COFIDES formalized its participation in the Inveready Venture Finance IV Trainera Fund, a venture debt fund focused on technology-based companies with high growth potential and an internationalization strategy.
COFIDES' participation will be €5M from the Fund for Foreign Investment Operations for Small and Medium-sized Enterprises (FONPYME). Inveready's fund aims to reach a size of €33M. When combined with the €67M fund in alliance with Banco Santander, the total amounts to €100M. The fund will preferably invest in Spanish technology-based companies with high growth potential and internationalization plans, with average tickets of €2.5M, and may reach more than €5M in total funding.
This instrument follows on from the Inveready Venture Finance III Fund, of which COFIDES also formed part in 2020 through FONPYME.
The CIO of COFIDES, Miguel Ángel Ladero, stated that "it is very interesting for COFIDES to collaborate with Inveready, a fund that has proven to be a relevant player in the entrepreneurial ecosystem of our country, as through its focus on technology and innovation it contributes to the development and growth of highly technological and innovative companies."
Ignacio Puig, General Partner and Head of Venture Debt at Inveready said that "COFIDES has been a very valuable investor in the previous fund, working closely with several portfolio companies in their internationalization strategy. Having your support in this new fund allows us to continue with our commitment to improve the competitiveness of Spanish SMEs abroad."
ABOUT INVEREADY
Founded in 2008, Inveready is one of the leading Venture Capital managers in Spain. It invests, through different strategies (Digital Technologies, Life Sciences, Venture Debt, Strategic Public Equity, Infrastructure and Private Equity, among others) in companies with a strong innovative component, providing financing solutions to companies throughout their life cycle.
To date, it has 210 active companies in its portfolio, 64 successful divestments and over €1.2bn in assets under management.
Inveready is based in San Sebastian, with other offices in Barcelona and Madrid. It has been recognized on multiple occasions by SpainCap and Preqin for the return on its funds and transactions. (For more information, visit www.inveready.com).
ABOUT COFIDES
COFIDES is a state-owned commercial company specialized in managing State funds that provides financing for private investments to achieve various public policy objectives. For over three decades, it has been managing resources aimed at supporting the internationalization of Spanish companies, and since 2021, the FONREC, a fund aimed at strengthening the solvency of Spanish companies severely affected by the COVID-19 pandemic. COFIDES has been assigned the direct management of two new financial instruments: the Co+-investment Fund (FOCO), to attract foreign investment to Spain in activities mainly linked to green and digital transitions, and the Social Impact Fund, aimed at reinforcing the national ecosystem of impact investment. Additionally, COFIDES supports the Spanish Agency for International Development Cooperation (AECID) in managing financial cooperation resources. The Spanish state owns 53% of the capital, while the remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and the Development Bank of Latin America and the Caribbean (CAF).
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