The European Investment Fund (EIF) and BBVA are set to make it easier for startups with innovative and sustainable value propositions to get access to financing.
The two institutions have concluded an agreement under the InvestEU guarantee programme whereby the EIF will grant a €200 million guarantee to enable BBVA Spark (BBVA’s specialised startup initiative) to strengthen its support for startups, helping them with their expansion plans.
BBVA Spark promotes economic growth, competitiveness and sustainable development in the Spanish technology sector. It supports new and innovative small and medium-sized enterprises (SMEs) and small mid-caps to grow in sectors such as digitalisation and sustainability. This agreement with the EIF will help BBVA Spark to expand its activity in Spain.
BBVA will have access to a guarantee line with specific products provided by the InvestEU Fund covering two areas — innovation and digitalisation, and sustainability — which will offer targeted support to innovative, high-growth technology startups.
Via the InvestEU innovation and digitalisation guarantee of up to €100 million, BBVA Spark will finance startups to adopt new digital technologies.
The InvestEU sustainability guarantee of up to €100 million will strengthen the support provided by the EIF and BBVA Spark for the green and sustainable economic transition. This backing will enable beneficiaries to make green, inclusive and environmentally friendly investments.
The agreement was signed in Madrid by European Investment Bank (EIB) Vice-President Ricardo Mourinho Félix and Head of BBVA Spark Roberto Albaladejo.
“Startups need easy access to innovative sources of finance. The EIB Group and BBVA are joining forces to unlock the investment needed by companies whose mission is to innovate and boost the green transition, generating growth and creating jobs,” said EIB Vice-President Ricardo Mourinho Félix.
“At BBVA Spark, we want to help entrepreneurs seeking disruptive solutions to the challenges we face as a society. EIF support will enable us to offer more financing and growth opportunities to companies looking to scale their business,” added Head of BBVA Spark Roberto Albaladejo.
Commissioner for Economy Paolo Gentiloni said: “InvestEU is a key enabler in supporting startups specialising in green technologies and innovation, and providing access to the finance they need to expand and create jobs across Europe. This InvestEU agreement will support Spain’s progress towards a greener and more innovative economy. I’m delighted that we will provide Spanish businesses with the support they need to continue to grow and create jobs. I am looking forward to seeing many other innovators follow suit”.
“We’re happy to partner with BBVA once again, this time under the InvestEU programme, and provide support to innovative startups under the BBVA Spark initiative”, said EIF Chief Executive Marjut Falkstedt. “Together, we can help these companies scale-up their sustainability, innovation and digital potential, increasing their contribution to the green and digital transitions within Spain and across the EU.”
More information: European Commission