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EIF signs fund agreement with Imprimatur Capital in Latvia

    Date: 14 June 2010
Eraf EU

The EIF and Imprimatur Capital have established the first specialist technology seed and start-up fund in Latvia attracting private capital to the JEREMIE initiative in a very difficult venture capital market environment. Private investors in the start-up fund are local pension funds managed by DnB NORD Fondi and LKB Krajfondi, local and foreign private investors. 

The Seed and Start-up capital funds will provide early-stage financing for innovative micro, small and medium size technology companies with international growth potential. The Seed fund of EUR 3 million will provide short-term proof-of-concept financing of up to EUR 100,000 per qualifying company, and the Start-up fund launching with a first closing value of EUR 4.2 million may invest up to EUR 400 000 per company, with the aim of building over several years a portfolio of around 10 technology growth companies in Latvia. TarSignatureget sectors include IT, telecommunications, clean energy and life science. 

Hubert Cottogni, Head of Regional Business Development, European Investment Fund: "EIF is pleased to see emergence of one more equity player on Latvian market. In this case in a particularly important - and at the same time underserved - technology-oriented seed and start-up segment. We believe this will be a particularly valuable addition to our portfolio; stimulating growth of companies where it is most important - at their inception." 

Toby Moore, Managing Partner of Imprimatur Capital Fund Management, stated "We have already received a lot of interest from science research institutions and technology entrepreneurs seeking seed and start-up capital for their innovative technology businesses. With our venture capital investment experience and international network we are looking forward to working with outstanding company founders with cutting edge technology and global ambitions.

Armands Ločmelis, Member of Board, IPAS DnB NORD Fondi: "Over last months Latvian economy shows gradual signs of recovery, and to stimulate further economic growth it is very important to invest in Latvian SMEs that create innovative products with market potential, as a result achieving also higher return for pension fund clients.

This is the fourth agreement to be signed with selected financial intermediaries under the Latvian JEREMIE Holding Fund managed by the EIF which has a value of EUR 91.5 million.

Over EUR 140 million is now available for SMEs under the JEREMIE initiative in Latvia. This figure includes additional private co-financing and will be channelled to businesses through loans and equity investments.


JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission (DG Regional Policy) and the European Investment Bank group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007 - 2013. JEREMIE enables the EU Member States and Regions to put money from the structural funds and also national resources into holding funds that can finance SMEs in a flexible and innovative way. Since the products will be provided on a repayment basis, funding will be reinvested and hence more SMEs will benefit from the EU resources.

EIF has currently signed eight National (Greece, Romania, Slovakia, Latvia, Lithuania, Cyprus, Bulgaria and Malta) and three Regional (in France - Languedoc Roussillon, and Italy - Campania and Sicily) Holding Fund agreements.

The new initiative aims at developing and fostering the role of entrepreneurship within the EU and help structural funds to deliver greater benefits to the market.

About EIF

EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance.  EIF designs and develops venture capital and guarantees 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. The EIF total net commitments to private equity funds amounted to over EUR 4.1bn at end 2009. With investments in over 300 funds, the EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. The EIF commitment in guarantees totaled over EUR 13.6bn in over 160 operations, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

About Imprimatur Capital

Imprimatur Capital is an international seed investor in high-growth technology businesses with global market potential. To date Imprimatur Capital has invested in 23 companies in Europe, Russia and the Asia Pacific region, in sectors including enterprise software, electronics, medical technology, homeland security and wireless/mobile. Imprimatur Capital is an active shareholder and helps its portfolio companies to grow and develop, expand into new markets, and increase in value.


  • David Yormesor, European Investment Fund, Marketing Communications, tel +352 426 688 346, d.yormesor@eif.org - general information requests on JEREMIE: inforbd@eif.org
  • Toby Moore, Managing Partner, Imprimatur Capital Fund Management, tel +371 67 365 275; tm@impcap.com

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