European Investment Fund EIF invests in Carduso Capital Groningen-NL

After the first closing in 2015, Carduso Capital now has it’s final closing with the EIF joining the fund, creating a total fund volume of EUR 31 million. Carduso Capital is an initiative of the University of Groningen and academic hospital UMCG. Current investors and fund management are very pleased with the accession of EIF to Carduso Capital. The EIF is a subsidiary of the European Investment Bank (EIB Group).

EIF's accession in Carduso is an initial investment in the Netherlands in what it terms ‘Technology Transfer’, that is funds that are often in partnership with leading academic institutions and research institutes across Europe. The Groningen region offers plenty of opportunities and challenges in order to justify an investment and the economic stimulus coming from this initiative.

Investments in early stage companies

Carduso Capital believes it is important to invest in young and/or innovative companies who are at the beginning of their development, sometimes not having their product on the market yet, but that have developed proven technologies. Carduso Capital performs as an early stage investor and is open to build syndicates with other investors. In this way, Carduso Capital can act as cornerstone-investor and attract others to invest in the Groningen innovation opportunities. Knowledge institutions, engaged in scientific research, are benefiting from economic and financial assistance when businesses are started or having high-growth. These companies provide employment and strengthen local economies.

Vice Chairman of the Executive Board of the University of Groningen Jan de Jeu : “ The EIF joining Carduso strengthens the economic climate for entrepreneurs and start-ups in this region. Good ideas are not enough, just as money alone is not enough. Things will only run if you can combine the two. Carduso Capital can make a substantial contribution to this and is an incentive for northern and rural economy. The entrance of EIF strengthens the economic climate in our region in witch start ups can grow ”

Deputy of the Province of Groningen Patrick Brouns, also covering ‘Entrepreneurship and Innovation’, thinks the EIF entrance in Carduso Capital can increase local employability: 'By investing in Carduso Capital EIF makes clear significant opportunities for creating new jobs in the innovative sector in our region. With the increased fund assets Carduso is an important investor. The knowledge of the Groningen science cluster around RUG and UMCG can increase its conversion into commercially viable products, processes or services. This fund will be a key driver of new economic activities in the region.'

EIF Head of Technology Transfer, Piyush Unalkat said: “ This new partnership with Carduso Capital targets an investment stage which often has significant market gaps. Carduso Capital will play a valuable role in helping start-ups and spin-outs to grow and innovate in the Netherlands. The EIF is pleased to be working with this fund and is committed to supporting innovative SMEs across Europe.'

Frits Kok, one of the fund managers emphasize the economic basis of the fund: 'The independence of our fund management with respect to the investors in Carduso, emphasises that economic relevance and return on investments for investors will be at the forefront of the investment decisions.'

Carduso Capital

Carduso Capital is an initiative of the University of Groningen and academic hospital UMCG and was founded in 2015. Investors in Carduso Capital are: The University of Groningen; the Academic Hospital of Groningen UMCG; the European Investment Fund EIF; Investment Fund Groningen IFG; NOM and De Friesland Participation fund.

About EIF

The central mission is to support Europe’s small and medium sized enterprises (SME’s) by helping them to excess finance. The EIF amongst others designs and develops venture capital, guarantee and microfinance instruments, which specifically target this market segment. In this role, the EIF fosters EU-objectives in support of innovation, entrepreneurship, growth and employment.