more information see the FAQs.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25,000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF: David Yormesor

Tel.: + 352 24 85 81 346, E-Mail: d.yormesor@eif.org

Inveready Venture Finance II: Carlos Conti

Tel.: + 34 931 807 260, E-Mail: cconti@inveready.com

European Commission: Siobhán Millbright

Tel.: + 32 (0)2 29 57 361, E-Mail: siobhan.millbright@ec.europa.eu

 

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