- The investment commitment of this new call is 209 million euros through 10 funds, the largest number since the creation of the instrument
- The evaluation report of Fond-ICO Global reflects that this fund has mobilized around 15% of the total funds raised in Spain in the 2013-2017 period and has had an impact equivalent to 0.5% in the GDP of 2017
The president of the Official Credit Institute, José Carlos García de Quevedo, today announced the launch of the eleventh call of Fond-ICO Global, the first public fund for venture capital funds created in Spain by Axis, the venture capital management company 100% owned by the ICO.
The ICO, through AXIS, launched Fond-ICO Global five years ago to promote the creation of private equity risk funds that make investments in Spanish companies in all their growth phases.
The investment commitment of this eleventh round is up to 209 million euros through the selection of 10 funds, the largest number since the fund was created.
In this new call a category of venture capital more focused on digitalization and innovation of companies is launched. Although currently more than 58% of the Fond-ICO Global venture capital portfolio finances digitization projects, AXIS wants to further enhance the necessary digital transformation of SMEs and entrepreneurs, which will be crucial to maintain their competitiveness and processes of globalization and internationalization.
Until October 30, 2018 through Fond-ICO Global, investments have been approved in a total of 71 private funds for an amount of 1,543 million euros in ten calls. Of the 71 funds, 26 are venture capital funds, 25 capital expansion, 17 incubation or technology transfer and 3 debt.
The maximum investment objective of these 71 funds could reach up to 20,839 million euros.
On the other hand, and given the multiplier effect that is generated with this instrument, the investment commitment of Fond-ICO Global in the ten calls made so far (1,543 million euros) represents an injection of 6,032 million euros in Spanish companies, which they employ more than 121,000 workers.
Investments through Fond-ICO Global have an impact on the transformation of companies, improving their productivity, internationalization and, therefore, greater growth in the economy and employment generation.
The president of the ICO announced the launch of this eleventh call at the presentation of the Evaluation and Impact Report of Fond-ICO Global held today in Madrid.
Evaluation and Impact Report of Fond-ICO Global (2013-2017)
Among the main conclusions, the important role of Fond-ICO Global as a reactivator of the venture capital sector in Spain stands out. In terms of mobilization of funds, Fond-ICO Global has represented around 15% of the total funds raised in Spain in the period from May 2013 to December 31, 2017. In addition, 14.1% of the investments made in Spain in those years corresponds to the funds invested by Fond-ICO Global.
One of the main objectives of this report is to estimate the impact of the public fund at the macroeconomic level in Spain, both in terms of GDP and employment, as well as exports and investments.
In terms of GDP, the impact has been 5,403 million euros, representing 0.5% of GDP in 2017 and in terms of employment maintained and / or created, Fond-ICO Global has generated an impact of more than 105,000 jobs, which represents 0.6% of the total volume of full-time equivalent employment.
These results have justified the expansion of the fund on two occasions to the current 2 billion euros and have allowed it to be consolidated as an initiative with a vocation for permanence and a necessary instrument in the Spanish private capital sector.
Sustainability and Social Impact Funds
In the presentation of this report, the president of the ICO also announced that AXIS will launch a new initiative amounting to 50 million euros to invest in Sustainability and Social Impact Funds, within the framework of another of the funds managed by AXIS, Fond-ICO Pyme (fund for direct investments and other strategies).
The purpose of the investment is directed to private equity entities that invest in companies that develop projects in different sectors and that have a significant social and / or sustainability impact, an area in which the public sector has a clear leadership responsibility.
