Santander Bank bet on technological innovation. The entity has partnered with the private equity manager Inveready to launch a fund venture debt of 100 million euros aimed at startups which will be complemented with a range of products and services aimed at this type of high-growth companies.
As reported by the entity in a statement, Santander will contribute 67 million to this fund, while the remaining 33 million will come from other investors as well as the manager. The bank has highlighted that it is the fund of venture debt largest in Spain to date.
“We are very happy with the launch of this offer for startups. Entrepreneurs will be able to access a whole specific offer, not only to facilitate the take-off of the companies that are born, but so that they can consolidate their growth, which will undoubtedly “It is going to have a very positive impact on the innovation and entrepreneurship ecosystem in Spain,” indicated the CEO of Santander Spain, Angel Rivera.
The new fund is designed for technology-based, high-growth companies, with efficient use of capital, that have raised at least one round of capital and that can reach the profitability threshold in the medium term. The operations range from approximately 500,000 euros to five million, which allows growth to be financed in a “flexible” manner, minimizing shareholder dilution.
For companies that do not fit these parameters, Santander also has tools at its disposal. For more mature companies that need financing amounts greater than five million, Santander offers investment banking business and adapted debt products, as well as advisory services on mergers and acquisitions, debt structuring, IPOs or Search for strategic investors.