New funding available for technology-driven SMEs in Spain

The European Investment Fund (EIF) announces a cornerstone investment in Bullnet Capital II, a fund targeting early-stage technology companies, primarily in Spain. The investment is made on behalf of NEOTEC, a EUR 183m fund-of-funds targeting the Spanish technology market and for which the EIF is advisor.

The first closing of Bullnet Capital II was completed at EUR 25m and the fund will be managed by Madrid-based manager Bullnet Gestión.

This investment will help enable the establishment of technology-driven companies and further encourage the development of innovation in the region.

EIF’s investment via the NEOTEC programme was made under the European Commission Competitiveness and Innovation Framework Programme (CIP-GIF1). GIF1 aims to support businesses in their early stages of development.

About NEOTEC

NEOTEC was launched in 2006 in partnership with the Centre for the Development of Industrial Technology (Centro para el Desarrollo Tecnológico Industrial, or CDTI), a public business entity belonging to the Spanish Ministry for Science and Innovation.

The programme encompasses both a fund-of-funds and a co-investment vehicle. Whilst emphasis is on technology funds, generalist funds that invest in new technology companies can also be included.The programme brings together a well known group of Spanish blue-chips from both the public and private sectors investing in innovative and research-led SMEs such as Caja Madrid, Iberdrola, Repsol, Telefonica, Axis Participaciones, Indra, La Caixa, Caixa Catalunya, ACS, Gas Natural, Banco Santander, ENISA, Union Fenosa & CEPSA who are investors in the NEOTEC programme.

Contact: Mr. Piyush Unalkat, tel +34 91 436 0863 (Madrid), e-mail: unalkat@eif.org