EUR 180m for small companies

30-08-2007, 09:16

Warsaw (Puls Biznesu) – The National Capital Fund is going to support small and mid-sized companies. It needs venture capital funds.

Companies interested in founding venture capital fund (VC) investing in small and medium companies may apply in the competition organized by the National Capital Fund (KFK) till October 15th. Within several years, KFK is going to spend EUR 180m of EU funds. The same amount will be spent by private investors which means that small innovative companies will get PLN 1.4 billion (EUR 362.6m) of cash.
“The fund will finance preparation and monitoring of investment. The manager will get support for basic operations. Thanks to KFK it may offer something which is unique on the VC market – guarantee of the investment. If the fund generates losses, the withdrawn capital will first go to private investors, and then to KFK”, Piotr Gebala, KFK CEO said.
 
No application has come to KFK yet. Piotr Gebala, however, is sure that the VC market in Poland will thrive soon. Within 7 years, KFK is supposed to provide cash to 21 funds which will invest in 168 companies. Similar action in Israel resulted in 60 VC funds within 10 years with capitalization of USD 2.3 billion. In Ireland which spent EUR 134m within 12 years, VC funds invested EUR 377m in 261 companies. KFK estimates that the companies supported by VC funds will create 15,000 new jobs. About 50 companies could be listed, especially on NewConnect.
(PLN 1 = EUR 0.259)

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Inne / EUR 180m for small companies