The private equity fund of the Zendal group, Bio & Tech Smart Capital, together with the CEO of MESTRELAB, Santiago Domínguez and Noso Capital SGEIC have received approval from the CDTI (Center for Industrial Technological Development), of the Ministry of Science and Innovation, to carry out joint ventures in capital in technological and innovative Spanish companiesmainly of small and medium size, with high potential for economic growth.
The approval agreement is part of the Innvierte Program, Driven by the CDTI, to promote innovation by supporting investment in technology-based and innovative companies. The investments facilitate the stable participation of private capital in the long term and will be made according to criteria of “profitability and joint venture”.
The public company Innvierte Economía Sostenible is committed to contribute between 50% and 90% of the investments proposed by Bio & Tech Smart Capital, with an initial minimum of 500,000 euros per investment round, although it can be reduced to 250,000 euros if the technology used or developed by the investee company is of special value, interest, excellence, or its potential application is considered exceptionally innovative or disruptive.
The conditions of homologation establish that the maximum investment amounts to 10 million euros per investment round and the maximum amount that Innvierte can contribute is up to 38 million euros, according to the hard cap provided for in the fund.
The co-investment will be carried out following the “alignment of interests” in the selection of potential investee companies and public participation may not exceed 30% of the capital.
Double the investment capacity
The CEO of Noso Capital, Tomas Pérez and Santiago Domínguez explained that the approval for the joint venture with the CDTI is a “very important step” in the trajectory of the Bio & Tech Smart Capital fund since it supposes “almost double the investment capacity”.
The Bio & Tech Smart Capital fund was created a year ago to promote the sustainable growth of the biotechnological ecosystem and new technologies in Galicia. “In the first half of its life, we managed to attract more than 5 million euros of private capital. Now it is possible to double the investment capacity in a sector with high return, in addition to assuming the commitment to companies with a high innovative component that face the great challenges of today’s society”, they added.
Bio & Tech Smart Capital analyzes business projects in which investments will be made in the coming months, in a commitment to the biotechnological and technological ecosystem, both in Galicia and in the rest of Spain.
