The two organisations are to select a specialised entity via a public tender to manage the Advanced Technology Investment Fund (FITA), which is expected to be operational in the summer of next year. This financing instrument, backed by the Catalan Government to drive start-up initiatives, will also include private investors and its target size will be €55 million.

The Institut Català de Finances (ICF) and the European Investment Fund (EIF) have signed an agreement to unlock technology transfer projects in Catalonia by means of the Advanced Technology Investment Fund (FITA). Backed by the Catalan Government through the Ministry of Economy and Finance and Ministry of Research and Universities, its main purpose is to support initiatives by start-ups which promote scientific research transfer and valorisation in Catalonia.

As part of the agreement, the ICF and the EIF today kicked off the call for expression of interest to select a specialised entity via a public tender to manage the fund. This venture capital instrument will involve private investors alongside the EIF and the ICF. The fund is expected to have a target size standing at €55 million: €30 million will be injected through the ICF by the Ministry of Economy and Finance and the Ministry of Research and Universities and at least €15 million is to come from the EIF.

The fund will invest in technology transfer projects and intellectual property rights and also enterprises in the pre-seed, seed and start-up phases.

A fund manager in January

At an event held this week in the Government of Catalonia’s Administrative District in Barcelona, the two organisations announced the terms and conditions for participating in the call for expression of interest, which will be open for applications from today until 17 January 2023. These rules are published on the EIF’s website: https://www.eif.org/what_we_do/resources/fita/index.htm

Once the tender has been decided and the contract awarded, the Catalan public financial institution and the international agency will oversee the selected fund manager until the venture capital fund is up and running. FITA is expected to start operating in late June next year.

The winning bidder will be in charge of managing the fund, i.e. deciding how, where and when to invest the funds provided by the stakeholders based on the investment policy guidelines set out in the call for tenders.

Scientific research transfer and valorisation; strategic goals

The Catalan Government has made it a priority to foster scientific research and entrepreneurship as the driving force behind the country’s economy and set up and take part in investment funds which help to achieve this goal.

With this in mind, in December 2021 the Catalan Government endorsed the establishment of FITA, a public-private financing instrument which will drive transfer and valorisation of scientific research conducted in Catalonia’s research centres and universities.

About ICF

The Institut Català de Finances is the Catalonia public financial institution. Its mission is to foster funding for the business community in Catalonia in order to support the growth, innovation and sustainability of the Catalan economy. The ICF is complementary to the private sector by offering a wide range of financing solutions focusing on loans, guarantees and venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB), which brings together public banks and financial institutions operating in Europe.

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