NEOTEC is a Spanish-based EUR 183m fund-of-funds launched in February 2006 by the EIF in cooperation with the Centre for the Development of Industrial Technology (CDTI: Centro para el Desarrollo Tecnológico Industrial), the tech transfer office of the Spanish Ministry of Innovation and several other private investors, mainly Spanish blue chip companies. First closing was in February 2006 at EUR 175m, and final closing in June 2006, in which EIF committed EUR 50m.
Since its launch, Neotec Capital Riesgo has also established a Co-Investment Vehicle, which invests directly into tech SMEs alongside selected Private Equity and Venture Capital funds. For non-Spanish based funds, Neotec brings an in-depth market knowledge, as well as the opportunity to become Neotec’s partner for Spanish Investments.
Since becoming operational, NEOTEC has signed commitments representing over 65% of the total size of the Programme. During 2011, NEOTEC played an incremental role in further developing the Spanish VC market committing EUR 20m to Cross Road Biotech II. In addition, NEOTEC approved EUR 35m in two Spanish ICT funds. To date, NEOTEC has approved 12 funds, including co-investments, for a total of EUR 134.3m, of which EUR 129m have been signed accounting for 70% of the fund size and catalysing over EUR 700m of commitments from other investors.
Building on similar initiatives in other Member States, notably in France and the United Kingdom, the CDTI-EIF partnership leverages EIF resources to ensure a coordinated approach between EIF, national public bodies and the private sector. Furthermore, the programme has given Spanish public and private investors access to EIF's know-how in fund-of-funds management and boosted investments in Spanish SMEs to foster innovation, research and development.
EIF's NEOTEC team: firstname.lastname@example.org