Regional government to back venture capital funding

The regional government of Catalonia, the Generalitat de Catalunya, is taking active steps to support the development of start-up companies. Around €9m of funding will be channelled through the Generalitat’s venture capital companies, Invernova, Invertec and Capital Concept, up until 2004. Invernova previously backed the development of Phoenix and Smart Impresión with investments of €500,000 and €600,000 respectively. Invertec has invested in the ticketing systems company IGM Web, alongside a business angel investor.

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• Southern Europe