Risk Capital Instruments
Any well functioning financial market requires the availability of start-up capital and business mentoring that are brought by risk capital. Within the activities of JEREMIE Slovakia, EUR 31m are allocated to risk capital instruments, stemming from the Operational Programme Research and Development and the Operational Programme Bratislava Region. EIF will be selecting the fund manager(s), which shall invest into innovative start-ups and young SMEs with high growth potential through proposals received in response to a specific Call for Expression of Interest.
The risk capital instruments could take the form of a combination of the following: 1. Seed fund(s), 2. Venture Capital fund, 3. Co-investment fund. Private investor participation will be required in the case of the Venture Capital fund and the Co-investment fund, thereby leveraging the JEREMIE allocation of EUR 31m.
Eligible SMEs are defined mainly in accordance with the SME definition of the European Commission (main conditions being maximum of 250 full-time equivalent employees, maximum yearly turnover of EUR 50m and maximum balance sheet total of EUR 43m). Young and innovative SMEs, developing primarily through R&D, should have greater access to an equity investment, with the target enterprises being determined by the fund manager on commercial grounds, according to their growth and exit potential.
Call for Expression of Interest for Risk Capital Instruments - CALL CLOSED ON 30 MARCH 2012
Call for Expression of Interest for Risk Capital Instruments - CALL CLOSED ON 8 November 2013
The related de minimis scheme is available here (initial wording) and here (as amended by amendment no. 2). The related State Aid scheme is available here.