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Estonian Startups to Get a €60 million Boost

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The Estonian startup scene is about to get a monetary boost from the Estonian government, European Investment Fund and KredEx, an Estonian venture hub. The European Investment Fund will manage the €48 million investment by the government and also the €12m from the European Funds for Strategic Investments.

This is the first Structural Fund-supported fund-of-funds that EIF will invest into and it is made possible by the European Fund for Strategic Investments (EFSI), the heart of the Commission’s Investment Plan for Europe. It is also the first time that European Structural and Investment (ESI) Funds and the EFSI are combined, just a week after the Commission and the EIB published new guidelines on how to combine these funds.

The fund will help small to medium sized enterprises (SMEs) through three risk capital funds: €30m Venture capital fund, €15m Expansion capital fund, and €15m Business Angel Co-investment Fund.

“The new EstFund is a first of its kind in Europe and shows how together with local risk capital funds and the Estonian authorities, EIF can help to build a strong investment ecosystem in Estonia,” EIF deputy chief Roger Havenith said in a blog post by the Estonian Ministry of Economy. “Working with KredEx and the Estonian Ministry of Economic Affairs and Communications will enable us to target our finance for SMEs effectively to deliver lasting benefits for Estonian companies.”

*Published in Geektime-author Gedalyah Reback. See the full article here.

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