ICO increases FOND-ICO Global to EUR 1.5 billion
AXIS, ICO's venture capital management company, today increased the value of FOND-ICO Global by EUR 300 million, raising it from EUR 1.2 billion to EUR 1.5 billion.
The AXIS Board also completed the fifth funding round of FOND-ICO Global today with the selection of six new management firms.
In this fifth round, FOND-ICO Global will invest up to €121 million in the six selected funds, with a commitment to invest EUR 606 million in Spain.
This round brings the total amount approved by FOND-ICO Global to €876 million, a figure that will allow 35 funds to invest around EUR 3.2 billion in Spanish companies.
ICO, through AXIS, its venture capital management company, today increased the value of FOND-ICO Global by EUR 300 million, raising it from EUR 1.2 billion to EUR 1.5 billion.
This increase has been made as a result of the positive performance of the fund and its significant contribution to revitalising the venture capital sector in Spain and indirectly the Spanish business sector.
In addition, the fifth round of funding for FOND-ICO Global was completed at the AXIS Board meeting held today to select six new management firms.
FOND-ICO Global will invest a maximum of 121 million in the six selected funds, of which 100 million will go to two capital expansion funds, 12.85 million to two venture capital funds and 7.74 million to two incubation funds. For their part, the candidates chosen in this fifth round will invest a minimum of 606 million in Spain.
The management companies selected in the fifth round were:
ABAC SOLUTIONS MANAGER SARL
NMAS1 CAPITAL PRIVADO SGEIC SAU
CYGNUS ASSET MANAGEMENT SGIIC SA
ONZA CAPITAL INVESTMENTS SCR SA
BUSINESS BOOSTER SL
DIGITAL ASSETS DEPLOYMENT SL
ICO, through AXIS, launched the first round of funding for FOND-ICO Global in October 2013 as a way of providing alternative channels to bank financing for Spanish businesses.
FOND-ICO Global is the first State-owned venture capital "Fund of Funds" created in Spain. It was set up to promote the creation of privately managed venture capital funds that primarily invest in Spanish companies, at all stages of their development.
Since the launch of the first round in 2013, Fond-ICO Global has completed a total of five investment rounds to date.
Investment commitments worth €876 million in a total of 35 funds, both national and international (14 in the capital expansion category, 13 in venture capital, 6 for incubation and 2 for debt), have been approved during these rounds.
For their part, the funds selected in the five rounds completed to date will invest approximately 3.2 billion in Spanish companies from a total of more than €10.0 billion, which is the target to be raised by the selected funds, both in Spain and abroad. This will undoubtedly lead to improved business competitiveness and help to continue the rise in job creation begun in recent years.
The possibility of a sixth round before the end of the year will be studied based on the situation in the market and the level of participation in this latest round.
About AXIS: About FOND-ICO Global:
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.
FOND-ICO Global is the first public venture capital "fund of funds" created in Spain, with initial capital of 1.2 billion. Its purpose is to promote the creation of privately managed venture capital funds which invest in Spanish companies. This "fund of funds" is managed by AXIS, the venture capital company fully owned by ICO.