ICO opens a new call for applications to channel 900 million euros from the Recovery Plan to boost the growth and competitiveness of Spanish companies

27 diciembre 2024

  • 17th Fond-ICO Global Call
  • Resources will leverage investments that foster business growth and green and digital transformation
  • Up to 12 fund managers/funds will be selected to invest in projects of companies at all stages of development: incubation and technology transfer, venture capital and expansion
  • The approved investment, thanks to the public-private partnership scheme whereby Fond-ICO Global operates, will be able to mobilise 2.4 billion euros for projects in Spain

The Instituto de Crédito Oficial, through its venture capital subsidiary AXIS, has launched a new Fond-ICO Global call to channel up to 900 million euros of Next Generation EU funds under the second phase of the Recovery, Transformation and Resilience Plan. 

This is the second time that a Fond-ICO Global call has been launched as part of the deployment of the Recovery Plan. The first was the round launched in January, which was also endowed with 900 million euros. Thanks to the public-private partnership scheme whereby Fond-ICO Global operates, each of these calls for proposals will mobilise 2.4 billion euros for innovative projects that foster the growth and transformation of the Spanish business fabric. 

Up to 12 private equity funds/managers will be selected to implement the investment in three categories - incubation and technology transfer, venture capital and expansion category - covering both early stage start-ups and highly developed companies.

Depending on the type of project, the resources will come from one of the following initiatives managed by ICO in the second phase of the Recovery Plan:  ICO Verde and ICO Empresas y Emprendedores. 

The investments of the Green ICO line will encourage the development of projects of Spanish companies that drive the generation of renewable energy, energy efficiency, sustainable mobility and the circular economy, among others. The projects supported through the Business and Entrepreneurship Line are aimed at fostering business growth.

ICO Global Fund: two calls with funds from the Recovery Plan

The resources of the Recovery Plan have made it possible to increase both the amounts disbursed by Fond-ICO Global to each of the selected funds/managers and the maximum investment percentage, thus reinforcing the role of the public fund as an anchor investor and the commitment of the public sector to the development of the entrepreneurial ecosystem.

Specifically, in the Expansion category, Fond-ICO Global can inject up to 150 million euros, 50 million euros in the Venture Capital category and 25 million euros in the Technology Transfer and Incubation category. 

As in the call launched in January, Fond-ICO Global's investment may represent 49% of the size of the funds in which it participates, helping funds to reach their target size earlier to start investing in projects, while preserving the majority participation of private investors.  

The terms and conditions of this new call for applications have been published today and the deadline for submission of documentation will be 11 and 12 February 2025.

Fond-ICO Global and its main figures

Fond-ICO Global promotes the development and consolidation of the private equity ecosystem in Spain from early stage to growth and debt. It is endowed with 4.5 billion euros, following the extension in July 2020 by an additional 2.5 billion euros for the period 2021-2027.

In the 16 Fond-ICO Global calls, 142 private funds have been selected to invest a maximum of 4,326 million euros.  It is estimated that the multiplier effect of Fond ICO Global, together with private sector investments, will inject 14.511 billion euros into Spanish companies.  

The positive evolution of Fond ICO Global demonstrates the consolidation of this successful model of public-private collaboration aimed at boosting the venture capital sector in Spain and which will be an important part of the deployment of the second phase of the Recovery Plan.

ICO Group in the Recovery, Transformation and Resilience Plan 

ICO Group is playing an active role in channelling Next Generation funds in the second phase of the Recovery Plan with ICO Verde, ICO Empresas y Emprendedores and ICO Vivienda lines. These programmes are aimed at boosting the growth and modernisation plans being undertaken by Spanish companies.
In order to deploy these initiatives, the public-private partnership scheme is fundamental, as it enables financial institutions and venture capital managers to contribute to mobilising resources towards the business fabric. 

About Axis

Axis acts in public-private partnership with the venture capital industry in all areas of activity and currently has commitments to manage up to 12.15 billion euros, which will allow a combined mobilisation of public and private resources of more than 24 billion euros over the next five years, depending on the private sector's capacity to absorb resources and materialise projects.