Fond-ICO Global launches its seventh round with a maximum investment of €240 million
ICO, through AXIS, its venture capital management company, launched the seventh funding round for FOND-ICO Global today to select nine funds operated by private fund management firms.
On this occasion, Fond-ICO Global will award a maximum of €240 million. Of this sum, €150 million will be allocated to three capital expansion funds, €60 million to three venture capital funds and €30 million to three Incubator/technology transfer funds.
Management firms have until 16 September 2016 to submit their documentation. The terms and conditions of the programme can be found on the Axis website.
Axis launched the first funding round for Fond-ICO Global in October 2013. The purpose of Fond-ICO Global is to promote the venture capital sector in Spain, driving the creation of privately owned funds to provide Spanish companies with an alternative source of financing other than banks and to encourage their capitalisation and growth.
Six funding rounds have been completed to date. Through these rounds, Fond-ICO Global has invested a total of €947 million in 39 newly created funds, 12 of which are international. In turn, these funds have committed to invest around €3.8 billion in Spanish companies - a significant multiplier effect.
In terms of the categories of the funds, a total of 16 capital expansion funds, 15 venture capital funds, 6 incubator funds and 2 debt funds have been selected to date.
These funds invest in SMEs, regardless of their sector, and at any development stage, from seed capital, through the initial stages and including development capital, promoting their expansion and internationalisation.
Fond-ICO Global has shown itself to be an important catalyst for private investment in Spain, encouraging job creation and improving the competitiveness of the companies that these funds invest in and which this initiative has helped to create.
This seventh round marks another step for ICO in ensuring that the venture capital sector in Spain raises a similar volume of funds and investment as in neighbouring countries.
A venture capital management firm that is 100% owned by ICO. AXIS has been operating in the venture capital market for 30 years, during which time it has made investments in more than 160 companies and funds totalling nearly €870 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 purpose 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.