The bank plans to contribute €67 million to the €100 million venture debt fund that will be created with Inveready Asset Management.
Banco Santander has this week announced its launch of a full suite of products and services for innovative, scalable startups in Spain that show growth potential. In an effort to help boost Spain’s innovation entrepreneurship ecosystem, the bank will sign collaboration agreements with key agents, associations, innovation centres, incubators and investors, gaining access to 7,000 startups.
In addition to financial solutions, Santander will offer measures to support the companies’ development, with teams of expert managers at all Work Cafes, as well as representatives at its main entrepreneurship hubs in Madrid, Barcelona, Malaga, Valencia and Bilbao.
The bank’s initial contribution to the fund will be €67 million, while the remaining €33 million will be contributed by Inveready and other investors, making it the biggest venture debt fund in Spain. Financing will range from €500,000 to €5 million, and is available to capital-efficient tech and high-growth enterprises that have already been through at least one round of financing.
Ángel Rivera, CEO of Santander España, said: “We’re delighted with the launch of this proposition for startups. With initiatives like this and Santander Growth, we’re reaffirming our position as a leader in helping companies, regardless of size or stage in their life cycle, with the most complete financial and non-financial proposition in the market.”
