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German Corona Matching Facility (CMF)

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    Date: 20 May 2020 - 30 June 2020

CMF

Following the decision of the EIF Board of Directors on 18 May 2020, the EIF is now acting as an implementing partner of the German Corona Matching Facility alongside KfW Capital.

This new funding programme forms part of the German Federal Government’s EUR 2 billion assistance  package for start-ups and small enterprises, announced earlier by the Federal Ministry for Economic Affairs and Energy and the Federal Ministry of Finance

It is deployed in two pillars and focuses in particular on ensuring access to finance for businesses in response to the coronavirus crisis. 

Under the first pillar – the Corona Matching Facility – the EIF and KfW Capital in cooperation with KfW will support VC funds targeting start-ups and young growth enterprises located in Germany and having a sustainable business model. The aim is to enable such companies to continue their growth despite the current period of hardship. The EIF will leverage its existing partnerships in the market to ensure a rapid pace of delivery, as detailed in the initiative’s terms.

Further options for securing financing for start-ups and small businesses that have no access to the CMF will be made available through the second pillar deployed by KfW in further cooperation with the federal states, including their promotional institutions (Landesförderinstitute). Hence, the EIF only participates in the first pillar, CMF as described above.

Fund managers – how to apply?

The Corona Matching Facility is a limited-term financing measure to bridge liquidity requirements during the coronavirus crisis. Before contacting the EIF, please read carefully the program details here and make sure to comply with the following eligibility criteria applicable to VC fund managers:

  • European VC fund managers
  • Independent VC fund managers (no corporate VCs, family offices)
  • Successful due diligence by KfW Capital or the EIF
  • Successful KYC & governance check
  • Fund terms in line with market standard
  • Closed-end funds and fund currency according to KfW Capital / EIF guidelines
  • Private investors >50% of fund volume in funds to be supported by CMF
  • No single majority shareholder
  • Newly established SPVs:
  • No other GPs / VC funds as investors
  • State aid conformity

Fund managers considered eligible and interested in receiving support from the CMF should contact the EIF here. The full application form and details will be sent to the fund managers by the EIF in response.

Proposals are received and evaluated on a continuous basis. The CMF will support financing rounds in 2020, i.e. until 31/12/2020, only.

Small business – how to benefit?

The CMF will be deployed through accredited VC funds only. If you are generally looking for investors, you can contact the fund management companies in which EIF has invested, including those operating under EFSI equity.

Information on the CMF is also on KfW Capital´s website

 

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