Tag Archives: EIF

Greece is arranging a new sizeable fund-of-funds

In Greece there are about 600 high-tech startups that developed in various industries. The main industry are ICT companies – Information and Communication Technologies. The number of startups in Greece has increased 12 times since 2010.

The actions of the Greek Government to help startups via national sources are realized through: lending programs of the European Investment Bank, lending by Jeremie Programme II, support programs of the Hellenic Fund for Entrepreneurship and Development.

Greek Fund for Entrepreneurship and Development, in short “ETEAN SA”,  was established as a new public institution in 2011 with a capital of 1.7 billion euros, of which 1.5 billion are the Greek government bonds. The remaining shares were paid in cash. The main objective of ETEAN SA was to offer support to thousands of newly established and existing innovative, dynamic and promising companies operating in all sectors of the economy.

Furthermore, in Greece there are several venture capital funds, including the Attica Ventures, FirstAthens, PJ Tech Catalyst, Jeremie Funds and Odyssey Venture Partners, which manage about 70 million euros in assets.

As the JEREMIE funds investment period has expired, the Greek government is planning to further scale-up tech entrepreneurship and funding chances for promising companies by building a new fund-of-funds together with EIF. Intermediary VC and PE funds will invest €260 mln to startups. On December 22nd 2016 the Greece’s Minister of Economy and Development and the European Investment Bank President, signed the EquiFund. In the beginning it will be financed with €200 mln via the Operational Programme ‘Competitiveness, Entrepreneurship and Innovation 2014-2020’ which is being financed by the Greek Government and the European Structural and Investment Funds. And there will be €60 mln from EIF. This amount includes up to €10 mln from the European Fund for Strategic Investments. What’s more, EIF will act as the EquiFund manager, proposing and evaluating the intermediary funds which will arranged.

The new fund-of-funds will concentrate on 3 areas: 1) research and innovation, 2) general entrepreneurship in early stages and 3) general entrepreneurship in growth stages. Yet, it is expected to see new players willing to play the VC game with the EquiFund. Already some universities, organizations and entrepreneurs have presented notable actions in startups.

 

LAUNCHub Ventures shuts its 2nd fund at EUR 18M

Bulgarian VC fund LAUNCHub Ventures has closed its new €18 million second  fund to invest in startups in Bulgaria and Southeast Europe. The existing portfolio companies will benefit as well.

The first LAUNCHub fund of €9M was founded in 2012. It was started as pre-seed tickets up to €200,000. Yet, thanks to this new fund, the venture can deploy into the seed space with investments in the €300,000 to €700,000 scope, expansible to €2M per firm. The aim of the venture’s strategy is to become the obvious first choice for entrepreneurs in their region. The founders believe  there is a fantastic opportunity in the currently underserved South Eastern Europe region, which is quickly growing. LAUNCHub has already lavishly supported the growth of the Bulgarian and regional startup ecosystems.

LAUNCHub’s investors include: the European Investment Fund (EIF), the founders of Bulgarian software corporation Telerik, and many other investors whose names have not been disclosed. The venture is headed up by: Belov, Todor Breshkov, Rumen Iliev, Stanislav Sirakov, and Stephane Gantchev.

LAUNCHub’s portfolio currently features companies in an assorted set of fields, such as: video distribution platform Fite; workflow automation service connecting hundreds of cloud applications Cloudpipes; an online platform connecting pharmacies and pharmaceutical firms Doctrina; UI middleware tool for gaming studios Coherent Labs.