The West Regional Development Agency – ADR Vest has signed the management contract for a EUR 37 million venture capital instrument dedicated to companies with high-growth potential.
The fund will be administered by a consortium coordinated by French Aster Capital Invest, and including local partners Iceberg Plus and Venture Booster.
This is the second instrument launched by ADR Vest through the 2021-2027 West Regional Program after accelerator Vest Ventures.
The fund aims to support SMEs already active on the market, with validated business models and high-growth and scaling potential, which face difficulties in accessing financing through traditional channels.
At least 18 companies in the region will benefit from financing, with amounts ranging from EUR 500,000 to EUR 4 million, granted in one or more investment rounds.
A total of EUR 26 million will be invested in the fund through the West Regional Program, while EUR 11 million will come from private sources, bringing the total value of the fund to at least EUR 37 million, ADR Vest said.
“Venture capital financing is a natural step in the development of the entrepreneurial ecosystem in the West Region. We are talking about intelligently invested capital, which comes with know-how, mentoring, and direct involvement in the development of companies. Through such mechanisms, we can support companies capable of growing rapidly, competing internationally, and achieving the symbolic status of a unicorn – a milestone in the growth of the regional innovation ecosystem,” Sorin Maxim, general director of ADR Vest, said.
(Photo: Alexandersikov | Dreamstime.com)
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