Venture Capital

The Venture Capital program aims to support the growth of innovative and high-potential companies through venture capital investments. The initiative promotes the raising of financial resources, boosts competitiveness, and contributes to value creation in strategic sectors of the economy.

Duration

Up to 10 years

Financing

50% stake in the share capital

Company Size

SMEs
Large Companies

Eligible Entities

Non-financially viable companies

Venture Capital

The Venture Capital program aims to support the growth of innovative and high-potential companies through venture capital investments. The initiative promotes the raising of financial resources, boosts competitiveness, and contributes to value creation in strategic sectors of the economy.

Duration

Up to 10 years

Financing

50% stake in the share capital

Company Size

SMEs
Large Companies

Eligible Entities

Non-financially viable companies

Objectives and characteristics

  • Program aimed at:
    • Supporting the subscription of venture capital funds for investment in companies, fostering the establishment and/or capitalization of businesses, primarily in the early stages (pre-seed, seed, start-up, later stage venture – Series A, B and C, or scale-up)
    • Promoting market entry and the growth/expansion of viable companies through the development of new products/services or markets, or by strengthening and professionalizing staff structures

  • Viable non-financial companies
  • That carry out their activity within national territory

  • Up to 10 years
  • Exceptionally, when duly justified, operations may provide for longer terms

  • Instruments provided under market conditions
    • Equity instruments, including ordinary or preferred shares, without taking, at the time of the initial investment, stakes equal to or greater than 50% of the share capital or voting rights of the invested company
    • Quasi-equity instruments, including convertible bonds (or other hybrid instruments, such as participating loans), generating a minimum annual return of 2% for maturities up to and including 5 years, or 3% for maturities exceeding 5 years
    • Instruments made available under the State Aid Temporary Framework, or any other applicable scheme
    • Equity instruments, including ordinary or preferred shares, without taking, at the time of the initial investment, stakes equal to or greater than 50% of the share capital or voting rights of the invested company [in combination with the limits arising from the applicable State aid regime for the operation]
    • Quasi-equity instruments, including convertible bonds (or other hybrid instruments, such as participating loans), generating a minimum annual return in line with the provisions of the State Aid Temporary Framework, namely:

Objectives and characteristics

Program aimed at:
Supporting the subscription of venture capital funds for investment in companies, fostering the establishment and/or capitalization of businesses, primarily in the early stages (pre-seed, seed, start-up, later stage venture – Series A, B and C, or scale-up)
Promoting market entry and the growth/expansion of viable companies through the development of new products/services or markets, or by strengthening and professionalizing staff structures

Viable non-financial companies
That carry out their activity within national territory

Up to 10 years
Exceptionally, when duly justified, operations may provide for longer terms

Instruments provided under market conditions
Equity instruments, including ordinary or preferred shares, without taking, at the time of the initial investment, stakes equal to or greater than 50% of the share capital or voting rights of the invested company
Quasi-equity instruments, including convertible bonds (or other hybrid instruments, such as participating loans), generating a minimum annual return of 2% for maturities up to and including 5 years, or 3% for maturities exceeding 5 years
Instruments made available under the State Aid Temporary Framework, or any other applicable scheme
Equity instruments, including ordinary or preferred shares, without taking, at the time of the initial investment, stakes equal to or greater than 50% of the share capital or voting rights of the invested company [in combination with the limits arising from the applicable State aid regime for the operation] Quasi-equity instruments, including convertible bonds (or other hybrid instruments, such as participating loans), generating a minimum annual return in line with the provisions of the State Aid Temporary Framework, namely: