Download Ismael Rodrigo Barco (CDTI Spain)

VC Funding Programs at national level.
Innvierte
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Strengths and weaknesses of the Spanish ecosystem
• Good level of basic research but with problems to translate
it into a product / service that reaches the market.
• Few companies that carry out R & D activities, resulting in
low private spending in this area.
• Difficulty in the growth and internationalization of the new
technology companies:
– Deficiencies in the management and lack of market orientation.
– Difficulties in accessing foreign markets.
– Few success stories that may put Spain on the map of international
investors although i
Little robust ecosystem that is not able to feed themselves.
No secondary market that makes good initiatives grow fast.
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Current Public Programs to foster VC at national level.
• Fond-ICO global (ICO). €1.5 billion public fund of funds for
promoting VC and PE. The target is promoting private
Venture Capital and Private Equity, catalyzing the creation
of private funds mainly invested in by private investor and
managed by professional managers.
• Innvierte (CDTI – Experience of Neotec Capital Riesgo).
Venture capital program which aims to promote investment
in technological Spanish SMEs with high potential for
return and strengthen the ecosystem. Main objectives:
• Accelerate growth and access to international
markets for Spanish technology companies.
• Have a sufficient number of investment vehicles that
can meet the Spanish technology companies.
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Performance criteria of Innvierte
• Majority of private commitment in each investment vehicle.
• Selection of specialized vehicles: investing in technologybased businesses requires highly specialized managers.
• Managers with experience, knowledge of the market and of
the problems associated with technological projects.
• Attracting international investors (directly into the
investment vehicle or accompanying in investment rounds
in companies):
– Facilitate access to other markets in a direct way.
– Attract knowledge and best practices to be adopted.
• Promote growth (organic or not) to create leading
companies in its sector.
• Innvierte acts as an anchor investor, taking commitments
that are activated to raise additional private funds.
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Summary of Innvierte’s activity
• 14 investment vehicles supported by Innvierte
– 140 M€ committed by Innvierte
– 405 M€ committed by the investment vehicles supported
by Innvierte to invest in technological companies
– Up to now:
• 96 investments in companies
• 120 M€ invested.
• 3 investment vehicles in process to be active (foreseen in Q2
2016).
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Summary of Innvierte’s activity by area
Area
TIC
Investor Vehicle
Amerigo Innvierte Spain Technologies FCR
Amerigo Innvierte Spain Ventures FCR
Investment in
companies
(Number)
Investment in
companies
(M€)
46
70,25
Alma Mundi Innvierte Fund FCRE
Industry
Caixa Innvierte Industria SCR
12
13,56
BIO
Caixa Innvierte Biomed II FCR
Inveready Innvierte Biotech II SCR
Ysios Biofund II Innvierte FCR
Healthequity SCR
29
29,69
7
4,80
2
1,80
Co-investment agreement with Iberdrola
Energy &
Co-investment agreement with Repsol
Environment
Co-investment agreement with AGBAR
Caixa Innvierte Start
Seed
Be Able Innvierte Kets
Columbus Innvierte Life Science
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Main challenges
• Attract new private money to these types of investments:
pension funds, insurance companies, leading companies in
its sector, more family offices or financial institutions.
• Fundraising processes extremely long. VC Managers
need to devote too much time
• Lack of important venture rounds.
• Funding is always short and the company is always stressed by the
necessity of a new round.
• Lack of VC funds in series B, C or late stage funds.
• Are there enough “investable” companies?
• More success stories
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