Investment & Fund Management
million venture capital equity
Full Credential Description
A new EUR 40 million venture capital equity fund, the Enterprise Innovation Fund (ENIF), has been launched to address the critical lack of venture capital financing for innovative early-stage companies in the Western Balkans. The European Investment Fund (EIF) selected South Central Ventures (SCV) to manage ENIF, which will focus on providing funding to start-ups and early to expansion stage SMEs, particularly in the Information and Communications Technology (ICT) sector.
The fund includes a dedicated 'seed pocket' aimed at pre-seed and seed companies, with average investment sizes ranging from EUR 0.5 million to EUR 1.5 million. It is anticipated that ENIF will fund approximately 45-55 companies, including smaller pre-seed and seed investments. The establishment of ENIF is part of the Western Balkans Enterprise Development & Innovation Facility (WBEDIF), which aims to cultivate a vibrant venture capital ecosystem in the region.
The first closing of the fund has been established at EUR 25 million, with expectations for a second closing in early 2016 to reach its full size of EUR 40 million. This fund pools resources from various institutional investors, including the European Commission, EBRD, and local governments, which commit to the fund through their respective ministries and SME agencies. The initiative is seen as a significant step towards enhancing private sector development and innovation in the Western Balkans, ultimately contributing to economic growth and competitiveness in the region.