Spanish government to launch new VC fund

The announcement was made by Elisa Robles, director of Spain's Centre for the Development of Industrial Technology, at an innovation conference in Madrid.

Private capital will form the backbone of the vehicle, but public money will also be committed to the fund in an attempt to see larger companies drive the development of smaller firms. The Council of Ministers has already established agreements with large corporates and identified target portfolio companies.

Robles highlighted the need for private investment in Spanish SMEs amid a shortage of public funding from institutions. The centre she heads up has reduced its expenditure on research and development projects from €1.38bn in 2011 to just €840m this year.

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