ICO launches the 6th round of FOND-ICO to select six fund managers
AXIS, ICO's venture capital management company, launched the sixth funding round for FOND-ICO Global today to select six new management firms
The terms and conditions can be found on the AXIS website and the deadline for submitting documentation is 29 March 2016
FOND-ICO Global will invest up to €154 million in the six funds selected in this sixth round
ICO, via AXIS, its venture capital management company, launched the sixth funding round for FOND-ICO Global today to select six management firms.
On this occasion, FOND-ICO Global will invest a maximum of €154 million, of which €100 million will go to two capital expansion funds, up to €40 million to two venture capital funds and a maximum of €14 million to two incubation/technology transfer funds.
Management firms have until 29 March 2016 to submit their documentation. The terms and conditions of the program can be found on the AXIS website.
ICO, through AXIS, launched the first round of funding for FOND-ICO Global in October 2013 as a way of providing Spanish businesses with alternatives to bank financing.
Five rounds have been held since then, which have highlighted the considerable interest in Spain in these types of investments given the large number of applicants. Investment commitments worth €876 million in a total of 35 national and international funds (14 in the capital expansion category, 13 in venture capital, 6 for incubation and 2 for debt) have been approved during these rounds. These funds mainly invest in SMEs, in any sector and stage of development, from the seed, start up and development phases through to growth and internationalisation.
The five funding rounds for FOND-ICO Global, together with the growing interest from international investors, have contributed to boosting the volume of funds raised in Spain over the last two years. It is worth noting that investments by private Spanish entities in Spanish funds increased from €252 million in 2012 to €1.8 billion in 2014, according to figures from the Spanish Venture Capital & Private Equity Association (ASCRI).
The FOND-ICO Global programme is a public-private sector collaboration that, since its creation, has sought to develop alternative sources of financing for Spanish companies, other than banks. From the outset, this fund of funds has been based on the principles of private fund management and a broad investment spectrum, both in terms of the development stage of the companies and the sectors they operate in.
This investment initiative is expected to act as a catalyst with long-lasting effects that go beyond the short term. Spain's economy will therefore receive significant investment through this alternative financing, bringing it in line with other countries.
A venture capital management firm that is 100% owned by ICO. AXIS has been operating in the venture capital market for almost 30 years, during which time it has made investments in more than 160 companies totalling nearly €400 million.
About FOND-ICO Global:
FOND-ICO Global is the first public venture capital "fund of funds" created in Spain, with capital of €1.5 billion. Its objective is to promote the creation of privately managed venture capital funds that invest in Spanish companies. This "fund of funds" is managed by AXIS, the venture capital company fully owned by ICO.