Bbooster, the Valencia-based dean accelerator, creates its second investment fund with the support of Fond-ICO, and will manage €8.8 million, with the aim to invest in young companies related to the technology sector.
The fund will receive 49% of the total amount by Fond-ICO, and investment support will target 40 startups, from different parts of Spain, with particular interest in those which are enrolled in the Canary Islands. The fund managed by Bbooster, will be supported by Dyrecto and Sinensis as major investors, and its main objective is to invest in post accelerated companies.
The investment will be held in different rounds, interested companies must pass at first a week of selection, and at the end of the week, only one company will be selected and provided with an equity loan of € 70,000. Bbooster will invest up to €300K per startup in two subsequent phases, depending on the investments received and the value reached by the company. Bbooster already manages the Sinensis Seed Capital fund, with the support of Generalitat Valenciana, and already held selection weeks in Austria and Canary Islands.
The accelerator Bbooster was found in 2010 and has accelerated more than 50 companies, which in 2014 had a turnover of over €10 million. Celebrating its 10th edition, the accelerator gets the confidence to continue its growth, and continues helping to generate Internet and mobile application companies.