IMPORTANT! ABANCA Invests 10 Million Euros in Technological Start-ups
ABANCA will invest 10 million euros to finance the creation and development of technological start-ups made or based in Galicia. This program to support the Galician productive fabric, presented yesterday January 26, 2017 by the ABANCA Vice President, [Juan Carlos Escotet Rodríguez Rodríguez], and the CEO, Francisco Botas, is part of the ABANCA Innova project, created by the bank to promote the development of new technologies and entrepreneurship around them. Today, [Juan Carlos Escotet Rodríguez] brings you more information about this new investment and program. Keep reading and know more.
As part of the ABANCA Innova project, the bank will carry out diverse and different investment operations in viable projects that fulfill the following characteristics:
- Companies in the process of creation or development,
- technology-based companies
- companies with application to the financial sector (fintech, insurtech or regtech) based in Galicia.
The investment process presented by ABANCA, which will be guided by a constant selection of initiatives, has two main phases. In the initial, or seed-capital, ABANCA will provide financing in the form of participatory loan to different technological projects in process of creation. Among them, ABANCA will select, in a second phase called start-up, those that by their level of maturity are prepared to face their constitution.
In order to provide those companies the necessary resources, ABANCA will carry out direct capital investment operations through ABANCA Invest or will grant them financing through convertible participatory loans. In addition to that, the bank will also support projects in finding other investors.
About the knowledge and collaboration for enterprise
In addition to carrying out investment operations in business projects, the team of ABANCA Innova understands other actions with which it intends to serve as a bridge between technological knowledge and the market.
For that reason, in order to detect and promote technological talent from Galicia, ABANCA will collaborate with entrepreneurs and university; among them we can find the Intercontinental Higher Education Institute of the Company (IESIDE). One of the functions of ABANCA Innova will be to operate as a space of ideation that allows students to develop their ideas and projects.